According to Ouchi, American industry is dominated by ____ firms. These firms emphasize short-term employment, individual decision making and responsibility, rapid evaluation and promotion, explicit control, and specialized career paths.
A) type X
B) type Y
C) type Z
D) type A
E) type J
Question 2 - Which of the following statements is true of the Financial Accounting Standards Board (FASB)?
A) Its authority comes from the Internal Revenue Service.
B) It consists of five members appointed by the Federal Trade Commission (FTC).
C) Its members can be reappointed to serve one additional term.
D) Its members can retain ties with firms in which they were previously employed.
Question 3 - The form of business organization most heavily regulated by the government is the
A) partnership.
B) corporation.
C) joint venture.
D) syndicate.
E) sole proprietorship.
Question 4 - Ruin Company's net sales for the period were 175,000. Its cost of goods sold was 85,000. What is this firm's gross profit on sales?
A) 175,000
B) 135,000
C) 125,000
D) 100,000
E) 90,000
Question 5 - A firm characterized by lifetime employment, collective decision making, collective responsibility, slow evaluation and promotion, implied control, nonspecialized career paths, and a holistic concern for employees is called
A) type A.
B) type Z.
C) type J.
D) type X.
E) type Y.
Question 6 - In order to preserve independence and impartiality, Financial Accounting Standards Board (FASB) members are required to:
A) serve the board for the rest of their lives once they are appointed.
B) sever all ties with any firms or institutions they served prior to joining the board.
C) sign a non-disclosure agreement and hand over all information of their previous companies to the board.
D) pass a rigorous two-day, four-part examination on major accounting concepts.
Question 7 - Shane is looking for ways to get more capital for his appliance sales and service business. He is very protective of his company's information and fears that it will get into the wrong hands. Shane would probably not want to
A) hire new employees.
B) incorporate his company.
C) get a loan from a bank.
D) take on a trustworthy friend as a partner.
E) use a computerized accounting system.
Question 8 - During the year Comer, Inc, had 200,000 in goods available for sale. At the end of the accounting period it had an ending inventory of 40,000. The cost of goods sold by Comer was therefore
A) 200,000.
B) 160,000.
C) 40,000.
D) 20,000.
E) 10,000.
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