ETS Business Exam Study Guide Questions and Correct Answers 2026/2027

ETS Business Exam Study Guide Questions and Correct Answers 2026/2027 Accounting: What costs should be considered when making non-routine decisions? (3) - Correct Answer The price of material, Factory overhead costs, and the price of labor Accounting: Total product/ units produced and sold equals?? - Correct Answer Product Cost per Unit Accounting: What is a general explanation of what the contribution margin is? - Correct Answer The difference between variable costs subtracted from sales Accounting: In a continuous budget plan how many months are generally planned? - Correct Answer 12 months Accounting: Which of the following is not one of the weaknesses of standard costing - Correct Answer It makes accounting for price increases more accurate Accounting: What are the potential ways to find the price of what a produced products should cost? (3) - Correct Answer Product cost concept, total cost concept, and variable cost concept Accounting: Which report is the connecting link between the income statement and the balance sheet? - Correct Answer Cash flow statement The net cash flow from operating activities normally differs from the amount of net income for the period. - Correct Answer True Accounting: Expense accounts would have a balance on which side? - Correct Answer Left side Accounting: A profit-making business operating as a separated legal entity and in which ownership is divided into shares of stock is known as a... - Correct Answer Corporation Accounting: A debt may slightly - Correct Answer Increase in an asset account