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ETS MAJOR FIELD TEST IN
BUSINESS Questions and Correct
Answers the Latest Update
In marketing research, a firm might consider using secondary data over
primary data because
a) secondary data usually cost less
b) secondary data are usually more accurate
c) primary data are usually non specific
d) primary data are likely to be outdated
✓ a) secondary data usually cost less
In organizational decision making, managers are able to exercise the greatest
degree of discretion in the
a) enforcement of internal policies
b) settlement of legal disputes
c) restructuring of outstanding loans
d) compliance with federal regulations
✓ a) enforcement of internal policies
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The term "net working capital" refers to
(A) inventories, receivables, and current notes and investments
(B) assets divided by liabilities
(C) current assets less short-term liabilities
(D) net assets left over after subtracting cost of goods sold
✓ (C) current assets less short-term liabilities
Dreamland Pillow Company sells the "Old Softy" model for $20 each. One
pillow requires two pounds of raw material and one hour of direct labor to
manufacture.
Raw material costs $3 per pound and direct production labor is paid $4 per
hour. Fixed supervisory costs are $2,000 per month and Dreamland rents its
factory on a five-year lease for $4,000 per month. All costs are considered costs
of production.
How many pillows must Dreamland produce and sell each month to earn a
monthly gross profit of $1,000?
(A) 300
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(B) 350
(C) 600
(D) 700
✓ (D) 700
✓
✓ VC = (2 lbs*$3)+$4 = $10
✓ FC = $2,000+$4,000 = $6,000
✓ CM per unit = $20-(VC) $10=$10
✓ $1,000 = (units sold*$10)-$6,000
✓
✓ Units sold = ($1,000+$6,000)/$10 = 700 pillows
Dreamland Pillow Company sells the "Old Softy" model for $20 each. One
pillow requires two pounds of raw material and one hour of direct labor to
manufacture.
Raw material costs $3 per pound and direct production labor is paid $4 per
hour. Fixed supervisory costs are $2,000 per month and Dreamland rents its
factory on a five-year lease for $4,000 per month. All costs are considered costs
of production.
Another firm has offered to produce "Old Softy" pillows and sell them to
Dreamland for $12 each. Dreamland cannot avoid the factory lease payments,
but can avoid all labor costs if it does not produce these pillows. Under these
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conditions, how many "Old Softy" pillows must Dreamland sell to earn monthly
gross profits of $1,000?
(A) 417
(B) 500
(C) 625
(D) 875
✓ (C) 625
✓
✓ Dreamland VC per unit = $12
✓ FC = $4,000
✓ CM per unit = $20-(VC) $12=$8
✓ (GP) $1,000 = (units sold*$8)-$4,000
✓
✓ Units sold = ($1,000+$4,000)/$8 = 625 pillows
Which of the following statements about a systems flowchart is true?
(A) It is used in systems design to define and describe each piece of data.
(B) It is a method of writing programs using only three basic constructs:
sequence, selection, and repetition.
(C) It documents the sequence of processing steps that take place in an
information system.
(D) It documents the logical design of an information system.
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ETS MAJOR FIELD TEST IN
BUSINESS Questions and Correct
Answers the Latest Update
In marketing research, a firm might consider using secondary data over
primary data because
a) secondary data usually cost less
b) secondary data are usually more accurate
c) primary data are usually non specific
d) primary data are likely to be outdated
✓ a) secondary data usually cost less
In organizational decision making, managers are able to exercise the greatest
degree of discretion in the
a) enforcement of internal policies
b) settlement of legal disputes
c) restructuring of outstanding loans
d) compliance with federal regulations
✓ a) enforcement of internal policies
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The term "net working capital" refers to
(A) inventories, receivables, and current notes and investments
(B) assets divided by liabilities
(C) current assets less short-term liabilities
(D) net assets left over after subtracting cost of goods sold
✓ (C) current assets less short-term liabilities
Dreamland Pillow Company sells the "Old Softy" model for $20 each. One
pillow requires two pounds of raw material and one hour of direct labor to
manufacture.
Raw material costs $3 per pound and direct production labor is paid $4 per
hour. Fixed supervisory costs are $2,000 per month and Dreamland rents its
factory on a five-year lease for $4,000 per month. All costs are considered costs
of production.
How many pillows must Dreamland produce and sell each month to earn a
monthly gross profit of $1,000?
(A) 300
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(B) 350
(C) 600
(D) 700
✓ (D) 700
✓
✓ VC = (2 lbs*$3)+$4 = $10
✓ FC = $2,000+$4,000 = $6,000
✓ CM per unit = $20-(VC) $10=$10
✓ $1,000 = (units sold*$10)-$6,000
✓
✓ Units sold = ($1,000+$6,000)/$10 = 700 pillows
Dreamland Pillow Company sells the "Old Softy" model for $20 each. One
pillow requires two pounds of raw material and one hour of direct labor to
manufacture.
Raw material costs $3 per pound and direct production labor is paid $4 per
hour. Fixed supervisory costs are $2,000 per month and Dreamland rents its
factory on a five-year lease for $4,000 per month. All costs are considered costs
of production.
Another firm has offered to produce "Old Softy" pillows and sell them to
Dreamland for $12 each. Dreamland cannot avoid the factory lease payments,
but can avoid all labor costs if it does not produce these pillows. Under these
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conditions, how many "Old Softy" pillows must Dreamland sell to earn monthly
gross profits of $1,000?
(A) 417
(B) 500
(C) 625
(D) 875
✓ (C) 625
✓
✓ Dreamland VC per unit = $12
✓ FC = $4,000
✓ CM per unit = $20-(VC) $12=$8
✓ (GP) $1,000 = (units sold*$8)-$4,000
✓
✓ Units sold = ($1,000+$4,000)/$8 = 625 pillows
Which of the following statements about a systems flowchart is true?
(A) It is used in systems design to define and describe each piece of data.
(B) It is a method of writing programs using only three basic constructs:
sequence, selection, and repetition.
(C) It documents the sequence of processing steps that take place in an
information system.
(D) It documents the logical design of an information system.
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