1. BUS 475 Final Exam 100
Questions with Answers 2nd
Set Answers are HERE!
1) The cost principle requires that when assets are acquired, they be recorded at __________.
A. list priceB. selling priceC. exchange price paidD. appraisal value
2) "Generally accepted" in the phrase generally accepted accounting principles means that the principles
__________.
A. have been approved for use by the managements of business firms
B. have been approved by the Internal Revenue ServiceC. have substantial authoritative support D. are
proven theories of accounting
3) The standards and rules that are recognized as a general guide for financial reporting are called
__________.
A. standards of financial reportingB. operating guidelinesC. generally accepted accounting principlesD.
generally accepted accounting standards
4) Sam's Used Cars uses the specific identification method of costing inventory. During March, Sam
purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for
$9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit
for March?
A. $8,250
B. $750C. $4,500
D. $5,250
5) Hess, Inc. sells a single product with a contribution margin of $12 per unit and fixed costs of $74,400
and sales for the current year of $100,000. How much is Hess’s break even point?
A. 2,133 units
B. 6,200 units
C. $25,600D. 4,600 units
6) As Plant Controller, you are trying to determine which costs over which you have the most control on
a day to day basis. Your goal is to achieve better profitability. The Plant Operations Manager suggests
that overhead is the easiest area to directly reduce costs. Which of the following items would be
classified as manufacturing overhead?

2. A. The western division’s vice president’s salary
B. Cost of landscaping the corporate officeC. General corporate liability insuranceD. Factory janitor
7) What is the preparation of reports for each level of responsibility in the company’s organization chart
called?
A. Master budgeting analysis
B. Exception reportingC. Responsibility reporting
D. Static reporting
8) Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that
will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net income
increase?
A. $6,000B. $12,000
C. $28,000
D. $18,000
9) The cost of an asset and its fair market value are __________.
A. never the sameB. irrelevant when the asset is used by the business in its operations
C. the same on the date of acquisitionD. the same when the asset is sold
10) Which one of the following is a product cost?
A. Indirect laborB. Sales person’s salaries
C. Advertising costsD. Office salaries
11) What exists when budgeted costs exceed actual results?
A. A budgeting errorB. An unfavorable difference
C. An excess profitD. A favorable difference
12) The income statement and balance sheet columns of Pine Company's worksheet reflects the
following totals:
Income StatementBalance Sheet
Dr.Cr.Dr.Cr.
Totals$58,000$48,000$34,000$44,000
Closing entries are necessary for __________.
A. permanent accounts onlyB. both permanent and temporary accounts
C. permanent or real accounts onlyD. temporary accounts only

3. 13) Managerial accounting __________.
A. is concerned with costing productsB. pertains to the entity as a whole and is highly aggregated
C. places emphasis on special-purpose informationD. is governed by generally accepted accounting
principles
14) H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a
12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent
contribution margin. If other factors are equal, which product should H55 push to customers?
A. BeerB. Selling either results in the same additional income for the company
C. It should sell an equal quantity of bothD. Wine
15) Lekeisha's income exceeds her expenditures. Lekeisha is a __________.
A. saver who demands money from the financial systemB. borrower who demands money from the
financial system
C. borrower who supplies money to the financial systemD. saver who supplies money to the financial
system
16) Maurice receives $100 as a birthday gift. In deciding how to spend the money, he narrows his
options down to four choices: Option A, Option B, Option C, and Option D. Each option costs $100.
Finally he decides on Option B. The opportunity cost of this decision is __________.
A. the value to Maurice of the option he would have chosen had Option B not been available
B. $100C. $300D. the value to Maurice of Options A, C and D combined
17) A production possibilities frontier will be a straight line if __________.
A. the economy is producing efficientlyB. the economy is engaged in trade with at least one other
economyC. increasing the production of one good by x units entails no opportunity cost in terms of the
other good
D. increasing the production of one good by x units entails a constant opportunity cost in terms of the
other good
18) In economics, the cost of something is __________.
A. what you give up to get itB. often impossible to quantify, even in principleC. the dollar amount of
obtaining itD. always measured in units of time given up to get it
19) A tax on an imported good is called a __________.
A. supply tax
B. trade taxC. quotaD. tariff
20) Which of the following statements about GDP is correct?

4. A. GDP is to a nation’s economy as household income is to a household.B. GDP increases if the total
population increases.C. GDP measures two things at once: the total income of everyone in the economy
and the unemployment rate.
D. Money continuously flows from households to government and then back to households, and GDP
measures this flow of money.
21) In computing GDP, market prices are used to value final goods and services because __________.
A. if market prices are out of line with how people value goods, the government sets price ceilings and
price floors
B. Market prices are not used in computing GDPC. market prices reflect the values of goods and
servicesD. market prices do not change much over time, so it is easy to make comparisons between
years
22) Which of the following statements about GDP is correct?
A. Nominal GDP values production at market prices, whereas real GDP values production at the cost of
the resources used in the production process.
B. Nominal GDP consistently underestimates the value of production, whereas real GDP consistently
overestimates the value of production.
C. Nominal GDP values production at current prices, whereas real GDP values production at constant
prices.
D. Nominal GDP values production at constant prices, whereas real GDP values production at current
prices.
23) Which of the following is not correct?
A. The U.S. debt per-person is large compared with average lifetime income.
B. In 2005, the U.S. government had a deficit.C. A potential cost of deficits is that they reduce national
saving, thereby reducing growth of the capital stock and output growth.
D. Deficits give people the opportunity to consume at the expense of their children, but they do not
require them to do so.
24) The part of the balance of payments account that lists all long-term flows of payments is called the:
A. balance of trade.B. financial and capital account.
C. government financial account.
D. current account.
25) Edward Prescott and Finn Kydland won the Nobel Prize in Economics in 2004. One of their
contributions was to argue that if a central bank could convince people to expect zero inflation, then the
Fed would be tempted to raise output by increasing inflation. This possibility is known as __________.
A. the sacrifice ratio dilemmaB. the monetary policy reaction lag

5. C. the time inconsistency of policy
D. inflation targeting
26) In general, the longest lag for __________.
A. fiscal policy is the time it takes to change policy, while for monetary policy the longest lag is the time
it takes for policy to affect aggregate demand
B. both fiscal and monetary policy is the time it takes for policy to affect aggregate demand
C. monetary policy is the time it takes to change policy, while for fiscal policy the longest lag is the time
it takes for policy to affect aggregate demand
D. both fiscal and monetary policy is the time it takes to change policy
27) Consider two items that might be included in GDP: (1) The estimated rental value of owner-occupied
housing; and (2) purchases of newly-constructed homes. How are these two items accounted for when
GDP is calculated?
A. Only item (2) is included in GDP and it is included in the investment component.
B. Item (1) is included in the consumption component, while item (2) is included in the investment
component.
C. Item (1) is included in the investment component, while item (2) is included in the consumption
component.
D. Both item (1) and item (2) are included in the consumption component of GDP.
28) Managers will utilize __________ skills with increasing frequency as they rise within an organization.
A. ProfessionalB. Interpersonal and communication
C. TechnicalD. ProfessionalE. Conceptual and decision
29) Which of these represent skills that managers need?
A. Interpersonal, quantitative, and professionalB. Technical, interpersonal & communication and
conceptual & decision making
C. Professional, technical and interpersonal & communicationD. Conceptual & decision making,
professional and technicalE. Interpersonal & communication, conceptual & decision making and
professional
30) Building a dynamic organization is another way of describing which function of management?
A. StaffingB. Organizing
C. LeadingD. Controlling
E. Planning

6. 31) Your roommate is interested in starting a business and everybody has been giving him different
information about being an entrepreneur. Since you have been studying about entrepreneurship and
new ventures, which of these would you tell him is true?
A. Anyone can start a businessB. All entrepreneurs need venture capital in order to get startedC.
Successful entrepreneurs take very careful, calculated risksD. Entrepreneurs are their own bosses and
completely independent
E. Money should not be considered a start-up ingredient
32) The term used to refer to all kinds of differences including religious affiliation, age, disability status,
economic class and lifestyle in addition to gender, race, ethnicity and nationality is:
A. DiversityB. Managerial ethics
C. RecruitingD. EmploymentE. Selection
33) A manager's ability to stimulate people to be high performers is referred to as:
A. PlanningB. Supervising
C. Controlling
D. OrganizingE. Leading
34) A series of quality standards developed by a committee working under the International
Organization for Standardization to improve total quality in all businesses for the benefit of both
producers and consumers is:
A. Total quality managementB. Customer-based integrationC. Computer-integrated manufacturing (CIM)
D. Just-in-time control (JIT)
E. ISO 9000
35) Japanese manufacturers' kaizen (continuous improvement) programs enable them to maintain:
A. A strategic allianceB. A homogeneous workforceC. Positive working relationships with all employees
D. A Learning advantage over their competitionE. Larger, faster facilities
36) Listening to employee suggestions, gaining support for organizational objectives and fostering an
atmosphere of teamwork are all considered:
A. Technical skillsB. ConceptualC. Professional skillsD. Interpersonal/communication skills
E. Diagnostic skills
37) The basic components of an effective sexual harassment policy include the following EXCEPT:
A. To develop an organization wide policy on sexual harassmentB. To establish a means for ongoing
trainingC. To act immediately when employees complain of sexual harassment
D. To establish a performance appraisal systemE. To establish a formal complaint procedure

7. 38) Teams that operate separately from the regular work structure and exist temporarily are known as:
A. Management teamsB. Transnational teams
C. Self-managed teams
D. Parallel teamsE. Self-designing teams
39) The Aquatic Center, Inc. periodically reviews the goals of the company. During the process, The
Aquatic Center managers analyze their current strategies as compared to their competitors, determine
goals that they will pursue and decide upon specific actions for each area of the company to take in
pursuit of these goals. The Aquatic Center managers have been engaged in the management function of:
A. Goal Coordination
B. ControllingC. OrganizingD. StaffingE. Planning
40) As related to managing of human resources, diversity refers to:
A. Differences in demographics (such as age, race, gender, disability status, lifestyle, veteran status,
educational level, etc.)
B. Differences in pay methods (such as hourly, salaried, overtime, hazard-pay, commissioned, etc.)
C. Differences in employee benefit plans (such as pensions, insurance, vacations, memberships, etc.)
D. Differences in retention strategies (such as training, hiring, incentives, etc)E. Differences in recruiting
methods (such as newspapers, schools, flyers, magazines, agencies, etc.)
41) __________ is the process of working with people and resources to accomplish organizational goals.
A. ControllingB. Decision making
C. PlanningD. SupervisingE. Management
42) Twelve randomly-chosen students were asked how many times they had missed class during a
certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18.
For this sample, the median is _____.
A. 3B. 3.5
C. 2.5
D. 2
43) Use the following table to answer question:
P(S | W) is approximately _____.
A. .40
B. .30
C. .12

8. D. .58
44) Use the following table to answer question:
P(M A) is approximately _____.
A. .50B. .625
C. .125
D. .25
45) Dullco Manufacturing claims that its alkaline batteries last forty hours on average in a certain type of
portable CD player. Tests on a random sample of 18 batteries showed a mean battery life of 37.8 hours
with a standard deviation of 5.4 hours.
In determining the p-value for reporting the study's findings, which of the following is true?
A. The p-value is equal to .05.B. The p-value is greater than .05.C. The p-value cannot be determined
without specifying .D. The p-value is less than .05.
46) William used a sample of 68 U.S. cities to estimate the relationship between Crime (annual property
crimes per 100,000 persons) and Income (median income per capita). His estimated regression equation
was Crime = 428 + .050 Income.
Which outcomes would be likely in a bivariate regression on 45 randomly chosen U.S. cities in 2005 with
Y = number of robberies in each city (thousands of robberies) and
X = size of police force in each city (thousands of police)?
A. High R2 (due to city size).B. Positive slope (due to city size).
C. No correlation.D. Autocorrelation.
47) Twelve randomly-chosen students were asked how many times they had missed class during a
certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18.
For this sample, which measure of central tendency is least representative of the “typical” student?
A. Midrange
B. MeanC. ModeD. Median
48) Likely reasons for inaccurate control limits would include which of the following?
A. Process variation was not zero, as expected.B. The engineering parameter for variance is unknown.
C. There was insufficient preliminary sampling.D. The engineers were underpaid for their work.
49) You are faced with a linear programming objective function of:
Max P = $20X + $30Y
and constraints of:

9. 3X + 4Y = 24 (Constraint A)
5X – Y = 18 (Constraint B)
You discover that the shadow price for Constraint A is 7.5 and the shadow price for Constraint B is 0.
Which of these statements is TRUE?
A. The most you would want to pay for an additional unit of A would be $7.50.
B. You can change quantities of X and Y at no cost for Constraint B.C. For every additional unit of the
objective function you create, the price of A rises by $7.50.
D. For every additional unit of the objective function you create, you lose 0 units of B.
50) A project has three paths. A–B–C has a length of 25 days. A–D–C has a length of 15 days. Finally, A–
E–C has a length of 20 days. Which one of the following statements is TRUE?
A. The expected duration of this project is 25 + 15 + 20 = 60 days.
B. A–D–C is the critical path.C. The expected duration of this project is 25 days.D. A–B–C has the most
slack.
51) Which one of the following statements concerning production and staffing plans is best?
A. A master production schedule is a projected statement of income, costs, and profits.
B. Aggregation can be performed along three dimensions: product families, labor, and time.
C. Production plans are based primarily on information from the master production plan.
D. A staffing plan is the intermediate link between the business plan and the master production
schedule.
52) While glancing over the sensitivity report, you note that the stitching labor has a shadow price of
$10 and a lower limit of 24 hours with an upper limit of 36 hours. If your original right hand value for
stitching labor was 30 hours, you know that:
A. you would lose $80 if one of your workers missed an entire 8 hour shift.B. the next worker that offers
to work an extra 8 hours should receive at least $80.
C. you would be willing pay up to $60 for someone to work another 6 hours.
D. you can send someone home 6 hours early and still pay them the $60 they would have earned while
on the clock.
53) The costs of delivering products in the _____ channel are much higher than delivering products in
the _____ channel.
A. physical, digitalB. e-commerce, digital
C. physical, financialD. digital, e-commerce
E. digital, physical
54) When customers access a Web site and make purchases, they generate __________.

10. A. Tracking cookiesB. Web dataC. InformationD. Clickstream data
E. Hyperlink data
55) _____ is the integration of economic, social, cultural, and ecological facets of life, enabled by
information.
A. regionalizationB. globalizationC. nationalizationD. business environment
56) Various organizations that promote fair and responsible use of information systems often develop
__________.
A. a code of ethicsB. responsibility charters
C. a strategic planD. a mission statementE. a goals outline
57) What is _____ is not necessarily _____.
A. Illegal, unethicalB. Unethical, legalC. Ethical, illegalD. Unethical, illegal
E. Ethical, legal
58) _____ provides users with a view of what is happening, where _____ addresses why it is happening.
A. Multidimensional data analysis, structured query language
B. Multidimensional data analysis, neural networksC. Data mining, multidimensional data analysisD.
Data mining, expert systemE. Multidimensional data analysis, data mining
59) Computer support is greatest for which of the following problems?
A. Semistructured and strategic planningB. Semistructured and management control
C. Unstructured and operational controlD. Structured and operational controlE. Structured and
management control
60) The management cockpit best exemplifies which type of system?
A. Decision support systemB. Functional area information system
C. Expert systemD. Digital dashboardE. Group decision support system
61) _____ is the efficient and effective execution of specific tasks.
A. Operational control
B. ExpertiseC. Management control
D. Strategic planningE. Wisdom
62) Geocoding is __________.
A. accessing geographical informationB. integrating maps with spatially oriented databases and other
databases

11. C. integrating organizational transactions with spatially oriented databasesD. programming spatially
oriented databasesE. encrypting spatial information
63) At 8% compounded annually, how long will it take $750 to double?
A. 48 months
B. 6.5 yearsC. 9 yearsD. 12 years
64) Which of the following represents an attempt to measure the earnings of the firm’s operations over
a given time period?
A. Cash flow statement
B. Balance sheetC. Income statementD. Quarterly statement
65) A machine costs $1,000, has a three-year life, and has an estimated salvage value of $100. It will
generate after-tax annual cash flows (ACF) of $600 a year, starting next year. If your required rate of
return for the project is 10%, what is the NPV of this investment? (Round your answerwer to the nearest
$10.)
A. $570B. $490C. $900D. -$150
66) Disadvantages of using current liabilities as opposed to long-term debt include:
A. higher cash flow exposureB. greater risk of illiquidity, and uncertainty of interest costs
C. decreased risk of liquidityD. certainty of interest costsE. uncertainty of future liabilities
67) Petrified Forest Skin Care, Inc. pays an annual perpetual dividend of $1.70 per share. If the stock is
currently selling for $21.25 per share, what is the expected rate of return on this stock?
A. 12.5%B. 36.13%
C. 8.0%D. 13.6%
68) Which of the following is most consistent with the hedging principle in working capital
management?
A. Fixed assets should be financed with short-term notes payable.B. Inventory should be financed with
preferred stock.C. Accounts receivable should be financed with short-term lines of credit.
D. Borrow on a floating rate basis to finance investments in permanent assets.
69) An increase in future value can be caused by an increase in the __________.
A. original amount investedB. annual interest rate and number of compounding periods
C. rate of returnD. dividends paidE. starting value
70) If the quote for a forward exchange contract is greater than the computed price, the forward
contract is:
A. at equilibrium.

12. B. undervalued.C. a good buy.D. overvalued.
71) Your company is considering an investment in a project which would require an initial outlay of
$300,000 and produce expected cash flows in Years 1 through 5 of $87,385 per year. You have
determined that the current after-tax cost of the firm’s capital (required rate of return) for each source
of financing is as follows:
Cost of debt8%
Cost of preferred stock12%
Cost of common stock16%
Long-term debt currently makes up 20% of the capital structure, preferred stock 10%, and common
stock 70%. What is the net present value of this project?
A. $1,568
B. $871C. $1,241
D. $463
72) Suppose you determine that the NPV of a project is $1,525,855. What does that mean?
A. The project’s IRR would have to be less that the firm’s discount rate.B. The project would add value to
the firm.C. Under all conditions, the project’s payback would be less than the profitability index.
D. In all cases, investing in this project would be better than investing in a project that has an NPV of
$850,000.
73) The common stockholders are most concerned with:
A. the spread between the return generated on new investments and the investor’s required rate of
return.
B. the size of the firm’s beginning earnings per share.C. the risk of the investment.D. the percentage of
profits retained.
74) PepsiCo calculates unlevered betas for each peer group in order to:
A. eliminate different financial risks.
B. eliminate competitive factors.C. eliminate judgment factors.D. eliminate different business risks.
75) Which of the following best represents operating income?
A. Income from discontinued operations
B. Earnings before interest and taxesC. Income from capital gainsD. Income after financing activities
76) In comparison to the buying of final consumers, the purchasing of organizational buyers:
A. is even less predictable.B. leans basically toward economy, quality, and dependability.

13. C. is always emotional.D. is strictly economic and not at all emotional.E. is always based on competitive
bids from multiple suppliers.
77) The basic objective of the U.S. market-directed economic system is to:
A. achieve an annual growth rate of at least 10 percent.B. provide each person with an equal share of
the economic output.
C. make the most efficient use of the country's resources.D. minimize inflation.E. satisfy consumer needs
as they--the consumers--see them.
78) Comparing GDP for foreign countries can help a marketing manager evaluate potential markets if
the manager remembers that:
A. GDP measures show people's tendency to buy particular products.B. income tends to be evenly
distributed among consumers in most countries.C. GDP estimates may not be very accurate for very
different cultures and economies.
D. Other countries most likely don’t use the US Dollar as their primary currency.
E. GDP measures show the degree of competition in a market.
79) A firm's "marketing mix" decision areas would NOT include:
A. Promotion.
B. People.C. Price.D. Place.E. Product.
80) __________ is a marketing management aid which refers to how customers think about proposed
and/or present brands in a market.
A. Brand familiarityB. Positioning
C. Market scanningD. Customer relationship management (CRM)
E. Market segmentation
81) The "four Ps" of a marketing mix are:
A. Production, Personnel, Price, and Physical Distribution
B. Promotion, Production, Price, and PeopleC. Potential customers, Product, Price, and Personal Selling
D. Product, Price, Promotion, and ProfitE. Product, Place, Promotion, and Price
82) When evaluating macro-marketing:
A. the evaluation is necessarily subjective.B. the best approach is to consider the profit generated by
individual firms within the overall system.
C. one must determine how efficiently the society's resources are used.D. one must consider the
society’s role in the marketing system.E. one must consider each individual firm's role in the marketing
system.
83) A cluster analysis of the "toothpaste market" would probably show that:

14. A. the broad product-market can be served effectively with one marketing mix.
B. most consumers are mainly concerned about brightness of teeth.C. factors such as taste, price, and
"sex appeal" are not important.D. most consumers are concerned about cost.E. different market
segments seek different product benefits.
84) Clustering techniques applied to segmenting markets __________.
A. usually require computers to group people based on data from market research
B. remove the need for managerial judgmentC. eliminate the need for marketing managers to specify in
advance what dimensions might be relevant for grouping consumers
D. doesn’t apply to demographic dataE. is time consuming and expensive
85) The three basic tasks of ALL managers, according to the text, are:
A. planning, staffing, and evaluating.B. marketing, production, and finance.C. execution, feedback, and
control.D. planning, implementation, and control.
E. hiring, training, and compensating.
86) The difference between target marketing and mass marketing is that target marketing:
A. means focusing on a small market.B. focuses on short-run objectives, while mass marketing focuses
on long-run objectives.
C. focuses on specific customers, while mass marketing aims at an entire market.
D. aims at increased sales, while mass marketing focuses on increased profits.E. does not rely on e-
commerce but mass marketing does.
87) When one considers the strategy decisions organized by the four Ps, branding is related to packaging
as:
A. store location is to sales force selection.
B. personal selling is to mass selling.C. production is to marketing.D. branding is to pricing.E. pricing is to
promotion.
88) Which of the following statements is not true under the Fair Labor Standards Act?
A. Children ages 16 and 17 may work unlimited hours in nonhazardous jobs.
B. Persons age 18 or over may work unlimited hours in nonhazardous jobs.
C. Children ages 14 and 15 may work limited hours in nonhazardous jobs.
D. Children under 14 cannot work at all, except on farms.E. Persons age 18 or over may work unlimited
hours in hazardous jobs.
89) Probable cause is most directly associated with which step of the criminal process?
A. Plea bargainingB. ArraignmentC. IndictmentD. ArrestE. Jury deliberations

15. 90) Which of the following statements is generally not true about state intermediate appellate courts?
A. The appellate court allows the parties to make oral arguments outlining their position.
B. The appellate court allows the parties to introduce new evidence so long as it was not previously
introduced at the original trial.
C. The appellate court usually allows the parties to file briefs outlining support for their positions.
D. The appellate court reviews the record of the trial court.E. Appellate court decisions are final and
further appeal is not possible.
91) Which of the following terms need not be disclosed under Truth-in-Lending Act?
A. The terms available from competitors.
B. The total finance charge.C. The cash price of the product.D. The annual percentage rate (APR).E.
Amount of payments.
92) Which of the following activities by an administrative agency requires public notice and
participation?
A. Substantive rule making and statements of policy only.B. Statements of policy only.C. Substantive rule
making and interpretive rule making only.D. Substantive rule making only.E. Substantive rule making,
interpretive rule making, and statements of policy.
93) Which of the following is not one of the Caux Round Table Principles for International Business?
A. Promotion of Multiculturalism.B. Respect for the Environment.C. Support for Multilateral Trade.D.
Avoidance of Illicit Operations.E. Responsibility of Business Beyond Shareholders Toward Stakeholders.
94) The theory of business social responsibility that holds that a business owes duties solely to produce
the highest return for its shareholders is:
A. The corporate citizenship theory.
B. The moral minimum theory.C. The social audit theory.D. The stakeholder interest theory.
E. The maximizing profits theory.
95) Which social responsibility theory has been advocated by Novel Prizewinning economist Milton
Friedman?
A. Corporate citizenship.
B. Maximizing profits.C. Corporate social audit.
D. Stakeholder interest.E. Moral minimum.
96) Which of the following lists, in descending priority, of sources considered by most courts in settling
questions of international law?

16. A. Conventions, treaties, comity, customsB. Treaties, customs, conventions, comityC. Treaties, customs,
conventions, comityD. Conventions, comity, customs, general principles of lawE. Treaties, customs,
general principles of law, judicial decisions and teachings
97) If the value of the collateral is less than the debt owed to the secured party, then:
A. The secured party gets to take some other property as collateral so his entire debt is secured.
B. The secured party is still secured for the entire debt owed him.C. The secured party is unsecured for
the entire debt.D. The secured party loses the excess of debt over the value of the security.E. The
secured party is unsecured for the excess of debt over the value of the security.
98) One study found that manufacturing labor costs about _____ an hour in China, compared to _____
dollars in the United States.
A. $2; about 25B. Less than $1; about 15C. Less than $1; about 40D. Less than $1; about 25
E. About $2; about 15
99) Which country does the text describe as becoming the largest producer and consumer of many of
the world's goods?
A. ChinaB. JapanC. Ecuador
D. MexicoE. Canada
100) Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____
became the United States' second largest trading partner.
A. Mexico, Venezuela
B. Canada, Venezuela
C. Great Britain, Paraguay
D. Mexico, Canada
E. Canada, Mexico