MBA ETS Major Field Test Questions With Revised Correct Answers BEST UPDATED!!
31 views 1 purchase
Course
MBA ETS MAJOR FIELD
Institution
MBA ETS MAJOR FIELD
MBA ETS Major Field Test
Questions With Revised Correct
Answers
BEST UPDATED!!
Cash Accounting - ANSWER
when payment is exchanged.
Capital stock - ANSWER
recognizes transactions only
amount of common and preferred
shares that a company is authorized to issue, recorded on t...
MBA ETS Major Field Test
Questions With Revised Correct
Answers
BEST UPDATED!!
Cash Accounting - ANSWER recognizes transactions only
when payment is exchanged.
Capital stock - ANSWER amount of common and preferred
shares that a company is authorized to issue, recorded on the
balance sheet under shareholders' equity;
amount of capital stock is the maximum amount of shares that
a company can ever have outstanding
Asset - ANSWER resource with economic value that an
individual, corporation or country owns or controls with the
expectation that it will provide future benefit.
,Current assets - ANSWER all the assets of a company that
are expected to be sold/used as a result of standard biz ops
over the next year;
includes cash/cash equivalents, accts receivable, inventory,
prepaid expenses, marketable securities
Non current assets - ANSWER long-term investments not
easily converted to cash or are not expected to become cash
within the year; includes investments, intellectual property,
real estate, and equipment
Theory of Constraints - ANSWER every process/op is a
series of activities, and there is a WEAK LINK (aka bottleneck)
that hinders output
Special Order Decisions - ANSWER focus on whether a
specially priced order should be accepted or rejected; fixed
costs excluded from special orders
Make or buy decisions - ANSWER whether or not to
manufacture a product in house or purchase it from 3rd party
,Transfer pricing - ANSWER allows for estab. of prices for
goods/services exchanged btwn legal entities of the same
group
Sell or process further decision - ANSWER choice of selling
a product now or processing it further to earn more revenue
Forecasting - ANSWER using current and historic cost data
to predict future costs
Cash budget - ANSWER estimates cash inflows/outflows
over a specific period of time
Variance analysis - ANSWER study of deviations of actual
behavior vs. forecasted behavior and how it affects biz
performance
Cost behavior - ANSWER the ways in which costs react to
changes in biz activity
, variable costs - ANSWER costs that vary with the quantity
of output produced; include direct labor costs, costs of raw
materials used, utility costs
fixed costs - ANSWER Costs that DO NOT vary with the
quantity of output produced; includes interest payments, rent,
salaries
break-even analysis - ANSWER tells you how many units of
a product must be sold to cover the fixed and variable costs of
production
break-even point - ANSWER the level of production at
which the costs of production = the revenues for a product
target profit - ANSWER expected amount of profit achieved
by the end of designated accounting period; comes from the
budgeting process, compared to actual profit in income
statement
absorption costing - ANSWER AKA "full costing"; includes
all direct costs assoc. w/ manufacturing a product; allocates
fixed overhead costs to all units produced
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller EWLindy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
