Exam (elaborations)
AGEC 340 EXAM 1 Questions and answers
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AGEC 340 EXAM 1 Questions and answers
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AGEC340
EXAM
1
accounting
profit
-
correct
answer-net
income
after
all
measurable
costs
are
subtracted
from
the
total
revenue...
used
as
a
performance
measure
of
firm
success
accounting
profit
=
-
correct
answer-total
revenue
-
actual
costs
advantages
of
corporations
-
correct
answer--stockholders
are
not
personally
liable
-transfer
of
ownership
is
easier
-relatively
easier
for
them
to
raise
large
amounts
of
money
-death,
withdrawal,
or
retirement
of
shareholders
has
little
effect
on
life
of
corporation
advantages
of
partnerships
-
correct
answer-require
very
little
expense
bring
more
resources
than
a
proprietorship
no
business
tax
per
se
advantages
of
sole
proprietorship
-
correct
answer-minimal
legal
requirements
owner
has
complete
control
no
income
tax
as
a
separate
business
entity
can
conduct
business
in
any
of
the
states
benefits
from
doing
business
internationally
-
correct
answer-expand
sales
scale
economies
global
brand
reduce
risk
by
diversifying
across
markets
lower
costs
of
production
access
lower-cost
raw
materials
broaden
access
to
credit
board
of
directors
-
correct
answer-supervises
the
affairs
of
the
corporation
Challenges
in
international
markets
-
correct
answer-cultural
differences
exchange
rate
fluctuations
accounting
differences
international
law
and
property
rights
issues
sanitary
and
phytosanitary
regulations
management
challenges
cooperatives
-
correct
answer-owned,
operated,
and
controlled
by
members
corporation
-
correct
answer-special
legal
entity
endowed
by
law
with
the
powers,
rights,
liabilities,
and
duties
of
a
person
derived
demand
-
correct
answer-demand
that
it
based
on
the
need
for
a
product
that
indirectly
relates
to
consumer
demand
disadvantages
of
corporations
-
correct
answer--taxed
on
profit
(double
taxation) -lack
of
privacy
-costs
of
taxes,
records,
and
operations
can
be
higher
-in
smaller
corporations,
limited
liability
is
not
always
clear
disadvantages
of
partnerships
-
correct
answer-unlimited
liability
of
each
general
partner
usually
a
limited
number
of
members
lack
of
continuity
and
stability
disadvantages
of
proprietorships
-
correct
answer-personal
liability
limited
amount
of
capital
funds
when
taxed,
the
owner
is
personally
taxed
depends
so
heavily
on
one
person
dormant
partner
-
correct
answer-not
active
in
managing
the
partnership
and
is
not
known
by
the
general
public
economic
profit
-
correct
answer-agrees
with
accounting
profit,
but
also
considers
opportunity
costs...
helps
look
at
the
long
term
potential
for
an
industry
economic
profit
=
-
correct
answer-accounting
profit
-
opportunity
cost
economics
-
correct
answer-studies
how
individuals/society
combine
scarce
resources
to
meet
the
needs
of
consumers
elasticity
-
correct
answer-how
quantity
demanded
responds
to
a
change
in
price,
income,
or
price
of
other
goods
factors
of
production
-
correct
answer-land
labor
capital
management
food
sector
-
correct
answer-food
processing,
marketing,
and
distribution
GATT
-
correct
answer-General
Agreement
on
Tariffs
and
Trade
general
partner
-
correct
answer-active
in
management
of
the
partnership
general
partnership
-
correct
answer-each
individual
partner
has
equal
rights
and
liabilities,
unless
stated
otherwise
Human
Resources
management
-
correct
answer-personnel
administration
and
motivation
for
the
employees
input
supply
sector
-
correct
answer-provide
materials
junior
partner
-
correct
answer-typically
younger
and
has
not
been
in
the
business
as
long
as
a
senior
partner
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