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ETS MAJOR FIELD TEST IN BUSINESS PRACTICE QUESTIONS AND ANSWERS
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ETS MAJOR FIELD TEST IN BUSINESS PRACTICE QUESTIONS AND ANSWERS 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 ...

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  • October 28, 2024
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  • 2024/2025
  • Exam (elaborations)
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©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




ETS MAJOR FIELD TEST IN BUSINESS

PRACTICE QUESTIONS AND ANSWERS


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d) primary data are likely to be outdated - ANSWER✔✔-a) secondary data usually cost less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


Page 1/68

, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




d) compliance with federal regulations - ANSWER✔✔-a) enforcement of internal policies


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 - ANSWER✔✔-(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.




Page 2/68

, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




How many pillows must Dreamland produce and sell each month to earn a monthly gross profit of

$1,000?




(A) 300


(B) 350


(C) 600


(D) 700 - ANSWER✔✔-(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




Page 3/68

, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




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 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 - ANSWER✔✔-(C) 625




Page 4/68

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