Online Access Free HBX.CORe.v2022-02-22.q90 Practice Test (Page 8)

CORe Exam Question 31

The government decides to set a price ceiling on corn. The price ceiling is set 10% above the equilibrium price. What would be the result of this government action?

A.There would be a surplus of corn.

B.There would be a shortage of corn.

C.The price ceiling would have no effect on the market.

D.Consumer surplus would increase.

CORe Exam Question 32

Which of the following situations is an example of materiality in accounting?

A.Company A owns land that it purchased for $100,000 twenty years ago. The land is now appraised at $250,000, but Company A does not adjust the value of the land in its accounts.

B.Company A wants to purchase $100,000 worth of fabric to use in its upholstery business. However, the supplier will not grant credit for a purchase that large, so Company A reduces the order to $20,000.

C.Company A initiates a relatively small new advertising campaign. Company A decides to include these costs as part of selling, general, and administrative expenses on the income statement rather than disclose them separately.

D.Company A receives an order from its largest customer, but it is a relatively small order. Company A does not make any entry into the accounts at the time it receives the order.

CORe Exam Question 33

Although they may vary, cash flows from financing activities in a mature company are usually:

A.negative, because companies may receive enough funds fromoperations to cover investments

B.negative, because companies maybe paying their main suppliers

C.positive, because there is no need to fund growth

D.positive, because companies may require funds to maintain research and development (R&D) activities

CORe Exam Question 34

On Valentine's Day, the price for a dozen roses typically rises 20 percent. What is the reason behind the increased price?

A.The price of vases falls.

B.There is a shortage of roses.

C.Consumers' willingness to pay increases.

D.There is a network effect in the demand for roses.

CORe Exam Question 35

Company A has been profitable for the past five years but the Retained Earnings reported on the financial statements has not grown. Which of the following statements could explain the situation?

A.Company A has invested heavily in new machinery and equipment.

B.Company A has issued additional shares of common stock.

C.Company A has paid down a portion of its long term debt.

D.Company A has paid dividends to shareholders each year.

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CORe Exam Question 31

CORe Exam Question 32

CORe Exam Question 33

CORe Exam Question 34

CORe Exam Question 35

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