BEC無料問題集「AICPA CPA Business Environment and Concepts」

質問 1

One approach to measuring divisional performance is return on investment. Return on investment is
expressed as operating income:

（A）Divided by current assets.

（B）Divided by total assets.

（C）Divided by fixed assets.

（D）Divided by the current year's capital expenditures plus cost of capital.

正解：B 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 2

When a worker quits work to stay at home with the children, it is an example of:

（A）Not counted in unemployment figures.

（B）Structural unemployment.

（C）Cyclical unemployment.

（D）Frictional unemployment.

正解：A 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 3

Micro Manufacturers uses a performance reporting system that combines both financial and nonfinancial
measures to evaluate division performance. All of the following measure operational efficiency, except:

（A）Days' sales in accounts receivables.

（B）Residual income.

（C）Operating leverage.

（D）Inventory turnover.

正解：B 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 4

Under the Revised Model Business Corporation Act, following what type of corporate acquisition does the
acquiring corporation automatically become liable for all obligations of the acquired corporation?

（A）An acquisition of stock for debt securities.

（B）A leveraged buyout of assets.

（C）A merger.

（D）A cash tender offer.

正解：C 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 5

A preferred stock is sold for $101 per share, has a face value of $100 per share, underwriting fees of $5
per share, and annual dividends of $10 per share. If the tax rate is 40 percent, the cost of funds (capital)
for the preferred stock is:

（A）4.2 percent.

（B）6.2 percent.

（C）10.4 percent.

（D）10.0 percent.

正解：C 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 6

Unless the partnership agreement prohibits it, a partner in a general partnership may validly assign rights
to:

（A）Option D

（B）Option B

（C）Option C

（D）Option A

正解：C 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 7

Eller, Fort, and Owens do business as Venture Associates, a general partnership. Trent Corp. brought a
breach of contract suit against Venture and Eller individually. Trent won the suit and filed a judgment
against both Venture and Eller. Trent will generally be able to collect the judgment from:

（A）Eller's personal assets only.

（B）Partnership assets only.

（C）The personal assets of Eller, Fort, and Owens only.

（D）Eller's personal assets only after partnership assets are exhausted.

正解：D 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 8

The corporate veil is most likely to be pierced and the shareholders held personally liable if:

（A）An ultra vires act has been committed.

（B）The corporation has elected S corporation status under the Internal Revenue Code.

（C）The shareholders have commingled their personal funds with those of the corporation.

（D）A partnership incorporates its business solely to limit the liability of its partners.

正解：C 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 9

In inventory management, the safety stock will tend to increase if the:

（A）Fixed order cost decreases.

（B）Cost of running out of stock decreases.

（C）Carrying cost increases.

（D）Variability of lead-time increases.

正解：D 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 10

In 1992, Anchor, Chain, and Hook created ACH Associates, a general partnership. The partners orally
agreed that they would work full time for the partnership and would distribute profits based on their capital
contributions. Anchor contributed $5,000; Chain $10,000; and Hook $15,000. For the year ended
December 31, 1993, ACH Associates had profits of $60,000 that were distributed to the partners. During
1 994, ACH Associates was operating at a loss. In September 1994, the partnership dissolved.
In October 1994, Hook contracted in writing with Ace Automobile Co. to purchase a car for the partnership.
Hook had previously purchased cars from Ace Automobile Co. for use by ACH Associates partners. ACH
Associates did not honor the contract with Ace Automobile Co. and Ace Automobile Co. sued the
partnership and the individual partners.

（A）Anchor, Chain, and Hook jointly owning and conducting a business for profit establishes a partnership
relationship.

（B）Anchor, Chain, and Hook jointly owning income producing property establishes a partnership
relationship.

正解：A 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 11

An industry that is oligopolistic would be best characterized by:

（A）One firm selling a product with no close substitutes.

（B）The absence of significant economies of scale.

（C）Horizontal or flat demand curves for the output of individual firms.

（D）Significant barriers to entry.

正解：D 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 12

If the elasticity of demand for a normal good is estimated to be 1.5, then a 10% reduction in its price would
cause:

（A）Total revenue to fall by 15%.

（B）Total revenue to fall by 10%.

（C）Quantity demanded to rise by 15%.

（D）Demand to decrease by 10%.

正解：C 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 13

Return on assets:

（A）Measures asset activity and the ability of the firm to generate sales through the use of assets.
Generally, the more sales dollars generated per dollar of assets used, the better the net income of an
entity.

（B）Is a profitability measure and can be used to evaluate the efficiency of asset usage and management,
and the effectiveness of business strategies to create profits.

（C）Measures the amount of operating income earned above the imputed cost of capital for the operating
unit. If the measure is positive, returns exceed the cost of financing the operating unit.

（D）Is a measure of profitability and indicates how much is left of each sales dollar to cover operating
expenses and profit.

正解：B 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 14

A company obtained a short-term bank loan of $250,000 at an annual interest rate of 6 percent. As a
condition of the loan, the company is required to maintain a compensating balance of $50,000 in its
checking account. The company's checking account earns interest at an annual rate of 2 percent.
Ordinarily, the company maintains a balance of $25,000 in its checking account for transaction purposes.
What is the effective interest rate of the loan?

（A）6.66 percent.

（B）7.11 percent.

（C）6.44 percent.

（D）5.80 percent.

正解：C 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 15

Which one or the following statements about the payback method of investment analysis is correct? The
payback method:

（A）Generally leads to the same decision as other methods for long-term projects.

（B）Does not consider the time value of money.

（C）Is rarely used in practice.

（D）Uses discounted cash flow techniques.

正解：B 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 16

Which of the following decreases stockholder equity?

（A）Distributions to owners.

（B）Issuance of stock.

（C）Acquisition of assets in a cash transaction.

（D）Investments by owners.

正解：A 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

BEC 無料問題集「AICPA CPA Business Environment and Concepts」

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