Multiple Choice Answers

 

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Question 1
Amanda has agreed to pay off a $3750 loan by making 12 monthly payments. The total finance charge on her loan is $310. Use the table to find the APR to the nearest whole percent. Assume that all interest rates are annual rates.
Screen Shot 02-28-14 at 06.18 PM
Answer
16%
14%
13%
15%
Question 2
Decide whether the following sets are equal. {parsley, thyme, basil, oregano} and {y : y is an herb}
Answer
Yes
No
Question 3
If the given graph is Eulerian, find an Euler circuit in it. If it is not Eulerian, first Eulerize it and then find an Euler circuit.
Screen Shot 02-28-14 at 06.19 PM
Answer
C, B, A, F, E, D, A, C
E, B, C, A, F, E, D, A, F, E
Add edge BE; A, C, B, E, D, A, F, E, B, A
A, B, C, A, D, E, F, A
Question 4
Determine whether vertex “C” is even or odd.
Screen Shot 02-28-14 at 06.19 PM 001
Answer
Even
Odd
Question 5
Replace the # with either ∈ or ∉ to express a true statement. Alaska # { Oklahoma, Vermont, Colorado, New Jersey, Delaware, Kentucky}
Answer


Question 6
In the given voting system, the weights represent, in order, voters A, B, C, and so on. Determine the Banzhaf power index for each voter. [16 : 1, 5, 7, 9]
Answer
A has an index of 0. All others have an index of ½.
All have an index of1/2.
A has an index of1/2. All others have an index of 0.
A and B have an index of 0. C and D have an index of1/2.
Question 7
Use the brute force algorithm to find a minimum Hamilton circuit for the graph. Also, determine the total weight of the minimum Hamilton circuit.
Screen Shot 02-28-14 at 06.20 PM
Answer
–Minimum Hamilton circuit is W→Z→X→Y→W ; weight = 18
–Minimum Hamilton circuit is W→X→Z→Y→W ; weight = 15
–Minimum Hamilton circuit is W→X→Y→Z→W ; weight = 15
–Minimum Hamilton circuit is W→Z→Y→X→W ; weight = 15
Question 8
Melanie deposits $ 275 each month in an ordinary annuity to save for a trip to Europe. If the annuity pays a monthly rate of 0.6% how much will she be able to save in 3 years?
Answer
–$ 5210.71
–$ 2104.25
–$ 7076.08
–$ 11,013.82
Question 9
If the given graph is Eulerian, find an Euler circuit in it. If it is not Eulerian, first Eulerize it and then find an Euler circuit.
Screen Shot 02-28-14 at 06.21 PM
Answer
–Add edge CG; C, G, H, F, E, A, B, C, D
–Add edge EF; A, B, C, D, A, C, H, E, F, G, H, F, E, A
–A, B, C, D, A, E, F, G, H, F, E, A
–H, G, F, E, A, D, C, B, A
Question 10
Mark and Kate are establishing a fund for their son’s college education. What lump sum must they deposit in an account that gives 8% annual interest rate, compounded monthly, in order for them to have $60,000 in the fund at the end of 10 years?
Answer
–$ 29,351.41
–$ 31,607.41
–$ 27,031.41
–$ 28,331.41
Question 11
Below is a floor plan of a suite of offices. Place a door in one of the rooms so that a security guard can enter by the door marked “enter”, pass through each door and lock it behind him, and then exit by the door you have placed in the plan.
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Answer
–Place door in room B.
–Place door in room D.
–Place door in room E.
–Place door in room A.
Question 12
What is 160% of 364? Round to the nearest hundredth.
Answer
–58,240.00
–58.24
–582.40
–5824.00
Question 13
Find the number of subsets of the set.
{12, 13, 14}
Answer
–3
–7
–6
–8
Question 14
The city council gave a questionnaire to its citizens, asking them to rank their priorities for next year’s budget. People were asked to rank the following four choices: (P)olice, (R)oads, (S)chools, and (T)rash removal. The results are summarized in the table below. Which option is selected using the plurality method?
Screen Shot 02-28-14 at 06.22 PM
Answer
–P
–R
–T
–S
Question 15
A committee is set up to vote yes or no on a logo design. The committee is composed of one person whose favorite color is (A)zure, five people whose favorite color is (B)lack, seven people whose favorite color is (C)herry, and nine people whose favorite color is (G)reen. At least sixteen votes are required for a decision, and the committee members will vote in blocs according to their favorite colors. List all winning coalitions, and identify those blocs that are critical to each of the winning coalitions.
Answer
–{A, C, G}, {B, C, G}, {C, G} ;
C and G are critical to all winning coalitions.
–{A, B, C, G}, {A, C, G}, {B, C, G}, {C, G} ;
C and G are critical to all winning coalitions.
–{A, B, C, G}, {A, C, G}, {B, C, G}, {C, G} ;
B, C, and G are critical to the coalition {A, B, C, G} ;
C and G are critical to all other winning coalitions.
–{A, C, G}, {B, C, G}, {C, G} ;
G is critical to all winning coalitions.
Question 16
Find the cardinal number of H ∪ A by referring to the given table.
Screen Shot 02-28-14 at 06.23 PM
Answer
–625
–543
–1042
–2006
Question 17
Find a directed path from “B to A.”
Screen Shot 02-28-14 at 06.23 PM 001
Answer
–“BECA”
–“BDA”
–“BEDA”
–“BDECA”
Question 18
Determine whether the graph below is connected or nonconnected.
Screen Shot 02-28-14 at 06.24 PM
Answer
–Connected
–Nonconnected
Question 19
Four candidates running for congress receive votes as follows:
Alberts: 53,163
Brown: 14,499
Cassimatis: 38,664
D’Amico: 33,831
Determine whether any of the listed candidates has a majority
Answer
–Yes
–No
Question 20
Find n(A) for the following set. A = { 0, 2, 4, 6, 8}
Answer
–n(A) = 4
–n(A) = 2
–n(A) = 5
–n(A) = 8
Question 21
Shade the Venn diagram to represent the set.
A’ ∩ B’
Screen Shot 02-28-14 at 06.25 PM
Question 22
Determine the value of the account at the end of 2 years with a principle of $2500 and an annual interest rate of 10%, compounding mothly.
Answer
–$ 24,624.33
–$ 3025.00
–$ 2541.84
–$ 3050.98
Question 23
In the following voting system: [15 : 1, 2, 3, 3, 4, 5] the weights represent, in order, voters A, B, C, and so on. Identify the dictator if there is one, and identify those voters with veto power if there are any.
Answer
–No dictator; voter F has veto power.
–Voter F is a dictator; voter F has veto power.
–Voter F is a dictator; no voters have veto power.
–No dictator; voters E and F have veto power.
Question 24
An airline is deciding which type of movie to show during a flight. The passengers are asked to rank the following four choices: (A)ction, (C)omedy, (M)usical, and (Drama). The results are summarized below. Rank the four choices using the Borda count method.
Screen Shot 02-28-14 at 06.26 PM
Answer
–M, D, A, C
–M, C, D, A
–A, M, D, C
–C, M, D, A
Question 25
In the voting system [12 : 1, 3, 5, 7] , the weights represent, in order, voters A, B, C, and so on. Write out all of the winning coalitions.
Answer
–{A, B, C, D}, {A, C, D}, {B, C, D}
–{A, B, C, D}, {A, C, D}, {B, C, D}, {C, D}
–{A, B, C, D}, {A, B, D}, {A, C, D}, {B, C, D}, {C, D}
–{A, C, D}, {B, C, D}, {C, D}
Question 26
Determine whether the indicated vertex is even or odd.
Screen Shot 02-28-14 at 06.26 PM 001
Answer
–Odd
–Even
Question 27
Decide whether the following sets are equivalent. {x : x is a multiple of 10 between 1 and 100, inclusive} and { 6, 12, 18, …, 60}
Answer
–Yes
–No
Question 28
Ashley bought a new computer for $ 1850. She paid a $ 120 down payment and financed the rest for one year at an interest rate of 7%. Find the monthly payment for the given amortized loan.
Answer
–$ 154.78
–$ 158.70
–$ 146.60
–$ 149.69
Question 29
In the following voting system, the weights represent, in order, voters A, B, C, and so on. Write out all of the winning coalitions. [16 : 1, 5, 7, 9]
Answer
–{A, B, C, D}, {A, C, D}
–{A, B, C, D}
–{A, B, C, D}, {A, C, D}, {B, C, D}, {C, D}
–{A, B, C, D}, {A, B, D}, {A, C, D}, {B, C, D}, {C, D}
Question 30
Ashley bought a new computer for $1250. She paid a $140 down payment and financed the rest for one year at an interest rate of 8%. Find the total interest paid on the given amortized loan.
Answer
–$ 48.69
–$ 45.60
–$ 53.78
–$ 57.70
Question 31
Determine whether the set is well defined or not.
{x : x is a tennis player who has won at Wimbledon}
Answer
–Well defined
–Not well defined
Question 32
There is a pizza delivery store located at the position marked A on the map. Assume that deliveries must be made at the following locations: C, G, L, O, B, E, and M, and then the delivery driver must return to the store. Use the nearest-neighbor algorithm to devise a delivery route that will minimize the number of blocks traveled. Assume the streets are two-way.
Screen Shot 02-28-14 at 06.27 PM
Answer
–ACGLOBEMA
–AEMBOLCGA
–AEBMOLCGA
–AEMBOLCA
Question 33
Screen Shot 02-28-14 at 06.27 PM 001
Find a Hamilton circuit in the graph that begins with the edge “BC”.
Answer
–BCEDAEB
–BCDAE
–BCEDAB
–BECADB
Question 34
The city council gave a questionnaire to its citizens, asking them to rank their priorities for next year’s budget. People were asked to rank the following four choices: (P)olice, (R)oads, (S)chools, and (T)rash removal. The results are summarized in the table below. Which option is selected using the pairwise comparison method?
Screen Shot 02-28-14 at 06.28 PM
Answer
–T
–R
–S
–P
Question 35
11.68 is what percent of 141? (Round to the nearest hundredth)
Answer
–0.12%
–8.28%
–1207.19%
–0.08%
Question 36
Use the Venn diagram below to find the number of elements in the region n(A ∪ B)
Screen Shot 02-28-14 at 06.28 PM 001
Answer
–21
–11
–14
–29
Question 37
Replace the # with either ∈ or ∉ to express a true statement. Nevada # {r : r is a state in the United ates}
Answer
–∈–∉
Question 38
Write a description of the shaded region using the symbols A, B, C, ∩, ∪, -, and as needed.
Screen Shot 02-28-14 at 06.29 PM
Answer
–A’ ∩ B’
–A ∪ B
–(A ∩ B)’
–A – B
Question 39
Let
U = {q, r, s, t, u, v, w, x, y, z}
A = {q, s, u, w, y}
B = {q, s, y, z}
C = {v, w, x, y, z}. List the elements in the set: A ∩ B’
Answer
–{t, v, x}
–{u, w}
–{q, s, t, u, v, w, x, y}
–{r, s, t, u, v, w, x, z}
Question 40
Find the cardinal number of the indicated set by referring to the given table.
H ∪ A,
given the following table:
Screen Shot 02-28-14 at 06.29 PM 001
Answer
–625
–543
–2006
–1042
Question 41
Find percent notation for 0.733
Answer
–73.3%
–733%
–0.0733%
–0.733%
Question 42
Use the formula for future value, A=P(1 + rt), to find the missing quantity.
A = $5369.00; P = $4550; t = 6 years
Answer
–r= 5%
–r = 3%
–r = 6%
–r = 4%
Question 43
Alex has saved $ 280 at the bank. He wants to accumulate $1750 for a trip to soccer camp. What percent of his goal has been reached?
Answer
–16%
–60%
–0.16%
–6%
Question 44
Choose the one alternative that best completes the statement or answers the question.
Use an alternative method to express the set. { 9, 12, 15, …, 45}
Answer
–{x : x is a multiple of 3 greater than 9 and less than 45}
–{w : w is a multiple of 3}
–{b : b is a multiple of 3 greater than or equal to 9}
–{x : x is a multiple of 3 greater or equal to 9 and less than or equal to 45}
Question 45
Determine whether the graph is connected or nonconnected.
Screen Shot 02-28-14 at 06.30 PM
Answer
–Nonconnected
–Connected
Question 46
Write a description of the shaded region using the symbols A, B, C, ∪, ∩, -, and as needed.
Screen Shot 02-28-14 at 06.31 PM
Answer
–B ∩ (A ∩ C)’
–B’ – (A ∪ B)
–A’ ∩ C’ ∩ B
–B – (A ∩ C)
Question 47
The city council gave a questionnaire to its citizens, asking them to rank their priorities for next year’s budget. People were asked to rank the following four choices: (P)olice, (R)oads, (S)chools, and (T)rash removal. The results are summarized in the table below. Which option is selected using the plurality-with-elimination method?
Screen Shot 02-28-14 at 06.32 PM
Answer
–T
–R
–S
–P
Question 48
The city council gave a questionnaire to its citizens, asking them to rank their priorities for next year’s budget. People were asked to rank the following four choices: (P)olice, (R)oads, (S)chools, and (T)rash removal. The results are summarized in the table below. Which option is selected using the Borda count method?
Screen Shot 02-28-14 at 06.32 PM 001
Answer
P
T
R
S
Question 49
You are given the future value of an annuity, A, the monthly payment, R, and the annual interest rate, r. Find the number of monthly payments, nt. Round your answer to the nearest whole number if necessary.
A = $ 7000; R = $ 250; r = 9%
Answer
30 months
32 months
34 months
26 months
Question 50
Find the value of the annuity at the end of the indicated time period. The amount, frequency of deposits, annual interest rate, and time period are given.
amount: $ 175; monthly; 8%; 7 years
Answer
$ 20,019.85
$ 20,219.96
$ 19,619.83
$ 20,319.95

Multiple Choice Answers

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1. Lulu orders 20 pairs of navy blue pants from Peter for $4,000, with delivery due no later than November 15. On November 6, Peter phones to say that he won’t deliver the pants because he has gone out of business.
A. Lulu can declare Peter in breach on November 6.
B. Lulu can declare Peter in breach on November 15 if Peter hasn’t delivered the pants.
C. Peter isn’t in breach because going out of business makes it impossible for Peter to perform.
D. Peter will be in breach only if Lulu is unable to find an alternate supplier who can deliver by November 15.
2. At the beginning of November, Bob offered to sell to Sally pants at a price of $20 per pair. Sally said she wanted to see how much shopping traffic her store enjoyed on Black Friday, the day after Thanksgiving, before deciding. Bob agreed in writing to hold the offer open for the rest of the month. Sally had a lot of shoppers come to the store on Black Friday and decided she could sell a lot of pants, so she phoned Bob the next day to order several dozen pairs of pants. Bob told her the offer had been revoked.
Sally sues, claiming breach of contract. The most likely result will be that
A. Bob wins because Sally had no right to rely on Bob’s promise.
B. Bob wins because the offer is unenforceable due to lack of consideration.
C. Sally wins because the offer was revoked.
D. Sally wins because Bob doesn’t have the right to revoke a firm offer.
3. Tom agrees to sell 500 pairs of pants to Sally for $5,000. Tom delivers the pants. Sally hands Tom a check. Tom demands cash and refuses to accept the check. Which of the following statements is true?
A. Sally must pay cash but is entitled to a reasonable time to come up with the cash
B. Sally is in breach because tom is permitted to demand cash
C. Tom is in breach as the UCC gives him no right to demand cash
D. Sally will be in breach if she doesn’t immediately give tom $5,000 in cash
4. Dennis contracts with Racketware, Inc., a company in France, to purchase 5,000 tennis rackets. The rackets will be shipped by airplane to a warehouse in New Jersey. Dennis and Racketware enter into a contract on November 1, and the contract identified the rackets being purchased. The airplane containing the rackets leaves France on November 2. The documents necessary to claim the rackets are received by
Dennis in the mail on November 3. Dennis claimed the goods at the warehouse on November 4. Dennis acquired an insurable interest in the rackets on what date?
A. November 3
B. November 2
C. November 4
D. November 1
5. Zeke orally agrees to sell a video game to Molly for $200. Zeke then changes his mind and tells Molly the deal is off. Molly sues, claiming breach of contract. Both parties tell the court there was an oral agreement for $200. The mostlikely result is that
A. Zeke wins because of the parol evidence rule.
B. Zeke wins because the agreement wasn’t in writing.
C. Molly wins because Zeke admits the oral agreement.
D. Molly wins because agreements for less than $500 don’t have to be written.
6. Lulu orders 20 pairs of navy blue pants from Peter for $4,000, with delivery due no later than November 15. On November 15, Peter delivers 20 pairs of navy dresses. Lulu may
A. sue for specific performance.
B. keep the goods and seek adjustment.
C. cover the sale.
D. sue for breach.
7. Lulu orders 20 pairs of navy blue pants from Peter for $4,000. On receipt of 20 pairs of sky blue pants, Lulu begins offering the pants for sale in her store. After a few days, when no one buys the pants, Lulu ships them back to Peter, claiming that the pants aren’t the color that was specified in the contract and claiming that Peter needs to ship her conforming goods. Peter claims he doesn’t have to do anything and that Lulu owes him $4,000. Which of the following statements is true?
A. Lulu owes Peter nothing because she hasn’t accepted the pants until she either pays or signifies that the pants conform to the requirements of the contract.
B. Peter must ship to Lulu 20 pairs of navy blue pants.
C. Lulu owes Peter $4,000 because the pants approximate what was required under the contract.
D. Lulu owes Peter $4,000 because she accepted the pants.
8. In August, wholesaler Terrence contracts with retailer Elmer to sell Elmer 500 pairs of blue pants for $5,000 in December. Then, in October, the price of pants drops due to a deal Terrence has made with the manufacturer. Terrence, seeking to get more business from Elmer, agrees in writing to drop the price of the pants due in December from $5,000 to $3,500. Then, in November, the deal Terrence made with the manufacturer falls through, and Terrence calls Elmer and tells him the original price of $5,000 will be charged. Elmer sues, seeking damages based on the lower purchase price. The most likely result is
A. Terrence wins because the price modification was made without Elmer’s consideration.
B. the court will award damages based on an average of the two prices.
C. Elmer wins because the modification was effective.
D. Terrence wins because Elmer originally agreed to $5,000.
9. Terra drops off her diamond ring at Jewel’s Jewelry shop to have it cleaned. By mistake, the ring ends up in a display counter and is sold by Jewel to Lulu for $9,000. Terra learns what has happened wants Lulu to give her the ring back. Lulu wants to keep it because she likes it. Which of the following statements is true?
A. Lulu may keep the ring if she pays Terra $9,000.
B. Lulu must give the ring to Terra because she is the true owner.
C. Lulu may keep the ring if she pays Terra the fair value of the ring.
D. Lulu may keep the ring and owes Terra nothing because Lulu is the true owner.
10.  Bob enters into a contract to sell a furnace to Carl and also agrees to install it. Bob and Carl have a dispute over the contract. The contract will be governed by
A. UCC law because the contract failed to expressly state that the UCC wouldn’t govern the transaction.
B. UCC law because the dominant element of the contract is sale of goods.
C. non-UCC law because the contract failed to expressly state whether the UCC would govern the transaction.
D. non-UCC law because it includes the service of installation.

Expert Answers

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1. Compute the manufacturing overhead rate and under- or over applied overhead.
A-1 Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $325,000 for the year, and machine usage is estimated at 125,000 hours.
For the year, $342,000 of overhead costs are incurred and 130,000 hours are used.
Instructions
(a) Compute the manufacturing overhead rate for the year.
(b) What is the amount of under or over-applied overhead at December 31?
(c) Prepare the adjusting entry to assign the under or over-applied overhead for the year to cost of goods sold.

2. Answer questions on costs and production.
The ledger of B-2 Company has the following work in process account.
                                                Work in Process—Painting

5/1 Balance                                      3,590
5/31 Materials                                  5,160
5/31 Labor                                        2,740
5/31 Overhead                                 1,380
5/31 Transferred out                            ?
5/31 Balance                                           ?
 


Production records show that there were 400 units in the beginning inventory, 30% complete, 1,400 units started, and 1,500 units transferred out. The beginning work in process had materials cost of $2,040 and conversion costs of $1,550. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.

Instructions
(a) How many units are in process at May 31?
(b) What is the unit materials cost for May?
(c) What is the unit conversion cost for May?
(d) What is the total cost of units transferred out in May?
(e) What is the cost of the May 31 inventory?
3. Assign overhead using traditional costing and activity based costing (ABC).
C-3 Company has two types of handbags: standard and custom. The controller has decided to use a plant-wide overhead rate based on direct labor costs. The president has heard of activity-based costing and wants to see how the results would differ if this system were used. Two activity cost pools were developed: machining and machine setup.   Presented below is information related to the company’s operations.

                Standard                                              Custom              
Direct labor costs                                             $50,000                                                 $100,000
Machine hours                                                      1,000                                                       1,000
Setup hours                                                        100                                                 400
Total estimated overhead costs are $270,000. Overhead cost allocated to the machining activity cost pool is $170,000, and $100,000 is allocated to the machine setup activity cost pool.

Instructions
(a) Compute the overhead rate using the traditional (plant-wide) approach.
(b) Compute the overhead rates using the activity-based costing approach.
(c) Determine the difference in allocation between the two approaches.