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Most missed Questions (CFA #2)

Total questions: 36

Worksheet time: 32mins

Name
Class
Date
1.
Gloria recently graduated from college and has accepted a job as an accountant at a firm located in an Atlanta suburb. A summary of Gloria's financial situation for a single month is below.
Fixed Expenses   $1100
Variable Expenses $1500
After considerable thought, Gloria decided to purchase a new refrigerator on an installment credit plan. Under the conditions of the installment loan, Gloria will repay the loan in twelve monthly payments of $150.00 each starting in May
a)
Gloria can afford to make the additional $150.00 without changing her current income or expenses
b)
Gloria's variable expenses will increase by 150.00 per month over the next twelve months
c)
Gloria will have to increase her income or reduce her flexible expenses in order to pay all of her bills in May
d)
Gloria's income and current expenses do not allow her to purchase the refrigerator at this time.
2.
Interdependence and Price leadership are characteristics of firms in what kind of market structure? 
a)
Oligopoly 
b)
Monopoly
c)
Pure competition
d)
Perfect competition
3.
Prices act as signals in the market because
a)
Prices indicate to sellers the types of goods and services
b)
Prices can determine dividends for businesses
c)
High prices for goods and services signal a healthy economy
d)
Entrepreneurs become motivated as prices rise
4.
Which of these MOST likely to lead to inflation?
a)
An increase in the costs of production
b)
Reduce prices for goods and services 
c)
An increase in the aggregate supply of goods and services
d)
The application of price ceilings and money supply
5.

What is one conclusion that can be made from the graph.

a)

Companies that develop new products are bought out by larger companies

b)

Stockholders value immediate return on investments

c)

Research and development is the largest corporate expenditure

d)

Long-Term growth is the goal of many companies

6.
Of the following groups, the one hurt the LEAST by unanticipated inflation is
a)
Workers who have cost-of-living adjustments in their labor contracts
b)
People who have saved money in accounts with fixed interest rate
c)
Banks that have made long term, fixed rate mortgage loans
d)
Consumers who buy goods and services at prevailing market prices
7.
Which of the following taxes is most regressive
a)
The federal income tax
b)
Sales tax on food
c)
Luxury Tax
d)
The corporate income tax
8.
Which of the following determines the division of the economy's output among groups and individuals in a market system?
a)
The incomes of individuals
b)
Labor unions through collective bargaining
c)
Marketing departments within firms
d)
Federal and state laws
9.
When the Federal Reserve buys government securities on the open market, what effect does this action have on the nation's money supply and and aggregate demand?
             Money supply         Aggregate Demand
A.                 Increases           Increases
B.                 Increases           Decrease
C.                 Decreases         Increases
D.                   Decreases          Decreases
a)
A
b)
B
c)
C
d)
D
10.
What is being represented by the "red flow line"
a)
The flow of money
b)
The flow of goods and services
11.
Which of the following situations BEST illustrates the concept of regional specialization?
a)
Cattle Ranching in Connecticut 
b)
Evergreen nurseries in Florida
c)
Grape vineyards in California
d)
Pineapple plantations in Idaho
12.
Which of these NOT one of the major roles that the US government plays in the economy?
a)
Providing private goods and services
b)
Redistributing income through transfer payments
c)
Protecting property rights
d)
How much its governments improves fiscal policy
13.
When aggregate demand exceeds aggregate supply in an economy. the MOST immediate results
a)
Inflation
b)
Deflation
c)
Unemployment
d)
A Budgetary surplus
14.
The minimum wage is a type of
a)
Price floor
b)
Comparable worth
c)
Price celing
d)
Marginal price
15.
Which of the following is an example of an investment in human capital?
a)
A company builds a new factory
b)
A person goes to college
c)
A state puts in new highway
d)
A country builds new schools 
16.
The BEST example of a progressive tax in the US is
a)
The federal excise tax on gasoline
b)
The Social Security tax
c)
The federal personal income tax
d)
State sales tax
17.
Which two Scenarios would be MOST Negatively affected by unanticipated inflation?
a)
1. Banks that loaned money at a fixed rate 2. People on a fixed income
b)
1. Farmers with fixed-rate mortages 2. Businesses that profit from credit sales
c)
1. Convenince stores that sell staple-goods 2. Thrift Stores that sell refurbished or used goods
d)
1. Banks that loaned money at a fixed rate 2. Formers with fixed-rate mortgages
18.

The flow of goods and services to consumers is illustrated by

a)

4 to 2

b)

8 to 6

c)

2 to 5

d)

6 to 1

19.

A market that has few barriers to entry, in which products that are not identical quality and style are sold, and therefore, firms can make greater-than-normal profits for short periods of time BEST described as

a)

Monopolistic competition

b)

Oligopositc

c)

Perfectly competitive

d)

Monopoly

20.

Susie runs an art gallery where people pay to look at local paintings and local painters can sell their paintings. Which represents a factor of capital Susie needs to run her business?

a)

Local Painters

b)

Clean crew she hires

c)

Horse hair used in the paint brushes

d)

Wooden stands that display the paintings

21.

Use the scenarios to answer the question


Scenario 1: Banks that loaned money at a fixed rate

Scenario 2: People on a limited income

Scenario 3: Farmers with fixed-rate mortgages

Scenario 4: Businesses that profit from credit sales

Scenario 5: Convenience stores that sell

staple-goods

Scenario 6: Thrift stores that sell refurbished or

used goods

Which TWO scenarios would be MOST negatively affected by unanticipated inflation?

a)

Scenario 1

b)

Scenario 2

c)

Scenario 3

d)

Scenario 4

e)

Scenario 5

22.

Country X is currently investing heavily in research and development (R&D), mainly in the areas of information and communications technologies. All of the following are predictable results of these investments EXCEPT

a)

future economic growth

b)

future increases in labor productivity

c)

the creation of labor-intensive industries

d)

the creation of advanced capital goods

23.

Which trait do MOST employers look for when hiring new employees?

a)

punctuality

b)

a fashionable wardrobe

c)

an outgoing personality

d)

financial independence

24.

Which of these is MOST likely to lead to inflation?

a)

an increase in the costs of production

b)

reduced prices for goods and services

c)

an increase in the aggregate supply of goods and services

d)

the application of price ceilings money supply.

25.
What Christmas Ballet is the most famous of all?
a)
Rudolph's Surprise
b)
The Nutcracker
c)
Mr. and Mrs. Claus
d)
Frosty goes to New York
26.
What should little children leave out for Santa on Christmas Eve?
a)
Cookies and milk
b)
A bottle of orange juice
c)
Chewing gum
d)
Cheddar cheese
27.
Which country created eggnog?
a)
England
b)
France
c)
Australia 
d)
United States
28.
What was the most popular toy in 1984?
a)
Barbie Doll
b)
Ken Doll
c)
Cabbage Patch Doll
d)
Kitchen Set
29.
What is the main ingredient in gingerbread cookies?
a)
Flour
b)
Ginger
c)
Molasses
d)
Sugar
30.
This Florida town maintains a fully decorated tree year round.
a)
Santa
b)
Christmas
c)
Sarasota
d)
Tampa
31.

In the UK what do children put out for Santa Claus to put their presents in?

a)

hats

b)

socks

c)

shoes

32.

The Christmas tree tradition started in which country?

a)

Germany

b)

Russia

c)

Norway

33.

True or false: "Jingle Bells" was always intended to be a Christmas song.

a)

True - it was made for Christmas

b)

False - it was written for Thanksgiving

34.

Was Christmas ever outlawed in America?

a)

Yes

b)

No

c)

Maybe

35.

Which is the most recorded Christmas song?

a)

Jingle Bells

b)

Silent Night

c)

White Christmas

d)

None of these

36.

What year did Mariah Carey’s ‘All I Want For Christmas Is You’ come out?

a)

1994

b)

2004

c)

2020

d)

2007

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