True Blue Stores had a beginning accounts payable balance of $56,900 and an ending accounts payable balance of $62,800. Sales for the period were $670,000 and costs of goods sold were $418,000. What is the payables turnover rate?

A) 6.98 times
B) 7.35 times
C) 8.13 times
D) 11.19 times
E) 11.78 times

Which of the following is a high-context culture?

A) American
B) English
C) German
D) Japanese

The role of the board of directors in an organization is to:

A) hire successful employees from competitors' firms to gain advantage in the market.
B) encourage a monoculture among employees throughout the organization and create an ethnocentric internal work environment.
C) hire employees based on intuition rather than using systematic selection techniques.
D) monitor the actions of the top management team to ensure that stockholders' interests are protected.

Standardizing processes is less effective in non-routine and complex work.

Frank Knight said that profit

A) is indistinguishable from risk.
B) exists when the probability of a given event cannot be predicted reliably.
C) can be incorporated into the cost structure of production.
D) forces entrepreneurs to make unwise decisions with imperfect information.

Which of the following is an accurate statement about the addenda to a report?

A) Addenda parts start with a new numbering system rather than continuing with the same numbering used in the body.
B) The addenda consists of three parts: the introduction, the body, and the table of contents.
C) Addenda parts contain information about the scope and limitation of the research.
D) The addenda may include materials used in the research that are not appropriate to be included in the report itself.

The Fair Housing Act is Title VIII of the Civil Rights Act.

In a statement of cash flows, which of the following events would not be classified as an operating activity?

A) purchase of a trading security
B) receipt of a cash dividend
C) payment of interest on a bond issue
D) proceeds from the sale, at a gain, of an available-for-sale security

_____ is an independent assessment of the quality, accuracy, and completeness of a company's social or ethics report.

A) Publication
B) Verification
C) Auditing
D) Analysis
E) Validation

The marginal rate of substitution measures the

A) magnitude of the substitution effect.
B) total utility received by a consumer when equilibrium is achieved.
C) extra utility that a consumer derives from successive units of a product.
D) consumer's willingness to substitute one product for another so that total utility will remain constant.