1. The definition of net income is: (Points : 1) Revenues minus Liabilities. Assets minus Liabilities. the change in the owner’s equity from the beginning of the year to the end of the year. Revenues minus Expenses. 2. Suppose it is very difficult for a firm to find a close substitute for a specific input. As a result, the firm's demand for that input will be: (Points : 1) more elastic less elastic decreasing rapidly if the price of that input rises perfectly elastic unitary elastic 3. Which of the following ratio measures the liquidity of the company? (Points : 1) profit margin fixed asset turnover quick ratio debt ratio 4. An audience who does not actually interact with your message is: (Points : 1) a primary audience. secondary audience. auxiliary audience. watchdog audience. 5. Global expansion allows firms to achieve all of the following, except: (Points : 1) Standardize their product offering, marketing strategy, and business strategy for all national conditions. Realize location economies by dispersing value creation activities to the optimal location. Realize cost economies from experience effects generated by serving a larger market from a central location. Expand the market for their domestic product offerings by selling those products in international markets. 6. All other factors held constant, the present value of an ordinary annuity will always be (Points : 1) greater than the present value of an annuity due. less than the present value of an annuity due. equal to the present value of an annuity due. all of above is possible. 7. The level of activity at which operating income is zero is called the: (Points : 1) Margin of safety point. Contribution margin point. Break-even point. Operating leverage point. 8. The Americans with Disability Act: (Points : 1) prohibits discrimination in hiring based on race, color, religion, sex, or nation of origin prohibits discrimination in hiring based on disability if the person is able to perform the required tasks says workers may take leave after childbirth, adoption, or to care for a seriously ill family member says workers with disabilities do not have to be qualified for certain positions
9. All of the following theories show why it is beneficial for a country to engage in international trade even for products it is able to produce for itself, except (Points : 1) Mercantilism. Heckscher-Ohlin.
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