NEW YORK STATE FBLA MR./MS.

FBL

2009
PLEASE DO NOT OPEN THIS TEST UNTIL DIRECTED TO DO SO Test Directions 1. Complete the information requested on the answer sheet. PRINT YOUR NAME on the Name line. PRINT the name of the event, MR./MR. FBL on the Subject line. PRINT the name of your CHAPTER on the DATE line. 2. All answers will be recorded on the answer sheet. Please do not write on the test booklet. Scrap paper will be provided. 3. Read each question completely before answering. With a NO. 2 pencil, blacken in your choices completely on the answer sheet. Do not make any other marks on the answer sheet, or the scoring machine will reject it. 4. You will be given 60 minutes for the test. You will be given a starting signal and a signal after 50 minutes have elapsed.

NYS FBLA 2009 MR./MS. FBL 1. The founder of FBLA was __________. a. Conrad N. Hilton b. Edward D. Miller c. Hamden L. Forkner d. Jean Buckley 2. The first FBLA state chapter was __________. a. Indiana b. Iowa c. Ohio d. Tennessee 3. What are the total state and national dues for FBLA members? a. $6 b. $10 c. $12 d. $15 4. The words I will begin every stanza of the FBLA __________. a. Code of Ethics b. Creed c. Motto d. Pledge 5. In what year was the first FBLA chapter chartered in New York State? a. 1942 b. 1946 c. 1964 d. 1970 6. The chairperson of the New York State FBLA Board of Trustees is __________. a. Anita Halstead b. Elias Everett c. Elizabeth Garofalo d. Jennifer McClure 7. The 2009 National Leadership Conference will be held in __________. a. Anaheim, CA b. Atlanta, GA c. Nashville, TN d. Orlando, FL

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8. A chapter with 100 members is allowed __________ voting delegates at the State Leadership Conference. a. 1 b. 2 c. 3 d. 4 9. There are __________ state officer positions in New York State. a. 15 b. 20 c. 22 d. 25 10. Which of the following is NOT a national competitive event? a. Basic Decision Making b. Desktop Publishing c. Entrepreneurship d. Sport Management 11. Duties of FBLA national officers are addressed in Article __________ of the National Bylaws. a. VI b. VII c. VIII d. IX 12. Which of the following statements regarding parliamentary procedure is NOT true? a. A member should rise to be recognized and remain standing while speaking. b. A plurality is the largest number of votes to be given any candidate or proposition when three or more choices are available. c. In case of a tie vote, the motion is lost. d. When responding to a previous speaker, they should be referred to by name. 13. If a committee chairman fails to call a meeting of the committee, the committee __________. a. Cannot meet b. Is dissolved c. Must meet on the call of any two members d. Must meet on the call of the president 14. A call for a counted rising vote to be taken after an uncounted rising vote __________. a. Is appropriate only for motions requiring a two-thirds vote b. May be granted or denied by the presiding officer, the decision being made at their sole discretion c. Must be granted on the demand of a single member if he doubts the vote d. Requires a motion, which needs a second and a majority vote to pass

NYS FBLA 2009 MR./MS. FBL 15. A committee of the whole may __________. a. Impose disciplinary measures on its members b. Order a counted rising vote c. Refer a matter to another ordinary committee d. Rise and report when it wishes to bring the meeting to an end 16. A business in which the owners have limited liability is a __________. a. Corporation b. Manufacturer c. Partnership d. Sole proprietorship 17. Which of the following accounts does NOT have a normal credit balance? a. Fees b. Income Summary c. Notes Payable d. P. Tambroni, Capital Use the following information to answer questions 18-20. Deposited $400, plus $32 sales tax, from bankcard sales. 18. This transaction should be recorded in the __________ Journal. a. Cash Receipts b. General c. Purchases d. Sales 19. The __________ account should be debited. a. Accounts Receivable b. Bankcard Sales c. Cash in Bank d. Sales Tax Payable 20. What is the amount of the debit? a. $32 b. $368 c. $400 d. $432

NYS FBLA 2009 MR./MS. FBL Use the following information to answer questions 21-24.

Enfrastructure pays its employees every Friday. The weekly payroll is $1,250. The end of the fiscal period is on Wednesday. Therefore, Enfrastructures accountants must prepare an adjusting entry. 21. What accounting principle requires that this adjusting entry be made? a. Conservatism b. Matching c. Materiality d. Revenue recognition 22. The __________ Journal should be used to record the transaction. a. Cash Payments b. Cash Receipts c. General d. Sales 23. The __________ account should be debited. a. Cash in Bank b. Income Summary c. Payroll Taxes Payable d. Salaries Expense 24. What is the amount of the adjusting entry? a. $ 250 b. $ 750 c. $1,000 d. $1,250 25. The United States is an example of a __________ economy. a. Command b. Market c. Mixed d. Traditional 26. The money left after you pay taxes and for all of your necessities is called __________. a. Discretionary income b. Disposable income c. Fixed income d. Variable income

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27. A loan which is repaid with equal payments over a period of time is called __________. a. Balloon mortgage b. Installment debt c. Line of credit d. Revolving credit 28. Which of the following is NOT considered in determining a persons credit rating? a. Capacity b. Character c. Collateral d. Contingency 29. Which of the following factors does NOT affect automobile insurance rates? a. Manufacturers warranty b. Marital status c. Type of car d. Where you drive 30. Which of the following statements regarding bonds is NOT true? a. Bonds pay a variable rate of interest. b. Bonds represent debt. c. Bondholders usually have no voice in or control over how the corporation is run. d. Interest on bonds normally must always be paid, whether or not the corporation earns a profit. 31. Certificates issued by the U.S. Treasury that mature in 1 to 10 years are called Treasury __________. a. Bills b. Bonds c. Notes d. Yields 32. An investment company that pools the money of investors to buy stocks, bonds, or other investments is called a __________. a. Corporation b. Money market c. Mutual fund d. Stock exchange 33. A(n) __________ allows self-employed people to set aside up to 15 percent of their income up to a specified amount each year, and then deduct that amount from their taxable income. a. Deferred compensation plan b. Individual retirement account c. Keogh Plan d. Roth IRA

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34. If the increase in the cost of gas causes people to purchase less what economic rule is illustrated? a. Law of diminishing marginal utility b. Law of supply c. Substitution effect d. Real income effect 35. The domestic automobile industry is an example of a(n) __________. a. Cartel b. Monopolistic competitor c. Monopoly d. Oligopoly 36. The law that was passed in 1890 to protect trade and commerce against unlawful restraint and monopoly was called the __________ Act. a. Cellar-Kefauver Antimerger b. Clayton c. Sherman Antitrust d. Robinson-Patman 37. Which of the following is an example of short-term financing? a. Leasing b. Loans c. Trade credit d. Stocks 38. People employed in offices, sales, or professional positions are often referred to as __________ workers. a. Blue-collar b. Hourly c. Service d. White-collar 39. Which of the following acts does NOT deal with labor unions? a. Glass-Stiegal Act b. Landrum-Griffin Act c. Taft-Hartley Act d. Wagner Act 40. Which of the following is considered a lagging economic indicator? a. Average length of unemployment b. Changes in interest rates c. Rate of industrial production d. Stock prices

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41. Money that has value because a government order has established it as acceptable for payment of debts is called __________. a. Commodity money b. Fiat money c. Legal tender d. Representative money 42. The __________ directs the operations of the Federal Reserve and is made up of seven full-time members. a. Board of Governors b. Federal Advisory Council c. Federal Open Market Committee d. Securities and Exchange Commission 43. Which of the following is a characteristic of a loose money policy? a. Borrowing is difficult b. Consumers buy less c. More people are employed d. Production is reduced 44. A tax that takes a larger percentage of higher incomes than lower incomes is called a __________ tax. a. Progressive b. Proportional c. Regressive d. Voluntary 45. Temporary unemployment between jobs because of firings, layoffs, voluntary searches for new jobs, or retraining is called __________ unemployment. a. Cyclical b. Frictional c. Seasonal d. Structural 46. __________ laws deal with methods of enforcing legal rights and duties. a. Case b. Civil c. Procedural d. Substantive 47. A contract that has its terms set down in a clear-cut fashion either orally or in writing is called a(n) __________. a. Express contract b. Implied contract c. Ratified contract d. Valid contract

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48. What the offeror demands in order to make the offer legally enforceable is referred to as __________. a. Acceptance b. Consideration c. Necessaries d. Usury 49. Commercially valuable information that a business attempts to keep secret is called a __________. a. Copyright b. Patent c. Service mark d. Trade secret 50. Which of the following is NOT a level of care associated with bailments? a. Extraordinary b. Maximum c. Minimal d. Ordinary 51. Which of the following is NOT a duty of the principal to the agent? a. Compensation b. Good faith c. Obedience d. Reimbursement 52. A statement indicating what a business is striving to become is known as a(n) __________ statement. a. Ad hoc b. Business c. Mission d. Vision 53. A business letter in which all lines begin at the left margin and the salutation and the complimentary close are omitted is written in __________ format. a. Block b. Modified block c. Non-block d. Simplified block 54. What type of graphic aid should be used to compare one or more quantities? a. Bar graph b. Flow chart c. Line graph d. Pie chart

NYS FBLA 2009 MR./MS. FBL 55. Which of the following is considered a technical report? a. Audit report b. Plan of action c. Status report d. Systems white papers

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56. A resume in which accomplishments or skills are presented in order of importance is organized in __________ order. a. Chronological b. Formal c. Functional d. Reverse chronological 57. Which of the following questions should NOT be asked during an interview? a. Can you describe a typical day in your present job? b. How do you spend your leisure time? c. What motivated you to seek a college education? d. Where were you born? 58. What type of speech recognition technology allows the user to speak normally and use complete sentences and phrases? a. Continuous speech recognition b. Digitized speech recognition c. Discrete voice recognition d. Unlimited speech recognition 59. The difference in interest between what a bank pays and what it receives is the __________. a. Liquidity b. Market rate c. Profit d. Spread 60. Which of the following is NOT a characteristic of a credit union? a. All profits of a credit union are returned to the members as dividends or reduced fees and rates. b. Credit unions are nondepository intermediaries. c. Credit unions are owned by depositors. d. Users of credit unions must be members. 61. A portrait of __________ appears on the front of a fifty dollar note. a. Abraham Lincoln b. Alexander Hamilton c. Benjamin Franklin d. Ulysses S. Grant

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62. When stocks are purchased at a fraction of their cost, they are said to be bought on __________. a. Limit b. Margin c. Reserve d. Stop loss 63. A collective rise in the supply of money, incomes, and prices is referred to as __________. a. Demand b. Depression c. Inflation d. Stagflation 64. Bank examiners use the __________ system to evaluate six criteria of safety and soundness. a. CAMELS b. Fedwire c. Fiscal policy d. SPACRS 65. The __________ makes discount rate decisions. a. Council of Economic Advisors b. Federal Open Market Committee c. Secretary of State d. Treasury Department 66. __________ is a measure of how quickly something can be converted to something of value. a. Expansion b. Liquidity c. Profitability d. Return on equity 67. If you deposit $1,000 in a savings account that earns 1% interest, compounded annually, how long will it take for you to accumulate $2,000 if you make no more deposits? a. 12 years b. 26 years c. 72 years d. 144 years

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68. If you deposit $250 in a savings account that earns compounded interest of 1%, how much will be in the account at the end of three years if no more deposits are made? a. $7.50 b. $7.57 c. $257.50 d. $257.57 69. If you deposit $250 in a savings account that earns simple interest of 1%, how much will you have earned at the end of three years if no more deposits are made? a. $7.50 b. $7.57 c. $257.50 d. $257.57 70. Reserve requirements only apply to __________ money supply. a. M1 b. M2 c. M3 d. M4 71. The __________ score is a three digit number used to score your credit. a. CAMELS b. FICO c. GAAP d. PARC 72. The __________ Act of 1999 allowed banks to be involved in the insurance and securities businesses. a. Federal Reserve b. Glass-Steagall c. Gramm-Leach-Bliley d. Truth in Lending 73. __________ can force businesspeople to buy and sell foreign products through a central agency, such as a central bank. a. Embargoes b. Exchange controls c. Export tariffs d. Quotas 74. Which of the following is always used to determine the classification of goods? a. Amount of shopping required by the buyer to obtain the product b. Buyer intent for using the product c. Price of the product d. Specific product features

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75. The best approach a firm can take in responding to marketing environmental forces is __________. a. Inactive b. Proactive c. Reactive d. Variable 76. The __________ is the difference in value between a nations exports and imports. a. Balance of trade b. Export/import ratio c. Gross domestic product d. Net trade value 77. The practice of linking a firms product marketing to a particular social cause is known as __________. a. Cause-related marketing b. Economic responsibility c. Ethical marketing d. Social responsibility 78. The objective of sampling in marketing is to __________. a. Control independent variables that might influence research results b. Elicit responses from as many people as possible c. Ensure that measures in the study are reliable d. Select representative units from a total population 79. The Nike swoosh that is prominent on all of the firms packaging, products, and advertising is a __________. a. Brand b. Trade character c. Trade mark d. Trade name 80. How many bytes of information are in a megabyte? a. 1,048,576 b. 1,048,577 c. 1,048,578 d. 1,048,579 81. The World Trade Organization __________. a. Collects duties for member organizations b. Is a consulting group for facing global competition c. Is a major trading company d. Succeeded the GATT agreement

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82. Human resource management differs in the global and domestic environments because __________. a. All labor markets are the same in the world b. Both companies must cope with differences in global and national orientations and no obstacles exist to worker mobility c. Companies must cope with differences in global and national orientations d. No obstacles exist to work mobility 83. One disadvantage to exporting is __________. a. Company image b. Employee attitudes c. Ignorance of domestic market d. Ignorance of foreign market 84. A type of exposure to foreign exchange risk is __________. a. Cultural exposure b. Political exposure c. Risk exposure d. Translation exposure 85. An investor might want to use a put option if he/she believes that __________. a. A company is planning to split its stock b. A firm is planning an initial public offering c. The price of a stock will go down in the next few months d. The price of a stock will rise before the option period expires 86. The purpose of an acceleration clause in an installment agreement is to __________. a. Allow the lender to make the entire loan balance due immediately if the borrower has not made payments on time b. Give borrowers a chance to change the payment date to an earlier day of the month if they so choose c. Give the borrower an opportunity to pay the account in full at any time without an additional charge d. Provide for a single, very large payment at some point during the loan in order to shorten the loan term and reduce the total interest paid by the borrower 87. The practice of buying debt at a discount is known as __________. a. Capitalizing b. Factoring c. Outsourcing d. Probate

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88. Manufacturing costs fall as the number of units produced increases. This relationship is called __________. a. Economy of scale b. Synergy c. The 80/20 principle d. The scalar principle 89. One of the factors that contribute to the failure of many small businesses includes __________. a. Cash flow problems b. Managerial incompetence or inexperience c. The lack of innovative spirit d. Too many customers 90. The tension that occurs immediately following a purchase is referred to as __________. a. Cognitive assessment b. Cognitive dissonance c. Post-decision distress d. Post-purchase satisfaction 91. Business interruption insurance covers __________. a. Debts to suppliers b. Defective products c. Lost income d. Shoplifting 92. Competition is thought to encourage businesses to __________. a. Keep prices extremely high b. Offer services of low quality c. Produce new products d. Sell products of low quality 93. Which of the following is NOT a management principle developed by Weber? a. Authority structure b. Impersonality c. Rules d. Unity of command 94. The statement let the buyer beware is termed __________. a. Busarella b. Caveat emptor c. Caveat venditor d. Resipsa loquitor

NYS FBLA 2009 MR./MS. FBL 95. Which connectivity device transmits packets the fastest? a. Bridge b. Brouter c. Gateway d. Router

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96. The manager of the hedge fund, Ascot Partners, who was committing fraud to achieve double-digit returns was __________. a. Ben Bernanke b. Bernie Madoff c. Henry Paulsen d. Warren Buffett 97. Which automobile manufacturer asked Congress for the most money at the end of 2008? a. Chrysler b. Ford c. General Motors d. Toyota 98. Who is the British Prime Minister? a. Gordon Brown b. Margaret Thatcher c. Queen Elizabeth d. Tony Blair 99. Which of the following does NOT use the euro as their official currency? a. Denmark b. Kosovo c. Luxembourg d. Monaco 100. Which device can be used to protect the computer from electrical power surges? a. Backup battery b. Noise filter c. Suppressor d. UPS

NYS FBLA 2009 MR./MS. FBL ANSWER KEY 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. C B C A B D A C C A B D C D D A B A C D B C D B C 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. A B D A A C C C D D C C D A A B A C A B C A B D B 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. C D D A D C D A D B D B C A B B C D A A B C B B B 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100. A A D C D C C D D C A A A A B C C D B A B C A A C

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