11. ABC Co. Ltd. has a $3 500 account receivable from XYZ Store. On March 20, XYZ makes a partial payment of $2 100 to ABC. The journal entry made on Mdrch 20 by ABC to record this transaction includes ______. A. a debit to the cash received account of $2 100
B. a credit to the Accounts Receivable account of $2 100
C. a debit to the Cash account of $1 400
D. a debit to the Accounts Receivable account of $1 400
12. Intervention in the foreign exchange market means the government ______. A. restricts individuals from buying and selling foreign exchange
B. restricts the importation of certain goods
C. or central bank buys or sells foreign exchange
D. devalues the currency in the foreign-exchange market
13. Which of the following is not a form of countertrade? ______. A. Counterpurchase
B. Buy-back C. Offset
D. Balance trade
14. A credit to a revenue account ______. A. decreases revenues
B. increases equity
C. decreases equity
D. increases assets
15. If the government guaranteed that anyone wishing a job would be provided one, the likely result would be ______. A. massive layoffs
B. an increase in the money supply
C. an increase in inflationary expectations
D. the development of a barter system
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16. Given $100 000 to invest, what is the expected risk premium in dollars of investing in equities versus risk-free T-bills(U.S. Treasury bills) based on the following table? ______.
| Action |
Probability |
Expected Return |
| Invest in equities |
0.6 |
$50 OOP |
| |
0.4 |
-$30000 |
| Invest in risk-free T-bill |
1.0 |
$5000 |
A. $20000
B. $18000 C. $15000
D. $13000
17. Economists assume that most people take risks ______. A. because doing so is exciting
B. only when they have no riskless alternative
C. very infrequently
D. if they are compensated for taking the risks
18. The Phillips Curve shows the relationship between ______. A. aggregate demand and aggregate supply
B. interest rates and inflation
C. recessions and booms
D. inflation and the unemployment rate
19. In a fixed exchange rate system, speculative selling of a currency is based on anticipation of . A. appreciation
B. devaluation
C. a foreign trade surplus
D. interest rate increase
20. A collecting bank is employed by ______. A. the principal
B. the remitting bank
C. the drawer
D. the drawee, who is its customer
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