ETS Major Field Test by Lorena Rionda Granjo https://padlet.com/lorerionda/p817svj8im6b en-us 2019-02-09 20:44:03 UTC 2025-12-28 16:21:41 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Folder.png Sample questions from ETS Major Field Test Website lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329527989 http://www.ets.org/Media/Tests/MFT/pdf/mft_samp_questions_business.pdf
https://quizlet.com/22027048/ets-sample-test-business-flash-cards/
https://pdfgator.com/pdf/et/ets-major-field-test-in-business-sample-questions.html
https://quizlet.com/235283533/ets-business-exam-study-guide-flash-cards/
https://mcb.unco.edu/students/ets-review.aspx

]]> 2019-02-09 20:45:42 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329527989 lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329528120 https://www.ets.org/s/mft/pdf/mft_testdesc_business.pdf]]> 2019-02-09 20:47:03 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329528120 Balance Sheet lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329544160 Balance sheet: attempts to describe the financial condition of the firm at a point in time.
Assets
Liabilities
Equity - "net assets" what remains after deducting liabilities from assets.]]> 2019-02-10 01:08:51 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329544160 Income Statement lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329544390 Presents the results of the operations of an entity over a period of time.
Revenues
Expenses
Income
Gains
Losses]]> 2019-02-10 01:12:27 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329544390 Statement of equity (capital) lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329544457 bridge between the income statement and the balance sheet.

Arrangement depends on type of organization:
Proprietorship: Statement of Owners Equity
Partnership: Statement of Partners Equity
Corporation: Statement of Stockholders Equity

In addition, it contains:
Investments by Owners
Distribution to owners]]> 2019-02-10 01:13:40 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329544457 Statement of Cash Flow lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329544477 Provides information about a company's cash receipts and cash payments during a specific period of time.

Includes all 10 elements of financial statements: assets, liabilities, equity, net income, income, gains, losses, Statement of 'X' Equity, Investments by Owners, Distributions to Owners.]]> 2019-02-10 01:14:05 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329544477 Cash Basis lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329544639 revenue is recognised in the accounting peroid in which the associated cash is recieved. Expenses are recognized in the accounting period THAT THE CASH IS PAID.]]> 2019-02-10 01:17:22 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329544639 Accrual Basis lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329544649 revenue is recognized in the accounting period in which the revenue is earned, regardless of when the associated revenue is received. (Recorded when the sale is made, not when it is paid for.)]]> 2019-02-10 01:17:38 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329544649 Straight Line Depreciation lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329544687 (estimated value/useful life)
Equal amounts of depreciation expense are recorded in each period of the useful life of the asset, if not disposed of prior to the end of estimated useful life.
The value is divided among estimated life of item.]]> 2019-02-10 01:18:05 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329544687 Double Declining Balance lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329544693 An "accelerated" depreciation method (more expense is recorded in the early periods of useful life and less in the later periods.)]]> 2019-02-10 01:18:17 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329544693 Beginning Inventory + Purchases = Goods Available for Sale - Ending Inventory = Cost of Goods SoldBeginning Inventory + Purchases = Goods available for sale - Cost of goods sold = ending inventory lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329544749 2019-02-10 01:19:44 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329544749 Periodic lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329544766 Periodic Inventory Accounting System
No transactions are recorded in the inventory account until the end of the accounting period. Merch purchases are recorded in a purchases account.

Inventory is counted and costed at the end of each accounting period. The inventory account beginning balance is adjusted to physical inventory amount and the difference is added to or subtracted from periodic Cost of Goods Sold.]]> 2019-02-10 01:20:01 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329544766 Perpetual lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329544777 Perpetual inventory accounting system - 
Merchandise purchases are added to the inventory account when the merchandise is received.

Cost of Goods Sold is computed and subtracted from the inventory account as sales are recorded.]]> 2019-02-10 01:20:12 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329544777 lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329544805 FIFO - First In First Out: oldest items inventory are sold first (fruit)

LIFO - Last in Last Out: most recent items added to inventory are sold first. (pile of rocks)

Average Cost: Ending inventory units are costed using an average cost of goods available divided by the units available for sale. (rope)

Specific Identification: Inventory items are tagged with their cost. (automobiles)]]> 2019-02-10 01:20:42 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329544805 GAAP - Generally Accepted Accounting Principles lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329544819 2019-02-10 01:20:57 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329544819 Securities Act of 1935 lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329544937 Established the SEC Securities and Exchange Commission with the explicit authority to establish:

The rules, standards, and procedures used to account for transactions and events

Also to establish the form and content of published financial reporting.]]> 2019-02-10 01:23:21 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329544937 Management Accounting vs Cost AccountingDifference? lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329544950 Management accounting is concerned with identification, measurement, accumulation, analysis, preparation, interpretation, and communication of financial information used my management to plan and evaluate and control within an organization TO ASSURE APPROPIATE USE OF AND ACCOUNTABILITY FOR ITS RESOURCES.

Cost Accounting is concerned with THE COST OF A PRODUCT OR SERVICE.]]> 2019-02-10 01:23:39 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329544950 4 Types of Costs lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329544976 Product cost: cost of the various products manufactured and sold by a company. (inventory costs - cost of soap bar produced))

Period cost: all costs incurred by a company that are not considered product costs. (expenses - cost of administration or selling at soap plant)

Direct cost: A cost that is easily traceable to the cost object and is a result solely of the cost object. (lye used to make soap bars)

Indirect Cost: a cost that supports more than one cost objects, and must be "allocated" to those various cost objects (electricity at soap plant)]]> 2019-02-10 01:24:06 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329544976 3 Major Product Costs lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545002 Direct Material: sheet metal, tires, fabric

Direct Labor: assembly line workers

Overhead: facility costs, indirect labor, machine set up costs, quality control, etc.]]> 2019-02-10 01:24:28 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545002 Variable, Fixed & Mixed Costs lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545021 Variable Costs: cost varies directly with changes in activity. Unit fixed cost remains constant.

Fixed costs: total fixed cost remains constant as activity changes. Unit fixed cost varies.

Mixed costs: costs that have both a fixed and a variable cost component.]]> 2019-02-10 01:24:46 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545021 Adam Smith lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545059 Division of Labor 1776: 
Tasks are subdivided into individual jobs

Employees perform only the tasks relevant to their specialized function

Jobs tend to be small, but they can be performed efficiently

Proposes that production can be increased by dividing labor on to similar tasks]]> 2019-02-10 01:25:30 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545059 Frederick Winslow Taylor lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545069 Scientific Management 1911: Developed standard mathod for performaing each job

Selected workers with appropriate abilities for each job.

Trained workers in standard method.

Provided wage incentives to workers for increased output.

Did not acknowledge variance among workers.

Did not appreciate social context of work and higher needs of workers.]]> 2019-02-10 01:25:44 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545069 Max Weber lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545085 Bureaucracy: 

Looked at organization as a whole

Organizations needed division of labor with clear 
definitions of authority and responsibility.

Positions organized in a hierarchy of authority.]]> 2019-02-10 01:26:01 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545085 Henri Favol lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545105 14 General Principles of Management developed]]> 2019-02-10 01:26:18 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545105 Abraham Maslow lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545118 Hierarchy of Needs:

Proposes that individuals have a hierarchy of needs that need to be fulfilled in order.

The hierarchy includes: physiological needs, safety, belongingness, esteem, and self-actualization]]> 2019-02-10 01:26:37 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545118 Douglas McGregor lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545137 proposed Theory X and Theory Y view of management.

Theory X: employees dislike work and must be threatened with punishment.

Theory Y: employees like work, self-direction and seek responsibility and have creativity.]]> 2019-02-10 01:26:58 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545137 Tuckman's stages of team development(4) lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545155 Forming - orientation break the ice
Storming - marked by conflict disagreement
Norming - establishment of order and cohesion
performing - marked by cooperation and problem solving.]]> 2019-02-10 01:27:20 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545155 Expectancy Theory of Motivation lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545262 effort will lead to increased performance and that performance will lead to some expected outcome (bonus, promotion, etc.) the greater my motivation will be.]]> 2019-02-10 01:29:34 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545262 Equity Theory of Motivation lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545265 Effort and rewards is affected by perception of others in the organization...when receiving rewards, it does not appear equitable, motivation drops. (based on perceived value of rewards)]]> 2019-02-10 01:29:46 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545265 Transactional Leadership lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545291 IS A TRANSACTION OR EXCHANGE PROCESS BETWEEN LEADERS AND FOLLOWERS. Could mean more work for more pay or more work for additional time off.]]> 2019-02-10 01:30:19 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545291 Transformational Leadership lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545295 is characterized by the ability to bring about significant change in followers and the organization]]> 2019-02-10 01:30:31 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545295 Great Man Approach lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545317 a leadership perspective that sought to identify the inherited traits leaders possessed that distinguished them from people who were not leaders.]]> 2019-02-10 01:30:57 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545317 Leader Member Exchange lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545334 Belief that leadership is individualized for each subordinate. Each dyad involves a unique exchange independent of other dyads. Puts employees into either in-group or out-group categories.]]> 2019-02-10 01:31:09 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545334 In-group and Out-group lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545343 IN GROUP: treats employees well in a more transformational manner. Empowering employees. (Theory Y)

OUT-GROUP: treats employees very transactional giving explicit direction (theory X)]]> 2019-02-10 01:31:20 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545343 Fiedler's Contingency Mode lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545363 model designed to diagnose weather a leader is task-oriented or relationship-oriented and match leader style to the situation]]> 2019-02-10 01:31:47 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545363 Path-Goal Theory lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545379 Contingency approach to leadership on which the leaders responsibility is to increase subordinates motivation by clarifying the behaviors necessary for task accomplishment and rewards.]]> 2019-02-10 01:32:06 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545379 Vision lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545396 A picture of a ambitious, desirable future for the organization or team]]> 2019-02-10 01:32:21 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545396 Authoritarianism lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545546 The belief that power and status differences should exist in an organization]]> 2019-02-10 01:35:45 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545546 Locus of Control lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545600 Defines whether a person places the primary responsibility for what happens to him or her within himself/herself or on outside forces]]> 2019-02-10 01:36:53 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545600 Interdependence lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545638 The extent to which team members depend on each other for information, resources, or ideas to accomplish their tasks.]]> 2019-02-10 01:37:24 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545638 Corporate Culture lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545644 The set of key values, assumptions, understandings, and norms that is shared by members of an organization and taught to new members as correct]]> 2019-02-10 01:37:36 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545644 Mission Statement lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545653 Organizations reason for existing

Broadly states the basic scope and operations that distinguishes it from similar types of organizations]]> 2019-02-10 01:37:49 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545653 Goal lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545664 A desired future that the organization attempts to realize]]> 2019-02-10 01:37:58 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545664 Plan lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545669 A blueprint specifying the resource allocations, schedules, and other actions, necessary for attaining goals.]]> 2019-02-10 01:38:06 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545669 Planning lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545680 Determining the organizations goals and the means for achieving them the most fundamental management function the most controversial management function]]> 2019-02-10 01:38:18 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545680 Strategic Management lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545693 Set of decisions and actions used to implement strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals.]]> 2019-02-10 01:38:30 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545693 Virtual Team lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545759 A team made up of geographically or organizationally dispersed members who share a common purpose and are linked primarily through advanced information technologies]]> 2019-02-10 01:39:30 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545759 Individualism lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545775 Extent that people value independence and person uniqueness. Individualists tend to value personal freedom, self-sufficiency, control over themselves, being appreciated for unique qualities.]]> 2019-02-10 01:39:51 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545775 Collectivism lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545790 Extent that people value duty to groups to which they belong, and value group harmony. Collectivists tend to identify themselves by group membership and value harmonious relationships with their members.]]> 2019-02-10 01:40:04 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545790 Power of Distance lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545852 Extent that people accept unequal distribution of power in a society.]]> 2019-02-10 01:41:35 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545852 Attribution Theory lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545865 Making inferences about the causes of an individuals behavior.

Example: Internal-failure due to self motivation

External- failure due mailly to factors beyond control: luck, resources]]> 2019-02-10 01:41:51 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545865 Ethics lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545913 principals and standards that guide behavior within the business community. Ethical or unethical behavior is often determined by the organizations stakeholders.]]> 2019-02-10 01:42:41 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545913 Demand lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329545971 Demand Curve (Schedule) - A curve (table) showing the quantities of a good a consumer is willing and able to buy at alternative prices.
Law of Demand - Increase in price (P) causes decrease in quantity (Q) demanded. 
Change in Quantity Demanded  (movement along the demand curve) - This is caused by a change in price of the given good.
Supply Curve (Schedule) - A curve (table) showing the quantities of a good a seller is willing an dable to sell at alternative prices at a given cost of production. 
Law of Supply - Increase in price (P) causes increase in quantity (Q) supplied.
Change in Quantity Supplied (movement along the supply curve) - This is caused by a change of price for the given good.
Change in Supply (shift in the entire supply curve) - Results from change in the cost of production, business taxes, expected price or quantity, change in the price of other goods, change in number of sellers, change in planned sales at all prices, and change in technology.  
]]> 2019-02-10 01:43:55 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329545971 Competition lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329546028 Antitrust Policy Prevents oligpolists from colluding with each other to eliminate competion. 
Prevents a firm from growing so large that it can drive competition out of business by restraining trade. 
Antitrust Laws
Sherman Act (1890) - Prohibits collusion and attempts to monopolize
Clayton Act (1914) - Outlaws actions that would lessen competition and certain types of price discrimination
Federal Trade Commission Act (1914) - Established a government agency to invetigate unfair and deceptive business practices
Robinson-Patman Act (1936) - Further prohibited price discrimination among customers
]]> 2019-02-10 01:44:57 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329546028 Production & Cost Study Sheet lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/329546147 http://libguides.daltonstate.edu/ld.php?content_id=824860]]> 2019-02-10 01:47:20 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/329546147 lorerionda https://padlet.com/lorerionda/p817svj8im6b/wish/337077788 https://www.flashcardmachine.com/mft-ets-exitexambusiness.html
http://www.libguides.daltonstate.edu/c.php?g=24737&p=149825
https://scholarworks.wmich.edu/cgi/viewcontent.cgi?referer=&httpsredir=1&article=1011&context=assessment_faculty_grant]]> 2019-03-02 02:25:52 UTC https://padlet.com/lorerionda/p817svj8im6b/wish/337077788