1 .) Distinguish what type of account is "Prepaid Expenses" ?

Answer : Asset
2 .) Distinguish what type of account is "SSS Loan Payable" ?

Answer : Liabilities
3 .) Sales less cost of sales = _____________ .

Answer : Gross Profit

4 .) What is outstanding check?

Answer : Check released but not yet cleared to the bank

5 .) Distinguish what type of account is "Machineries &
Equipment" ?

Answer : Asset
6 .) Distinguish what type of account is "Cash on Hand" ?

Answer : Asset
7 .) Distinguish what type of account is "Cash in Bank" ?

Answer : Asset
8 .) Distinguish what type of account is "Capital Stock" ?

Answer : Equity
9 .) Distinguish what type of account is "Advance
Receivable-Trade" ?

Answer : Asset
10 .) Distinguish what type of account is "SSS/Med
Payable" ?

Answer : Liabilities
11 .) Distinguish what type of account is "Accumulated
Depreciation" ?

Answer : Asset
12 .) Distinguish what type of account is "Loan" ?

Answer : Liabilities
13 .) Balance sheet shows asset, liabilities and _______ .

Answer : Equity
14 .) Distinguish what type of account is "Building" ?

Answer : Asset
15 .) Distinguish what type of account is "Advance
Payable" ?

Answer : Liabilities
16 .) Expenses incurred but not yet been paid.

Answer : Prepaid Expenses

17 .) Distinguish what type of account is "Inventories" ?

Answer : Asset
18 .) Distinguish what type of account is "Accounts Payable"
?

Answer : Liabilities
19 .) In processing payments, what are the required
documents?

Answer : All of the above

20 .) Distinguish what type of account is "Retained
Earnings" ?

Answer : Equity
1 .) Virtual employees, or employees who work from home via computer, are an
increasing trend. In the US, the number of virtual employees has increased 39% in the
last two years and 74% in the last five years. Employing virtual workers reduces costs
and makes it possible to use talented workers no matter where they are located
globally. Yet, running a workplace with virtual employees might entail
miscommunication and less camaraderie, and can be more time-consuming than face-
to-face interaction. Today, a majority of the employees in the US are virtual
employees.

Answer : Probably false

2 .) Ethics committee member: This person was the proctor at the exam during which
the two students were caught allegedly cheating. Yet she claims to recognize the
student who was giving the answers but not the student who was getting the answers.
Therefore, the proctors testimony should be excluded. Proposed Assumption: If a
proctor claims to recognize both parties involved in cheating, then the proctors
testimony should be included.

Answer : Assumption made

3 .) A career at DX Electronics is the best choice - it is the most stable workplace.
Proposed Assumption: Most of DX Electronics employees are satisfied with their
current company management.

Answer : Assumption not made

4 .) About 330 marketing professionals attended this year’s Media Innovations Forum.
This indicates that social media engagement is a substantial feature of brand
marketing plans. Proposed Assumption: The extent of attendance in professional
media forums is not negligible.

Answer : Assumption made

5 .) When grading tests, should teachers consider that some of their students have
native-born parents and other students have immigrant parents? Argument: No.
Although some teachers may be sympathetic to students from immigrant families with
financial difficulties, their grading should reflect the students work and abilities,
regardless of ethnic or financial background.

Answer : Strong argument

6 .) Studies conducted over the last 60 years show adult obesity and the direct medical
cost thereof have increased steadily worldwide. The last decade has the highest rates
of both these trends. Adult obesity and the direct medical cost thereof have increased
because fast food has become more prevalent worldwide.

Answer : Conclusion does not follows

7 .) United Bank is concerned about the increasing media coverage of suspicions of
corruption among its top management staff. The VP of finance was accused of
embezzling ten million dollars, for which the maximum penalty is eight years in prison.
The banks attorneys advised management to offer him a plea bargain according to
which he will admit to the crime, return the money plus compensation, and serve one
year of community service. The VP of finance is reluctant to accept, pleading his
innocence. If the VP of finance is found guilty of the charge and the judge gives him
the maximum sentence, the VP of finance can be sentenced to a jail term of eight
years.

Answer : True
8 .) . Following a reduction in the number of applicants, the college has been asking
students to evaluate faculty teaching performance for the last two years. The colleges
management announced that the purpose of these evaluations is to provide
information to faculty about teachers strengths and weaknesses, and to help higher
management make decisions about pay raises and promotions to reward the better
teachers. Last week, Professor Burke, a recently retired senior lecturer at the college,
wrote a letter in which he objected to these evaluations, claiming they compromise
academic standards. The college management does not care about academic
excellence at all.

Answer : Probably false

9 .) In a certain recycling company that generously rewarded workers for each new
client they brought in, it was found that 15 percent of the workers brought in three or
more new clients last year. Among workers who had bribed clients to get their
business, 25 percent brought in three or more new clients last year. The workers that
had not used bribes earned more money than the ones who did, because the bribers
also lost money in the process of bringing in clients.

Answer : Conclusion does not follows

10 .) Should the US government welfare program exchange the current system of food
stamps, which act like cash, for a list of approved foods? Argument: No. While
fraudulent schemes using food stamps are well known and can therefore be prevented,
the fraudulent schemes that undoubtedly will be used with a list of approved foods are
unknown and therefore cannot be prevented.

Answer : Strong argument

11 .) When I go to work in the morning, I usually leave my house at 7:00 am and take
the bus into the city. On rare occasions, however, I stay overnight at my aunt’s house
and take the underground to work. My workplace is in the city.

Answer : Conclusion does not follows

12 .) Retailer groups opposed to Visa and MasterCard’s $7.25 billion settlement of a
lawsuit over merchant credit card fees said they have garnered support from about
1,200 businesses covered by the deal. These groups urged U.S. District Judge in
Brooklyn not to grant initial approval to the settlement, however, the ruling will
probably be in its favor. That could end seven years of litigation over an alleged
conspiracy by the card companies and banks to fix the fees that retailers are charged
when customers pay with cards. The judge thinks that a conspiracy between the credit
card companies has not occurred.

Answer : Insufficient data

13 .) Wife to husband: Our joint income is lower than it could be. But soon I will begin
to work at an additional part-time job, and I will earn extra income. Proposed
Assumption: The couples expenses have increased significantly lately.

Answer : Assumption not made

14 .) A new study proves that scores on cognitive ability tests, which include critical
thinking tests, are strongly related to success in both civilian and military jobs, and
predict outcomes in all jobs. The added value of these tests, the authors conclude, is
that they predict both what an individual can do right now, as well the extent to which
an individual is likely to learn and develop. Nowadays, occupational psychologists use
cognitive ability tests more often than in the past.

Answer : Insufficient data

15 .) You are nervous if you are stuck in traffic. Everyone stuck in traffic is anxious. If
you are stuck in traffic, you are both anxious and nervous.

Answer : Conclusion follows

16 .) I have a nine-month-old baby at home, and she usually agrees to be put to bed,
where she falls asleep promptly. But every time her grandparents visit in the evening,
she cries when I put her to bed, and she continues to cry for an hour. My baby reacts
to some changes in routine by refusing to go to sleep quietly.

Answer : Conclusion follows

17 .) Should the government allow rehabilitated convicted criminals the right to
expunge their criminal record after a waiting period of five years? Argument: Yes;
expunging criminal records reduces social stigma and helps rehabilitated criminals
assimilate better in society.

Answer : Strong argument

18 .) Should employees who have over five years of experience in the company be
bound by law to give employers an advance notice of 60 days upon resignation?
Argument: No. Labour laws such as this one that protect employers discourage
employees, making them less

Answer : Strong argument

19 .) We forecast that completion of the development of supercomputers will be
followed by a shortage of people who know how to make use of all this computing
power. Proposed Assumption: Its only a matter of time until the development of
supercomputers will be completed.

Answer : Assumption made

20 .) Should the government close ageing and polluting power stations even if the
result is more energy imports? Argument: No; importing is highly expensive, and the
world-wide financial crisis has had a major impact on the governments ability to pay
for such expensive schemes.

Answer : Strong argument

1 .) IMPERIOUS is the opposite of...

Answer : Arrogant
2 .) Please select a pair of words that have a similar relationship.

Answer : Stove : Oven

3 .) Please identify which type of error appears in the sentence below: The heat of the
desert affected the traveler greatly, and he regretted not leaving with the professor
who had offered him a ride to the city.

Answer : Grammar
4 .) Choose among the answers that has the same meaning the "machine has
continuous record of wave lengths."

Answer : Ultrasound waves can be very focused

5 .) The new health and safety regulations state that helmets should be worn and
fastened and the head torch operating at all times whilst working within the mine.
Other safety devices would be prioritized according to the previous depth regulations
and following the mines security engineers daily instructions. On dates of detonations,
maximal safety wear should be implemented inside and within a 500 meters external
diameter outside the mine, with no exception. The mines security engineer is the only
source of authority to decide which safety gear is worn by miners.

Answer : False
6 .) Choose the word among the answers that can best replace the word "deal" in the
sentence: The new CEO pledged to deal with the company environmental issues.

Answer : Affirmed
7 .) Choose the combination of words that is most suitable to fill in the blanks: Work-
life balance schemes in the workplace have been __________ by employees and increase
morale and ________ at work.

Answer : Applauded, Motivation

8 .) Select the word that is spelled incorrectly:

Answer : Retreive
9 .) NEUTRAL means the same as:

Answer : Noncommittal
10 .) Butterfly → caterpillar : toad →________

Answer : Tadpole
1 .) If Chinese Insurance Stocks comprise 3.5% of all Insurance securities (globally),
approximately how many Insurance bonds are Chinese?

Answer : 9,200,000
2 .) Scott and Rachel are enthusiastic car collectors. The cars they own are either
German or Japanese made cars. The German to Japanese ratio in Scotts collection is
5:2 in favor of the Germans. The German to Japanese ratio in Rachels collection is 4:3
in favor of the Germans The number of Japanese cars Scott owns is identical to the
number of Japanese cars Rachel owns. What is the ratio between the total amount of
cars (German and Japanese) Scott has and the total amount of cars Rachel has?

Answer : 3:2
3 .) Hanna and her parents are walking in the street. Her parents walk at a rate of 80
steps per minute. The father precedes the mother by 12 steps. Hanna walks behind her
parents at a rate of 90 steps per minute. The average length of a step is equal among
all family members. How many seconds would pass from the moment she passes her
mother until the moment she passes her father?

Answer : 72
4 .) Find the missing number: 2, 4, 8, ___?

Answer : 16
5 .) 3 | 3 | 3 | 6 | 3 | 9 | 3 | ?

Answer : 12
6 .) The post office receives a package every 3 minutes, and the mail man delivers 12
packages an hour. If the mail man start working at 08:00, and there are no packages
left from the previous day, how long will it take until there will be exactly 100
undelivered packages in the post office?

Answer : 6 hours and 40 minutes

7 .) 4186 / 0.001 = ?

Answer : 4,186,000
8 .) What businesses combined contribute 50% of the annual income?

Answer : Restaurants, Bars & Coffee shops

9 .) How many more employed graduates were there in 1990 than in 2000?

Answer : 360
10 .) Due to an increase in taxes on electronic devices, the price of a 46” LED flat TV
screen has increased to £845, which is 30% increase of the original price.

Answer : £650