1. National Corp. purchases $1,000 of supplies on credit. As a result its
a. current assets will increase by $1,000
b. current assets will decrease by $1,000
c. current assets will remain the same
d. total assets will decrease by $1,000
2. A journal does all of the following except
a. summarizes all of the transactions that effect one account in a “T-account”
b. records all the assets of a company
c. records each day’s transactions
d. records all the revenues and expenses of a company
3. Which of the following requires a debit?
a. decrease in assets
b. decrease in liabilities
c. increase in liabilities
d. increase in stockholders’ equity
4. Which of the following requires a credit?
a. decreases in liabilities
b. decreases in stockholders’ equity
c. increases to assets
d. increases to liabilities
5. ABC Co. received $20,000 from investors and in return issued $20,000 of stock. As a result of this transaction, what journal entry is required?
a. debit cash $20,000 and credit contributed capital $20,000
b. debit cash $20,000 and debit contributed capital $20,000
c. credit cash 20,000 and credit contributed capital $20,000
d. credit cash $20,000 and debit contributed capital $20,000
6. National Corporation purchased $10,000 of furnishings and equipment for cash. As a result of this transaction, what journal entry is required?
a. debit cash $10,000 and credit furnishings and equipment $10,000
b. debit furnishings and equipment $10,000 and credit cash $10,000
c. debit furnishings and equipment $10,000 and debit cash $10,000
d. credit furnishings and equipment $10,000 and credit cash $10,000
7. XMO, Inc. borrowed $25,000 from a bank, signing a formal agreement to repay the loan plus interest in five years. XMO placed the borrowed money in its checking account. What is the impact of this transaction?
a. current assets are increased and current liabilities are increased
b. noncurrent assets are increased and current liabilities are increased
c. current assets are increased and noncurrent liabilities are increased
d. noncurrent assets are increased and noncurrent liabilities are increased
8. The Hawk Co. borrowed $30,000 from a bank, depositing those funds in its bank account and signing a formal agreement to repay the loan in two years. What is the correct journal entry for this transaction?
a. debit notes payable and credit cash for $30,000
b. debit notes payable and debit cash for $30,000
c. credit notes payable and credit cash for $30,000
d. debit cash and credit notes payable for $30,000
9. The Enterprise Co. paid $4,000 cash to purchase furnishings and equipment. What is the impact of this transaction?
a. total assets are decreased
b. current assets are decreased
c. current assets stay the same
d. total assets are increased
1. Brown v. Board of Education of Topeka was a Supreme Court decision that
(A) was a forerunner of the Kansas-Nebraska Act
(B) established free public colleges in the United States
(C) declared racially segregated public schools inherently unequal
(D) established free public elementary and secondary schools in the United States
(E) provided for federal support of parochial schools
2. Joseph McCarthy’s investigative tactics found support among many Americans because
(A) evidence substantiated his charges against the army
(B) there was widespread fear of communist infiltration of the United States
(C) both Truman and Eisenhower supported him
(D) he worked closely with the FBI
(E) he correctly identified numerous communists working in the State Department
3. Which of the following best describes the National Defense Education Act of 1958?
(A) The authorization of martial arts classes for public schools
(B) An outpouring of self-defense class funding to counter a potential Soviet invasion
(C) The beginning of federal funding for public schools
(D) A response to Sputnik and the perceived technology gap between the US and USSR
(E) The establishment of the back-to-basics movement for public schools
4. The Truman Doctrine did which of the following?
(A) Prohibited United States intervention in the Caribbean.
(B) Warned against European seizure of the Panama Canal.
(C) Sought to end the wave of nationalization of American-owned property in Latin America.
(D) Declared the United States to be the “policeman” for democracy worldwide.
(E) Provided United States military support for democratically elected socialists in Latin America and Asia.
5. One of the principal reasons for the “good old days” nostalgia for the 1950s is because it was a decade marked by
(A) an enormous increase in drinking among minors
(B) absenteeism among factory workers
(C) a much higher divorce rate
(D) growing acceptance of domestic violence for stressed male breadwinners
(E) an enormous growth of the White middle class
6. The Hartley-Taft Act of 1947 led to
(A) all industrial, mining and agricultural workers combining to form “one big union”
(B) limits on the ability of unions to partake in management decisions of their employers
(C) intellectuals and workers forming a labor party for political action
(D) unskilled workers being able to join a union
(E) workers joining a fraternal organization in support of communism
7. “From what I have seen of our Russian friends and Allies during the war, I am convinced that there is nothing they admire so much as strength, and there is nothing for which they have less respect than for weakness, especially military weakness. For that reason the old doctrine of a balance of power is unsound. We cannot afford, if we can help it, to work on narrow margins, offering temptations to a trial of strength. If the Western Democracies stand together in strict adherence to the principles of the United Nations Charter, their influence for furthering those principles will be immense and no one is likely to molest them. If however they become divided or falter in their duty and if these all-important years are allowed to slip away then indeed catastrophe may overwhelm us all.”
This line of reason is most typical of
(E) French impressionism
8. The policy of internationalism and aggressive interventionism after World War II had which of the following effects on the United States?
(A) It left the armed forces unprepared for a potential war against the Soviet Union
(B) It discouraged American involvement in the United Nations
(C) It enabled its economy to dominate the free world
(D) It encouraged a new wave of European imperialism and plans for territorial expansion
(E) It provided windfall profits to the emerging African nations
9. One of the principal reasons for the failure of McCarthyism was
(A) the return of the Socialist Party as a prominent political force
(B) the inability of Hollywood to make movies about Communism
(C) the refusal of White progressives to support McCarthy in 1954
(D) the failure of teachers in the South to sign loyalty oaths
(E) the waning of support for unsubstantiated accusations from both political parties
10. Southern state governments did all of the following in stalling desegregation EXCEPT
(A) the creation of separate public universities for African Americans
(B) the development of separate Whites-only private schools
(C) the closing of public schools to avoid the prospect of racial integration
(D) the inclusion of African Americans in the political process for the first time
(E) the provision of funds for rebuilding and expanding Ku Klux Klan networks throughout the South
11. In the period 1945–1960, all of the following were generally true about African Americans EXCEPT:
(A) Voting rights were gained primarily through migrations away from the South.
(B) The National Association for the Advancement of Colored People (NAACP) endorsed the Back-to-Africa movement.
(C) African American leaders disagreed on the principal strategy for ending segregation.
(D) Numerous African Americans involved themselves in civil rights campaigns in both the North and the South.
(E) African Americans from the rural South migrated mostly to northern and West Coast cities.
12. Conservative opponents of the United Nations argued that it would
(A) isolate the United States from postwar world affairs
(B) prevent the US from aggressively confronting Communism around the world
(C) violate President Truman’s own Truman Doctrine
(D) limit United States sovereignty
(E) give England and France a greater role than the United States in maintaining world peace
13. Which of the following best characterizes the stance of the writers associated with a variety of literary ﬂowerings of the 1950’s, such as J.D. Salinger and Jack Kerouac?
(A) Sympathy for Protestant fundamentalism
(B) Nostalgia for the “good old days”
(C) Commitment to the cause of racial equality
(D) Advocacy of cultural isolationism and conformity with traditional values
(E) Disillusionment with and criticism of middle-class conformity and materialism
14. Which was NOT an effect of the American Housing Act of 1949?
(A) The successful integration of Blacks into middle class White communities
(B) The opening up of the suburbs to the American working-class and lower middle class
(C) The availability of cheap land for real estate companies and industrial concerns
(D) The policy of building high-rise public housing in densely populated urban areas
(E) The emergence of the suburbs as the cultural center of the American nuclear family
15. Which new technology revolutionized advertising and was the basis for a new consumer culture in the 1950s?
16. Mass immigration to the US between 1945 and 1960 involved which one (1) of the following groups?
17. The purpose of the 22nd Amendment was to
(A) grant women the right to vote
(B) limit the presidency to two terms
(C) establish a federal income tax
(D) abolish the institution of slavery
(E) maintain that corporations are people
18. America became an economic and military superpower by and after 1945 because
(A) it was a period of little material benefit for American workers
(B) of the large numbers of strikes that occurred
(C) it was an age in which the US economy expanded like never before
(D) not possessing an atomic weapon was a dominant theme of this era.
(E) armies and navies made heavy use of cannon to protect their borders
19. Suburban growth in the US accelerated between 1945 and 1980 for all of the following reasons EXCEPT
(A) mass immigration from Southern and Eastern Europe
(B) much higher birth rates than in previous periods in US history
(C) the movement of industries outside of city centers
(D) the use of prefabricated materials to construct housing on relatively cheaper land
(E) the use of low-interest government-backed loans to make it easier to buy a home
20. Which Congressional act paved the way for the reconstruction of Europe and Japan in the years after World War II?
(A) The Homestead Act
(B) The New Deal
(C) The Fair Deal
(D) The Marshall Plan
(E) The Eisenhower Plan
21. US interventions in Iran in 1952 in Guatemala in 1954 led directly to which of the following results in these two countries?
(B) The rise of Communism
(C) The rise of dictatorships
(E) Economic prosperity
22. Between 1945 and 1960, banks and real estate agencies colluded to
(A) split the profits made from government-backed mortgages
(B) inflate real estate and housing assets and profits before selling
(C) increase competition by dividing up large companies into smaller ones
(D) provide higher wages to unionized workers
(E) force Blacks to buy relatively expensive, low-quality housing in poorer communities
23. African Americans migrated to the cities of the urban North and Midwest during and after World War II for all the following reasons EXCEPT:
(A) greater opportunities for industrial jobs
(B) Northern Whites welcomed them with open arms
(C) the lack of economic opportunities in the South
(D) better conditions for educating their children
(E) the high risk of violence from Southern Whites
24. Babies born in the 1945-1960 period were commonly known as:
(B) The Greatest Generation
(C) Baby Boomers
25. Which Supreme Court decision was the basis for establishing legal racial discrimination in the South after 1896, the one that was overturned in 1954?
(A) Marbury v. Madison
(B) Griswold v. Connecticut
(C) Plessy v. Ferguson
(D) Standard Oil v. United States
(E) Brown v. Board of Education