Review Materials

Review Material for the Financial Accounting Exam

You are going to take a multiple choice exam in financial accounting. The following material should help you prepare for the exam.

• Top eleven concepts in financial accounting (PDF)
• Review Material (NEW)
• Concepts 1 to 5 (DOCX)
• Concept 6 (DOCX)
• Concept 7 (DOCX)
• Concept 8 (DOCX)
• Concept 9 (DOCX)
• Concept 10 (DOCX)
• Concept 11 (DOCX)
• A cross listed reference guide to popular textbooks (PDF)
• There is also video material available in Financial Accounting.
   
• Sample Exams (PDF)

Review Material for the Managerial Accounting Exam

You are going to take a multiple choice exam in managerial accounting. The following material should help you prepare for the exam.

• The top eight concepts (PDF)
• Review material (PDF) (NEW)
• Popular textbooks (PDF) you can use in your review.
• A cross listed reference guide (PDF)
• There is also video material available in Management Accounting.
   
• Sample Exams (PDF)

Review Material for the Business Law Exam

You are going to take a multiple choice exam in business law. The following material should help you prepare for the exam.

The top ten concepts are linked to review material below:

Understand the roles of offer and acceptance in the formation of a contract.

         A. Offer (PDF)

         B. Acceptance (PDF)

1. Understand the differences between (a) intentional tort liability; (b) negligence liability;  and (3) strict liability (PDF)
    
2. Understand arbitration and the significance of agreeing to submit a dispute to arbitration (PDF)
    
3. Understand product liability law (PDF)
    
4. Understand the duty to mitigate damages (PDF)
    
5. Recognize misrepresentation and fraud as defenses to contract enforcement (PDF)
    
6. Understand the implications of statute of limitations (PDF)
    
7. Identify and understand the differences between civil and criminal liability (PDF)
    
8. Understand the differences between compensatory and punitive damages (PDF)
    
9. Understand the situations in which it is necessary for a contract to be in writing to be enforceable (PDF)

• There is also video material available in Business Law.
   
• Sample Exams (PDF)

Review Material for the Macroeconomics Exam

You are going to take a multiple choice exam in macreconomics. The following material should help you prepare for the exam.

Click on a topic to download a PDF file of notes on that topic.

1. Define and calculate GDP. Understand the difference between real and nominal variables (e.g. GDP, wages, interest rates) and know how to construct a price index. (PDF)
    
2. Explain the role of capital investment, education and technology in determining economic growth. (PDF)
    
3. Explain the importance of institutions, including private property rights, in long-run economic growth. (PDF)
    
4. Explain that interest rates are determined in a market for loanable funds. (PDF)
    
5. Explain what factors determine the level of unemployment. (PDF)
    
6. Explain how the Federal Reserve and the banking system create money (i.e., the supply of money). Explain the factors that affect the demand for money. (PDF)
    
7. Know the equation of exchange and the connection between money and inflation. (PDF)
    
8. Explain how slow price adjustments might affect the short-run response of the economy to economic shocks. (PDF)
    
9. Explain the strategy behind government policies to stabilize the economy and the specific role of the Federal Reserve. (PDF)
    
10. Explain why a merchandise trade deficit is offset by capital flows and investment in debtor countries. (PDF)

• There is also video material available in Macroeconomics.
   

Sample Exams

You can take two sample tests on macroeconomics. We highly recommend that you study the material before you take the sample exams, so you can use your score on the samples to see whether you need to study more. 

After you've taken a sample test, you can check your results by clicking "Check Your Work" at the bottom. Remember that you need at least eight correct answers to pass the exam. 

• Sample Exam #1 for Macroeconomics

• Sample Exam #2 for Macroeconomics

Review Material for the Microeconomics Exam

You are going to take a multiple choice exam in microeconomics. The following material should help you prepare for the exam.

1. Explain the concept of opportunity cost & explain why accounting profits and economic profits are not the same. (PDF)
    
2. Explain the principle of comparative advantage and how it leads to specialization and gains from trade. (PDF)
    
3. Understand how various factors shift supply or demand and understand the consequences for equilibrium price and quantity. (PDF)
    
4. Show how prices affect the allocation of resources and coordinate a decentralized market economy. (PDF)
    
5. Discuss factors that determine demand and supply elasticity.  Explain how demand and supply elasticity affect tax policy and the consequences of business decisions. (PDF)
    
6. Be able to explain and calculate average and marginal cost to make production decisions. (PDF)
    
7. Contrast market outcomes under monopoly and competition. (PDF)
    
8. Apply principles of consumer/producer surplus to explain efficient level of production and sales in a market. (PDF)
    
9. Explain externalities and public goods and how they affect efficiency of market outcomes. (PDF)
    
10. Explain why exchange rates indicate the price of international currencies and how exchange rates are determined by supply and demand for currencies in international markets. (PDF)

• There is also video material available in Microeconomics.

Sample Exams

On this page, you can take two sample tests on microeconomics. We highly recommend that you study the material before you take the sample exams, so you can use your score on the samples to see whether you need to study more. 

After you've taken a sample test, you can check your results by clicking "Check Your Work" at the bottom. Remember that you need at least eight correct answers to pass the exam. 

• Sample Exam #1 for Microeconomics

• Sample Exam #2 for Microeconomics

Review Material for the Statistics Exam

You are going to take a multiple choice exam in statistics. The following material should help you prepare for the exam.

• The Top Ten Concepts in statistics that you are expected to know (PDF)
   
• Statistics Review (PPTX)
   
• A Glossary of Statistical Terms used in the statistics exam. (PDF)
   
• Statistical Formulas you need to know for the statistics exam. You may not use any notes on the exam itself. This list is to help you prepare. (PDF)
   
• A list of Popular Textbooks that you can use in your review. (PDF)
   
• A Cross Listed Reference Guide that shows you the chapters or sections of each of the popular textbooks that explain the top ten concepts in statistics. (PDF) There are also references for the sections of https://davidmlane.com/hyperstat/
   
• https://davidmlane.com/hyperstat/, an "Introductory Statistics Book and Online Tutorial for Help in Statistics Courses" with lots of material about statistics.
   
• Professor Smith's additional review materials
   
• There is also more video material available in Statistics.
   
• Sample Exams (PDF)