General study assumptions

1. How many countries have joined the European Union since 2010?

0 3 2 1

2. The Berlin Wall fell in:

1992 1991 1990 1989

3. How many stars are there on the flag of the European Union?

15 6 27 12

4. The common currency - the Euro is not used by:

Greece Austria Finland Czech Republic

5. Which of these EU member countries is not monarchy?

Spain Sweden Denmark Ireland

6. Fiona started contributing 50 euros a month to a savings account at the age of 20. After 20 years, at the age of 40, she stopped adding to her savings, but she left the money in the account. Paul started contributing the same amount of 50 euros a month to his savings account at the age of 30. After 20 years, at the age of 50, he transferred all the money saved to his current account, where no more interest was added until he retired. Peter did not start to save until he was 40. Then he saved 50 euros a month until he retired 20 years later at the age of 60. Suppose all of them earned 4 % interest per year on the savings deposited in their savings accounts. When they all retired at the age of 60, who had the most money?

Paul they all had the same amount Peter Fiona

7. Indirect taxes:

are taxes that employers pay to the tax office on behalf of their employees usually include payroll taxes and corporation tax are based on a person´s or firm´s ability to pay the tax are added to the prices of goods and services

8. Which of the following is an accurate statement about investment returns?

investing 15,000 euros in shares of a single company is usually safer than investing 15,000 euros in a fund which invests in shares of many companies in multiple industries investing 15,000 euros in a fund which invests in bonds of many companies in multiple industries is usually less safe than investing 15,000 euros in a fund which invests in shares of many companies in multiple industries investing 15,000 euros in bonds of a single company is usually safer than investing 15,000 euros in a fund which invests in bonds of many companies in multiple industries investing 15,000 euros in shares of a single company is usually less safe than investing 15,000 euros in a fund which invests in shares of many companies in multiple industries

9. Representative democracy:

is a political system in which citizens of a country or other political entity vote for representatives of another country to rule over them exists in contrast to indirect democracy, in which all citizens vote on laws to be passed exists in contrast to indirect democracy, in which all citizens vote on laws to be passed is a political system in which citizens of a country or other political entity vote for representatives to handle legislation and otherwise rule that entity on their behalf

10. What are the key differences between law and morality?:

law and morality are essentially the same, with both being created and enforced by authorities and subject to sanctions if not followed law is a personal belief system based on individual opinions and feelings, whereas morality is a system of rules that a particular country or community recognises as regulating the actions of its members and which it may enforce by the imposition of penalties law is the principles concerning the distinction between right and wrong, whereas morality is a set of formal regulations established and enforced by a recognised authority law is created and enforced by an authority, can be enforced with sanctions, and is more specific; morality is an informal value system, relies on social pressure, and varies among people

11. Various interest groups influence the formation of business goals. There are external and internal interest groups. External groups operate outside the company and internal groups operate within the company. Choose one of the following answers that includes only external groups:

suppliers, owners, managers, customers suppliers, customers, employees, competitors suppliers, government, owners, competitors suppliers, customers, competitors, government

12. The company produces 20,000 products per year. The total costs of the company in the production of the given product per year are €250,000. At what selling price (excluding VAT) must he sell his products if he wants to make a pre-tax profit of €50,000:

€ 22.00 € 2.50 € 12.50 € 15.00

13. Company costs can be divided into fixed and variable in terms of their relationship to the volume of production. In a given year, the company registers the following cost components: depreciation €20,000, other fixed costs for the entire volume of production €35,000, material costs for one piece of production €2.50 and labour costs for one piece of production €1.50. What were the company's total sales in a given year if they produced 50,000 units of output?

€ 155,000 € 105,000 € 205,000 € 255,000

14. The company's demand for its main product is falling. To support the growth in demand, he decided to reduce the original price of the product from €240 per piece to €190 per piece. The price change caused an increase in product sales from the original 3,200 units to 3,900 units. Did the prices cause a reasonable increase in demand, did they increase the overall increase in sales of the given product?

the price change caused a sufficient increase in demand and sales increased the price change caused an increase in demand without affecting the amount of sales the price change had no effect on demand growth the price change did not cause a sufficient increase in demand and sales fell

15. The company invested 120,000 € to purchase the new equipment. Net profit on investment of 10,000 € per year is expected. Depreciation of the equipment is 20,000 € per year. What is the payback period of this investment (without considering the time value of money)?

the investment payback period is 6 years the investment payback period is 5 years the investment payback period cannot be calculated the investment payback period is 4 years

16. The law of demand states that, assuming other parameters unchanged, the higher:

the price of the inputs, the lower the demand for products the consumer's income, the higher the demand for products the price of the product, the higher the quantity demanded the price of the product, the lower the quantity demanded

17. Variable costs represent:

costs that vary accordance to supply and demand monetary costs that change in accordance with the firm's income changes costs that change in accordance with the change of goods sales costs that change in accordance with changes in volume of production

18. Alternative costs represent:

the value of machines and equipment used in the production process the value, which is created by the households´savings all used and amortized worn out machinery and equipment the value of those goods that society gave up because it decided to produce other goods

19. The central bank's measures to regulate the money supply DO NOT include:

open market operations interest rates determination foreign exchange market interventions federal/national budget expenditures

20. Fiscal policy is implemented by:

the Central Bank the Ministry of Finance, the Federal/National Government and the Central Bank the Ministry of Economy, the Central Bank and the Commercial Banks the Federal/National Government

21. The businessman decided to deposit his €10,000 into a bank account with a fixed annual interest rate of p%. What will the annual interest rate p% be, if he has €13,800 in his account after 15 years? (Round the solution to one decimal place and do not take into account the annual taxation.)

2.5 % 1.5 % 1.8 % 2.2 %

22. The total annual income of two students which were on the brigade was €6,720. The income of one of them for 9 months was the same as the income of the second one in one year. What was the annual income of each student?

€3,620 and €3,100 €3,650 and €3,070 €3,980 and €2,740 €3,840 and €2,880

23. The price of goods increased by 20 % and then decreased by 20 %. By how much % of the original price of the goods did the price change?

decreased by 1 % decreased by 2 % price did not change decreased by 4 %

24. Solving the system of inequalities 5x – 3 < 3x + 1 ≤ 5x – 1 in a set of real numbers is:

(–∞; 2) (–∞; 2) ∪ (2;∞) (1;∞) (1;2)

25. Function intersects x-axis in two points A and B. The distance of points A aB) is:

1 2 3 4

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