21．The following statements describing net income are all correct except that ______．
A．net income is computed in the income statement， appears in the statement of owner's equity， and increases owner's equity in the balance sheet
B．net income is equal to revenues minus expenses
C．net income is computed in the income statement， appears in the statement of owner's equity， and increases the amount of cash shown in the balance sheet
D．net income can be determined using the account balances appearing in an adjusted trial balance
22．A strong dollar encourages ______．
A．travel to the United States by foreigners
B．purchase of American goods by foreigners
C．Americans to travel abroad
D．Americans to save dollars
23．In what circumstances would the beneficiary of a confirmed documentary credit not receive payment? ______．
A．Failure of the applicant
B．Failure of the issuing bank
C．Failure to fulfil the credit terms
D．Failure to fulfil the commercial contract
24．The balance in the owner's capital account of ABC Co．Ltd．at the beginning of the year was $65 000．During the year， the company earned revenue of $430 000 and incurred expenses of $360 000， the owner withdrew $50 000 in assets， and the balance of the Cash account increased by $10 000．At year－end， the company's net income and the year－end balance in the owner's capital account were， respectively ______．
A．$20 000 and $95 000
B．$70 000 and $95 000
C．$70 000 and $85 000
D．$60 000 and $75 000
25．Assume the inflation rate is expected to be 5 percent and the unemployment rate is 8 percent．If workers wish to get a 2 percent real wage increase， they should bargain for a money wage increase of ______．
A．3 percent
B．5 percent
C．7 percent
D．13 percent
26．Which statement about portfolio diversification is correct? ______．
A．Proper diversification can reduce or eliminate systematic risk
B．As more securities are added to a portfolio， total risk typically would be expected to fall at a decreasing rate
C．The risk－reducing benefits of diversification do not occur meaningfully until at least 30 individual securities are included in the portfolio
D．Diversification reduces the portfolio's expected return because it reduces a portfolio's total risk
27．Your customer is the applicant for a documentary credit．Which of the following points would appear to be illogical if they appeared on the application form? ______．
A．Invoice price shown as FOB， bills of lading to be marked freight paid
B．Last date for shipment one week before expiry date
C．Invoice price shown as C&F， but no insurance document requested
D．No mention of the latest date of shipment
28．Portfolio theory as described by Markowitz is most concerned with ______．
A．the effect of diversification on portfolio risk
B．the elimination of systematic risk
C．active portfolio management to enhance return
D．the identification of unsystematic risk
29．Commercial bank deposits with the central bank are part of the bank's ______．
A．net worth
B．demand deposits
C．loan portfolio
D．reserves
30．Foreign trade can be conducted on the following terms except for ______．
A．open account
B．documentary collection
C．documentary credits
D．public bonds
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