question

A firm's strengths that cannot be easily matched or imitated by competitors are called A) internal audits. B) distinctive competencies. C) external audits. D) interrelated properties. E) internal properties.

answer

B) distinctive competencies.

question

Who should perform an internal audit? A) A private auditing firm B) The organization's accounting department C) Representative managers and employees from throughout the firm D) A small team of top-level managers E) The chief executive officer

answer

C) Representative managers and employees from throughout the firm

question

________ exemplifies the complexity of relationships among the functional areas of business. A) Government auditing B) External auditing C) Financial ratio analysis D) Environmental scanning E) Distribution strategy

answer

C) Financial ratio analysis

question

The three all-encompassing internal resource categories used in the Resource-Based View are physical resources, human resources, and A) financial resources. B) shareholder resources. C) organizational resources. D) non-renewable resources. E) technological resources.

answer

C) organizational resources.

question

Organizational resources include all of the following EXCEPT A) employee training B) firm structure C) planning processes D) information systems E) copyrights

answer

A) employee training

question

Empirical indicators are resources that are either rare, hard to imitate, or A) expensive. B) inexpensive. C) easily substitutable. D) not easily substitutable. E) inefficient.

answer

D) not easily substitutable.

question

A pattern of behavior developed by an organization as it learns to cope with its problems of external adaptation and internal integration, and that has worked well enough to be considered valid and to be taught to new members as the correct way to perceive, think, and feel is called A) dysfunctional behavior. B) groupthink. C) behavior modification. D) organizational culture. E) internal audit effect.

answer

D) organizational culture.

question

Which of the following were NOT mentioned as an example of cultural products? A) Rites B) Emotions C) Rituals D) Sagas E) Symbols

answer

B) Emotions

question

A standardized set of behaviors used to manage anxieties is called a A) folktale. B) rite. C) metaphor. D) ritual. E) value.

answer

D) ritual.

question

What is the term for a historical narrative describing the unique accomplishments of a group and its leaders? A) Rite B) Saga C) Story D) Myth E) Folktale

answer

B) Saga

question

What is the essential bridge between the present and the future that increases the likelihood of achieving desired results? A) Motivating B) Planning C) Controlling D) Staffing E) Organizing

answer

B) Planning

question

All of the following are basic duties of management EXCEPT A) staffing B) planning C) consolidating D) organizing E) motivating

answer

C) consolidating

question

Which function of management includes areas such as job design, job specification, job analysis, and unity of command? A) Planning B) Organizing C) Motivating D) Staffing E) Controlling

answer

B) Organizing

question

Which management function includes breaking tasks into jobs, combining jobs to form departments, and delegating authority? A) Motivating B) Staffing C) Organizing D) Controlling E) Planning

answer

C) Organizing

question

________, perhaps the most important word in management, is a major component in motivation. A) Forecasting B) Organizational structure C) Recruiting D) Management development E) Communication

answer

E) Communication

question

The first step in the controlling function of management is to A) take corrective actions. B) restrict the number of breaks employees take. C) evaluate expense reports. D) establish performance standards. E) measure individual and organizational performance.

answer

D) establish performance standards.

question

All of the following are key questions that can reveal internal strengths and weaknesses in the management department EXCEPT A) Is the organization's structure appropriate? B) Are reward and control mechanisms effective? C) Are the organization's products positioned well against competing products? D) Does the firm use strategic-management concepts? E) Do managers delegate authority well?

answer

C) Are the organization's products positioned well against competing products?

question

Opportunity analysis is one of the basic functions of A) marketing. B) finance/accounting. C) computer information systems. D) production/operations. E) research and development.

answer

A) marketing.

question

________ can reveal the demographic characteristics of an organization's customers. A) Customer profiling B) Test marketing C) Market development D) The vision statement E) Telemarketing

answer

A) Customer profiling

question

All of the following are basic functions of marketing EXCEPT A) value chain analysis B) customer analysis C) product and service planning D) pricing E) distribution

answer

A) value chain analysis

question

Selling includes all of these marketing activities EXCEPT A) advertising B) dealer relations C) customer analysis D) publicity E) sales promotion

answer

C) customer analysis

question

What marketing function includes test marketing? A) Selling products/services B) Pricing C) Customer analysis D) Product/service planning E) Distribution

answer

D) Product/service planning

question

The Robinson-Patman Act affects a company's A) pricing. B) product/service planning. C) customer analysis. D) marketing research. E) distribution.

answer

A) pricing.

question

Which of the following is NOT a key question that can reveal internal strengths and weaknesses of the marketing department? A) Does the firm have an effective sales organization? B) Is our product quality good? C) Are markets segmented effectively? D) Are the firm's products and services priced appropriately? E) Does the firm have good liquidity?

answer

E) Does the firm have good liquidity?

question

The ________ decision is the allocation and reallocation of capital and resources to projects, products, assets, and divisions of an organization. A) investment B) dividend C) financing D) restructuring E) benchmark

answer

A) investment

question

What category of ratios measures a firm's ability to meet maturing short-term obligations? A) Profitability B) Liquidity C) Leverage D) Activity E) Growth

answer

B) Liquidity

question

What category of ratios includes return on total assets and return on stockholders' equity? A) Leverage B) Activity C) Profitability D) Growth E) Liquidity

answer

C) Profitability

question

What category of ratios measures how effectively a firm can maintain its economic position in the growth of the economy and industry? A) Profitability B) Liquidity C) Leverage D) Activity E) Growth

answer

E) Growth

question

Which ratio would be considered an activity ratio? A) Debt-to-equity B) Net profit margin C) Average collection period D) Earnings per share E) Current ratio

answer

C) Average collection period

question

The times-interest-earned ratio would be classified as a(n) A) activity ratio. B) leverage ratio. C) profitability ratio. D) liquidity ratio. E) growth ratio.

answer

B) leverage ratio.

question

According to Roger Schroeder, which basic function within production/operations deals with aggregate planning and scheduling? A) Capacity B) Inventory C) Workforce D) Transportation E) Quality

answer

A) Capacity

question

________ management deals with inputs, transformations, and outputs that vary across industries and markets. A) Marketing B) Financial C) Research and development D) Production/operations E) Information systems

answer

D) Production/operations

question

In most industries, the major costs of producing a product or service are incurred within A) marketing. B) management. C) research and development. D) operations. E) management information systems.

answer

D) operations.

question

________ is a commonly used approach to determine R&D budget allocations. A) Financing as many project proposals as possible B) Using the percentage of sales method C) Budgeting for R&D about what competitors spend D) Deciding how many successful new products are needed E) All of the above

answer

E) All of the above

question

________ ties all business functions together and provides the basis for all managerial decisions. A) Management B) Marketing C) Information D) Technology E) Workforce

answer

C) Information

question

The process whereby a firm determines the costs associated with organizational activities from purchasing raw materials to manufacturing products to marketing those products is called A) the resource-based approach. B) value chain analysis. C) strategic cost analysis. D) the internal factor evaluation matrix. E) cost-benefit analysis.

answer

B) value chain analysis.

question

Which of the following is the first step in developing an IFE Matrix? A) Determining the organization's structure B) Summing the weighted scores for each variable C) Identifying the organization's strengths and weaknesses D) Identifying the organization's functions of business E) Assigning a weight to each factor

answer

C) Identifying the organization's strengths and weaknesses

question

The IFE Matrix should be ________ in multidivisional firms. A) constructed for each division B) all-inclusive C) constructed only for the major divisions D) developed before the EFE Matrix E) revised monthly

answer

A) constructed for each division

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