Ch. 4 Multiple Choice – Flashcards
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A firm's strengths that cannot be easily matched or imitated by competitors are called
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distinctive competencies
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Who should perform an internal audit?
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Representative managers and employees from throughout the firm
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________ exemplifies the complexity of relationships among the functional areas of business.
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Financial ratio analysis
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The three all-encompassing internal resource categories used in the Resource-Based View are physical resources, human resources, and
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organizational resources.
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Organizational resources include all of the following EXCEPT
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employee training
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Empirical indicators are resources that are either rare, hard to imitate, or
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not easily substitutable.
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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
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organizational culture.
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Which of the following were NOT mentioned as an example of cultural products?
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Emotions
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A standardized set of behaviors used to manage anxieties is called a
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ritual
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What is the term for a historical narrative describing the unique accomplishments of a group and its leaders?
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Saga
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Life-directing attitudes that serve as behavioral guidelines are called
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values
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Any object, act, event, quality, or relation used to convey meaning is known as a
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symbol
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Metaphors are
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shorthand of words used to capture a vision or to reinforce old or new values.
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What is the essential bridge between the present and the future that increases the likelihood of achieving desired results?
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Planning
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All of the following are basic duties of management EXCEPT
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consolidating
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Which of the following does the text call an up-front investment in success?
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planning
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Which function of management includes areas such as job design, job specification, job analysis, and unity of command?
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organizing
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Who does a planning horizon of two to five years apply to?
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top-level management
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Synergy
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all of the above
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Which management function includes breaking tasks into jobs, combining jobs to form departments, and delegating authority?
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organizing
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Which function of management is concerned with span of control and chain of command?
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organizing
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Which of the following is the process of influencing people to accomplish specific objectives?
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motivating
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________, perhaps the most important word in management, is a major component in motivation.
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communication
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Staffing involves all of these activities EXCEPT
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customer analysis
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Which function of management includes all of those activities undertaken to ensure actual operations conform to planned operations?
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Controlling
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The first step in the controlling function of management is to
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establish performance standards.
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All of the following are key questions that can reveal internal strengths and weaknesses in the management department EXCEPT
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Are the organization's products positioned well against competing products?
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Opportunity analysis is one of the basic functions of
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marketing
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________ can reveal the demographic characteristics of an organization's customers.
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customer profiling
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All of the following are basic functions of marketing EXCEPT
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value chain analysis
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Selling includes all of these marketing activities EXCEPT
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customer analysis
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One aspect of ads in a recession is that they
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take more direct aim at competitors.
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What marketing function includes test marketing?
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Product/service planning
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The Robinson-Patman Act affects a company's
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pricing methods
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Distribution includes
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warehousing
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Which of the following is NOT a key question that can reveal internal strengths and weaknesses of the marketing department?
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Does the firm have good liquidity?
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The ________ decision is the allocation and reallocation of capital and resources to projects, products, assets, and divisions of an organization.
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investment
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Which of the three finance/accounting decisions concerns determining the best capital structure for the firm and includes examining various methods by which the firm can raise capital?
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Financing
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What category of ratios measures a firm's ability to meet maturing short-term obligations?
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Liquidity
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What category of ratios includes return on total assets and return on stockholders' equity?
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profitability
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What category of ratios measures how effectively a firm can maintain its economic position in the growth of the economy and industry?
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Growth
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Which ratio would be considered an activity ratio?
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average collection period
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Which ratio is calculated by dividing profits before interest and taxes by total interest charges?
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Times-interest-earned ratio
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The times-interest-earned ratio would be classified as a(n)
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leverage ratio.
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According to Roger Schroeder, which basic function within production/operations deals with aggregate planning and scheduling?
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Transportation
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________ management deals with inputs, transformations, and outputs that vary across industries and markets.
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Production/operations
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In most industries, the major costs of producing a product or service are incurred within
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operations
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Where is the largest seaport, in terms of ship container traffic processed annually?
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Singapore
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________ is a commonly used approach to determine R&D budget allocations.
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All of the above
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________ ties all business functions together and provides the basis for all managerial decisions.
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Information
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An effective information management system ________ information in such a way that it answers important operating and strategic questions.
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all of the above
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________ become(s) ________ only when evaluated, filtered, condensed, analyzed, and organized for a specific purpose, problem, individual, or time.
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Data; information
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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
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value chain analysis.
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The initial step to implementing value chain analysis is
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dividing a firm's operations into specific activities or business processes.
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Which of the following is the first step in developing an IFE Matrix?
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Identifying the organization's strengths and weaknesses
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The IFE Matrix should be ________ in multidivisional firms.
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constructed for each division
