Business Integration and Application Final – Flashcards
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n resolving dysfunctional conflict within a team, which of the methods below is not an important practice to engage in?
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attack the people, not the issues
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XYZ corporation is an international firm with management offices all throughout the world. The firm is committed to maintaining consistency in their policies and actions across continents. In order to do this, the company wishes to form a team including members from all offices. Which team type below will be the most effective economically for the company?
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virtual team
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Which type of team decision is illustrated by a situation where everyone on the team agrees that the best possible decision has been made?
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Unanimous
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Which of the following is not an associated benefit of working in teams?
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decreased creativity
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The 2 kinds of roles which must be performed by team members are:
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task and maintenance
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They are many different beliefs concerning the stages through which teams pass through in their development. The textbook discusses Tuckman's model. Which of the following is the typical order in which a group passes through the stages?
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forming, storming, norming, performing
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Which of the following is not an activity that is associated with a self-managed team?
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Consulting with a superior to discipline and fire a team member
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Which of the following is the inherent difference between a work group and a team?
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In a work group, real work is done together, as opposed to a team where work is delegated to members.
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When using a strategic approach to resolve a marketing problem, which of the following is true?
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there may not be a solution to the problem
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The 5 P's of Strategy are:
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Plan, pattern, position, perspective and ploy Correct
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When considering strategic options:
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the financial impact of these alternative plans should always be considered.
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In today's more competitive marketplace, the manager's essential responsibility to manage strategically is intended to allow the firm to:
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Do better than competitors.
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The concept of strategy means to:
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be better than your opponent in a competitive environment.
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In the OST strategy development process, what do the letters O-S-T stand for?
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objectives-strategy-tactics
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Senior and junior management apply the same mental discipline of strategy and follow the OST format. The differences revolve around:
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Time scale, scope and stakes
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A firm's strategy should be determined by its:
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objectives
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According to General Dwight Eisenhower-"plans are everything."
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false
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Typically for a strategy to be executed effectively:
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objectives at lower hierarchical levels need to be met.
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Which component of the OST format deals primarily with the actual actions that are necessary to execute strategy?
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tactics
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A firm's objectives:
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Are results to be attained on or before a certain date.
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A firm's strategic planning process would always include:
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a consideration of alternative options
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Strategy as a word and concept has been around since ancient Greece.
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true
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One reason a firm might consider modifying its strategy is because:
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All the above are reasons for strategy modification.
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Which component of the OST format deals primarily with a set of carefully selected and integrated business priorities to achieve objectives?
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strategies
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Tactics are:
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the smaller, short-term, building blocks used to enact the strategy
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True or false: There is only 1 solution to a given business problem.
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false
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The four perspectives used in the measurement applied to the balanced scorecard include which of the following?
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Financial, customer, internal business, and learning and growing.
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Which component of the OST format deals primarily with the results to be attained on or before a certain date?
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Objectives
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Fixed assets (Property, Plant, and Equipment) are reported on the balance sheet at
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book value
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Financial statements of publicly traded US companies must be submitted to the:
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Securities & Exchange Commission
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Sales, general and administrative expenses (SG&A expenses) are costs from __________________ purchased by a firm.
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non-manufacturing services
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The ____________ of a business enterprise are defined much like assets except that they represent future cash outflows.
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liabilites
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When investment return exceeds the cost of the debt, it is known as:
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positive financial leverage
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Financial statements reflect the business events of organizations.
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true
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Cost of goods sold for a manufacturer is accumulated cost to make a product for sale. These costs include:
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Direct materials, direct labor, factory overhead
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Cash and marketable securities, accounts receivable and inventory are known as a business enterprise's:
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current assets
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Stock that has been repurchased by the firm is known as:
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treasury stock
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Investments in R&D are reported as ___________ in the financial statements.
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expenses
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The term used for financial reporting standards is:
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generally accepted accounting principles
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A high inventory turnover ratio indicates that
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Inventory is being turned into sales quickly
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The difference between SG&A expenses and gross margin are known as:
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operating profit
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Which of the following financial statements measures change in cash of a firm?
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statement of cash flow
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The earnings of a firm that have been reinvested since the firm's inception are called
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retained earnings
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Which of the following financial statements measures the wealth of a firm at a point in time?
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balance sheet
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Which of the following financial statements measures a firm's change in wealth?
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income statement
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_______________ are earned by a firm for providing goods and services to customers.
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revenues
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Which of the following is an example of positive financial leverage?
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Management uses the money borrowed from long-term debt to make investments that will provide a return that exceeds the interest expenses. Correct
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Which of the following statements about marketing tactics is false?
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Individual tactics can not be measured.
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In the mature stage of a product life cycle, one might anticipate which of the following sets of tactics would have the most impact?
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Price, features, assortment, and trade deals.
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Which of the following is most likely to have the greatest positive effect regarding increasing sales over an extended period of time?
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professional training
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Smaller subsets of customers that are homogeneous within and heterogeneous between groups that interest a company are called?
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segments
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Marketing tactics follow?
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Marketing research and a strategy
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Which of the following statements is false regarding customer satisfaction?
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Adding more of a desired feature will always add increased value to the customer.
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Which of the following statements is true regarding brand loyalty?
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a. Talk to customers about how they use products, visit them at work, at home b. Use scanner data revealing what customers spend their money on c. Review industry and popular press for editorial articles, news, advertisements about product benefits, features and applications Incorrect d. Only a and b
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Market segments differ in what they want and how much they want. This marketing fundamental is called:
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Market opportunity analysis
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Integrated Marketing Communication (IMC) stresses that:
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All forms of communication to your target should have a common message Correct
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Customers buy ____________________, not __________________.
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benefits, features
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A strong preference for a particular product or company that earns repeat purchases from consumers is known as:
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brand loyalty
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The Pareto Principle is also known as the __________ rule. Meaning that _____ percent of all losses are caused by just ________ percent of all categories.
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80/20, 80,20
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Traditionally, quality activities were oriented toward ____________, today the orientation is more toward the ______________.
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product, process
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At the conclusion of WWII, which country became the leader of the statistical quality control movement?
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Japan
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Quality improvement teams are also known as
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quality circles
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A Pareto chart is often used in the monitoring of a process. What specific information does it provide to us?
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information on the frequency and nature of defects
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What is the name of the philosophy that focuses on all levels of an organizations and their commitment to the activities necessary for quality improvement to occur?
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total quality management
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Which of the following men introduced a philosophy of quality improvement, statistical quality control, aimed at reducing variation in processes, thus leading to improved product quality?
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Dr. W.E Demming
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Leadership can be exercised by any number and type of individual. Someone exercising leadership without portfolio is an individual with
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little or no formal authority
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Stamina and perseverance are critical characteristics to effective leadership. What is the difference between the two?
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Both refer to an individual's ability to "keep going," but stamina refers to a physical attribute while perseverance to a mental attribute.
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A core competency is (a) knowledge of a particular discipline (b) not needed by a good leader (c) important to effective leadership
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both (a) and (c)
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According to Bennis, the fourth leadership competency is management of self. Numerous researchers include similar components in their conceptualizations of leadership. This refers to a leader's need to
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know their own ability
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Bruce presents a simplified leadership scheme - the Rule of Three. Which is not a component of his scheme?
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Revitalize - encourage and motivate others
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The U.S. Military has been able to teach leadership to people in their teens and young twenties by:
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tudying theories of leadership in textbooks and discussing leadership in class. b. reading, analyzing and discussing biographies of well-known leaders. c. undergoing repeated psychological testing to identify leadership potential and track its development. d. undergoing practical training designed to develop leadership attitudes and skills. e. all of the above Correct
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Leadership is practiced:
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At the top levels of a corporation b. Throughout all the ranks of an organization a and b
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Covey's 7 Habits of Highly Effective People are broken down into 3 chronological stages. What is the correct order?
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private victories, public victories, continuing education
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According to Lundborg, a leader
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gets the job done while building morale
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The textbook uses stories of Winston Churchill, Abraham Lincoln, and Colonel Sanders to illustrate which qualities of leadership?
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stamina and persistence
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The Pareto Principle is also known as the __________ rule. Meaning that _____ percent of all losses are caused by just ________ percent of all categories.
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80/20, 80, 20
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Traditionally, quality activities were oriented toward ____________, today the orientation is more toward the ______________.
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product, process
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At the conclusion of WWII, which country became the leader of the statistical quality control movement?
answer
Japan
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Quality improvement teams are also known as
answer
Quality Circles
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A Pareto chart is often used in the monitoring of a process. What specific information does it provide to us?
answer
Information on both the frequency and nature of the defects
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What is the name of the philosophy that focuses on all levels of an organizations and their commitment to the activities necessary for quality improvement to occur?
answer
total quality management
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question
Which of the following men introduced a philosophy of quality improvement, statistical quality control, aimed at reducing variation in processes, thus leading to improved product quality?
answer
Dr. W.E. Demming
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question
A Pareto chart is often used in the monitoring of a process. What specific information does it provide to us?
answer
Information on both the frequency and nature of the defects
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The Pareto Principle is also known as the __________ rule. Meaning that _____ percent of all losses are caused by just ________ percent of all categories.
answer
c. 80/20, 80, 20
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