Question 1

 

Flexible production technology is sometimes referred to as:

 

(a)    Just-in-time manufacturing

 

(b)   Quick technology

 

(c)    Lean production

 

(d)   Stable production

 

(e)   Unscheduled manufacturing

 

Question 2

 

Learning effects are a result of:

 

(a)    Automation

 

(b)   Learning by doing

 

(c)    Sound product planning tactics

 

(d)   Diseconomies of scale

 

(e)   Product standardization

 

 

 

Question 3

 

Effective vision statements include:

 

(a)    All strategic directions of the organizations

 

(b)   A brief statement of the company’s direction

 

(c)    Strategic posturing and future objectives

 

(d)   Financial objectives and projected figures

 

 

 

Question 4

 

Sam Walton wanted Walmart to keep costs low. There’ force, as an example to others, he drove his own car and furnished his office with plain, steel desks. In this case, Mr. Walton was displaying his:

 

 

 

(a)    Commitment.

 

(b)   Vision

 

(c)    Astute use of power

 

(d)   Emotional intelligence

 

(e)   Eloquence

 

 

 

Question 5

 

 

 

In contrast to an organization’s vision, its mission should:

 

(a)    Be shorter in length.

 

(b)   Encompass both the purpose of the company as well as the basis of competition

 

(c)    Encompass all the major rules and regulations of the corporate work force

 

(d)   Be less details

 

 

 

 

 

Question 6

 

 

 

The resources and capabilities that lead to the formation of distinctive competencies are mostly created at which level of the organization?   

 

 

 

(a)    Business

 

(b)   Functional

 

(c)    Corporate

 

(d)   Global

 

(e)   Industry

 

 

 

Question 7

 

 

 

Cost reduction pressures can be particularly intense in industries producing:

 

(a)    Commodity-type products

 

(b)   Highly differentiated products

 

(c)    Goods that do not complete on the basis of price

 

(d)   Goods servicing narrowly defined markets.

 

(e)   Highly advertised goods

 

 

 

Question 8

 

The core organizational processes as identified by Christopher Bartlett and Sumantra Sumantra Ghoshal are entrepreneurial processes, competence building processes, and:

 

  

 

(a)    Coordinating processes

 

(b)   Control processes

 

(c)    Revival processes

 

(d)   Renewal processes

 

Question 9

 

Which one of the following activities is most likely to be a leadership activity?

 

(a)    Coping with organizational complexity

 

(b)   Formulation strategy

 

(c)    Problem solving to ensure strategy is implemented

 

(d)   Planning and budgeting

 

 

 

 

 

 

 

 

 

 

 

Question 10

 

Which of the following cognitive biases occurs when decision makers commit even more resources if they receive feedback that the project is falling?

 

 

 

(a)    Prior hypothesis bias

 

(b)   Reasoning by analogy

 

(c)    Illusion of control

 

(d)   Escalation commitment

 

(e)   Representativeness

 

Question 11

 

Which of the following is used to directly measure the average standard of living across countries?

 

(a)    Real GPD

 

(b)   Nominal GDP

 

(c)    Purchasing power parity

 

(d)   GDP per person

 

 

 

Question 12

 

What is the proper sequence of the phase of a business cycle?

 

(a)    Peak, contraction, trough, expansion, recovery.

 

(b)   Peak, contraction, recovery, trough, expansion

 

(c)    Peak, contraction, trough, recovery, expansion

 

(d)   Contraction, peak , trough, recovery, expansion

 

(e)     Recovery, trough, peak, expansion, contraction

 

 

 

Question 13

 

In the United States, by far the largest expenditure component in GDP ( Gross Domestic Product) is___________.

 

(a)    Gross private domestic investment

 

(b)   Government purchases of good s and services

 

(c)    Consumption expenditures

 

(d)   Net exports

 

(e)   None of the above

 

 

 

 

 

 

 

 

 

 

 

Question 14

 

Unemployment insurance:

 

(a)    Raises unemployment and educes search effort

 

(b)   Lowers unemployment and reduces search effort

 

(c)    Increases search effort and raises unemployment

 

(d)   Increases search effort and decrease unemployment

 

 

 

Question 15

 

 

 

At college X, students pay less than the equilibrium tuition. At college Y, students also pay less than the equilibrium tuition. If the supply is the same at each college, it follows that the shortage will be greater at ________.

 

 

 

(a)     College X than college Y

 

(b)   College X than the surplus at college Y

 

(c)    College Y than the surplus at college X

 

(d)   College X than college Y if the demand is greater at college X

 

(e)   There is not enough information to answer this question.

 

 

 

Question 16

 

 

 

Oil producers expect that oil prices next year will be lower than oil prices this year. As a result, oil producers are most likely to___________.

 

 

 

(a)    Place more oil on the market this year, thus shifting the present supply curve of oil rightward

 

(b)   Hold some oil off the market his year, thus shifting the present supply curve of oil leftward

 

(c)    Place more oil on the market his year, thus increasing the quantity supplied of oil at lower, but not higher, prices

 

(d)      Hold some oil off the market this year, thus decreasing the quantity supplied of oil at lower, but not higher, prices

 

Question 17

 

A supply curve that is parallel to the horizontal axis suggest that_________.

 

(a)    The industry is organized monopolistically.

 

(b)   The relationship between price and quantity supplied is inverse

 

(c)    A change in demand will change the price in the same direction

 

(d)   A change in demand will change the equilibrium quantity but not the price.

 

 

 

Question 18

 

If the supply curve and demand curve for lettuce both shift to the left by an equal amount, what can we say about the resulting changes in prices and quantity?

 

(a)    The price will increase but the quantity may increase or decrease.

 

(b)   The price will increase and the quantity will increase

 

(c)    The price will decrease, and the quantity will increase

 

(d)   The price will stay the same but the quantity will increase

 

(e)   The price will stay the same but the quantity will decrease

 

 

 

Question 20

 

 

 

If the purchase and sale of marijuana become legalized, _________.

 

 

 

(a)    The equilibrium price and quantity with both rise.

 

(b)   The equilibrium price will fall, but the change in equilibrium quantity depends upon whether the demand curve shifts, more or the supply curve shifts more.

 

(c)    The equilibrium quantity will rise, but the change in equilibrium price depends upon whether the demand curve shifts more or the supply curve shifts more.

 

(d)   The equilibrium price and quantity will both fall.

 

Question 21

 

Based on the following company statements, which company is most likely to be in the marketing company era?

 

(a)    Our sales force was able to sell intermediaries more of our new product than they can resell in all of this year.

 

(b)   Our marketing manager is coordinating pricing, product decisions, promotion and distribution to help us show a profit at the end of this year.

 

(c)    The whole company is in good shape and demand exceeds what we can produce.

 

(d)    Our long range plan developed by our marketing manager is to expand so that we can profitably meet the long-term needs of our customers.

 

Question 22

 

A company which develops a single marketing mix for the whole market and does not segment the market uses which of the following marketing strategies?

 

(A)   Niche Marketing

 

(B)    Differentiated Marketing.

 

(C)   Undifferentiated Marketing.

 

(D)   Focused Marketing.

 

 

 

 

 

Question 23

 

The bargaining power of suppliers will be high when:

 

(a)    Suppliers threaten to integrate forward into the industry.

 

(b)   The industry is a key customer group to the suppliers.

 

(c)    There are few buyers and many suppliers.

 

(d)   The products are undifferentiated.

 

 

 

Question 24

 

With respect to perceptual maps, the method known as MDS stands for:

 

(a)    Memory Derived Scaling.

 

(b)   Multi-Dimensional Survey.

 

(c)    Marketing Digital Survey.

 

(d)   Multi-Dimensional Scaling.

 

Question 25

 

_______ is the process of naming board product-markets and then segmenting these board product-markets in order to select target markets and develop suitable marketing mixes.

 

(a)    Market positioning

 

(b)   Market Segmentation

 

(c)    Mass marketing

 

(d)   Diversification

 

 

 

Question 26

 

 

 

A Marketing philosophy summarized by the phrase “ a stronger focus on social and ethical concerns in marketing” is characteristic of _____________

 

 

 

(a)    The selling concept

 

(b)   The market concept

 

(c)    The social market concept

 

(d)   The green market concept

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Question 27

 

 

 

The ideal goal for the marketer is to find a(n)______ group of customers whose needs they can easily and profitably meet.

 

 

 

(a)    Quality

 

(b)   Unmet

 

(c)    Untapped

 

(d)   Competing

 

 

 

 

 

Question 28

 

 

 

Knowledge of the _________ clearly enters into the decision of which segments the company should eventually target.

 

 

 

(a)    Market

 

(b)   Company

 

(c)    Customer

 

(d)   Competitors

 

 

 

Question 29

 

 

 

Regarding the phrase “time is money, “what type of effect does time seemingly have on money?

 

 

 

(a)    Positive effect.

 

(b)   No Effect.

 

(c)    Little effect.

 

(d)   Negative effect.

 

Question 30

 

Which of the following is critical for successful marketing implementation?

 

(a)    Researching the market and delivering high value products.

 

(b)   Getting and keeping close to the customer.

 

(c)    Maintaining prices at current levels.

 

(d)   Adverting more than competitors.

 

 

 

 

 

Question 31

 

 

 

Which of the following is NOT true of the global matrix structure?

 

 

 

(a)    It is often used to alleviate the disadvantages associated with the geographic area structure.

 

(b)   It is often used to alleviate the disadvantages associated with global product division structures.

 

(c)    It is often used for sharing and coordinating responsibilities between product divisions and geographic areas.

 

(d)   This structure benefits front-line manages who now have only one boss-either a country manager or a product division manager.

 

(e)   The matrix structure may add layers of management.

 

 

 

Question 32

 

The staffing policy based on the belief that local people are most appropriate is an example of :

 

 

 

(a)    Ethnocentrism.

 

(b)    Hybrid approach.

 

(c)    Polycentrism.

 

(d)   Regiocentricism.

 

 

 

Question 33

 

Which of the following is an argument in favor of decentralization?

 

(a)    Capability to facilitate corporate-wide coordination.

 

(b)   Consistency in decision-making.

 

(c)    Permits greater speed, flexibility, and innovation.

 

(d)   Sufficient power for corporate-level managers to initiate necessary actions.

 

(e)   None of the above.

 

 

 

Question 34

 

The type of knowledge that is codifiable ( that is, it can be written down and transferred without losing much of its richness) is called ____ knowledge.

 

(a)    Explicit

 

(b)   Implicit

 

(c)    Tacit

 

(d)   Lucid

 

(e)   Clear

 

 

 

Question 35

 

The Human Development Index was development Initiative.

 

(a)    The oxford poverty and Human Development Initiative.

 

(b)   Sir Richard Jolly, Mahbub UI Haq, Gustav Ranis, and Lord Meghnad Desai.

 

(c)    The New Economics Foundation (NEF).

 

(d)   Bhutan’s kind Jigme Singye Wangchuck. 

 

Question 36

 

Which one of the following is not an economic rationale for trade intervention?

 

(a)    Employment.

 

(b)   Balance of payments consideration.

 

(c)    Preservation of national identity.

 

(d)   Protection to domestic industry.

 

Question 37

 

Which one of the following is also known as Gross National Product (GNP)?

 

(a)    Gross Domestic Income.

 

(b)   Gross National Income.

 

(c)    Net National Income.

 

(d)   Net National Product.

 

Question 38

 

Which country uses “ Gross National Happiness” as an indicator of development?

 

(a)    Thailand.

 

(b)   Bhutan,

 

(c)    Australia.

 

(d)   China.

 

Question 39

 

The document issued by the shipping company in exports is called:

 

(a)    Commercial invoice.

 

(b)   Letter of credit.

 

(c)    Airway bill.

 

(d)   Bill of lading.

 

 

 

 

 

 

 

 

 

Question 40

 

Government regulation of the prices charged by natural monopolies is an example of _______.

 

 

 

(a)    A safety regulation.

 

(b)   An economic regulation.

 

(c)    An anti-trust regulation.

 

(d)   An anit-trust regulation.

 

(e)   An antimerer regulation.

 

 

 

 

 

Question 41

 

 In the face of demographic pressures dealing with an aging workforce, many employers try to induce____Among their older workers through early retirement incentive programs.

 

(a)    Wage and salary penalties

 

(b)   Work penalties

 

(c)    Involuntary

 

(d)   Attrition

 

(e)   Voluntary attrition

 

 

 

Question 42 

 

 

 

Title VII  of the ______ Act indentifies the following as protected groups: women, African Americans, Hispanics, Native Americans, Asian Americans, and Pacific Islander Americans.

 

 

 

(a)    Fair Hiring

 

(b)   Equal employment

 

(c)    Equal opportunity

 

(d)   Civil Rights

 

Question 43

 

An advantage of Statistical forecasting methods is that________.

 

(a)    Under the right conditions, they provide predictions that are much more precise than judgmental methods

 

(b)   They are particularly useful in dynamic environments

 

(c)      They are particularly useful if important events that occur in the labor market have not historical precedent

 

(d)   In the event of a legal dispute, they are more acceptable as evidence by juries

 

 

 

Question 44

 

The first step in the human resource planning process is _________.

 

(a)    Forecasting labor demand and supply

 

(b)   Goal setting

 

(c)    Program implementation

 

(d)   Program evolution

 

Question 45

 

Which one of the following is NOT an internal growth strategy?

 

(a)    Vertical integration

 

(b)   Market development

 

(c)    Joint venture

 

(d)   Innovation

 

Question 46

 

Which one of the following statements about employee referrals as a job recruitment method is true?

 

 

 

(a)    Compared with other internal recruiting methods, employee referrals result in the highest one-year survival rate.

 

(b)   The employee referral approach benefits only the employer and not the employee.

 

(c)    The informal employee referral approach is a very low-cost recruitment method.

 

(d)   The employee referral process is a useful method of increasing diversity.

 

(e)   An organizations that relies heavily on employee referrals will have no difficulty in complying with equal employment opportunity goals.

 

 

 

Question 47

 

 

 

If a company has a federal contract of more than $50,000 and has 50 or more employees, it________.

 

 

 

(a)    Must pay its male and female equally

 

(b)   Must have job descriptions for every job

 

(c)    Is legally required to maintain specified number of minority employees

 

(d)   Must have and abide by an equal employment policy

 

(e)   Must have  a mission statement that supports diversity

 

 

 

 

 

 

 

Question 48

 

Webb Greenhouse is looking for an accomplished gardener/salesperson. Studies have shown that the best recruiting method to fill this position is / are_____  

 

 

 

(a)    Ads in the local newspapers

 

(b)   A notice in the local gardening club newsletter

 

(c)    Posting the position on the company Bulletin board

 

(d)   Applications from walk ins

 

(e)   None of the above, research shows no clear differences in employment experiences from any one source.

 

Question 49

 

Which term describes the process of gathering, analyzing, and synthesizing information about the jobs that are being done and any new jobs that are envisaged?

 

(a)    Job description.

 

(b)   Job analysis.

 

(c)    Job specification.

 

(d)   Human resource inventory.

 

Question 50

 

__________ is the process of attempting to locate and encourage potential applicants to apply for existing or anticipated job openings.

 

(a)    Recruitment

 

(b)   Selection

 

(c)    Compensation

 

(d)   Placement

 

Question 51

 

Which statement presents a condition that makes blowing the whistle on a company not just permissible but obligatory?

 

(a)    A threat of serious harm exists.

 

(b)   The whistleblower has exhausted all internal channels for resolving the problem.

 

(c)    The harm to be prevented overrides the harm done to the firm and to other employees

 

(d)   The whistleblower has good reason to believe that blowing the whistle will prevent the harm.

 

 

 

 

 

 

 

 

 

 

 

Question 52

 

To act so that no harm is done to a client would be defined as :

 

(a)    Nonmaleficence.

 

(b)    Autonomy

 

(c)    Beneficence.

 

(d)   Justice

 

Question 53

 

A Salesperson is given public recognition and a large bonus for making a valuable sale that he or she obtained using unethical tactics. This is an example of :

 

(a)    Creating a prospect for reward for unethical behavior

 

(b)   Creating a prospect for reward for ethical behavior

 

(c)    Failing to erect barriers against ethical behavior

 

(d)   Failing to erect barriers against unethical behavior

 

(e)     Obedience to authority.

 

Question 54

 

Although about______percent of American companies have a written code of ethics, surveys indicate that ethical codes are found________ frequently outside the United States.

 

(a)    90; more

 

(b)   90:Less

 

(c)    50; more

 

(d)   50; less

 

(e)   50; less

 

Question 55

 

Which of the following IS NOT an example of the charity principle?

 

(a)    Endowing public libraries.

 

(b)    Supporting settlement houses for poor.

 

(c)     Supporting a governmental protection agency.

 

(d)   Donating money to a family-counseling center.

 

Question 56

 

Many pollution control efforts have:

 

(a)    Relatively short payback periods.

 

(b)   Lon-term positive effects on profitability

 

(c)    Relatively short payback periods and long-term positive effects on profitability

 

(d)   Relatively long payback periods.

 

 

 

Question 57

 

The right to self-determination and freedom from the control of others is called:

 

(a)    Beneficence

 

(b)   Justice

 

(c)    Fidelity

 

(d)   Autonomy.

 

Question 58

 

Reina sells tires at extremely high prices in her home country. However, once a particular model of tire is outdated, she sells the tires in another country at a cost lower than the cost of exporting the tires. Reina is participating in:

 

(a)    Price gouging.

 

(b)   Evacuating

 

(c)    Extricating

 

(d)   Dumping

 

(e)   Unloading

 

 

 

Question 59

 

 

 

Human rights are :

 

 

 

(a)     The standards of treatment to which all people are entitled.

 

(b)   Can safely be ignored by international companies

 

(c)    Defined in the United Nations Global Compact

 

(d)   Of no interest to customers of international companies.

 

Question 60

 

Bribes or payoff request:

 

(a)    Are acceptable if they are in the form of large cash disbursements.

 

(b)   Are illegal in the united Sates only if money is the medium of exchange.

 

(c)    Have been deemed acceptable by the U.S. Foreign corrupt Practices Act.

 

(d)   Are frequently associated with nondurable consumer goods.

 

(e)   Are frequently associated with large construction contracts  

 

 

 

 

 

 

 

 

 

 Question 61

 

A Journal entry recording an accrual:

 

(a)    Results in a better matching of revenues and expenses.

 

(b)   Will involve a debit or credit to cash.

 

(c)    Will affect balance sheet accounts only.

 

(d)   Will most likely include a debit to a liability account.

 

Question 62

 

The purpose of the income statement is to show the:

 

(a)    Change in the fair market value of the assets from the prior income statement

 

(b)   Market value per share of stock at the date of the statement

 

(c)    Revenues collected during the period covered by the statement.

 

(d)   Net income or net loss for the period covered by the statement.

 

 Question 63

 

A fiscal year:

 

(a)    Is always the same as the calendar year.

 

(b)   Is frequently selected based on the firm’s operating cycle.

 

(c)    Must always end on the same date each year

 

(d)   Must end on the last day of a month

 

Question 64

 

In an inflationary economic environment, the selling price set for a firm’s products will:

 

 

 

(a)    Not be affected by the cost flow assumption used.

 

(b)   Be higher if last in First Out is used than if First In First Out is used.

 

(c)    Be higher if First In First Out is used than if Last In First Out is used.

 

(d)   Be derived from the weighted average cost of inventory.

 

Question 65

 

The tendency of the rate earned on stockholders’ equity to vary disproportionately from the rate earned on total assets is sometimes referred to as:

 

(a)    Leverage.

 

(b)   Solvency

 

(c)    Yield.

 

(d)   Quick assets

 

 

 

 

 

Question 66

 

Which of the following is not a transition to be recorded in the accounting records of an entity?

 

(a)    Investment of cash by the owners.

 

(b)   Sale of product to customers.

 

(c)    Receipt of a plaque recognizing the firm’s encouragement of employee participation in the United Way fund drive.

 

(d)   Receipt of Services from a “ quick-print” shop in exchange for the promise to provide advertising design services of equivalent value.

 

Question 67

 

The Journal entry to record the sale or disposition of a depreciable plant asset always includes:

 

(a)    Recognition of a gain.

 

(b)   A debit to the accumulated depreciation account and for the related accumulated depreciation

 

(c)    Recognition of a loss.

 

(d)   A debit to the asset account for the book value of the asset.     

 

 Question 68

 

The amount of the average investment for a proposed investment of $60,000 in a fixed asset, with a useful life of four years, straight-line depreciation, o residual value, and an expected total net income of $ 21,600 for the 4 years, is:

 

(a)    $10,800

 

(b)   21,600

 

(c)    5,400

 

(d)   $30,000

 

Question 69

 

For which of the following reconciling items would an adjusting entry be necessary?

 

(a)    A deposit in transit.

 

(b)   An error by the bank.

 

(c)    Outstanding checks.

 

(d)   A bank service charge.

 

 

 

Question 70

 

The principle of consistency means that:

 

 

 

(a)    The accounting methods used by an entity never change.

 

(b)   The same accounting methods are used by all firms in an industry

 

(c)    The effect of any change in an accounting method will be disclosed in the financial statements or notes thereto.

 

(d)   There are not alternative methods of accounting for the same transaction