Senior Outcomes Practice Test
In marketing research, a firm might consider using secondary data over primary data because
Secondary data usually cost less
Secondary data are usually more accurate
Primary data are usually non specific
Primary data are likely to be outdated
In organizational decision making, managers are able to exercise the greatest degree of discretion in the
Enforcement of internal policies
Settlement of legal disputes
Restructuring of outstanding loans
Compliance with federal regulations
The term "net working capital" refers to
Inventories, receivables, and current notes and investments
Assets divided by liabilities
Current assets less short-term liabilities
Net assets left over after subtracting cost of goods sold
Which of the following statements about the tort of negligence is true?
It cannot be used as a basis for liability for defective products
It is a strict liability tort with no defenses
It requires proof of some intentional conduct
It requires proof of breach of a statutory or common-law duty
Which of the following statements about a systems flowchart is true?
It is used in systems design to define and describe each piece of data
It is a method of writing programs using only three basic constructs: a sequence, selection, and repetition
It documents the sequence of processing steps that take place in an information system
It documents the logical design of an information system
On May 31, Company O's general ledger shows a cash balance of $5,123. The May 31 bank statement shows a balance of $4,905. Other information is available as follows: 1. A 5/31 deposit of $300 does not appear on the bank statement; but a $3 service charge does. 2. A customer's $40 insufficient funds check has been returned with the bank statement. 3. Outstanding checks of $10, $15, and $100 are identified on May 31. What is the correct cash balance on May 31?
$4,905
$5,080
$5,166
$5,204
Within the context of the capital asset pricing model (CAPM), the risk measure known as beta is often computed by regressing the return of the company's stock against the
Return on the company's bonds
Return on the market portfolio
Change in the gross domestic product
Change in the consumer price index
A project consists of 150 jobs. The expected completion time for each job is given in days. The project has three critical paths with two jobs in common, J and K. In order to finish the project one day early, the completion time should be reduced one day for
Each of the 150 jobs
Each of the jobs on the three critical paths
Either Job J or Job K
Either Job J and Job K
The organization of the Petroleum Exporting Countries (OPEC) reduces production by 10 percent, and the growth rate of the world economy begins to escalate. How will the simultaneous occurrence of these events affect the equilibrium price and quantity in the world petroleum market?
Price will increase, but quantity will remain unchanged
Price will increase, but quantity is indeterminate
Quantity will increase, but price is indeterminate
Both price and quantity will increase
Which of the following would most likely occur as a result of the US government's imposing tariffs on foreign steel imports
The price of steel produced in the US would decrease
The price of imported steel in the US would decrease
Employment in the US steel industry would increase
Government tax revenue would fall
In an economy the unemployment rate is 10 percent and the inflation rate is 1 percent. An appropriate fiscal policy in this phase of the business cycle would be to
Increase government spending
Increase income taxes
Decrease transfer payments
Decrease the money supply
Which of the following is an appropriate Federal Reserve action to stimulate the US economy?
Selling government bonds on the open market
Increasing the discount rate
Reducing the reserve requirement
Cutting taxes
If the spread between the spot and forward exchange rates of two currencies equals the interest rate difference between the two countries, this phenomenon is referred to as
Purchasing-power equality
Commodity arbitrage
Currency hedging
Interest-rate parity
A firm that would like to know whether it has enough cash to meet its bills would be most likely to use which category of financial ratio?
Liquidity
Efficiency
Leverage
Profitability
In a period of rising prices, which inventory valuation method would generally yield both the lowest ending inventory value and the lowest net income figure?
First in, first out (FIFO)
Last in, first out (LIFO)
Weighted average
Standard cost
In the statement of cash flows, the section for cash flows from operating activities will include which of the following?
Dividends paid
Issuance of common stock
A decrease in accounts payable
Purchase of a building financed entirely by a mortgage
Net income: $100,00 Depreciation Expense: $10,000 Net increase in accounts receivable: $5,000 Net increase in accounts payable: $3,000. On the basis of the information provided in the table above for corporation, the corporation's net cash flow from operating activities for the current year is
$98,000
$102,000
$108,000
$118,000
All of the following are true regarding a seller's rights to reduce legal liability in the sale of non-consumer goods EXCEPT
The seller can disclaim consequential damages if it is done clearly and conspicuously.
The seller can limit the remedy available to the buyer if he or she does so clearly and fairly.
The seller can place reasonable conditions on the warranty coverage and a shorter time limit of warranty coverage
The seller can disclaim all implied warranties by simply stating that there are no implied warranties
Green desires to form a new company to manufacture lawn mowers. Green is concerned about having his personal assets exposed to liability for the new company's contracts and torts. Furthermore, he wants to retain control over the company's operations and growth for the next few years. He will need an infusion of equity capital to begin operations. He hopes to take the company public in about five years if it is advantageous to do so at the time. Which of the following types of business associations would be the best for Green's new company?
Corporation
General Partnership
Limited partnership
Member-managed limited-liability company
Human resource staff specialists should attempt to
Provide advice, but not service, to line managers
Facilitate the functioning of line managers
Select all supervisors and middle managers
Relive line managers of final responsibility in personnel matters
A department manager telephoned two managers in other departments to discuss a cost savings idea that would benefit their departments as well as her own. Which of the following most accurately defines the communication channel that the manager was using
Upward
Lateral
Hierarchical
Downward
Based on his scientific management theory, Frederick Taylor developed what pay principle?
Hourly pay
Incentive pay
Profit sharing
Monthly salary with bonus
When a domestic firm permits a foreign company to manufacture and sell its product in exchange for a fee or royalty, the process is termed
Importing
Exporting
Licensing
Countertrading
An information system that enables all business departments in the same firm to share relevant information and data is called?
An enterprise resource planning (ERP) system
A material requirements planning (MRP) system
A decision support system (DSS)
A point-of-sale (POS) system
The central processing unit (CPU) in a personal computer contains the
Control unit and memory
Control unit and arithmetic/logic unit
Arithmetic/logic unit and bus
Arithmetic/logic unit only
Which of the following is NOT a component of time series data
Secular trend
Centered moving average
Seasonal variation
Miscellaneous or irregular variation
Family branding refers to a group of
Similar brands of products from different makers
Different brands of products from different makers within the same industry
Different products marketed under a single brand name
Similar products sold by small, family-owned firms
Saint Martin Hospital boasts one of the world's leading medical imaging programs. Its radiology department specializes in the early detection of particularly serious forms of stomach, intestinal, and colon cancer. The hospital plans to invest in a new system of digital medical imaging and image transmission technologies that will enable its radiologists to view and evaluate intestinal scan results from anywhere in the world. With this investment, the hospital is attempting to overcome which of the constraints of services marketing?
Inventory
Intangibility
Inconsistency
Inseparability
In a large firm, the pool of applicants for the positions of sales manager and sales associate consists of three men and three women. If each candidate has an equal chance of being selected, what is the probability that both positions will be filled by men?
0.20
0.25
0.33
0.50
Which two parts of a SWOT analysis cover political, economic, and social factors?
Strengths and Weaknesses
Strengths and Opportunities
Weaknesses and Threats
Opportunities and Threats
Money left over after paying for necessities is called
Brand income
Discretionary income
Net income
Gross income
Total quality management approach to organizational performance is most successful under which control philosophy
Decentralized
Centralized
Hierarchical
Matrix
Which approach to CSR manages ethical control by doing the minimum required by law
Compliance approach
Resistant approach
Proactive approach
Reactive approach
Which of the federal laws guarantees workers a minimum wage and overtime pay?
Fair Labor Standards Act
National Labor Relations Act
Occupational Safety and Health Act
Equal Employment Opportunity
Many entrepreneurs choose to open their own business because they want full control of their work environment. This trait is a common cause of business failure because the small business owners
Delay in training a successor
Fail to monitor financial performance
Underestimate demands of customers
Fail to delegate authority and responsibility
Group effectiveness is threatened by
Groupthink
Virtual teams
Homogenous groups
Groups of 5 or less
The following type of information system serves to connect the greatest percent of departments and processes in an organization?
Decision support system
Executive support system
Transaction processing system
Enterprise resource planning system
Design and control of formal systems for management of people is called
Middle management
Top-down management
Performance management
HR managament
Considering Henri Fayol's 14 general principles of management, which is a requirement of unity of command?
A large job should be divided into smaller parts and assigned to specific individuals
Supervisors should actively encourage employee loyalty
Each employee should be assigned to only one supervisor
Good communication should be maintained
Which is true of group dynamics
Homogeneous groups function better than heterogenous groups
Diversity has no impact on group performance
Heterogenous groups take longer to build cohesiveness, but they function as well as homogenous group
Homogeneous groups are more prone to in-group conflict
What was the dominant leadership style of Mother Teresa
Contingency
Leader-member exchange
Transactional
Servant
The Hawthorne experiments in the 1920's and 1930's were used to show what
Social factors' effect on the rate of production
The need for close supervision
The need for clear rules and policies
Supervision affects the quality of work
Which of the following elements of the strategic planning process are in the right order?
Mission, objectives, strategy
Mission, strategy, objectives
Objectives, mission, strategy
Strategy, mission, objectives
Which of the following is a major cultural roadblock to developing a global economy?
Expatriate international assignments
Central banks
Ethnocentrism
Demise of the colonies
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