QuestionQuestion 1 (1 point)A controllable variable is also called a:Question 1 options:parameter.decision variable.mathematical model.measurable quantity.none of the aboveSaveQuestion 2 (1 point)Data for a particular subdivision near downtown Houston indicate that the average price per square foot for a home is $100 with a standard deviation of $5 (normally distributed). What is the probability that the average price per square foot for a home is greater than $110?Question 2 options:00.841None of the above0.9770.023SaveQuestion 3 (1 point)Below is a payoff table giving profits for various situations. What decision would a pessimist make?Question 3 options:Alternative 2State of Nature AAlternative 3Do NothingAlternative 1SaveQuestion 4 (1 point)Which of the following is part of the determination of EOQ?Question 4 options:Total revenueAnnual demandCost of production laborCost of stockoutsPurchase costSaveQuestion 5 (1 point)Mark Achin sells 3,600 electric motors each year. The cost of these is $200 each, and demand is constant throughout the year. The cost of placing an order is $40, while the holding cost is $20 per unit per year. There are 360 working days per year and the lead-time is 5 days. If Mark orders 200 units each time he places an order, what would his average inventory be (in units)?Question 5 options:60120None of the above100200SaveQuestion 6 (1 point)Consider the following linear programming problem below. What is the optimum solution to this problem (X,Y)?Question 6 options:None of the above(0,0)(0,100)(50,0)(400,0)SaveQuestion 7 (1 point)Given the following small project, the critical path is __________ days.Question 7 options:20161410None of the aboveSaveQuestion 8 (1 point)A suburban specialty restaurant has developed a single drive-thru window. Customers order, pay, and pick up their food at the same window. Arrivals follow a Poisson distribution while service times follow an exponential distribution. If the average number of arrivals is 6 per hour and the service rate is 2 every 15 minutes, how much time will elapse (in hours) from the time a customer enters the line until he/she leaves the restaurant?Question 8 options:0.253.002.250.750.50SaveQuestion 9 (1 point)Which of the following is not a popular definition of quality?Question 9 options:Quality is the degree to which a product conforms to design or specification.Even though quality cannot be defined, you know what it is.Quality is fitness for use.Quality is the totality of features and characteristics of a product or service that bears on its ability to satisfy stated or implied needs.Quality is defined as a competitively priced product that surpasses customer needs.SaveQuestion 10 (1 point)-charts indicate changes in:Question 10 options:natural variations.variation.none of the abovecentral tendency.numbers of defects.Save________________________________________Question 11 (1 point)JoAnn Fabrics, Inc. has created a new combination of colors and fabric types. The firm wants to know how consumers will perceive the new product. The firm is concerned with the product ____________.Question 11 options:imageideaplacementactivationdisplacementSaveQuestion 12 (1 point)Tristan and Juliet, a newly-married couple who intend to go to Egypt for their honeymoon, bought a Europe travel package on Jizo Inc., an online travel site. As they have never seen Europe or used the services of Jizo before, they were largely dependent on other customers’ feedback and signals for service quality. Which of the following characteristics of service is highlighted in this instance?Question 12 options:service distinctionservice intangibilityservice inseparabilityservice perishabilityservice variabilitySaveQuestion 13 (1 point)An organization that understands and anticipates customer needs even better than customers do and creates products and services to meet current and future needs is said to practice ____________ marketing.Question 13 options:customer-drivenambushsocietalcustomer-drivingaffinitySaveQuestion 14 (1 point)Taking advantage of the trend in multi-generational housing, Madison Builders is aggressively marketing its “home within a home” concept, which features a grandparents’ mini-home incorporated into a large single-family house. Which environmental force is Madison Builders counting on for its future home sales?Question 14 options:CompetitionTechnologicalPoliticalEconomicSocialSaveQuestion 15 (1 point)John assured his venture capitalists of a 25 percent return on equity when he began his IT start-up. In order to achieve this result, he will most likely use which of the following pricing approaches?Question 15 options:EDLPTarget return pricingCustomer-based pricingValue-based pricingMarkup pricingSaveQuestion 16 (1 point)Which of the following is the first step in the marketing research process?Question 16 options:Developing the research planDeveloping a marketing information systemInterpreting and reporting the findingsImplementing the research planDefining the problem and objectives of the studySaveQuestion 17 (1 point)Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?Question 17 options:The marketing conceptThe production conceptThe societal marketing conceptThe product conceptThe selling conceptSaveQuestion 18 (1 point)A particular automobile company works to keep its customers happy after each sale, aiming to delight each one of them in order to increase their customer lifetime value. Which of the following steps of the buyer decision process does the company exemplify?Question 18 options:Information searchPostpurchase behaviorEvaluation of alternativesPurchase decisionNeed recognitionSaveQuestion 19 (1 point)Infectious Websites, e-mail messages, or other marketing events, such that customers/viewers want to pass news of them along to friends, is/are known as __________.Question 19 options:integrated direct marketingweb communitiesspamviral marketingSaveQuestion 20 (1 point)Which of the following is true of market-penetration pricing?Question 20 options:It results in drawing in large numbers of buyers quickly, winning a large market share.It should be used when the product’s quality and image support a high price.It results in the company making fewer and less profitable sales.It is best used in conjunction with a market-skimming pricing strategy.It involves setting a high price for a new product to appeal to the elite in society.SaveQuestion 21 (1 point)Which of the following sections from the statement of cash flows includes activities that affect net income on the income statement?Question 21 options:Activities that affect net income on the income statement are included in the financing section.Activities that affect net income on the income statement are included in the investing section.Activities that affect net income on the income statement are not included in any of the above-mentioned sections.Activities that affect net income on the income statement are included in the operating section.SaveQuestion 22 (1 point)Which of the following accounts decreases with a debit?Question 22 options:CashPrepaid insuranceInterest payableBoth A and BSaveQuestion 23 (1 point)A company uses the indirect method to prepare the statement of cash flows. Which of the following items would be subtracted from net income in determining the net cash flow from operating activities?Question 23 options:A loss on the sale of equipment would be subtracted from net income.Amortization of a premium on bonds payable would be subtracted from net income.Depreciation expense would be subtracted from net income.An increase in dividends payable would be subtracted from net income.SaveQuestion 24 (1 point)What is the title of the form that foreign companies have used to reconcile their financial statements to U.S. GAAP?Question 24 options:Form 10-KForm20-FForm SXForm 10-QSaveQuestion 25 (1 point)What do flexible budgets help measure?Question 25 options:The amount by which standard and expected prices differThe sales volume varianceThe amount by which standard and expected quantities differThe efficiency of operations at the actual activity levelsSaveQuestion 26 (1 point)Which of the following is most likely to be the cost driver for the packaging and shipping activity?Question 26 options:Number of setupsNumber of ordersHours of testingNumber of componentsSaveQuestion 27 (1 point)Which costing system would better account for a unique individual product?Question 27 options:Variable costing systemProduct costing systemProcess costing systemJob order costing systemSaveQuestion 28 (1 point)Lowwater Sailmakers manufactures sails for sailboats. The company has the capacity to produce 25,000 sails per year and is currently producing and selling 20,000 sails per year. If a special sales order is accepted for 5,000 sails at a price of $125 per unit, and fixed costs remain unchanged, what is the change in operating income?Question 28 options:Operating income decreases $5,000.Operating income increases $225,000.Operating income increases $190,000.Operating income decreases $125,000.SaveQuestion 29 (1 point)Western Outfitters Mountain Sports projected 2008 sales of 75,000 units at a unit sale price of $12.00. Actual 2008 sales were 72,000 units at $14.00 per unit. Actual variable costs, budgeted at $4.00 per unit, totaled $4.75 per unit. Budgeted fixed costs totaled $375,000, while actual fixed costs amounted to $400,000. What is the sales volume variance for total revenue?Question 29 options:$108,000 favorable$42,000 unfavorable$36,000 unfavorable$144,000 favorableSaveStatic Budget Sales Volume – Flexible Budget Sales Volume = (75000-72000)=$36,000UQuestion 30 (1 point)Which of the following statements is correct with respect to variable cost per unit, within the relevant range?Question 30 options:They will decrease as production increases.They will decrease as production decreases.They will remain the same as production levels change.They will increase as production decreases.SaveQuestion 31 (1 point)To prevent the dollar from depreciating, the U.S. central bank that tries to fix the currency value of the dollar can:Question 31 options:abandon the U.S. dollar and use another country’s currency as its legal currency.sell U.S. dollars in the foreign exchange market.buy foreign currencies in the foreign exchange market.buy U.S. dollars in the foreign exchange market.SaveQuestion 32 (1 point)Which of the following statements is true about the long-run and short-run aggregate supply curve in the classical model?Question 32 options:The long-run and short-run curves start out horizontal and eventually become vertical.The long-run aggregate supply curve is not defined, and the short run curve is vertical.The long-run aggregate supply curve is vertical, and the short-run curve is horizontal.The long-run curve is vertical, and there is no short-run curve since all adjustments occur quickly.SaveQuestion 33 (1 point)Refer to the above figure. Between points f and g, the opportunity cost of producing 75 more bushels of wheat is:Question 33 options:25 bushels of beans.1 bushel of beans.100 bushels of beans.4 bushels of beans.SaveQuestion 34 (1 point)The Consumer Price Index measures:Question 34 options:the average of the prices of all goods produced in a country and goods imported from other countries.the level of prices with respect to goods and services purchased by a typical consumer in urban areas.hourly wage rates of manufacturing workers.the average of raw material prices paid by producing firms.SaveQuestion 35 (1 point)Suppose that the income elasticity of demand for peanut butter is 0.75. Which of the following is true?Question 35 options:Peanut butter is an inferior good, because income elasticity is less than 1.Peanut butter is a normal good, because income elasticity is less than 1.Peanut butter is an inferior good, because income elasticity is positive.Peanut butter is a normal good, because income elasticity is positive.SaveQuestion 36 (1 point)What is the type of economic system that relies on one central authority to make economic decisions?Question 36 options:Command and controlPrice systemMixed economic systemFree marketSaveQuestion 37 (1 point)A firm will not hire additional workers once:Question 37 options:it earns accounting profits.the company reaches its breakeven output level.total product is rising.the additional cost of a worker equals the additional revenue from the worker.SaveQuestion 38 (1 point)In the below table, the balance on the current account for Country X is __________ billion dollars.Question 38 options:-85-150+75-200SaveQuestion 39 (1 point)On a hot summer day, a construction worker enters a McDonald’s fast-food restaurant. He orders the first Big Mac. He consumes it within 3 minutes. He then orders a second Big Mac and consumes it in 10 minutes. He eats only half of the third one in 18 minutes and throws away the rest. The store manager offers him the fourth for free. The construction worker says: “No thanks.” Why?Question 39 options:For the construction worker, total utility increased at an increasing rate.Marginal utility increased at an increasing rate.The law of diminishing marginal utility does not apply to consumption of Big Macs.Marginal utility declined as he consumed additional Big Macs.SaveQuestion 40 (1 point)Economic growth causes the:Question 40 options:production possibilities curve to shift leftward and the long-run aggregate supply curve to shift leftward.production possibilities curve to shift rightward and the long-run aggregate supply curve to shift rightward.production possibilities curve to shift rightward and the long-run aggregate supply curve to shift leftward.production possibilities curve to shift leftward and the long-run aggregate supply curve to shift rightward.Save________________________________________Question 41 (1 point)The __________ summarizes a firm’s revenues, expenses, and profit during a specific period.Question 41 options:retained earnings statementincome statementstatement of cash flowsbalance sheetSaveQuestion 42 (1 point)What should be the primary goal of a financial manager?Question 42 options:Maximizing shareholder wealthMaximizing earningsMinimizing riskMaximizing cash flowSaveQuestion 43 (1 point)The portfolio that maximizes return for a given level of risk or minimizes risk for a given level of return is called the __________ portfolio.Question 43 options:efficientfrontierinvestment bankerrisk-freeSaveQuestion 44 (1 point)Estimate the required rate of return on a company’s stock given a stock price of $20 per share, an expected dividend of $2 per share at the end of the year, and a 3% dividend growth rate.Question 44 options:7 percent3 percent13 percent10 percentSaveQuestion 45 (1 point)$100 is deposited today, $200 is deposited in one year, and $300 is deposited in two years. These deposits earn 8%. What is their combined value at the end of three years?Question 45 options:$ 644$782$585$ 683SaveQuestion 46 (1 point)Working capital is:Question 46 options:current assets minus current liabilities.cash on hand.money invested in short-term projects.property, plant, and equipment.SaveQuestion 47 (1 point)What entities are typically net demanders of funds in the U.S. economy?Question 47 options:Individuals and businessesBusinesses and governmentIndividuals, government, and businessesIndividuals and governmentSaveQuestion 48 (1 point)In the U.S., who owns a corporation?Question 48 options:EmployeesStockholdersBoard of directorsU.S. governmentSaveQuestion 49 (1 point)Managerial restrictions that limit the level of capital project investments is called:Question 49 options:equity constraints.value investing.limited liability.capital rationing.SaveQuestion 50 (1 point)What type of bond pays no interest?Question 50 options:DebentureSpeculativeZero couponSecuredSaveQuestion 51 (1 point)Susan is a candidate for mayor. Sarah tells the local newspaper that Susan is a drug addict. If the newspaper publishes this information and it is untrue, then it is:Question 51 options:intentional malice.slander.privileged communication.libel.SaveQuestion 52 (1 point)Samantha agrees to sell Sally one lot next to her store. She gives Sally a legal description of the lot. Sally gives Samantha an unsigned copy of the contract terms. Samantha then sends a signed letter that mentions a legal description. Sally sends back a final unsigned contract with her deposit check attached to it.Question 52 options:They have not satisfied the Statute of Frauds.None of the above.The handwritten legal description and unsigned draft contract satisfy the Statute of Frauds.The handwritten legal description, unsigned draft contract, the signed letter, and the final unsigned contract with the deposit check have satisfied the Statute of Frauds.SaveQuestion 53 (1 point)Ralph Travelor, a U.S. businessperson, owns a gold mine in Brazil. The government of Brazil seizes the mine and asserts that his previous profits are just compensation.Question 53 options:Brazil will not be protected under the doctrine of sovereign immunity.Under the act of state doctrine, Ralph may have little or no protection against the loss of his property.None of the above.Ralph will be protected under the act of state doctrine.SaveQuestion 54 (1 point)Real property is:Question 54 options:movable.immovable.either A or B.none of the above.SaveQuestion 55 (1 point)If an offeree dies before the offer has been accepted, the offer:Question 55 options:may be accepted by the surviving spouse of the offeree.is automatically revoked by the death of the offeree.may be accepted by the guardian appointed for any minor children of the offeree.may be rejected by the surviving spouse of the offeree.SaveQuestion 56 (1 point)The supremacy clause within the U.S Constitution:Question 56 options:establishes the Constitution as the only law of the land.establishes the Constitution and the treaties of the U.S. as the supreme law of the land.establishes the Constitution as the supreme law of the land.none of the above.SaveQuestion 57 (1 point)Which of the statements is true?Question 57 options:A storeowner has a duty to exercise reasonable care to protect customers.A storeowner has a duty to warn customers against all risks in his/her store.A storeowner need not warn a customer not to pull heavy items off high shelves.All of the above.SaveQuestion 58 (1 point)A portable trailer is an example of:Question 58 options:real property.personal property.subsurface property right.none of the above.SaveQuestion 59 (1 point)When an anticipatory repudiation of a contract occurs, the injured party may:Question 59 options:immediately declare breach of contract.do nothing and wait for performance per the contract.consider the contract canceled.all of the above.SaveQuestion 60 (1 point)Billy has an online business selling wine. One of his disgruntled customers sets up a website using his company name and adds the word “thief” to it. Billy will most likely:Question 60 options:prevail in court.not prevail in court.could defend his company by buying the offensive Internet domain.both B and C.SaveQuestion 61 (1 point)The basic belief of the quantitative approach is that:Question 61 options:there is “one best way” to make an organization effective and efficient.you should reward employees on a variable ratio schedule.you should apply statistical models and computer simulations to managerial activities.you should reward employees on a fixed ratio schedule.SaveQuestion 62 (1 point)Where is motivation derived from, according to the expectancy theory?Question 62 options:Intrinsic prideMonetary compensationThe performance of othersSocial recognitionPromised rewardsSaveQuestion 63 (1 point)Employment planning involves __________.Question 63 options:addition of staff, reduction of staff, motivation of staff, and selectionaddition of staff onlyaddition of staff, reduction of staff, and selection onlyaddition of staff and reduction of staff onlySaveQuestion 64 (1 point)The last steps of the HRM process deal with __________.Question 64 options:compensation onlytraining and compensationperformance and compensationskillsSaveQuestion 65 (1 point)The most successful early trait theories focused on __________.Question 65 options:traits that distinguish leaders from non-leaderstraits of followerstraits associated with leadershiptraits of famous leadersSaveQuestion 66 (1 point)When does a company achieve a sustainable competitive advantage?Question 66 options:When buyers prefer its products over competitors’ in the long termWhen it has greatest market shareWhen it has lowest producer costsWhen it has unique access to resourcesSaveQuestion 67 (1 point)Organizational design requires a manager to __________.Question 67 options:change or develop the structure of an organizationchange the culture of an organizationorganize groups within an organizationchange the logo of an organizationSaveQuestion 68 (1 point)Which step immediately follows the identification of a problem in the decision-making process?Question 68 options:Selecting an optionDeveloping alternativesImplementing a decisionWeighing decision criteriaSelecting decision criteriaSaveQuestion 69 (1 point)Which effect does an increase in team size have on project groups?Question 69 options:Faster work progressDecreased management roleMore individualized tasksMore social loafingGreater cohesivenessSaveQuestion 70 (1 point)The basic belief of the systems approach is that:Question 70 options:organizations are interrelated interdependent parts arranged to produce a unified whole.you should reward employees based on a fixed ratio schedule.you should apply statistical models and computer simulations to managerial activities.there is “one best way” to make an organization effective and efficient.SaveQuestion 71 (1 point)The suite of communications protocols used in the Internet is called:Question 71 options:URL.TCP/IP.HTML.none of the above.SaveQuestion 72 (1 point)A program written in a high-level programming language is called:Question 72 options:compiler program.assembly program.source code.object code.SaveQuestion 73 (1 point)A wide-area network (WAN) is more than one __________ connected together.Question 73 options:PANLANworkstationWLANSaveQuestion 74 (1 point)Sending a message by e-mail is an example of __________ communications.Question 74 options:synchronousbisynchronousasynchronousnone of the aboveSaveQuestion 75 (1 point)__________ is a network that can be especially useful in buildings with no wired local area networks.Question 75 options:PANBluetoothIEEEWiFiSaveQuestion 76 (1 point)A(n) __________ server is a computer responsible for directing internet traffic.Question 76 options:ISPWebProtocolDNSSaveQuestion 77 (1 point)What would be a realistic use for the type of computers called supercomputers?Question 77 options:Sending e-mailCreating a spreadsheetPredicting weatherCreating a databaseSaveQuestion 78 (1 point)An MIS does not help managers to gain:Question 78 options:market niche.operational efficiency.competitiveness.none of the above.SaveQuestion 79 (1 point)Bits are grouped into 8-bit chunks called __________.Question 79 options:nibblesbytesswitchesstringsSaveQuestion 80 (1 point)The physical components of a computer are referred to as __________.Question 80 options:softwarespecificationsconfigurationshardwareSave
