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Exam 2 review Flashcards | StudBud
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Exam 2 review
Exam 2 review
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Answers
1
A good test to know if a managers decision is ethical is...
If the decision is accepted by upper management
If the decision is printed in the annual report
if customers, government, and competitors approve
if your friends and family would approve
2
In a payoff table, which of the following do you NOT have control over?
Decision criteria
State of nature
Decision alternatives
Data you collect
3
Which one of the following is
NOT
a role of promotion.
Motivate to purchase.
Communication channel from producer to consumer.
Attract attention.
Provide information to government regulators.
4
True or False: GAAP is a set of laws that govern accounting.
False
True
5
Which of these is not a supply chain performance dimension
Time
Cost
Promotion
Quality
6
A Birkin bag can sell for lots of money. If it cost $800 to make, what do you call the difference in value.
actual value
derivative trading
supply and demand
perceived value
7
From your persepctive, a spreadsheet listing student names and test scores would be [x].
data
information
8
Sam Walton said Walmart got big by replacing
X
with
Y
.
inventory / information
little stores / big stores
people / machines
money / coupons
9
The bull whip effect is a supply chain effect where a small change at the consumer level drives much larger changes
False
True
10
Writing was around for about 500 years before the first mentions of business can be found.
False
True
11
Customers mainly buy products because of their ___________
benefits
features
12
If a=assets, l=liabilities and e=owners equity; then the equation for a balance sheet is
e=mc2
a=l+e
e=(a-l)+e
l=a+e
13
The DECIDE model is a way for managers to know how to...
none of these
fix employee moral
help make business decisions
help customers profit
14
All retailers are _______ of manufacturers
upstream
downstream
first tier
second tier
15
In the paradox of choice experiment discussed in class, researches found that more people bought a product when they had
Fewer options to choose from.
It was dependent on the product offered.
There was no statistical difference.
More options to choose from.
16
Which of the following is NOT a part of the five component framework of an MIS system:
People
Analysis
Hardware
Software
17
Which of the following decision criteria is most optimistic?
Minimax regret
Maximin
Maximax
States of Nature
18
Which of the following is
FALSE
about fiat money:
The term derives from the Latin for "let it be done".
Any money declared by a government to be legal tender.
Also referred to as 'silver certificates'.
Intrinsically valueless.
19
An organizations code of ethics is made up of all of these
EXCEPT
.
Personal based ethics.
Professional based ethics.
Gender based ethics.
Social based ethics.
20
The word 'ethics' is derived from the ancient Greek word meaning "relating to one's character".
True
False
21
In making ethical decisions, managers must often choose between the conflicting interests of stakeholder groups.
True
False
22
Which of the following are, arguably, the two most important steps in the DECIDE process?
Define/Collect
Identify/Collect
Defend/Establish
Define/Evaluate
23
A company's capital budget can almost be seen as a strategic document, laying out their true priorities.
True
False
24
A product is:
The communication portion of the process.
An item that fills a want or need.
How you product is brought from where it is made to where it is sold.
The value, in money, that a buyer will give up to gain what you offer.
25
A promotion campaign that uses a loyalty program to retain customers is a push campaign.
False
True
26
Bell's Law states that a new computer class forms roughly every ________ establishing a new industry.
era
decade
generation
century
27
If [x] is the language of the universe, [y] is the language of business.
math/dollars
love/profit
english/numbers
math/accounting
28
As used in decision making the minimax regret criteria looks for the alternative that...
provides the best of the worst alternatives
provides the best of the best alternatives
provides the minimum lose of your don't pick the best
provides the worst of the worst alternatives
29
The primary benefit of ratio analysis is:
to compare companies in different centuries
to compare companies with different currencies
to compare companies of different sizes
to compare partnerships to corporations
30
The breakeven point is a special case of the Cost, Volume, Profit relationship where the profit is equal to:
Cost, time & volume
projected profit margin
zero
Industry average
31
A manufacturer wants enough parts each day to make its cars. When evaluating suppliers on Time, are you looking for:
speed
reliability
32
As a general rule, money today is better than money tomorrow.
True
False
