BAM560 Unit-1 Examination

Q1)  Which statement best describes intuition?
It alone should be used in decision making.
It represents a minor factor in decision making integrated with analysis.
It should be coupled with analysis in decision making.
It is better than analysis in decision making
It is management by ignorance.

Q2) In recent years, the speedy flow of information through technology has.
made it harder for people worldwide to see how others work and live
strengthened national boundaries and made countries more self-contained
created a borderless world with global competitors, customers, and citizens
ensured that the U.S. is unrivaled by other companies in all industries
made the real flow of financial activity align with political boundaries between countries

Q3) Anything that a firm does especially well compared to rival firms is referred to as:
competitive advantage
comparative disadvantage
opportunity cost
unsustainable advantage
an external opportunity

Q4) In mass retailing, big-box companies like Walmart, Best Buy, and Sears are:
gaining competitive advantage over smaller stores
participating in a dramatic shift to becoming bigger
increasing the square-footage of their retail locations
finding that less brick and mortar is better
noticing a sharp decline in online purchases

Q5) The fact that Apple has no manufacturing facilities of its own:
has caused it to build up massive debt on its balance sheet
has enabled it to remain financially lean with virtually no long-term debt
has been problematic for Apple in terms of debt
illustrates that having more fixed assets than rival firms can provide major competitive advantages in a global recession
means that it is in the same position as Sony

Q6) ________ allows firms to sell products, advertise, purchase supplies, bypass intermediaries,
 track inventory, and eliminate paperwork.
social networking
e-commerce
blogging
viral video
"Trading down"

Q7) The Internet has transferred power from ________ to ________.
businesses, individuals
governments, businesses
individuals, businesses
businesses, governments
individuals, governments

Q8) There is a dramatic shift in mass retailing to:
"trading up" and taking customers from more exclusive stores
selling only the most expensive merchandise
opening dramatically larger supercenters
operating stores with less square footage
cutting back on their online presence

Q9) The one factor that has most significantly impacted the nature and core of buying and selling in nearly all industries has been:
the Internet
political borders
corporate greed
customer and employee focus
the government

Q10) According to Drucker, which question is synonymous with asking "What is our mission?"
What is our business?
How can we improve ourselves?
What do we want to become?
Who are our stakeholders?
How can we increase profitability?

Q11) Which basic question should the vision statement answer?
What is our business?
How can we improve ourselves?
What do we want to become?
Who are our stakeholders?
How can we increase profitability?

Q12) In the process of developing a mission statement, it is important to involve:
as few managers as possible
as many managers as possible
upper-level management only
lower-level management only
the board of directors only

Q13) The process of developing a vision and mission statement often includes which of these as the first activity?
requesting that managers modify the current document
asking managers to read selected articles about mission statements
asking managers to prepare a mission statement for the organization
having a brainstorming session on whether the organization should have a mission d. statement
merging several mission statements into one document

Q14) After a draft mission statement has been developed, it is important to:
ask managers to read several articles about mission statements as background information
vote on the mission statement
ask managers to prepare a mission statement for the organization
ask managers to seek support for the mission statement from their subordinates
request modifications, additions, and deletions to the mission statement

Q15) What can be used to promote unbiased views and to manage the development of the mission statement more effectively?
an internal group
a committee of managers
command-and-control
surveys
an outside facilitator

Q16) According to Campbell and Yeung, what is/are most likely associated with behavior and the present?
mission
values
long-term objectives
vision
possibilities

Q17) A study by Rarick and Vitton found that firms with a formalized mission statement have ________ the average return on shareholders' equity than those firms without a formalized mission statement.
one-quarter
half
twice
three times
five times.

Q18) Businessweek reports that firms using mission statements have a ________ percent higher return on certain financial measures than those without such statements.
10
15
30
45
50

Q19) Which best expresses former Colgate CEO Reuben Mark's thoughts on vision?
It's becoming less important that a clear mission make sense internationally.
It's essential to drive home different messages in different cultures.
Keeping the vision simple will never rally everyone to the corporate banner.
Pushing one vision globally is essential.
Elevated missions or visions will alienate international markets.

Q20) When developing a mission statement, what is needed before people can focus on specific strategy formulation activities?
egotiation
compromise
eventual agreement
a and b only
all of the above

Q21) What is the best time to develop a mission statement?
when a firm is in decline
when the firm is successful
when the firm is in financial trouble
when the firm is in legal trouble
when the firm encounters competition

Q22) It is predicted that the United States will have how many racial or ethnic majorities by the year 2075?
none
one.
two
three
five.

Q23) The United States' population is:
getting younger and less white
getting younger and more white
getting older and less white
getting older and more white
remaining stable as to age and racial make up

Q24) The world population is expected to grow to an estimated ________ billion in 2054.
6
7
8
9
10

Q25) Hawaii, California, and ________ already have no majority race or ethnic group.
New York
New Jersey
New Hampshire
New Mexico
all of the above