STR/581 Final Exam 100/100%
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STR/581 Final Exam(Final exam +all possible question from each chapter for help)100/100 score Detailed material
1. ____________ is the totality of features and characteristics of a product or service that bear on its
ability to satisfy stated or implied needs
a.
Performance
b.
Value
c.
Quality
d.
Customer retention
e.
Customer loyalty
2. Marketers need to be aware of threats and opportunities associated with four trends in the natural
environment. All of the following are among those trends EXCEPT ________.
a.
The shortage of raw materials
b.
The increased cost of energy
c.
Near 90 percent corporate support for “green causes”
d.
Increased pollution levels
e.
The changing role of governments
3. A(n) ________ is any good, service, or idea that is perceived by someone as new. The idea may
have a long history, but it is new to the person who sees it as such.
a.
Product
b.
Innovation
c.
New idea
d.
Creative product
e.
None of these
4. In market-penetration pricing, the company’s objective in pricing is to ________, believing that higher
sales volume will lead to lower unit costs and higher long-run profits.
a.
Block competitive launches
b.
Maximize their market share
c.
Minimize their market share
d.
Maximize volume
e.
None of the above
5. Most companies will ________ their list price and give discounts and allowances for early payments,
volume purchases, and off-season buying.
a.
List two prices
b.
Increase
c.
Reduce
d.
Adjust
e.
None of these
6. If a marketer decides that segmenting a market based on neighborhoods, the marketer will have
chosen the ________ method of segmentation.
a.
Demographic
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b.
Psychographic
c.
Geographic
d.
Cultural
e.
Social class
7. ________ is the systematic design, collection, analysis, and reporting of data and findings relevant to
a specific marketing situation facing the company.
a.
Marketing intelligence
b.
MIS (marketing information system)
c.
Marketing research
d.
Demographics
e.
Marketing management
8. Companies undertake surveys to learn about people’s knowledge, ________, preferences, and
satisfaction, and to measure these magnitudes in the general population.
a.
Beliefs
b.
Psyche
c.
Inner id
d.
Deepest secrets
e.
Intelligence and literacy
9. Designing a research plan calls for decisions on all of the following EXCEPT ________.
a.
Drafting research objectives
b.
Data sources
c.
Research approaches
d.
Research instruments
e.
Sampling plans
10. Procter & Gamble has many soap brands. One reason for this is that soap users tend to group
together in terms of preferences such as bleaching action, softness, stain-removal, et cetera. Which
of the following preferences pattern would most likely apply to P&G’s method of response to market
needs?
a.
Homogeneous preferences
b.
Diffused preferences
c.
Clustered preferences
d.
Psychological preferences
e.
Cultural preferences
11. Companies price their products in a number of ways. Small companies prices are set by the boss, in
larger companies, pricing is handled by division and product-line managers. In industries where price
is a key factor, companies often establish a ________ department reporting to other internal
departments.
a.
Financial
b.
Pricing
c.
Sales
d.
Marketing
e.
Distribution
12. Most new-product activity is devoted to ________ existing products.
a.
Improving
b.
Coordinating
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c.
Distributing
d.
Pricing
e.
Marketing
13. Modern marketing calls for more than developing a good product, pricing it attractively, and making it
accessible. Companies must also ________ with present and potential stakeholders, and the general
public.
a.
Attract
b.
Reach
c.
Relate to
d.
Advertise to
e.
Communicate
14. Intermediaries include retailers, ________, and logistical organizations.
a.
Internet companies
b.
Wholesalers
c.
Competitors
d.
Box stores
e.
None of these
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1. Which of the following roles focuses on bringing about order and consistency by drawing up formal
plans?
a.
Leadership
b.
Management
c.
Task structure
d.
Initiating structure
e.
None of these
2. Which is NOT one of the most common types of teams?
a.
Problem-solving
b.
Interdepartmental
c.
Self-managed
d.
Virtual
e.
Cross-functional
3. What is one of the views of conflict?
a.
The traditional view
b.
The human interactions view
c.
The relationist view
d.
The functional view
e.
The persuasive view
4. The terms negotiation and _____ are used interchangeably.
a.
Win-lose
b.
Bargaining
c.
Collaboration
d.
Accommodating
5. In Maslow’s hierarchy of needs, what is the term used for the drive to become what one is capable of
becoming?
a.
Perfection
b.
Self-actualization
c.
Hypo-glorification
d.
Self-esteem
e.
Attainment
6. The best way for an employer to find out if a potential employee can do a job is by _____.
a.
Using the interview process
b.
Using a written test
c.
Having them spend a day in the office
d.
Administering an IQ test
e.
Using a performance simulation test
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7. Which approach to performance evaluation rank-orders employees from best to worst?
a.
Individual ranking
b.
Group order ranking
c.
Paired comparison
d.
Straight ranking
e.
Comparison ranking
8. Examples of on-the-job training include all of the following EXCEPT _____.
a.
Job rotation
b.
Apprenticeship
c.
Simulation centers
d.
Understudy assignments
e.
Formal mentoring programs
9. How would a participator best absorb information?
a.
Use computers to read manuals
b.
Watch others and imitate behaviors
c.
Copy what others do on computers
d.
Listen to an audiotape
e.
Gain hands-on experience
10. An example of change in competition is _____.
a.
Growth of e-commerce
b.
Collapse of Enron Corporation
c.
Iraq-U.S. war
d.
Increased interest in urban living
e.
A decrease in interest rates
11. _____ defines how job tasks are formally divided, grouped, and coordinated.
a.
Organizational structure
b.
Work specialization
c.
Departmentalization
d.
Organizational behavior
e.
Matrix departmentation
12. Shortcuts in judging others include all of the following EXCEPT _____.
a.
Stereotyping
b.
Halo effect
c.
Projection
d.
Self-serving bias
e.
The Pygmalion effect
13. Holland’s theory of personality-job fit argues that job satisfaction is highest and turnover lowest where
_____.
a.
Personality and occupation are in agreement
b.
An individual is highly motivated
c.
Salary is high
d.
Felt emotions are displayed
e.
Compensation is high
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14. Given that the previous forecast of 65 turned out to be four units less than the actual demand. The
next forecast is 66. What would be the value of alpha if the simple exponential smoothing forecast
method is being used?
a.
0.02
b.
0.4
c.
0.04
d.
0.25
e.
None of these
15. Five forces model is an operation-consulting tool used in the ___________ phase.
a.
Problem definition
b.
Data gathering
c.
Data analysis
d.
Cost impact
e.
Implementation
16. According to Hau Lee, which of the following types of products need to be delivered with efficient
supply-chains?
a.
Custom products
b.
Innovative products
c.
Grocery products
d.
High technology products
e.
Responsive products
17. The drawbacks of JIT in relation to synchronous manufacturing include all BUT:
a.
JIT is limited to repetitive manufacturing
b.
JIT requires a stable production level
c.
JIT uses a schedule to assign work to each workstation
d.
JIT does not allow very much flexibility in the products produced
e.
All of these are drawbacks of JIT
18. From an operations standpoint, the goal of the firm is to simultaneously increase throughput and
inventory and reduce operating expenses.
a.
True
b.
False
19. ______________ refers to service encounters whose specifications must be developed through some
interaction between the customer and the server..
a.
Mail contact
b.
Face-to-face loose specs
c.
Face-to-face tight specs
d.
Phone contact
e.
Face-to-Face total customization
===========================================
1. Pursuing valuable ideas is the best way .
a.
To achieve extraordinary returns.
b.
To get yourself in trouble
c.
To restrain your spending.
d.
To avoid risk.
2. An investor's risky portfolio is made up of individual stocks. Which (if any) of the following statements
about this portfolio is true?
a.
The beta of this portfolio is negative if all stocks are positively correlated.
b.
All stocks in this portfolio will have a beta greater than one.
c.
All stocks in this portfolio will have a beta less than one.
d.
None of these
3. Which of the following represents the perfect capital market view of capital structure?
a.
The value of the leveraged firm is equal to the value of the unleveraged firm plus the tax rate
times the amount of debt.
b.
Corporate taxes cause debt to be cheaper than equity.
c.
Maximum firm value results from being essentially all-debt financed.
d.
None of these
4. Which of the following represents the perfect capital market view of capital structure?
a.
The value of the leveraged firm is equal to the value of the unleveraged firm plus the tax rate
times the amount of debt.
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b.
Corporate taxes cause debt to be cheaper than equity.
c.
Maximum firm value results from being essentially all-debt financed.
d.
None of these
5. Bank term loans represent .
a.
Long-term loans that looks like short-term debt
b.
Loans for specified amounts that require borrowers to repay them according to specified
schedules
c.
The pledge of receivables
d.
All of these
6. says to calculate the net advantage of a foreign project on the basis of the incremental
after-tax cash flows the project will provide.
a.
The Behavioral Principle
b.
The Principle of Comparative Advantage
c.
The Principle of Incremental Benefits
d.
The Time Value of Money Principle
7. Which of the following forms of ownership are purchased in the capital markets?
a.
Stocks
b.
Bank debt
c.
Computer equipment
d.
Research and development
8. The Principle of implies that the expected return for an asset equals its required return.
a.
Capital Market Efficiency
b.
Risk-Return Trade-Off
c.
Comparative Advantage
d.
Signaling
9. says to look for opportunities to develop derivatives that enable firms to cope better with
the financial risks they face.
a.
The Principle of Incremental Benefits
b.
The Principle of Valuable Ideas
c.
The Principle of Two-Sided Transactions
d.
The Behavioral Principle
10. Which of the following statements is FALSE?
a.
Like a call option, a warrant specifies the underlying common stock, the number of shares, a
strike price, an expiration date, and the option type (American or European).
b.
Dividing the face amount of the convertible bond by the conversion price gives the conversion
ratio.
c.
Convertible preferred stock is usually perpetual, whereas convertible debt has a stated maturity
and usually has a sinking fund.
d.
Conversion of PERCs into common stock is voluntary, not mandatory.
11. Which (if any) statement is true?
a.
The Principle of Comparative Advantage states that capital market efficiency allows a firm to
concentrate its primary efforts on its comparative advantage, rather than on its day-to-day
financing.
b.
The Principle of Signaling states that new ideas can provide value when first introduced, even in
an efficient capital market.
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c.
The Principle of Valuable Ideas suggests that self-interested capital market transactions force
market prices toward being fair prices.
d.
None of these
12. You work for ABC, Inc. in the finance department. You own 200 shares in ABC that are selling at $20
per share on the NYSE. You just found out they will publicly announce a new stock offering. The
costs from the offering will be 10% of the new offering. The new offering will increase the number of
outstanding share by 30%. The new offering is not expected to have any positive or negative impact
on firm value due to increasing the firm’s cash flows. There are currently 20,000,000 shares of ABC
outstanding. Once the announcement is made public, what will be the expected impact on the value
of your shareholdings due to the transaction (or issuance) costs of the new offering?
a.
There will no loss because new money will be taken in.
b.
You will lose $120
c.
You will lose $400.
d.
None of these
13. Which (if any) statement is true?
a.
The Principle of Comparative Advantage states that capital market efficiency allows a firm to
concentrate its primary efforts on its comparative advantage, rather than on its day-to-day
financing.
b.
The Principle of Signaling states that new ideas can provide value when first introduced, even in
an efficient capital market.
c.
The Principle of Valuable Ideas suggests that self-interested capital market transactions force
market prices toward being fair prices.
d.
None of these
14. Which of the following is not a disadvantage of going public?
a.
Going public involves significant expenses, generally from 6 to 13% of the amount of the offering,
and even more for very small offerings.
b.
Going public can also take a substantial amount of valuable management time.
c.
Going public lessens estate tax obligations.
d.
Going public can cause existing shareholders to lose voting control.
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1. Which one of the following is a cost that would not likely be associated with computer-integrated
manufacturing?
a.
Manufacturing overhead associated with allocation of equipment depreciation
b.
Direct labor costs of a welder on the production floor
c.
Manufacturing overhead associated with allocation of the plant lease to the latest production run
d.
Direct materials cost with several fuse plates for a new automobile
2. If a plant is operating at full capacity and receives a one-time opportunity to accept an order at a
special price below its usual price, then
a.
Only variable costs are relevant.
b.
Fixed costs are not relevant.
c.
The order will likely be accepted.
d.
The order will likely be rejected.
3. Tex's Manufacturing Company can make 100 units of a necessary component part with the following
costs:
Direct Materials $60,000
Direct Labor 10,000
Variable Overhead 30,000
Fixed Overhead20,000
If Tex's Manufacturing Company purchases the component externally, $15,000 of the fixed costs
can be avoided. At what external price for the 100 units is the company indifferent between
making or buying?
a.
$120,000
b.
$85,000
c.
$115,000
d.
$100,000
4. Transfer prices should be set in such a way as to:
a.
Discourage the internal sales of goods and services
b.
Reflect the actual costs, including opportunity costs, of the transfer
c.
Eliminate profits on the transfer
d.
Reflect market prices
5. Tucson Corporation has a joint process that produces three products: X, Y, and Z. Each product may
be sold at split-off or processed further and then sold. Joint- processing costs for a year amount to
$100,000. Other relevant data are as follows:
Separate Processing
Sales Value Costs after Sales Value
Product at Spli t - of f Spli t - of f at Completion
X $128,000 $16,000 $160,000
Y 75,000 26,000 99,000
Z 32,600 20,000 50,000
Once product X is produced, processing it further will cause profits to _____.
a.
Increase by $32,000
b.
Decrease by $16,000
c.
Decrease by $32,000
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STR 581 Strategic Planning and Implementation: Sample Final Exam
d.
Increase by $16,000
6. A _____ gives the expected sales under a given set of conditions.
a.
Sales prediction
b.
Sales budget
c.
Budget forecast
d.
Sales forecast
7. The projection of financial position at the end of the budget period is found on the:
a.
Budgeted income statement.
b.
Cash budget.
c.
Budgeted balance sheet.
d.
Sales budget.
8. Black Company planned to produce and sell 900 units at a total cost of $180,000. Actual production
was 900 units at a cost of $170,000, Black Company was _____.
a.
Efficient
b.
Inefficient
c.
Effective
d.
Ineffective
9. Cost behavior analysis applies to:
a.
Retailers.
b.
Wholesalers.
c.
Manufacturers.
d.
All entities.
10. A company sells a product which has a unit sales price of $5, unit variable cost of $3 and total fixed
costs of $120,000. The number of units the company must sell to break even is:
a.
60,000 units.
b.
24,000 units.
c.
240,000 units.
d.
40,000 units.
11. The amount by which actual or expected sales exceeds break-even sales is referred to as:
a.
Contribution margin
b.
Unanticipated profit.
c.
Margin of safety.
d.
Target net income.
12. There is no difference between variable-costing and absorption-costing income if there is no_____.
a.
Beginning inventory
b.
Ending inventory
c.
Change in inventory level
d.
Variable overhead cost
13. An example of an activity cost pool is:
a.
Machine hours.
b.
Setting up machines.
c.
Number of setups.
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STR 581 Strategic Planning and Implementation: Sample Final Exam
d.
Number of inspections.
14. Which of these best reflects a distinguishing factor between a job order cost system and a process
cost system?
a.
The detail at which costs are calculated.
b.
The time period each covers.
c.
The number of work in process accounts.
d.
The manufacturing cost elements included.
15.Identify which statement below about "currently attainable standards" is NOT true.
a.
They allow for normal spoilage and nonproductive time.
b.
Because they allow for waste, they usually result in favorable variances.
c.
They represent projections of what will probably be attained.
d.
Employees usually view these goals as resonable
16. Join costs are incurred _____________.
a.
Before the production process is started
b.
Before individual products are separately identified
c.
After the split-off point but before the process-further decision
d.
After the process-further decision
17. The ____________ is NOT one of the three major financial statements
a.
Statement of cash flows
b.
Income statement
c.
Balance sheet
d.
Statement of equity position
18. _____ are profitability ratios.
a.
Gross profit rate and return on sales
b.
Dividend payout and rate of return in invested capital
c.
Earnings per share and dividend yield
d.
Price earnings and current ratio
19. Which of the following statements is not true regarding the Sarbanes-Oxley Act (SOX) of 2002?
a.
The Act calls for increased oversight responsibilities for boards of directors.
b.
The Act has resulted in increased penalties for financial fraud by top management.
c.
The Act calls for decreased independence of outside auditors reviewing corporate financial
statements.
d.
The Act is meant to decrease the likelihood of unethical corporate behavior
===============================================================================================
1. Although the U.S. has had a longstanding agreement with ___________ after the passage of NAFTA,
_________ became the United States' second largest trading partner.
a.
Canada, Venezuela
b.
Canada, Mexico
c.
Mexico, Canada
d.
Mexico, Venezuela
e.
Great Britain, Paraguay
2. Which of these parties are considered when decisions are made utilizing stakeholder ethical theory?
a.
Shareholders
b.
Customers
c.
Employees
d.
All of these are considered when using stakeholder theory
3. Which of the following statements is true concerning international selection practices?
a.
Structured interviews are popular in all countries
b.
Beliefs about how one should conduct an interpersonal interview are consistent across countries.
c.
The use of educational qualifications in screening candidates seems to be a universal practice.
d.
Policies and practices do not require modification from one country to the next.
e.
Groups are typically much more effective at selecting candidates in individualistic cultures.
===============================================================================================
. Which of the following is correct regarding the Commerce Clause of the U.S. Constitution?
a.
The Commerce Clause places federal responsibility for judicial determination in the Commerce
Department.
b.
The Commerce Clause cannot regulate business when it occurs within a state.
c.
The Commerce Clause can apply to a business that only does business in one state.
d.
The Commerce Clause can regulate commerce, but not the transportation of goods.
e.
The Commerce Clause regulated inter-state commerce only.
==================================================================
1. When drawing demand and supply curves, economists are assuming that the primary
influence on production and purchasing decisions is:
a.
Price
b.
The cost of production
c.
The overall state of the economy
d.
Consumer incomes
e.
Real GDP
==========================================
1. The modern business environment has all of the following characteristics EXCEPT:
a.
Global
b.
Interconnected
c.
Competitive
d.
Relatively static
e.
Real-time
2. The difference between target marketing and mass marketing is that target marketing
a.
Means focusing on a small market
b.
Focuses on short-run objectives, while mass marketing focuses on long-run objectives
c.
Focuses on specific customers, while mass marketing aims at an entire market
d.
Does not rely on e-commerce but mass marketing does
e.
Aims at increased sales, while mass marketing focuses on increased profits
===========================================================================================
1. Which of the following types of marketing research firms would best be described as being one that
gathers consumer and trade information which they sell for a fee (e.g., Nielsen Media Research)?
a.
Custom marketing research firms.
b.
Syndicated-service research firms
c.
Specialty-line marketing research firms.
d.
General-line marketing research firms.
e.
Non-profit marketing research firms.
2. A scatter diagram:
a.
Is a graphic tool designed to portray the relationship between variables and uses interval or ratio
scale data
b.
Only relies on ration scale data
c.
Does not allow negative values.
d.
Is a graphic tool designed to portray the relationship between nominal data
e.
Is not a reliable measurement of data
3. Events are independent if:
a.
By virtue of one event happening another cannot.
b.
The probability of their occurrence is greater than 1.
c.
We can count the possible outcomes.
d.
The probability of one event happening does not affect the probability of another event
happening
e.
None of these
4. If a marketing researcher selects the most accessible population members, he or she would have
selected the ________ sampling method.
a.
Simple random
b.
Stratified random
c.
Cluster
d.
Judgment
e.
Convenience
5. Which source of evidence to support experimental results is most threatened by the use of a field
experiment?
a.
Agreement between the IV and DV
b.
Time order of the occurrence of the variables
c.
Control of contamination from extraneous variables
d.
Use of a control group
e.
Manipulation of the IV
6. A _____ scale is a scale that scores an object or property without making a direct comparison to
another object or property
a.
Ranking
b.
Rating
c.
Categorization
d.
Sorting
e.
Recording
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