Cbmec 2 Quizzes

CBMEC 2
QUIZ
Quiz 1.
Multiple Choice: Choose the letter of the
correct answer. Correction fluid, correction
tape, pencil, or erasable pen are not allowed.
Erasures/alterations are unacceptable.
Quiz 1.
Multiple Choice: Choose the letter of the correct answer.
Correction fluid, correction tape, pencil, or erasable pen
are not allowed. Erasures/alterations are unacceptable.
1. A(n) _____ provides a framework for managerial
decisions.
a. Vision
b. Organizational Structure
c. Strategy
d. Long-term objective
Quiz 1.
2. Large-scale, future-oriented plans, for interacting with
the competitive environment to achieve company
objectives refers to its
a. Strategy
b. Goals
c. Competitive analysis
d. Dynamic policies
Quiz 1.
3. The set of decisions and actions that result in the
formulation and implementation of plans designed to
achieve a company's objectives is defined as:
a. Strategic policy
b. Business policy
c. Strategic management
d. Tactics
Quiz 1.
4. Strategic management processes need which of the
following to enhance future decision making?
a. Testing
b. Feedback
c. Discontinuity
d. Projecting
Quiz 1.
Multiple Choice: Choose the letter of the correct
answer. Correction fluid, correction tape, pencil, or
erasable pen are not allowed. Erasures/alterations are
unacceptable.
5. Strategic issues are ____ oriented.
a. Future
b. Present
c. Past
d. Timelessly
CBMEC 2
QUIZ
Quiz 2.
Multiple Choice: Shade the letter of the
Quiz 2.
1. According to Vern McGinnis, an effective

mission statement should define what the
organization is and what the organization
aspires to be.
A. TRUE
B. FALSE
Quiz 2.
2. Who is referred to as "the father of modern

management"?
A. Cleland
B. Campbell
C. Drucker
D. McGinnis
Quiz 2.
3. Which of these basic questions should a vision

statement answer?
A. What is our business?
B. Who are our employees?
C. What are our challenges?
D. What do we want to become?
Quiz 2.
4. Which statement is TRUE?
A. Companies must choose between having a mission
statement or a vision statement.
B. A company can't have a mission statement unless it has
a vision statement.
C. A vision statement cannot be established until a
company has developed its mission statement.
D. The vision statement should be established before the
mission statement.
E. Companies are required by law to have both mission
and vision statements
Quiz 2.
5. An effective mission statement should do all
of the following EXCEPT
A. include monetary amounts, numbers,
percentages and ratios.
B. be inspiring.
C. reveal that the firm is environmentally
responsible.
D. identify the utility of a firm's products.
be reconciliatory.
Quiz 2.
6. What question is asked in conjunction with the
philosophy component of a mission statement?
A. What are the firm's major products or services?
B. Is the firm committed to growth and financial
soundness?
C. What are the basic beliefs, values, aspirations, and
ethical priorities of the firm?
D. Is the firm responsive to social, community, and
environmental concerns?
E. Are employees a valuable asset of the firm?
Quiz 2.
7. Which component of a mission statement
addresses the firm's distinctive competence or
major competitive advantage?
A. Technology
B. Philosophy
C. Concern for public image
D. Customer
E. Self-concept
Quiz 2.
8. According to the comprehensive strategic-
management model, which step needs to be
completed immediately following the establishment
of long-term objectives?
A. Developing vision and mission statements
B. Performing external audits
C. Performing internal audits
D. Generating, evaluating, and selecting strategies
E. Measuring and evaluating performance → A)
Developing vision and mission statements
Quiz 2.
9. According to Peter Drucker, asking the
question "What is our business?" is synonymous
with asking the question "What is our vision?"
A. True
B. False
Quiz 2.
10. According to McGinnis, a mission statement
should be all of the following EXCEPT
A. it should be broad enough to include all
ventures.
B. it should be stated in clear terms.
C. it should distinguish an organization from all
others.
D. it should define what an organization is.
CBMEC 2
QUIZ
Quiz 3.
Multiple Choice: Shade the letter of the
Quiz 3.
1. What is the first step in designing an EFE Matrix?

A. Identifying key external factors in the industry
B. Summing the weighted score for each competitor
C. Calculating the sales of each competitor
D. Drawing the horizontal and vertical lines for the
matrix
E. Determining four competitors
Quiz 3.
2. Which statement about business intelligence is accurate?

A. Intelligence gathering is an unethical business practice.
B. Running an intelligence program requires many people.
C. Running an intelligence program requires many
computers and other resources.
D. Collecting intelligence about competitors violates
antitrust laws.
E. Business intelligence is not equal to espionage.
Quiz 3.
3. One difference between CPM and EFE is that
A. CPM includes both internal and external issues.
B. The weights and total weighted scores have different
meanings.
C. CPM ratings range from 1 to 10.
D. CPM is performed only for the company, whereas EFE is
performed for both the company and its competitors.
E. CPM is only used in small firms.
Quiz 3.
4. If suppliers are unreliable or too costly, which

of these strategies may be appropriate?
A. Horizontal integration
B. Backward integration
C. Market penetration
D. Forward integration
E. Concentric diversification
Quiz 3.
5. All of the following are political, governmental,
and legal variables that can represent key
opportunities or threats to organizations EXCEPT
A. special tariffs.
B. environmental protection laws
C. world oil, currency, and labor markets.
D. legislation on equal employment.
E. population changes by race, age, sex, and level
of affluence.
Quiz 3.
6. The aim of an external audit is to develop

an exhaustive list of every possible factor that
could influence the business.
A. TRUE
B. FALSE
Quiz 3.
7. A Competitive Profile Matrix allows
strategists to summarize and evaluate
economic, social, cultural, demographic,
environmental, political, governmental, legal,
technological, and competitive information.
A. TRUE
B. FALSE
Quiz 3.
8. Laser eye surgery would be considered a
substitute product for eyeglasses and contact
lenses.
A. TRUE
B. FALSE
Quiz 3.
9. The bargaining power of consumers can be

the most important force impacting
competitive advantage.
A. True
B. False
Quiz 3.
10. In an EFE Matrix, opportunities often

receive higher weights than threats, but
threats too can receive high weights if they
are especially severe or threatening.
A. True
B. False
Quiz 4.
A limitation of financial ratios is the fact that

they are based on accounting data.
A. True
B. False
Quiz 4.
The initial step to implementing value chain analysis is
attaching a cost to each discrete activity.
establishing costs in terms of time.
establishing costs in terms of money.
converting the cost data into information by looking
for competitive cost strengths and weaknesses.
dividing a firm's operations into specific activities or
business processes.
Quiz 4.
Organizing is the cornerstone of effective

strategy formulation.
A. True
B. False
Quiz 4.
Organizational culture does not significantly

affect business decisions.
A. True
B. False
Quiz 4.
All of the following are key questions that can
reveal internal strengths and weaknesses in the
management department EXCEPT
Is the organization's structure appropriate?
Are reward and control mechanisms effective?
Are the organization's products positioned well
against competing products?
Does the firm use strategic-management
concepts?
Do managers delegate authority well?
Quiz 4.
The Internal Factor Evaluation Matrix should

use a total of 20 internal factors.
A. True
B. False
Quiz 4.
Dividend decisions concern issues such as the

percentage of earnings paid to stockholders,
the stability of dividends paid over time, and
the repurchase or issuance of stock.
A. True
B. False
Quiz 4.
According to James Van Horne the basic

decision areas of finance are: the investment
decision, the financing decision, and the
dividend decision.
A. True
B. False
Quiz 4.
Successful strategy formulation generally

rests upon the ability of an organization to
sell some product or service.
A. True
B. False
Quiz 4.
Allocating resources is one of the five basic

activities (functions) performed by managers.
A. True
B. False
Quiz 4.
What category of ratios includes return on
total assets and return on stockholders'
equity?
Leverage
Activity
Profitability
Growth
Liquidity

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CBMEC 2

1. According to Vern McGinnis, an effective

2. Who is referred to as "the father of modern

3. Which of these basic questions should a vision

1. What is the first step in designing an EFE Matrix?

2. Which statement about business intelligence is accurate?

4. If suppliers are unreliable or too costly, which

6. The aim of an external audit is to develop

9. The bargaining power of consumers can be

10. In an EFE Matrix, opportunities often

A limitation of financial ratios is the fact that

Organizing is the cornerstone of effective

Organizational culture does not significantly

The Internal Factor Evaluation Matrix should

Dividend decisions concern issues such as the

According to James Van Horne the basic

Successful strategy formulation generally

Allocating resources is one of the five basic

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