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23 Cards in this Set

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1. The process of performing an internal audit, compared to the external audit, provides more opportunity for participants to understand how their jobs, departments and divisions fit into the whole organization
True
Proponents of the resource-based view argue that external factors are more important than internal factors for a firm in achieving and sustaining competitive advantage
False
In China, business behaviors revolve around guanxi, or personal relations.
True
In China, to show that you enjoyed your meal, you should completely finish your food.
False
Punctuality, in general, is revered in all cultures of the world.
False
The only certain thing about the future of any organization is change.
True
7. There are seven basic functions of marketing: customer analysis, selling, product and service planning, pricing, distribution, marketing research and opportunity analysis.
True
Financial ratios are not applicable to nonprofit organizations
False
A limitation of financial ratios is the fact that they are based on accounting data.
True
10. A firm’s strengths that cannot be easily matched or imitated by competitors are called
a. internal audits.
b. distinctive or core competencies.
c. external audits.
d. special properties.
e. internal properties.
b. distinctive or core competencies
11. The internal resource categories used in the resource-based approach are physical resources, human resources and….
a. financial resources.
b. shareholder resources.
c. organizational resources.
d. natural resources.
e. technological resources.
c. organizational resources.
12. Organizational resources include all of the following except:
a. employee training.
b. firm structure.
c. planning processes.
d. information systems.
e. copyrights.
a. employee training.
13. Which of the following is not a cultural product?
a. Rites
b. Emotions
c. Rituals
d. Sagas
e. Symbols
b. Emotions
14. Which management function includes breaking tasks into jobs, combining jobs to form departments and delegating authority?
a. motivating
b. staffing
c. organizing
d. controlling
e. planning
c. organizing
15. All of the following are key questions that can reveal internal strengths and weaknesses in the management department except:
a. Is the organization’s structure appropriate?
b. Are reward and control mechanisms effective?
c. Are the organization’s products positioned well among competing products?
d. Does the firm use strategic management concepts?
e. Do managers delegate authority well?
c. Are the organization’s products positioned well among competing products?
16. What category of ratios measures a firm’s ability to meet maturing short-term obligations?
a. Profitability
b. Liquidity
c. Leverage
d. Activity
e. Growth
b. Liquidity
17. What category of ratios includes return on total assets and return on stockholders’ equity?
a. leverage
b. activity
c. profitability
d. growth
e. liquidity
c. profitability
18. Which ratio would be considered an activity ratio?
a. debt-to-equity
b. net profit margin
c. average collection period
d. earnings per share
e. current ratio
c. average collection period
19. Which country has the highest average hourly pay for auto workers?
a. U.S.
b. Canada
c. Japan
d. Germany
e.France
d. Germany
20. Where is the largest seaport, in terms of ship container traffic processed annually?
a. Hong Kong
b. Shanghi
c. Singapore
d. Los Angeles
e. New York
c. Singapore
21. __________ become(s) __________ only when they are evaluated, filtered, condensed, analyzed and organized for a specific purpose, problem, individual, or time.
a. Information; data
b. Information; material
c. Data; information
d. Data; competitive advantages
e. competitive advantages; material
c. Data; information
22. The process whereby a firm determines the costs associated with organizational activities from purchasing raw materials to manufacturing products to marketing those products is called
a. the resource-based approach.
b. value chain analysis.
c. strategic cost analysis.
d. the internal factor evaluation matrix.
e. cost-benefit analysis.
b. value chain analysis.
23. The initial step to implementing value chain analysis is
a. attaching a cost to each discrete activity.
b. establishing costs in terms of time.
c. establishing costs in terms of money.
d. converting the cost data into information by looking for competitive cost strengths and weaknesses.
e. dividing a firm’s operations into specific activities or business processes.
e. dividing a firm’s operations into specific activities or business processes.