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UNIT 1 QUIZ 1. Question : Corporate management is required to identify and solve problems from a cross-functional view. Instead of viewing a problem as related to a specific business function, management solves these problems by combining skills from different functions simultaneously. This approach is called: Student Answer: Inclusive approach. Integrative approach. Intra-function approach. Multilateral approach.
Question 2. Question : When managers produce value for the customer, their orientation consists of all the following except: Student Answer: Quality and Service. Timeliness of delivery. The ability to respond to the customer's desire for specific features.
State of the art manufacturing facilities.
Question 3. Question : Non-financial measures of operations include all the following except: Student Answer: Stock price. Product quality. Customer satisfaction. Market share.
Question 4. Question : The competitive strategy in which the firm succeeds by developing and maintaining a unique value for the product, as perceived by the customer, is termed: Student Answer: Differentiation. Specialization advantage. Design strategy. Benchmarking. Product Specialization.
Question 5. Question : The differentiation strategy requires all of the following resources, except: Student Answer:
Strong marketing capability. Long tradition in the industry or unique skills. Product engineering. Products designed for ease of manufacture.
Question 6. Question : The main objective of value chain analysis is to identify stages of the value chain where the firm can: Student Answer: Justify increases in the price of the product or service. Increase value to the customer or reduce cost in some way. Outsource production to other producers. Improve efficiency UNIT 1 QUIZ Question 7. Question : SWOT analysis, a valuable analysis tool, stands for: Student Answer: Strengths - Workability - Opportunities - Threats. Strategies - Weaknesses - Opportunities - Threats. Strengths - Weaknesses - Observations - Threats. Strengths - Weaknesses - Opportunities - Threats.
Question 8. Question : Which of the following is not an environmental performance indicator? Student Answer:
Fossil fuel use. Carbon emissions. Pollutants production. All of the above.
Question 9. Question : The main objective(s) of internal accounting controls is/are: Student Answer: To increase customer satisfaction. To increase revenue. To prevent or detect errors and fraudulent acts. To facilitate new product lines.
UNIT 1 QUIZ Question 10. Question : Prime cost and conversion cost share what common element of total cost? Student Answer: Direct labor. Direct materials. Variable overhead. Fixed overhead.
Question 11. Question : Which of the following should be considered a structural cost driver? Student Answer: Scale. Experience. Complexity. Technology. All of the above.
Question 12. Question : The additional cost incurred as the cost driver increases by one unit is: Student Answer: Average cost. Controllable cost. Variable cost. Unit cost. UNIT 1 QUIZ Question 13. Question : Assume the following information pertaining to a Company: Prime costs = $195,000 Conversion Costs = $221,000 Direct Materials used = $85,000 Beginning Work-in-Process = $98,000 Ending Work-in-Process = $81,000
Cost of goods manufactured is calculated to be: Student Answer: $289,000. $348,000. $314,000. $297,000. $323,000.
Question 14. Question : Factory overhead costs for a given period were 2 times as much as the direct material costs. Prime costs totaled $8,000. Conversion costs totaled $11,350. What are the direct labor costs for the period? Student Answer: $4,650. $3,560. $4,200. $3,860.
UNIT 1 QUIZ
Question 15. Question : Assume the following information pertaining to a Company: Prime costs = $195,000 Conversion Costs = $221,000 Direct Materials used = $85,000
Beginning Work-in-Process=$98,000 Ending Work-in-Process = $81,000 Factory overhead is calculated to be: Student Answer: $306,000. $26,000. $110,000. $84,000. $111,000.