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Questions and Answers of
Management Accounting
A business that has found ways to use technology to outperform its rivals in the marketplace can be said to have gained ____________.(a) environmental capital(b) competitive advantage(c) sustainable
Apps for an Apple iPhone or Google Android phone are examples of ____________ innovations, whereas the use of robotics in performing manufacturing tasks previously done by humans is an example of
Microcredit lending that makes it possible for poor people to get small loans so they can start small businesses is an example of a business model innovation that is also a ____________
Two dimensions that determine the level of environmental uncertainty are the number of factors in the external environment and the ____________ of these factors.(a) location(b) rate of change(c)
One of the ways that corporations might better take into account their responsibility for being good environmental citizens is to redefine the notion of profit to: Profit = Revenue − Cost of Goods
The three Ps of organizational performance are profit, people, and ____________.(a) philanthropy(b) principle(c) potential(d) planet
What organizational stakeholder must be considered in any serious discussion about how a firm can better fulfill its obligations for sustainable development?(a) owners or investors(b) customers(c)
The first step in Hamel’s wheel of innovation is ____________.(a) imagining(b) assessing(c) experimenting(d) scaling
When a medical device is developed in India so that it can sell at a low price and still deliver high-quality results, and then that device is transferred for sale in the United States also at a low
What term is used to describe the world’s supply of natural resources, things like land, water, and minerals?(a) sustainable development(b) global warming(c) climate justice(d) environmental capital
Enhanced health benefits for employees, flexible work hours to balance work and family responsibilities, and programs to help employees deal with stress in their lives are ways organizations might
Who and/or what should be considered as key stakeholders by a business executive when mapping the task environment for her organization?
Exactly how should “sustainability” be best defined when making it part of a goal statement or strategic objective for a business or nonprofit organization?
How does the process of reverse innovation work?
At a reunion of graduates from a school of business at the local university, two former roommates engaged in a discussion about environment and sustainability. One is a senior executive with a global
The reasons why businesses go international include gaining new markets, finding investment capital, and reducing ____________.(a) political risk(b) protectionism(c) labour costs(d) most favoured
When shoe maker Rocky Brands decided to buy full ownership of a manufacturing company in the Dominican Republic, Rocky was engaging in which form of international business?(a) import/export(b)
A form of international business that falls into the category of a direct investment strategy is ____________.(a) exporting(b) joint venture(c) licensing(d) global sourcing
The World Trade Organization would most likely become involved in disputes between countries over ____________.(a) exchange rates(b) ethnocentrism(c) nationalization (d) tariff s
Business complaints about copyright protection and intellectual property rights in some countries illustrate how differences in ____________ can affect international operations.(a) legal
In ____________ cultures, members tend to do one thing at a time; in ____________ cultures, members tend to do many things at once.(a) monochronic, polychronic(b) polycentric, geocentric(c)
A culture that places great value on expressing meaning in the written or spoken word is described as ____________ by Hall.(a) monochronic(b) proxemic(c) collectivist(d) low-context
It is common in Malaysian culture for people to value teamwork and to display great respect for authority. Hofstede would describe this culture as high in both ____________.(a) uncertainty avoidance
In Hofstede’s study of national cultures, Canada was found to be the most ____________ compared with other countries in his sample.(a) individualistic(b) collectivist(c) feminine(d) long-term
It is ____________ when a foreign visitor takes offence at a local custom such as dining with one’s fingers, considering it inferior to practices of his or her own culture.(a) universalist(b)
When a company buys cotton in Egypt, has tops sewn from it in Sri Lanka according to designs made in Italy, and then offers the garments for sale in the United States, this form of international
The difference between an international business and a transnational corporation is that the transnational ____________.(a) tries to operate around the world without a strong national identity(b)
The Corruption of Foreign Public Officials Act makes it illegal for ____________.(a) Canadians to engage in joint ventures abroad(b) foreign businesses to pay bribes to Canadian government
When a member of a cross-cultural team is hesitant to speak up and offer ideas, defers to the team leader, and avoids accepting praise for individual work, the person is displaying characteristics
Hofstede would describe a culture whose members respect age and authority and whose workers defer to the preferences of their supervisors as ____________.(a) low masculinity(b) high particularism(c)
Why do host countries sometimes complain about how global corporations operate within their borders?
Why is the “power-distance” dimension of national culture important in management?
What is the difference between a culture that is tight and one that is loose?
How do regional economic alliances affect the global economy?
Monique has just returned from her first business trip to Japan.While there, she was impressed with the intense use of work teams.Now back in Quebec, she would like to totally reorganize the
____________ is one of the personality characteristics commonly found among entrepreneurs.(a) External locus of control(b) Inflexibility(c) Self-confidence(d) Low self-reliance
When an entrepreneur is comfortable with uncertainty and willing to take risks, these are indicators of someone with a(n) ____________.(a) high tolerance for ambiguity(b) internal locus of control(c)
For entrepreneurs, what is a new form of venture capitalization?(a) Crowdfunding(b) Business plan competitions(c) Business incubation(d) Debt financing
When a business owner sells to another person the right to operate that business in another location, this is a business form known as a ____________.(a) conglomerate(b) franchise(c) joint venture(d)
A small business owner who is concerned about passing the business on to heirs after retirement or death should prepare a formal ____________ plan.(a) retirement(b) succession(c) franchising(d)
What is one of the most common reasons why new small business start-ups often fail?(a) The founders lack business expertise.(b) The founders are too strict with financial controls.(c) The founders
When a new business is quick to act and captures a market niche before competitors, this is called____________.(a) intrapreneurship(b) an initial public offering(c) succession planning(d) first-mover
When a small business is just starting up, the business owner is typically most focused on____________.(a) gaining acceptance in the marketplace(b) finding partners for expansion(c) preparing an
At which stage in the life cycle of an entrepreneurial firm does the underlying business model begin to work well and growth starts to occur?(a) Birth(b) Early childhood(c) Maturity(d) Breakthrough
A venture capitalist who receives an ownership share in return for investing in a new business is providing ____________ financing.(a) debt(b) equity(c) corporate(d) partnership
In ____________ financing, a business owner borrows money as a loan that must eventually be repaid to the lender along with agreed-upon interest.(a) debt(b) equity(c) partnership(d) limited
The people who take ownership shares in new ventures in return for providing the entrepreneurs with critical start-up funds are called ____________.(a) business incubators(b) angel investors(c)
The ____________ form of small business ownership protects owners from any personal losses greater than their original investments, while the ____________ form separates them completely from any
The first component of a good business plan is usually a/an ____________.(a) industry analysis(b) marketing strategy(c) executive summary of mission and business model(d) set of financial milestones
If a new venture has reached the point where it is pursuing an IPO, the firm is most likely ____________.(a) going into bankruptcy(b) trying to find an angel investor(c) filing legal documents to
What are the major stages in the life cycle of an entrepreneurial firm, and what are the management challenges at each stage?
What are the advantages of a limited partnership form of small business ownership?
Assume for the moment that you have a great idea for a potential Internet-based start-up business. In discussing the idea with a friend, she advises you to be very careful to tie your business idea
Among the ways information technology is changing organizations today, ____________ is one of its most noteworthy characteristics.(a) eliminating need for top managers(b) reducing information
Whereas management information systems use the latest technologies to collect, organize, and distribute data, ____________ involves tapping the available data to extract and report it in organized
A manager who is reactive and works hard to address problems after they occur is known as a ____________.(a) problem seeker(b) problem avoider(c) problem solver(d) problem manager
A(n) ____________ thinker approaches problems in a rational and an analytic fashion.(a) systematic(b) intuitive(c) internal(d) external
A person likes to deal with hard facts and clear goals in a decision situation; she also likes to be in control and keep things impersonal.This person’s cognitive style tends toward
The assigning of probabilities for action alternatives and their consequences indicates the presence of ____________ in the decision environment.(a) certainty(b) optimizing(c) risk(d) satisficing
The first step in the decision-making process is to ____________.(a) identify alternatives(b) evaluate results(c) find and define the problem(d) choose a solution
Being asked to develop a plan to increase international sales of a product is an example of the types of ____________ problems that managers must be prepared to deal with.(a) routine(b)
Costs, timeliness, and ____________ are among the recommended criteria for evaluating alternative courses of action.(a) ethical soundness(b) competitiveness(c) availability(d) simplicity
A common mistake made by managers in crisis situations is that they ____________.(a) try to get too much information before responding(b) rely too much on group decision-making(c) isolate themselves
The ____________ decision model views managers as making optimizing decisions, whereas the ____________ decision model views them as making satisficing decisions.(a) behavioural, human relations(b)
When a manager makes a decision about someone’s annual pay raise only after looking at his or her current salary, the risk is that the decision will be biased because of ____________.(a) a framing
When a problem is addressed according to the positive or negative context in which it is presented, this is an example of ____________.(a) framing error (b) escalating commitment (c) availability and
When a manager decides to continue pursuing a course of action that facts otherwise indicate is failing to deliver desired results, this is called ____________.(a) strategic opportunism(b) escalating
Personal creativity drivers include creativity skills, task expertise, and ____________.(a) emotional intelligence(b) management support(c) organizational culture(d) task motivation
As a participant in a new mentoring program between your university and a local high school, you have volunteered to give a presentation to a Grade 10 class on the challenges in the new “electronic
Planning is the process of __________ and __________.(a) developing premises about the future, evaluating them(b) measuring results, taking corrective action(c) measuring past performance, targeting
The benefits of planning include __________.(a) improved focus(b) lower labour costs(c) more accurate forecasts(d) higher profits
In order to help implement its corporate strategy, a business firm would likely develop a__________ plan for the marketing department.(a) functional(b) single-use(c) production(d) zero-based
__________planning identifies alternative courses of action that can be taken if and when certain situations arise.(a) Zero-based(b) Participative(c) Strategic(d) Contingency
The first step in the control process is to __________.(a) measure actual performance(b) establish objectives and standards(c) compare results with objectives(d) take corrective action
A sexual harassment policy is an example of__________ plans used by organizations.(a) long-term(b) single-use(c) standing-use(d) operational
When a manager is asked to justify a new budget proposal on the basis of projected activities rather than past practices, this is an example of __________budgeting.(a) zero-based(b) variable(c)
One of the benefits of participatory planning is __________.(a) reduced time for planning(b) less need for forecasting(c) greater attention to contingencies(d) more commitment to implementation
The ideal situation in a hierarchy of objectives is that lower-level plans become the__________ for accomplishing higher-level plans.(a) means(b) ends(c) scenarios(d) benchmarks
When managers use the benchmarking approach to planning, they __________.(a) use flexible budgets(b) identify best practices used by others(c) are seeking the most accurate forecasts that are
One of the problems in relying too much on staff planners is __________.(a) a communication gap between planners and implementers(b) lack of expertise in the planning process(c) short-term rather
The planning process isn’t complete until __________.(a) future conditions have been identified(b) stretch goals have been set(c) plans are implemented and results evaluated(d) budgets commit
When a team leader is trying to follow an approach known as management by objectives, who should set a team member’s performance objectives?(a) The team member(b) The team leader(c) The team leader
A good performance objective is written in such a way that it __________.(a) has no precise timetable(b) is general and not too specific(c) is almost impossible to accomplish(d) can be easily measured
Which type of plan is used to guide resource allocations for long term advancement of the organization’s mission or purpose?(a) Tactical(b) Operational(c) Strategic(d) Functional
List five steps in the planning process.
Put yourself in the position of a management trainer. You have been asked to make a short presentation to the local Business Improvement Association at its biweekly luncheon. The topic you are to
After objectives and standards are set, what step comes next in the control process?(a) Measure results.(b) Take corrective action.(c) Compare results with objectives.(d) Modify standards to fit
When a soccer coach tells her players at the end of a game, “I’m pleased you stayed with the game plan,” she is using a/an________ to measure performance, even though in terms of outcomes her
When an automobile manufacturer is careful to purchase only the highest-quality components for use in production, this is an example of an attempt to ensure high performance through________
Management by exception means ________.(a) managing only when necessary(b) focusing attention where the need for action is greatest(c) the same thing as concurrent control(d) the same thing as
When a supervisor working alongside an employee corrects him or her when a mistake is made, this is an example of________ control.(a) feedforward(b) concurrent(c) internal(d) clan
If an organization’s top management visits a firm in another industry to learn more about its excellent record in hiring and promoting visible minority and female candidates, this is an example of
The control equation states:________ = Desired Performance −Actual Performance.(a) Problem Magnitude(b) Management Opportunity(c) Planning Objective(d) Need for Action
When a UPS manager compares the amount of time a driver takes to make certain deliveries against standards set through a quantitative analysis of her delivery route, this is known as ________.(a) a
Projects are unique one-time events that ________.(a) have unclear objectives(b) must be completed by a specific time(c) have unlimited budgets(d) are largely self-managing
The ________chart graphically displays the scheduling of tasks required to complete a project.(a) exception(b) Taylor(c) Gantt(d) after-action
When one team member advises another team member that“your behaviour is crossing the line in terms of our expectations for workplace civility,” she is exercising a form of________ control over
In a CPM/PERT analysis the focus is on________ and the events that link them together with the finished project.(a) costs, budgets(b) activities, sequences(c) timetables, budgets(d) goals, costs
If fixed costs are $10,000, variable costs are $4 per unit, and the target selling price per unit is $8, what is the breakeven point?(a) 2(b) 500(c) 2,500(d) 4,800
Among the financial ratios used for control, Current Assets/Current Liabilities is known as the ________.(a) debt ratio(b) net margin(c) current ratio(d) inventory turnover ratio
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