UNIT 1 QUIZ\t1. Question : Corporate management is required to identify and solve problems\tfrom a cross-functional view. Instead of viewing a problem as\trelated to a specific business function, management solves these\tproblems by combining skills from different functions\tsimultaneously. This approach is called:\tStudent Answer:\tInclusive approach.\tIntegrative approach.\tIntra-function approach.\tMultilateral approach.\t\u00a0\tQuestion 2. Question : When managers produce value for the customer, their orientation\tconsists of all the following except:\tStudent Answer:\tQuality and Service.\tTimeliness of delivery.\tThe ability to respond to the customer’s desire for specific\tfeatures.\tState of the art manufacturing facilities.\t\u00a0\tQuestion 3. Question : Non-financial measures of operations include all the following\texcept:\tStudent Answer:\tStock price.\tProduct quality.\tCustomer satisfaction.\tMarket share.\t\u00a0\t\u00a0\tQuestion 4. Question : The competitive strategy in which the firm succeeds by\tdeveloping and maintaining a unique value for the product, as\tperceived by the customer, is termed:\tStudent Answer:\tDifferentiation.\tSpecialization advantage.\tDesign strategy.\tBenchmarking.\tProduct Specialization.\t\u00a0\tQuestion 5. Question : The differentiation strategy requires all of the following resources,\texcept:\tStudent Answer:\tStrong marketing capability.\tLong tradition in the industry or unique skills.\tProduct engineering.\tProducts designed for ease of manufacture.\t\u00a0\tQuestion 6. Question : The main objective of value chain analysis is to identify stages of\tthe value chain where the firm can:\tStudent Answer:\tJustify increases in the price of the product or service.\tIncrease value to the customer or reduce cost in some way.\tOutsource production to other producers.\tImprove efficiency\tUNIT 1 QUIZ\tQuestion 7. Question : SWOT analysis, a valuable analysis tool, stands for:\tStudent Answer:\tStrengths – Workability – Opportunities – Threats.\tStrategies – Weaknesses – Opportunities – Threats.\tStrengths – Weaknesses – Observations – Threats.\tStrengths – Weaknesses – Opportunities – Threats.\t\u00a0\t\u00a0\tQuestion 8. Question : Which of the following is not an environmental performance\tindicator?\tStudent Answer:\tFossil fuel use.\tCarbon emissions.\tPollutants production.\tAll of the above.\t\u00a0\t\u00a0\tQuestion 9. Question : The main objective(s) of internal accounting controls is\/are:\tStudent Answer:\tTo increase customer satisfaction.\tTo increase revenue.\tTo prevent or detect errors and fraudulent acts.\tTo facilitate new product lines.\t\u00a0\t\u00a0\tUNIT 1 QUIZ\tQuestion 10. Question : Prime cost and conversion cost share what common element of\ttotal cost?\tStudent Answer:\tDirect labor.\tDirect materials.\tVariable overhead.\tFixed overhead.\t\u00a0\t\u00a0\tQuestion 11. Question : Which of the following should be considered a structural cost\tdriver?\tStudent Answer:\tScale.\tExperience.\tComplexity.\tTechnology.\tAll of the above.\t\u00a0\t\u00a0\tQuestion 12. Question : The additional cost incurred as the cost driver increases by one\tunit is:\tStudent Answer:\tAverage cost.\tControllable cost.\tVariable cost.\tUnit cost.\tUNIT 1 QUIZ\tQuestion 13. Question : Assume the following information pertaining to a Company:\tPrime costs = $195,000\tConversion Costs = $221,000\tDirect Materials used = $85,000\tBeginning Work-in-Process = $98,000\tEnding Work-in-Process = $81,000\tCost of goods manufactured is calculated to be:\tStudent Answer:\t$289,000.\t$348,000.\t$314,000.\t$297,000.\t$323,000.\t\u00a0\t\u00a0\tQuestion 14. Question : Factory overhead costs for a given period were 2 times as much as\tthe direct material costs. Prime costs totaled $8,000. Conversion\tcosts totaled $11,350. What are the direct labor costs for the\tperiod?\tStudent Answer: $4,650.\t$3,560.\t$4,200.\t$3,860.\t\u00a0\tUNIT 1 QUIZ\t\u00a0\tQuestion 15. Question : Assume the following information pertaining to a Company:\tPrime costs = $195,000\tConversion Costs = $221,000\tDirect Materials used = $85,000\tBeginning Work-in-Process=$98,000\tEnding Work-in-Process = $81,000\tFactory overhead is calculated to be:\tStudent Answer:\t$306,000.\t$26,000.\t$110,000.\t$84,000.\t$111,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-217246","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/217246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=217246"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/217246\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=217246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=217246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=217246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}