2012 short answer

13 Pages
217 Views
Unlock Document

Department
Management (MGT)
Course
MGTA01H3
Professor
Daga
Semester
Winter

Description
MGTA04 Midterm – October 2012 MGTA04 – Introduction to Management II Professor Chris Bovaird October 27, 2012 Multiple Choice Booklet Family Name: _________________________ First Name: __________________________ Student Number: ___________________________ INSTRUCTIONS 1. On the Scantron answer sheet, you must PRINT your family name, PRINT your given name PRINT your student number 2. On the Scantron answer sheet, you must fill in all the appropriate bubbles corresponding to your name, fill in all the appropriate bubbles corresponding to your student number Instructions 1-2 (above) are an integral part of the examination. Failure to comply with these simple instructions causes additional work, delay and confusion. If you fail to follow the above instructions (1-2), you will have 5 marks deducted from your grade on this exam! 4. NO AIDS (i.e. calculators) are allowed. 5. When entering your answers on the Scantron sheet: Use a medium (HB) pencil Fill in the bubbles neatly and completely Erase any changes as completely as possible Be very careful to place each answer in the correct place 6. This booklet consists of 51 multiple choice questions. 7. Total time for the exam is 90 minutes. 8. This exam consists of 13 numbered pages, including this one. Please check that you have all the pages. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which of the following is the most common reason for increases in labour productivity? a) the dollar value of output is increased by raising prices b) inflation increases the value of the output c) the number of workers is increased Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada Page 1 www.utsc.utoronto.ca/mgmt MGTA04 Midterm – October 2012 d) non-labour resources are added so that fewer workers can accomplish more e) wages for workers are reduced 2) Under which condition is owners' equity positive? a) assets and liabilities are equal b) debits exceed credits c) liabilities are greater than assets d) assets are greater than liabilities e) credits exceed debits 3) Which of the following statements best summarizes the purpose behind the marketing process? The purpose of marketing is to: a) attain the largest possible share of the overall market. b) convince customers to buy whatever a firm is trying to sell. c) ensure a profit for the firm so that the organization can satisfy its stakeholders. d) do whatever it takes to satisfy the customer, even if the welfare of other stakeholders is adversely affected. 4) Which of the following is a key distinction between a good and a service? a) Goods last at least one year, while services are used up in less than one year. b) A good is a product produced by a firm seeking a profit, while a service is a product produced by a nonprofit organization. c) Goods are tangible products, while services are intangible products. d) Goods are sold in the marketplace, while services are provided through the government sector. 5) When GM offers compact cars, vans, trucks, luxury cars, and sports cars with various features at various price levels it is trying to provide a vehicle for every: a) segment b) prospect c) customer d) market 6) Low quality hurts Canadian business productivity because a) products that don’t work as they should need to be repaired or replaced b) our comparative advantage lies in high value, high technology items c) products that don’t have elaborate features do not generate high sales values d) low quality products tend to be imported from emerging economies 7) Supply chain management is Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada Page 2 www.utsc.utoronto.ca/mgmt MGTA04 Midterm – October 2012 a) the principle that all employees are valuable contributors to a firm's business, and should be entrusted with decisions regarding their work. b) the redesigning of business processes to improve performance, quality, and productivity. c) the principle of a business communicating with all of its customers and suppliers as an integrated unit, in order to improve the overall flow of resources through the system. d) a program certifying that a factory, laboratory, or office has met the quality Evaluation of alternatives 8) Which of the following is an advantage to a firm with increasing productivity? a) the firm can afford to pay workers higher wages without raising prices b) workers will not want to unionize c) raw materials will decline in price d) machine breakdowns will be less likely e) the standard of living of its employees will fall 9) Which of the following is an effective method for improving success in quality efforts? a) distribute quality inspectors who will inspect every component of the product b) establish a separate quality control department c) train quality inspectors in inspection techniques d) use statistical process control methods throughout the production process e) hire better trained and qualified employees 10) Agents at Plutocrat Realtors decided that they do not want to service any homes that are valued at less than $500,000. They realize this will limit their business, but they feel ______________ will work for them. a) inverted targeting b) regressive positioning c) economic segmentation d) demographic segmentation Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada Page 3 www.utsc.utoronto.ca/mgmt MGTA04 Midterm – October 2012 11) What purpose does the balance sheet serve? a) it shows investors how much profit the firm made during the last year b) it shows a firm's financial condition on a particular date in terms of its assets, liabilities, and owners' equity c) it shows short- and long-term liquidity ratios, profitability ratios, and activity ratios d) it shows the stock price of the firm during the last year and how much fluctuations there have been in the stock price e) it shows a firm's sources and uses of cash 12) Which of the following is not one of the variables considered when segmenting a market? a) geographic variables b) demographic variables c) product-use variables d) psychographic variables e) product differentiation 13) One of the key differences between service and manufacturing operations is: a) services focus on the outcome of the production process b) manufacturing operations feature a unique link between process and outcome c) services are performed, and goods are produced d) manufacturing products are characterized by intangibility, and customization e) manufacturing operations are less storable 14) When a business sells a product that fails to satisfy customer needs, it incurs many extra costs. Each of the following is a cost of correcting product failure, except: a) refunds to customers b) factory recalls c) transportation costs to return bad boxes to the factory d) possible lawsuits e) higher wages 15) Which term is used to identify the assets that can be or will be converted into cash in the following year? a) intangible assets b) quick ratio c) current liabilities d) depreciation e) current assets 16) A current liability is a) additional money, above proceeds from a stock sale, paid directly to a firm by its owners. b) the amount paid for an existing business above the value of its other assets. Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada Page 4 www.utsc.utoronto.ca/mgmt MGTA04 Midterm – October 2012 c) a debt that is not due for at least one year. d) a debt that must be paid within the year. e) the process of distributing the cost of an asset over its useful life 17) Owners' Equity is __________ a) the profits earned by and reinvested in the company. b) any economic resource expected to benefit a firm or an individual who owns it. c) the amount of money originally invested in a business by its owners. d) a debt owed by a firm to an outside organization or individual. 18) Location planning is best explained as a) the managerial decision as to where best to locate one’s facilities in order to maximize profits b) the managerial decision as to where best to locate one’s facilities in order to maximize revenues c) the managerial decision as to where best to locate one’s facilities in order to minimise costs d) the managerial decision as to where best to locate one’s facilities in order to minimise delivery times 19) As the plane moves to its takeoff position, there are 20 empty seats. This illustrates the unique service characteristic of _________. a) customized b) intangible c) leveraged d) flexible e) unstorable 20) Which of the following best describes materials management? a) A production schedule specifying the sequence and critical path for performing the steps in a project b) planning organizing and controlling the flow of materials from design through distribution of finished goods c) a production control activity for ensuring that production decisions are being implemented d) the use of standard and uniform components in the production process e) a production schedule diagramming the steps in a project and specifying the time required for each. 21) An important aspect of operations is location planning. When location planning for a service, there are different things to consider for high-contact versus low-contact services. A key difference would be: a) high contact service must locate in a place that maximizes profits, but a low contact service must locate in a place that minimizes costs. Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada Page 5 www.utsc.utoronto.ca/mgmt MGTA04 Midterm – October 2012 b) low contact service can be located anywhere that is close to inputs (labour, raw materials), but a high contact service must balance the need to be close to inputs with the need to be close to customers. c) a low contact service must locate in a place that maximizes profits, but a high contact service must locate in a place that minimizes costs. d) a high contact service must locate in a place that maximizes revenues, but a low contact service must locate in order to minimize costs 22) Groups of people with similar wants and needs that can be expected to show interest in the same products are called: a) customers b) potential customers c) target markets d) homogeneous segments e) prospects 23) Wedding gowns, Rolex watches, Godiva chocolates, and Rolls Royces are examples of ___________ goods. a) convenience b) shopping c) impulse d) coincidental e) specialty 24) Demographics can include: a) education, life cycle, and gender. b) race, education, life cycle, and gender. c) gender. d) life cycle and gender. e) None of the above. 25) Financial accounting is a) a bookkeeping system that balances the accounting equation by recording the dual effects of every financial transaction. b) the rules and procedures governing the content and form of financial reports. c) a field of accounting that serves internal users of a company's financial information. d) the field of accounting concerned with external users of a company's financial information. e) a systematic examination of a company's accounting system to determine whether its financial reports fairly represent its operations. Management, 1265 Military Trail, Toronto, ON, M1C 1A4, Canada Page 6 www.utsc.utoronto.ca/mgmt MGTA04 Midterm – October 2012 26) As the operations mamger for XYZ company your job includes helping to decide the capacity of the company’s new manufacturing facilty in Calgary, Alberta. You must make the factory large enough to satisfy forcast demand in Western Canada, but you want to be careful not to build too large a factory, What is one reason why it is a bad idea for a company to have excess capacity? a) wastes raw materials b) decreases form utility c) ties up money in extra machines d) increases customer dissatisfaction e) slows delivery of product 27) Which financial statement shows the cost of obtaining materials to make products that were sold during the year? a) statement of retained earnings b) balance sheet c) operating expenses statement d) income statement e) statement of cash flows 28) What does return on equity measure?
More Less

Related notes for MGTA01H3

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit