nit 1 : Unit 1: Introduction to Strategy, Cost Management and Cost Systems – Quiz

1.With regard to critical success factors, which one of the following would not be considered a financial measure of success? (Points : 2)

2.In the current business environment, companies cannot survive without a long-term strategy. What exactly should an effective strategy include? (Points : 2)

3.It is becoming more common to see manufacturing firms use the value chain to take strategic steps to improve the overall profitability of the firm by: (Points : 2)

4.Sustainability is the balancing of short and long term goals in all three dimensions of the company’s performance. Those three areas are: (Points : 2)

5.The following problems have occurred at your company: management seems to be making decisions based on guesses and intuition, there’s a lack of clarity concerning direction and goals, and profitable opportunities are being missed. What is your company suffering from? (Points : 2)

6.The additional cost incurred as the cost driver increases by one unit is: (Points : 2)

7.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: (Points : 2)

8.The cause and effect relationships among critical success factors are best captured in: (Points : 2)

9.NAFTA and WTO refer to (Points : 2)

10.The main objective(s) of internal accounting controls is/are: (Points : 2)

11.Which of the following aspect of a contemporary management technique is a framework and process that organizations use to manage the occurrence of possible events that could negatively or positively affect the company’s competitiveness and success? (Points : 2)

12.The change in total cost associated with each change in the quantity of the cost driver is: (Points : 2)

13.Any product, service, or organizational unit to which costs are assigned for some management purpose is a(n): (Points : 2)

14.Which of the following aspects of the contemporary business environment involves using statistical methods such as regression or correlation analysis to predict consumer behavior, to measure customer satisfaction, or to develop models for setting prices, among other uses? (Points : 2)

15.In order to assure that accounting information is accurate and to avoid potentially costly mistakes in the decision making process, firms should: (Points : 2)

16.Strategic analysis uses which of the following to help a firm improve its competitive position through an analysis of product and production complexity? (Points : 2)

17.Which one of the following would not be found in a merchandising company? (Points : 2)

18.Using value-chain analysis, a firm can develop a competitive advantage by specifically looking for ways to: (Points : 2)

19.The strategy map is a tool that is used (Points : 2)

20.Which of the following could be considered part of the value chain in a service firm? (Points : 2)

21.Which of the following types of organizations can most benefit from value chain analysis? (Points : 2)

22.The cost of goods that were finished and transferred out of work-in-process during the current period is: (Points : 2)

23.Which of the following is normally considered to be a product cost? (Points : 2)

24.Which of the following is the primary user of management accounting information regarding business units? (Points : 2)

25.After critical success factors (CSFs) have been identified, the next step in developing a competitive strategy is to develop relevant and reliable measures for these CSFs. These measures are important to help the organization: (Points : 2)