CHAPTER 1 ACCOUNTING IN ACTION Summary of Questions by STUDY Objectives and Bloom’s Taxonomy |Item | |1. | |51.
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Chapter 01 What Is Strategy and Why Is It Important? Multiple Choice Questions 1. | Managers in all types of businesses must address the central strategic question A. | Where are we now? | B. | Where do we want to go from here? | C. | How are we going to get there? | D. | When will we know we are there? | E. | All of these | | 2. | A company's strategy consists of A. | actions to develop a more appealing business model than rivals. | B. | plans involving
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coordination of daily business functions within an organization. FALSE AACSB: Reflective Thinking AICPA BB: Industry AICPA FN: Decision Making Bloom's: RC Difficulty: Easy Learning Objective: 01-02 Explain four fundamental management processes that help organizations attain their goals. 2. Measuring the performance of managers and subunits is not an objective of managerial accounting. FALSE AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Research Bloom's: RC Difficulty:
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capital investment in the United States in 2013. Answer: TRUE Diff: 2 Page Ref: 5 AACSB: Information technology CASE: Comprehension Learning Objective: 1 - How are information systems transforming business, and what is their relationship to globalization? 2) A business model describes how a company produces, delivers, and sells a product or service to create wealth. Answer: TRUE Diff: 1 Page Ref: 11 AACSB: Application of knowledge CASE: Comprehension Learning Objective: 2 - Why are information
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b. mass c. general d. segmented e. differentiated Answer: b Page: 226 Difficulty: Medium AACSB: Analytic Skills 2. The argument for ________ marketing is that it creates the largest potential market, which leads to the lowest costs, which in turn can lead to lower prices or higher margins. a. niche b. micro c. macro d. differentiated e. mass Answer: e Page: 226 Difficulty: Medium AACSB: Reflective Thinking 3. A ________ consists of a group of customers who share a similar set of needs
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responsive sales are to a change in buyers' incomes. Answer: C Comment: Recurring Diff: 1 Page Ref: 168-169/168-169 Topic: Price Elasticity of Demand Objective: LO1: Define price elasticity of demand and understand how to measure it. AACSB: Reflective Thinking Special Feature: None 2) If the percentage increase in price is 15 percent and the value of the price elasticity of demand is -3, then quantity demanded A) will increase by 45 percent. B) will increase by 5 percent
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achievement of its general vision. ANS: F PTS: 1 REF: Page 98 OBJ: Learning Objective 1 KEY: Knowledge MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills 2. A generic business strategy is one that can be used in all industries and by all types of firms. ANS: T PTS: 1 REF: Page 99 OBJ: Learning Objective 1 KEY: Knowledge MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills 3. Wal-Mart has not adjusted
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the same. Answer: B Page Ref: 4 Objective: Learning Objective 1 Difficulty : Easy AACSB: Analytic 2) Information is A) basically the same as data. B) raw facts about transactions. C) potentially useful facts when processed in a timely manner. D) data that has been organized and processed so that it's meaningful. Answer: D Page Ref: 4 Objective: Learning Objective 1 Difficulty : Easy AACSB: Analytic 3) The value of information can best be defined as A) how useful it is to
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developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities. A) Benchmarking B) SWOT analysis C) Market segmentation D) Strategic planning E) Diversification Answer: D AACSB: Analytical thinking Skill: Concept Objective: LO 2.1: Explain company-wide strategic planning and its four steps. Difficulty: Easy 2) Which of the following is true with regard to strategic planning? A) At the corporate level, the company
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Chapter 01 Limits, Alternatives, and Choices Multiple Choice Questions 1. Economics is the study of: A. increasing the level of productive resources so there is maximum output in society. B. increasing the level of productive resources so there is a minimum level of income. C. how people, institutions, and society make choices under conditions of scarcity. D. the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses. 2. The
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