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Chapter 17 Review

Quiz by Meredith Schwartzlose

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20 questions
Show answers
  • Q1
    Which of the following statements is true?
    Most managers make decisions without any information.
    The more information a manager has, the more risk there is when making a decision.
    Risk improves decision making.
    The more information a manager has, the less risk there is when making a decision.
    30s
  • Q2
    On its company computer system, Gymboree has numerical and verbal descriptions about its suppliers and their prices, which as a whole is called _________. Managers can access and use this to make decisions about suppliers.
    data structure
    reference price
    information point
    a database
    30s
  • Q3
    Randy is shopping for an all-in-one printer/copier/scanner/fax machine. He decides to purchase a certain model because it has the highest price, so Randy assumes it must have the highest quality. Randy has applied a(n) ____ in making his decision.
    reference point
    database
    data structure
    information rule
    30s
  • Q4
    The purpose of _____ is to distribute timely and useful information from both internal and external sources to the decision makers who need it.
    a manager awareness program
    a computer information program
    entrepreneurial information software
    a management information system
    30s
  • Q5
    Operations managers need management information in all of the following area except
    fund capitalization needs
    current inventory levels
    availability of resources
    the cost of production
    30s
  • Q6
    From an executive's viewpoint, which of the following statements does not describe an executive's motivation to "cook" a firm's books?
    The desire to look good in the local newspapers or financial publications.
    The desire to impress Wall Street analysts
    The desire to be ethical
    The desire to impress the firm's investors
    30s
  • Q7
    Most data gathered for an MIS comes from
    customers
    internal sources
    external sources
    bankers
    30s
  • Q8
    The following quotation would most likely be found in the _____ of a business report: "This report evaluates the significant decrease in sales experienced in the previous quarter and incorporates the results of surveys and interviews with customers, management, and economists."
    conclusion
    analysis
    recommendations
    body
    30s
  • Q9
    The purpose of an audit is to ensure that financial statements have been prepared according to
    international accounting standards
    the industry's standards
    generally accepted principles (GAAP)
    the particular company's standards
    30s
  • Q10
    The ______ created the IFRS, accounting standards used in more than 100 countries.
    Generally Accepted Accounting Principles
    Certified Public Accountant
    International Accounting Standards Board
    Financial Accounting Standards Board
    30s
  • Q11
    A public corporation must change its lead auditing firm
    every two years
    every ten years
    every year
    every five years
    30s
  • Q12
    Earnst & Young, KPMG, and Price Waterhouse Coopers are all
    management consultants
    financial intermediaries
    public accounting firms
    private accounting firms
    30s
  • Q13
    An airplane that FedEx owns and uses to deliver packages is a(n) ____ of FedEx.
    expense
    liability
    asset
    owner's equity
    30s
  • Q14
    In order for The Gift Market, a local specialty store, to purchase Christmas merchandise for selling in its store, it had to borrow money from a local bank. This debt owed to the bank is a(n) ______.
    expense
    owner's equity
    asset
    liability
    30s
  • Q15
    If the assets of Martin's Pet Store are $107,000 and the owner's equity is $75,000, which of the following is a true statement?
    The owner's investment equals $182,000
    The new income for the period is $32,000
    The current assets are worth $32,000
    The liabilities are $32,000
    30s

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