CH4 Management Competency

Question 1

WHAT IS SOUND JUDGMENT?

Answer 1

A DECISION OR DETERMINATION BY A PERSON WITH AUTHORITY TO DO SO:

1. IN GOOD FAITH
2. DECISION MAKER BELIEVES THE DECISION TO BE COMPETENT, LOGICAL, VALID, BEST INTEREST OF ORG
3. REASONABLE INQUIRY AS AN ORDINARY PRUDENT PERSON IN A LIKE POSITION WOULD USE UNDER SIMILAR CIRCUMSTANCES.
4. DECISION IS TRUSTWORTHY AND FREE FROM ERRORS

Question 2

THE NUMBER OF PEOPLE REPORTING TO ONE MNGR

Answer 2

SPAN OF CONTROL

Question 3

THIS IS THE MGMT FUNCTION THAT INCLUDES ALL THE STEPS REQUIRED TO ENSURE THE ACTIVITIES OF AN ORGANIZATION ARE CONFORMING TO PLANS

Answer 3

CONTROLLING

Question 4

ID A VARIATION OF THE LINE-AND STAFF ORG THAT ADDS HORIZONTAL LINES OF AUTHORITY FROM PRODUCT OR PMs TO TRADITIONAL VERTICAL LINES OF AUTHORITY FROM FUNCTION MGRS

Answer 4

MATRIX MGMT

Question 5

THE ORG’S INSPIRATION, THE FRAMEWORK FOR ALL ITS STRATEGIC PLANNING:
WHERE DO WE WANT TO GO?

Answer 5

VISION STATEMENT

Question 6

METRICS ARE

Answer 6

THE VARIOUS PARAMETERS OR WAYS OF LOOKING AT A PROCESS THAT IS TO BE MEASURED

Question 7

WHICH MGMT SKILL INCLUDES THE ABILITY TO SET PRIORITIES?

Answer 7

TIME MGMT

Question 8

A FAVORABLE PERCEPTION OF A PERSON OR SITUATION BASED ON ONE CHARACTERISTIC IS KNOW AS

Answer 8

HALO EFFECT

Question 9

CUSTOMER VALUE CAN BE DESCRIBED AS?

Answer 9

THE RATIO OF BENEFITS TO SACRAFICE A CUSTOMER IS WILLING TO MAKE FOR A PRODUCT

Question 10

IF YOU ARE DESIGNING ACTIVITIES RELATING TO MARKETING OBJECTIVES AND THE CHANGING MARKETING ENVIRONMENT - YOU ARE ENGAGING IN?

Answer 10

MARKETING PLANNING

Question 11

A STRATEGY FOR INCREASING SALES BY INTRODUCING NEW PRODUCTS INTO NEW MARKETS?

Answer 11

DIVERSIFICATION

Question 12

COMPREHENSIVE MONEY-BACK GUARANTEE OR REFUND POLICIES MAY HELP A COMPANY REDUCE THE EFFECTS OF?

Answer 12

COGNITIVE DISSONANCE

Question 13

WHICH 3 CATEGORIES MUST A SUPPLY CHAIN MGR ANALYZE BEFORE CHOOSING A MARKETING CHANNEL?

Answer 13

MARKET, PRODUCT AND PRODUCER

Question 14

ELASTIC DEMAND OCCURS WHEN?

Answer 14

CONSUMERS WILL BUY MORE OR LESS OF A PRODUCT WHEN THE PRICES CHANGES

Question 15

PRODUCTIVITY IS EXPRESSED AS?

Answer 15

OUTPUT DIVIDED BY INPUT

Question 16

SRVC DESIGN DIFFERS FROM PRODUCT DESIGN IN WHAT WAY?

Answer 16

THERE IS LESS LADITUDE IN DECTING AND CORRECTING ERRORS PRIOR TO DELIVERY

Question 17

WHAT IS THE TERM THAT INCLUDES THE CONCEPTS, TECHNIQUES, & PRACTIVES USED IN MANAGING OPERATIONS OF AN ORG?

Answer 17

OPERATIONS MGMT

Question 18

WHAT IS CORRECTIVE FEEDBACK?

Answer 18

AN EXCHANGE FROM THE MGR TO TO WORKERS TO POINT OUT MISTAKES AND REDIRECT EFFORT TOWARDS IMPROVEMENT

Question 19

WHAT DESCRIBES THE DEGREE TO WHICH AN ACTIVITY OR INITIATIVE IS SUCCESSFUL IN ACHIEVING A SPECIFIC GOAL?

Answer 19

EFFECTIVENESS

Question 20

WHICH INVENTORY COSTS CONSIST OF 3 SEPARATE COMPONENTS (COST OF CAPITAL, COST OF STORAGE, COST OF OBSOLESCENCE , DETERIORATION, AND LOSS?

Answer 20

CARRYING COSTS

Question 21

THE PURCHASE OF AN ASSET ON CREDIT WILL?

Answer 21

INCREASE TOTAL ASSETS AND TOTAL LIABILITIES

Question 22

A MEANS OF DETERMING THE NUMBER OF GOODS AND SRVCS @ A GIVEN PRICE TO GENERATE SUFFICIENT REVENUE TO COVER COSTS?

Answer 22

BREAK-EVEN ANALYSIS

Question 23

THE PROCESS OF PLANNING FOR THE BEST SELECTION & FINANCING OF LONG-TERM INVESTMENET PROPOSALS, TAKING INTO ACCOUNT THE TIME VALUE OF $

Answer 23

CAPITAL BUDGETING

Question 24

THE DEBT TO EQUITY RATIO ILLUSTRATES THE RELATIONSHIP BETWEEN?

Answer 24

FUNDS FROM CREDITORS AND OWNER(S)

Question 25

THIS RATION MEASURES THE ABILITY OF A FIRM TO PAY ITS SHORT-TERM DEBTS

Answer 25

CURRENT RATIO

Question 26

WHAT IS THE KEY TO MEASURE THE EFFICIENCY OF A BUSINESS FIRM?

Answer 26

ROI

Question 27

WHAT IS THE PURPOSE OF A BALANCE SHEET?

Answer 27

SHOW THE CURRENT FINANCIAL POSITION OF A BUSINESS ON A PARTICULAR DATE

Question 28

WHAT IS THE CORRECT SEQUENCE OF PRESENTATION OF ITEMS ON AN INCOME STATEMENT?

Answer 28

REVENUE
EXPENSES
EXTRAORDINARY ITEMS

Question 29

AAAA REPAIR COMPLETED REPAIR OF $150 ON A CUSTOMER DISHWASHER ON 28JUN; INVOICE AND PAYMENT ARE BOTH MADE ON 7JUL. AS OF 30JUN THE $150 IS?

Answer 29

ACCRUED REVENUE

Question 30

OVER A PERIOD OF TIME IF TOTAL ASSETS INCREASES BY $25k AND TOTAL LIABILITIES INCREASE BY $7K, THE NEW OWNER’S EQUITY WILL INCREASE BY?

Answer 30

$18K

Question 31

WHAT IS NOT CONSIDERED AN ACCOUNT?

Answer 31

LIABILITIES

Question 32

ON AN INCOME STATEMENT THE DIFFERENCE BETWEEN SALES AND COST OF GOODS SOLD IS CALLED?

Answer 32

GROSS PROFIT

Question 33

ECONOMISTS WHO ARE CONCERNED ABOUT STUDYING THE BEHAVIORS OF INDIVIDUAL HOUSEHOLDS, FIRMS, AND INDUSTRIES ARE STUDYIING?

Answer 33

MICROECONOMICS

Question 34

THE DOMESTIC ECONOMY INCLUDES?

Answer 34

HOUSEHOLD, BUSINESS AND GOV SECTORS

Question 35

IF INFLATION AND FLUCTUATIONS OF ECONOMIC ACTIVITY ARE AVOIDED, THEN THE ECONOMY IS BETTER ACHIEVING THE GOAL OF?

Answer 35

STABILITY

Question 36

A BUSINESS CYCLE CONTRACTION TENDS TO CAUSE?

Answer 36

HIGH OR RISING UNEMPLOYMENT

Question 37

WHICH OF THE FOLLOWING STATEMENTS IS NOT ONE OF THE 4 BASIC LAWS OF SUPPLY & DEMAND?

Answer 37

IF SUPPLY INCREASES AND DEMAND DECREASES, THEN IT LEADS TO LOWER EQUILIB PRICE & HIGHER QTY

Question 38

UNDER FREE TRADE, WORLD PRICES FOR EXPORTS AND IMPORTS WOULD BE SUCH THAT?

Answer 38

THE QTY SUPPLIED BY EXPORTERS WOULD EQUAL THE QTY DEMANDED BY IMPORTERS

Question 39

THE AMOUNT OF BENEFIT (SATISFACTION) A CONSUMER RECEIVES FROM A GOOD OR SERVICE IS REFERRED TO AS

Answer 39

UTILITY

Question 40

WHAT IS TRANSPARENCY?

Answer 40

THE ABILITY TO BE OPEN AND HONEST WITH NO INTENT TO DECEIVE OR MISLEAD