4.In the current business environment, companies cannot survive without a long-term strategy. What exactly should an effective strategy include? (Points : 2)
A set of policies, procedures, and approaches to business that will result in long-term success.
A focus on accurate financial data, thus allowing the firm to effectively compete in any environment.
A focus on long-term nonfinancial information that will provide the company with versatile management techniques capable of being used in a wide variety of situations.
A clear, concise mission statement, naming every product and outlining the company’s long-term goals of success.
5.With the enactment of the Sarbanes-Oxley Act of 2002, all public companies are now required by the SEC to disclose whether or not the company has: (Points : 2)
An audit committee.
Human resources guidelines.
A code of ethics.
A management compensation plan.
6.Which of the following organizations presents awards to firms that excel at execution of strategy, based on criteria such as leadership, marketing, strategic planning and process management? (Points : 2)
International Organization for Standardization.
Malcolm Baldrige National Quality Program.
Global Reporting Initiative.
World Resources Institute.
American Institute of Certified Public Accountants.
7.The additional cost incurred as the cost driver increases by one unit is: (Points : 2)
Average cost.
Controllable cost.
Variable cost.
Unit cost.
8.The cause and effect relationships among critical success factors are best captured in: (Points : 2)
The balanced scorecard
Business intelligence
The value chain
The strategy map
SWOT analysis
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