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Test answers for Corporate Strategy Test 2016

(77) Last updated: March 25
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77 NOT Answered Yet Test Questions:

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1. What is meant by the practice of 'triangulation' in relation to currency trading?

Answers:

• Hedging by converting one currency into two different ones rather than just a simple one-to-one exchange.

• Trading between three currencies to exploit situations where relative values do not change proportionally.

• Minimizing risk by never trading more than a third of the capital available at a time.

• Always seeking external corroboration of factors that may cause currency fluctuation.

2. Organizations typically monitor the 'defect rate' of their production processes. What type of measure is this?

Answers:

• Input

• Output

• Outcome

• None of the above

3. Which of the following is NOT an element in Porter's 'five forces analysis'?

Answers:

• Bargaining power of suppliers

• Threat of economic climate

• Threat of new entrants

• Bargaining power of customers

4. Which of the following statements is/are true?

i)Rumours of an impending takeover by another company will tend to cause the share price to rise.
ii)A 'bear' market is characterized by at least a 20% rise in prices over a period of at least 2 months.

Answers:

• Both (i) and (ii) are true.

• Only (i) is true.

• Only (ii) is true.

• Neither is true.

5. In which of the following planning situations is applying 'game theory' likely to be of least value?

Answers:

• Planning a marketing campaign.

• Preparing for contract negotiations.

• Undertaking a future market analysis.

• Assessing the viability of a new business model.

6. What style of change is referred to by the Japanese term 'Kaizen'?

Answers:

• Transformational change

• Continuous improvement

• People-focused change

• Technology-driven change

7. Which of the following is NOT a reason for a production manager to benchmark output volumes?

Answers:

• Comparing productivity with that of the rivals.

• Improving product specification.

• Motivating employees involved in production.

• Increasing productivity.

8. Which of the following statements is/are true?

i)The local community is relevant as a stakeholder only for public-sector organizations.
ii)Investing resources in addressing local environmental concerns need not have an adverse effect on bottom-line performance.

Answers:

• Both (i) and (ii) are true.

• Only (i) is true.

• Only (ii) is true.

• Neither is true.

9. Organizations may adopt 'time-based management' to improve efficiency. What does this approach involve?

Answers:

• Reducing focus on cost and quality to prioritize schedule.

• Decreasing the time taken to develop, launch and manufacture a product.

• Timing staff productivity to identify potential process improvements.

• The use of IT-based tools to manage schedules.

10. Which of the following statements is/are true?

i)In many countries, the depreciation of assets can be offset against profits to reduce an organization's tax burden.
ii)'Amortization' refers to the depreciation of intangible assets.

Answers:

• Both (i) and (ii) are true.

• Only (i) is true.

• Only (ii) is true.

• Neither is true.

11. Which of the following would NOT be a sensible course of action if a company found that demand was exceeding supply?

Answers:

• Increasing production capacity.

• Setting up a waiting list.

• Outsourcing some production.

• Increasing the marketing budget.

12. Which of the following would be regarded as stakeholders in a steel mill?

i)Stockholders (shareholders)
ii)Customers
iii)Employees

Answers:

• None of the above

• i only

• ii only

• iii only

• i and ii only

• i and iii only

• ii and iii only

• All of the above

13. Which of the following is a / are reason/s for effecting a merger?

i)Synergies between the companies
ii)Potential for cross-selling
iii)Economies of scale

Answers:

• None of the above

• i only

• ii only

• iii only

• i and ii only

• i and iii only

• ii and iii only

• All of the above

14. Which of the following is NOT a means of valuing a company?

Answers:

• Historical earnings valuation

• Sales valuation

• Discounted cash flow valuation

• Asset valuation

15. Which of the following is the 'R' element of the ADKAR model for individual change management?

Answers:

• Reinforcement

• Rules

• Realization

• Respect

16. Which of the following is an/are 'exit barrier/s'?
i)Redundancy costs
ii)Non-transferable fIxed assets
iii)Ongoing contracts

Answers:

• None of the above

• i only

• ii only

• iii only

• i and ii only

• i and iii only

• ii and iii only

• All of the above

17. People can react very differently to change in an organization. Which of the following best describes a 'change evangelist'?

Answers:

• Someone who strongly opposes the change.

• Someone who believes other things are more important.

• Someone who tries to persuade others that the change is positive.

• Someone who understands the true implications of the change.

18. Which of the following statements is/are true?

i)A change 'programme' comprises multiple independent projects.
ii)A change 'programme' should incorporate additional elements such as marketing and training.

Answers:

• Both (i) and (ii) are true.

• Only (i) is true.

• Only (ii) is true.

• Neither is true.

19. What is meant by the term 'blueprint' when applied to an organization's strategy and planning?

Answers:

• A detailed picture of an organization's structure and external dependencies.

• A breakdown of the costs associated with implementing the organization's strategies.

• An aspirational description of how the organization should be at a given point in the future.

• A consultation document designed for senior stakeholders containing proposals about the organization's future direction.

20. The 'Peter Principle' states that employees are promoted to their 'level of incompetence'.  Which of the following are valid approaches to avoiding this conundrum?

i)Never promoting staff, but simply paying them gradually more for their current position.
ii)Assessing employees' suitability for the new post rather than their competence in the existing one.
iii)Introducing more flexible pay structures.

Answers:

• None of the above

• i only

• ii only

• iii only

• i and ii only

• i and iii only

• ii and iii only

• All of the above

21. Which of the following best describes 'scenario planning' as a planning tool?

Answers:

• Considering multiple possible outcomes so that the organization can respond to a range of eventualities.

• Focusing efforts on the most likely outcome so that the organization is ready to respond.

• Using comparisons with past examples to predict likely outcomes.

• Preparing a detailed plan that addresses each stage of a particular scenario.

22. It is difficult for new companies to break into some markets due to factors like expensive infrastructure being required. What are these termed?

Answers:

• Starting overheads

• Set-up costs

• Barriers to entry

• Initial outlay

23. Which of the following statements is/are true?
i)A Private Finance Initiative (PFI) involves a public-sector organization purchasing services from a private-sector company.
ii)PFI contracts tend to be of less than ten years' duration.

Answers:

• Both (i) and (ii) are true.

• Only (i) is true.

• Only (ii) is true.

• Neither is true.

24. Which of the following statements is/are true?

i)All measures should be reported to the senior management.
ii)Decisions should be made on the basis of quantitative data alone.

Answers:

• Both (i) and (ii) are true.

• Only (i) is true.

• Only (ii) is true.

• Neither is true.

25. What is meant by the term 'lobster trap'?

Answers:

• A provision to hinder hostile takeovers.

• A means of artificially inflating the price of a share.

• A takeover target that is not as good value as it might appear.

• A clause that prevents a partner from pulling out of a merger.

26. Which of the following statements is/are true?

i)Regulatory bodies may block a merger to prevent the creation of a monopoly.
ii)Mergers may not involve a cash payment to the target

Answers:

• Both (i) and (ii) are true.

• Only (i) is true.

• Only (ii) is true.

• Neither is true.

27. Which of the following are benefits of monitoring performance?

i)Lower administrative costs.
ii)Making the identification of problems easier.
iii)More accurate evaluation of the impact of new initiatives.

Answers:

• None of the above

• i only

• ii only

• iii only

• i and ii only

• i and iii only

• ii and iii only

• All of the above

28. Which of the following relationships between two companies correspond to the 'symbiosis' model of takeover?

Answers:

• Low strategic interdependence, low need for autonomy

• Low strategic interdependence, high need for autonomy

• High strategic interdependence, low need for autonomy

• High strategic interdependence, high need for autonomy

29. According to the BCG matrix for portfolio analysis, what should a company do where a product has low market share and low growth rate?

Answers:

• Invest

• Liquidate

• Ignore

• Exploit

30. Which of the following statements is/are true?

i)Recruiters should focus on selecting applicants with the skill set currently required by the employees.
ii)A person who has the requisite skills for a position but has not applied is known as a 'passive candidate'.

Answers:

• Both (i) and (ii) are true.

• Only (i) is true.

• Only (ii) is true.

• Neither is true.

31. An acquisition is described as a 'leveraged buyout' when:

Answers:

• the target's board opposes the acquisition.

• the target's shareholders are offered a higher price to persuade them to sell.

• the purchaser raises part of the capital through borrowing.

• the purchase is being made by two or more collaborating companies.

32. Which of the following statements is/are  true?

i)Manufacturing-based companies generally hold more stock than service-based ones.
ii)Companies should always aim at maintaining a large volume of unused stock to avoid interruptions in production.

Answers:

• Both (i) and (ii) are true.

• Only (i) is true.

• Only (ii) is true.

• Neither is true.

33. Due to the time value of money, organizations may seek to cut costs by developing different elements of a new product at the same time rather than consecutively. Which of the following describes this approach?

Answers:

• 'Concurrent development'

• 'Lean production'

• 'Simultaneous engineering'

• 'Just-in-time' production

34. A set of a company's stakeholders (e.g. its creditors) is known as a:

Answers:

• constituency

• conglomerate

• corporation

• collocation

35. What is meant by the term 'learning organization'?

Answers:

• One that has an effective internal staff training programme and takes a close interest in the development of its workforce.

• One that is primarily involved in the education sector.

• One that has recently been created and which has to become excellent by learning from its mistakes.

• One that recognizes the fluidity of its business and adapts accordingly, continuously tracking its performance.

36. Which of the following is NOT a reason for a company to outsource some of its functions to a spin-out company it has created?

Answers:

• The potential for cost reduction.

• Encouraging entrepreneurship in that area.

• Focusing on core competences.

• Reducing risk in that area.

37. Preparing for senior staff retirements so that suitably-skilled replacements are ready to take over their roles is known as:

Answers:

• Succession planning

• Headhunting

• Contingency planning

• Backfilling

38. Which of the following is the most appropriate level for the 'Quick' ('Acid-test') Ratio?

Answers:

• At least 10:1

• Less than 10:1

• At least 1:1

• Less than 1:1

39. Which of the following statements is/are true?

i)Organizations should seek to keep staff turnover as low as possible.
ii)Employing staff on fixed-term contracts enables an organization to respond more dynamically to changing requirements.

Answers:

• Both (i) and (ii) are true.

• Only (i) is true.

• Only (ii) is true.

• Neither is true.

40. What is meant by the term 'horizontal merger'?

Answers:

• Merger of two companies operating within the same sector.

• Merger of two companies of similar size.

• A merger where the board of the resultant company will comprise equal number of members from each of the original companies.

• Merger of two companies which previously operated at different stages in the manufacture of the same product.

41. One means of measuring the performance of an organization is to calculate its exposure to risk. Which TWO of the following factors should be multiplied to quantify risk?

i)Probability
ii)Scale
iii)Cost
iv)Impact

Answers:

• i and ii only

• i and iii only

• i and iv only

• ii and iii only

• ii and iv only

• iii and iv only

42. Which of the following is not a potential problem associated with cost-benefit analysis?

Answers:

• Benefits may be intangible.

• It may not incorporate the time value of money.

• Costs cannot be quantified

• It is often difficult to calculate the probability of a risk materializing.

43. Which of the following statements is/are true?

i)Businesses should focus only on stockholders' (shareholders') interests.
ii)As its owners, stockholders (shareholders) are responsible for the running of a company.

Answers:

• Both (i) and (ii) are true.

• Only (i) is true.

• Only (ii) is true.

• Neither is true.

44. How is a company's 'Economic Value Added' (EVA) calculated?

Answers:

• By calculating percentage share price change over the year.

• By dividing total revenue by fixed costs.

• By calculating the annual change in the total assets of a company.

• By deducting the opportunity cost of the capital invested from the net operating profit.

45. The process of identifying the full range of an organization's stakeholders and their respective interests is known as stakeholder _______.

Answers:

• grouping

• mapping

• planning

• engagement

46. Which of the following describes the practice of 'short selling'?

Answers:

• Selling half of the shares owned in a company whose share-price is falling to reduce losses.

• Selling shares owned in other companies to cover a fall in one company's share price.

• Selling shares in a company that are not actually owned in the expectation that the price will decrease.

• Selling shares in companies whose price has recently risen in order to realize the profits.

47. What is meant by the term 'ideal vector' in relation to market positioning?

Answers:

• The set of attributes which consumers prefer to have in a product.

• The fastest rate at which a company can grow without overreaching itself.

• The size of a company that can be most efficient within a market.

• The optimal margin that maximizes sales volume and profits.

48. Which document encapsulates the desired future state of an organization?

Answers:

• Strategic plan

• Business plan

• Mission statement

• Vision statement

49. Which of the following is an/are example/s of an 'input' measure?

i)Salary costs
ii)Cost of raw materials
iii)Sales

Answers:

• None of the above

• i only

• ii only

• iii only

• i and ii only

• i and iii only

• ii and iii only

• All of the above

50. What specifically is the purpose of a 'balanced scorecard'?

Answers:

• To assess the positives and negatives of a company's position.

• To assign quantitative values to qualitative performance data.

• To evaluate performance by incorporating the views of multiple stakeholders.

• To measure performance across the full range of criteria.

51. Which of the following is a disadvantage of maintaining a high Cash Asset Ratio (Liquidity Ratio)?

Answers:

• Inability to respond rapidly to new opportunities.

• Lack of flexibility to meet unforeseen expenses.

• Tendency for share price to decrease.

• Having to incur opportunity cost of holding cash.

52. Which of the following is a / are reason/s to make use of external consultants?

i)The necessary expertise is not available within the organization.
ii)Buying consultant time is usually cheaper than making use of in-house staff.
iii)Consultants can make use of their experience with other organizations.

Answers:

• None of the above

• i only

• ii only

• iii only

• i and ii only

• i and iii only

• ii and iii only

• All of the above

53. Which of the following is NOT a typical benefit of high staff retention rates?

Answers:

• Reduced recruitment costs

• Lower staff training costs

• Increased innovation

• Less disruption to operations

54. Which of the following is the best definition of the term 'stakeholder'?

Answers:

• Someone who owns shares in a business.

• A person who has a right to say how an organization should be run.

• A person or body affecting, or affected by, the organization.

• Someone who is part of the supply chain of a business.

55. Which of the following applies to a market that is 'price inelastic'?

Answers:

• A price cut causes the number of units sold to increase.

• A price increase causes the number of units sold to increase.

• A price increase causes total revenue to decrease.

• A price cut causes total revenue to increase.

• A price cut has no effect on the number of units sold.

56. In which TWO of the following organizations would a 'Theory Y' approach to managing staff be most appropriate?

i)Customer service call centre
ii)Legal partnership
iii)Design studio
iv)Construction firm

Answers:

• i and ii only

• i and iii only

• i and iv only

• ii and iii only

• ii and iv only

• iii and iv only

57. Which of the following statements is/are true?

i)'Process' change is best implemented independently of 'people' change.
ii)Introducing a change will tend to have a negative short-term impact.

Answers:

• Both (i) and (ii) are true.

• Only (i) is true.

• Only (ii) is true.

• Neither is true.

58. A company's duty to consider the wider impact of its operations is known as:

Answers:

• Customer Relationship Management

• Stakeholder Mapping

• Strategic Planning

• Corporate Social Responsibility

59. Which of the following is NOT a stage in the Kubler-Ross model, which describes the stages of people's reactions to change?

Answers:

• Denial

• Anger

• Bargaining

• Compromise

• Acceptance

60. A situation where a smaller company takes over a larger one and retains its brand is known as a:

Answers:

• hostile takeover

• inverted takeover

• obverse takeover

• reverse takeover

61. What is meant by the term 'zero-profit condition'?

Answers:

• The condition in which a company's income and overheads are exactly matched.

• The criterion that decides whether an organization can be awarded charitable status.

• The condition in which a company structures its income so that it avoids tax by making it appear that it does not make a profit.

• Preventing the companies already in the market from making high profits where it is easy for new companies to enter a market,.

62. A visual means of presenting a suite of performance measures is referred to as a:

Answers:

• Read-out

• Balanced Scorecard

• Dashboard

• Graphical User Interface

63. Which of the following describes the term 'purchasing economies of scale'?

Answers:

• Customers benefitting from lower prices.

• Outside expertise being brought in to enhance productivity.

• Improved equipment being purchased to improve efficiency.

• Costs being cut by bulk buying.

64. Under which of the following parameters would a company be most likely to adopt a 'differentiation' strategy?

Answers:

• Low sales volume, strong brand identity

• Low sales volume, weak brand identity

• High sales volume, strong brand identity

• High sales volume, weak brand identity

65. Demand curves are not typically smooth.  Points on the curve that optimize demand and price are known as:

Answers:

• sales peaks

• price points

• zeniths

• optima

66. Which of the following statements is/are true?

i)Fluctuations in a company's share price do not necessarily mirror its overall performance.
ii)Introducing more KPIs will make an organization's performance monitoring more effective.

Answers:

• Both (i) and (ii) are true.

• Only (i) is true.

• Only (ii) is true.

• Neither is true.

67. Because the availability of some types of resources is limited, unit costs may, in the long run, rise as output increases. What is this phenomenon known as?

Answers:

• Diseconomy of scale

• Disparity of costs

• Inverse pricing

• Elastic pricing

68. Dividing an organization's objectives into short-term, medium-term and long-term ones and tackling them in that order is known as:

Answers:

• staged planning

• goal sequencing

• layered tasking

• target grouping

69. Which of the following statements is/are true?

i)Increased diversity amongst an organization's employees helps minimize the risk of 'groupthink'.
ii)Staff development activities may reduce retention rates.

Answers:

• Both (i) and (ii) are true.

• Only (i) is true.

• Only (ii) is true.

• Neither is true.

70. Gleicher's 'Formula for Change' is written: D x V x F > R. What does the 'D' stand for?

Answers:

• Delay

• Dissatisfaction

• Difference

• Denial

71. Which of the following best defines 'Market Segmentation'?

Answers:

• Deciding and preparing the marketing program for the target market.

• Segregating people by the level of consumption.

• Grouping people on the basis of similar needs.

• Deciding the target market.

72. In which of the following issues might a labor union (trade union) be an important stakeholder?
i)Proposed changes to workers' terms and conditions.
ii)Outsourcing of services
iii)Product design

Answers:

• None of the above

• i only

• ii only

• iii only

• i and ii only

• i and iii only

• ii and iii only

• All of the above

73. Which of the following is the correct expansion of the acronym 'KPI'?

Answers:

• Keeping People Interested

• Key Performance Indicator

• Keen Productivity Implementation

• Kinds of Product Information

74. Which of the following outcomes is NOT typically associated with adopting 'Just-In-Time' principles?

Answers:

• Lower storage costs.

• Lower employee motivation.

• Heightened exposure to supplier reliability.

• Enhanced cash flow.

75. Which of the following refers to something that a particular organization does well?

Answers:

• Top Rank Objective

• Key Performance Indicator

• Core Competence

• Critical Success Factor

76. Organizations often use a PEST analysis to identify the external factors by which they are affected.What does the 'S' of PEST stand for?

Answers:

• Systems

• Social

• Strengths

• Services

77. Which of the following scenarios would NOT encourage a company to re-position itself within its market?

Answers:

• Significant change in economic climate

• Entry into the market of a large new competitor

• Sustained fall in sales

• Reduced production costs