STR/581 Week 1 Knowledge Check

Week 1 Knowledge Check

1. For the past 28 years, ABC, Inc. has made a significant investment of time, money, and other resources to increase the literacy rate in adult Americans. This represents which of these principles of successful collaborative social initiatives?

  • A. Weigh government influence.
  • B. Identify a long-term durable mission.
  • C. Assemble and value the total package of benefits.
  • D. Leverage core capabilities.

2. According to stakeholder theory, in a survey of over 2000 directors from over 290 U.S. companies, which of these stakeholders was perceived to be least important?

  • A. Government
  • B. Employees
  • C. Stockholders
  • D. Society

3. Which law revised and strengthened auditing and account standards?

  • A. Truth in Lending Act of 1968
  • B. National Environmental Policy Act of 1969
  • C. Federal Fair Trade Act of 1986
  • D. Sarbanes-Oxley Act of 2002

4. Which of these is true about Sarbanes-Oxley Act of 2002?

  • A. The directors and executive officers are required to trade the company’s 401(k) plan, profit sharing plan and retirement plan during the blackout period
  • B. The act requires that the audit committee must be composed entirely of inside officers.
  • C. Companies are required to extend personal loans to executives and directors.
  • D. The CEO and CFO must verify every report containing the company’s financial statements.

5. A major consequence of the Sarbanes-Oxley Act of 2002 has been the

  • A. political fallout in congress
  • B. outsourcing of jobs in lower wage countries
  • C. super growth in accounting firms in the U.S.
  • D. reorganizing of the governance structure of American corporations

6. The most critical quality of ethical decision making is

  • A. economics
  • B. expeditions
  • C. objectivity
  • D. consistency

7. Judging the appropriateness of a particular action based on a goal to provide the greatest good for the greatest number of people is what ethics approach?

  • A. Moral rights approach
  • B. Social justice approach
  • C. Business ethics approach
  • D. Utilitarian approach

8. Judging the appropriateness of a particular action based on equity, fairness, and impartiality in the distribution of rewards and costs among individuals and groups is what ethics approach used by managers?

  • A. Utilitarian approach
  • B. Business ethics approach
  • C. Moral rights approach
  • D. Social justice approach

9. A broadly framed but enduring statement of a firm’s intent is defined as the company

  • A. vision
  • B. credo
  • C. slogan
  • D. mission

10. This statement of a company’s philosophy usually appears within the mission statement and specifies basic beliefs of a firm.

  • A. Company slogan
  • B. Company sponsor
  • C. Company commercial
  • D. Company creed

11. This statement presents the firm’s strategic intent that focuses the energies and resources of the company on achieving a desirable future.

  • A. Mission statement
  • B. Values statement
  • C. Company statement
  • D. Vision statement

12. The strategic decision makers in the firm are responsible for

  • A. rewards
  • B. daily operations
  • C. the firm’s accounting practices
  • D. the firm’s mission

13. The idea that businesses have a duty to serve society as well as the financial interest of stockholders is called

  • A. going green
  • B. corporate audit
  • C. corporate services
  • D. corporate social responsibility

14. Which of the following strategic decision makers implement the overall strategy?

  • A. Board of directors
  • B. Business managers
  • C. Functional managers
  • D. Corporate managers

15. Which level of strategy uses a portfolio approach?

  • A. Business
  • B. Operational
  • C. Corporate
  • D. Functional

16. Of the three levels of strategy that are part of an organizations decision-making hierarchy, which level develops annual objectives and short-term strategies in such areas as production, operations, and research and development, finance and accounting, marketing, and human relations?

  • A. Corporate
  • B. Business
  • C. Management
  • D. Functional

17. The behavioral consequences of strategic management are similar to those of

  • A. authoritative decision making
  • B. centralized decision making
  • C. autocratic decision making
  • D. participative decision making

18. What do strategic managers call a flow of information through interrelated stages of analysis toward the achievement of an aim?

  • A. Strategic control
  • B. Process
  • C. Continuous improvement
  • D. Long-term objective

 (18/18 Correct Answer)

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