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Mixed Quiz
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1

The company mission is a broadly framed but enduring statement of a firm's intent.
A)True
B)False
2

A mission is a statement of measurable targets, not of attitude, outlook, and orientation.
A)True
B)False
3

Specification of the basic product or service is one of the three indispensable components of the mission statement.
A)True
B)False
4

The Sarbanes-Oxley Act of 2002 states that the CEO and CFO must certify every report containing the company's financial statements.
A)True
B)False
5

Agency costs are found when there are differing self-interests between shareholders and managers.
A)True
B)False
6

The company mission
A)embodies the business philosophy of the firm's decision makers
B)implies the image the firm seeks to project
C)reflects the firm's self-concept
D)covers all of the above statements
7

Which of the following is NOT a question addressed by a mission statement?
A)Why is this firm in business?
B)What are our non-economic goals?
C)What are our core competencies and competitive advantages?
D)What customers do and can we serve?
8

As the business grows or is forced by competitive pressures to alter its product-market-technology,
A)the mission statement should remain unchanged
B)redefining the mission statement may be necessary
C)redefining the mission statement is mandatory
D)the mission statement remains unaffected
9

Which of the following is NOT an indispensable component of the mission statement?
A)Customer profile
B)Basic product or service
C)Specification of the primary market
D)Specification of the principal technology
10

_________ is an economic goal that guides the strategic direction of almost every business organization.
A)Customer service
B)Dividend policy
C)Survival
D)Market dominance
11

Company creed is also called
A)the company mission
B)the company vision
C)the company philosophy
D)the company goal
12

Firms seldom address the question of their public image in
A)an intermittent fashion
B)a regular fashion
C)in a positive fashion
D)a continuous fashion
13

The essence of the company self concept is the idea that
A)a firm must offer good customer service
B)a firm must be profitable
C)a must satisfy its stakeholders
D)a firm must know itself
14

"The customer is our top priority" is an example of which prominent trend in mission statement development?
A)Concern for quality
B)Sensitivity to customer wants
C)Statements of company vision
D)Statements of company self-concept
15

Which of the following expresses the aspirations of the executive leadership?
A)Vision statement
B)Mission statement
C)Goals
D)Objectives
16

"A computer on every desk, and in every home, running on Microsoft software," is an example of a
A)goal
B)objective
C)mission statement
D)vision statement
17

Who oversees the strategy makers?
A)The stakeholders
B)The CEO
C)The top management team
D)The board of directors
18

Agency theory deals with the relationship between
A)owners and stakeholders
B)owners and managers
C)managers and stakeholders
D)owners and board of directors
19

When executives take advantage of the inability of owners to monitor every executive decision or action, this condition is called
A)adverse selection
B)moral hazard
C)adverse hazard
D)moral selection
20

Which of the following is NOT an example of an outside stakeholder?
A)Customers
B)Suppliers
C)Managers
D)Competitors







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