Questrom LOCK
SM131 Final Exam Kahoot
Fall 2022
1. Who prepares the financial statements for a firm?
a. Auditors
b. Company Management
c. Accountants
d. The Board of Directors
2. Supermarkets stocking more expensive products at eye level to increase visibility to
customers is an example of…
a. Place
b. Product
c. Price
d. Promotion
3. KP encourages employees to donate and deliver books to children in need. This is an
example of ____ responsibility.
a. Economic
b. Legal
c. Ethical
d. Philanthropic
4. Accounting requires judgment and estimations by management.
a. True
b. False
5. Gucci designs their products to appeal to women ages 18-40. This is a strategy of…
a. Primary Marketing
b. Target Marketing
c. Branding
d. Focus Group Selection
6. What is an advantage of operating a sole proprietorship?
a. The owner has complete control
b. The owner is liable
c. It is easy to create
d. It generates the most revenue
7. What does Milton Friedman believe businesses’ purpose in society should be?
a. Maximize stakeholder’s value
b. Maximize profits
c. Create shared value
d. Increase CSR
8. Boeing is selling aircraft to Jet Blue and Pacific. Which is not a primary social
stakeholder?
a. Shareholders
b. Employees
c. The Government
d. Customers
9. What competitive advantage does McDonalds have?
a. Cost Leadership
b. Efficiency
c. Price Leadership
d. Differentiation
10. What competitive advantage does a high quality car manufacturer have?
a. Brand Loyalty
b. Technology
c. Price Leadership
d. Differentiation
11. Which is a characteristic of system 1 thinking?
a. More Reliable
b. Slower
c. Automatic Thinking
d. Rational Thinking
12. Which of the following is true?
a. CSR connects social development with business activities
b. CSV creates societal and economic impact
c. CSV is susceptible to greenwashing
d. CSR enables local cluster development
13. A factory produces 60 units per hour and wants 360 units in 8 hours. What is its
capacity utilization?
a. 60%
b. 17%
c. 75%
d. 133%
14. One possible way to achieve the goal of strategy is to…
a. Increase prices
b. Decrease costs
c. Increase product quality
d. All of the above
15. Which of the following is a liability on the balance sheet?
a. Goodwill
b. Wages Expense
c. Common Stock
d. Accounts Payable
16. Which one of the following is not an ethical framework or approach?
a. Virtue
b. Justice
c. Economic
d. Common Good
17. What was John Locke’s ethical approach?
a. Utilitarianism
b. Rights
c. Common Good
d. Justice
18. Which one of these is not part of the 7 pillars of GVV
a. Values
b. Normalization
c. Customers
d. Voice
19. People who favor prior evidence over new evidence or information that has emerged
have what type of bias?
a. Information Bias
b. Conservatism Bias
c. Confirmation Bias
d. Stubborn Bias
20. What is the cost of goods sold if revenue is $400 and the gross margin is 14%
a. $56
b. $344
c. $2860
d. $2460
21. When are liabilities greater than assets?
a. When the firm’s equity is negative due to retained earnings
b. When the firm collects too much debt
c. When the firm’s assets are damaged
d. Never
22. What is the value of the firm’s accounts payable?
Accounts Receivable
$500
Cash
$350
Retained Earnings
$100
Revenue
$3000
Notes Payable
$550
Common Stock
$300
Land
$1000
Buildings
$500
Equipment
$300
a. $2000
b. $4700
c. $1700
d. $1200
23. Where in the competitive positioning framework does Lamborghini fall?
a. Focus Differentiation
b. Focused Price Leadership
c. Broadened Price Leadership
d. Broad Differentiation
24. Which would be an example of a positioning pitfall for McDonalds?
a. The $5 Big Mac
b. The $1 McChicken
c. The $65 Kids Meal
d. The $10 McNuggets
25. Which of the following captures value?
a. Price
b. Promotion
c. Place
d. Positioning
26. What is the gross margin of 10 McTacos if the price is $5 per taco, the cost is $3 per
taco, and total SG&A is $20?
a. $20
b. 40%
c. 0%
d. 60%
27. What is an example of a prevention cost?
a. Testing Equipment
b. Incoming Inspection
c. Quality Planning
d. Lost Business
28. A factory produces 5 units per minute and 30 units are scrapped per hour. What is the
scrap rate?
a. 10%
b. 90%
c. 15%
d. 17%
29. What is the idea that when we try to behave ethically, it is difficult due to a variety of
organizational pressures?
a. Ethical Destruction
b. Ethical Deterioration
c. Haziness of Ethicality
d. Bounded Ethicality
30. Which temptation led to the downfall of Enron?
a. Greed
b. Speed
c. Laziness
d. Haziness
31. When saving 3 people instead of 1 in the trolly problem, which ethical approach is
being used?
a. Virtue
b. Utilitarianism
c. Rights
d. Common Good