This quiz works best with JavaScript enabled. Home > Accounting > Decision Making > Information For Decision Making > Information For Decision Making – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Information For Decision Making Quiz 13 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. An organization does NOT allow people A) To use power and authority more productively. B) To set their own agenda. C) To become specialized in their own work tasks. D) To understand and react to external forces more efficiently. Show Answer Correct Answer: B) To set their own agenda. 2. This step in analytics process where the mathematical analytics work is performed, A) Data Understanding. B) Exploration. C) Data Preparation. D) Modeling. Show Answer Correct Answer: D) Modeling. 3. What should you try to balance when reducing decision-making risk? A) Cost and benefit of the decision. B) Gathering information and time. C) Gathering information and risk. D) Gathering information and impact. Show Answer Correct Answer: B) Gathering information and time. 4. What is something that stands in your way? A) Obstacle. B) Decision. C) Attitude. D) Outcome. Show Answer Correct Answer: A) Obstacle. 5. Which of these is not a characteristic of good information? A) Up to Date. B) Dynamic. C) Targeted. D) Complete. Show Answer Correct Answer: B) Dynamic. 6. If a rooster lays a egg on a slanted roof which side will it fall? A) There is no egg. B) Left. C) Down. D) Up. Show Answer Correct Answer: A) There is no egg. 7. What you give up when you choose one alternative over another. The alternative you don't choose. A) Trade-Off. B) Opportunity Cost. C) Instant Gratification. D) None of above. Show Answer Correct Answer: A) Trade-Off. 8. ..... occurs when decision makers think they know more than they do or hold unrealistically positive views of themselves and their performance. A) Overconfidence. B) Selective perception. C) The anchoring effect. D) Immediate gratification. Show Answer Correct Answer: A) Overconfidence. 9. Indicates what might happen in the future with an acceptable level of reliability, including a few alternative scenarios and risk assessment. A) Transcriptive analytics. B) Descriptive analytics. C) Prescriptive analytics. D) Predictive analytics. Show Answer Correct Answer: D) Predictive analytics. 10. This idea involves making the lives of consumers, workers, or the community better. A) Risks. B) Timing. C) Economics. D) Social values. Show Answer Correct Answer: D) Social values. 11. What is Heuristics? A) Motivation. B) Adrenaline. C) Mental short-cut. D) Excitement. Show Answer Correct Answer: C) Mental short-cut. 12. Which kind of desicion making conditions means that all the information the decision maker needs is fully available? A) Ambiguity. B) Uncertainty. C) Risk. D) Certainty. Show Answer Correct Answer: D) Certainty. 13. What is a product review? A) Information about the product from the manufacturer. B) An opinion and rating of a product from another consumer that has also purchased the same product. C) What someone thinks the product would be like if you bought it. D) The price of the product. Show Answer Correct Answer: B) An opinion and rating of a product from another consumer that has also purchased the same product. 14. Which kind of desicion making conditions means that the goals to be achieved or the problem to be solved is unclear, alternatives are difficult to define, and information about outcomes is unavailable? A) Risk. B) Certainty. C) Ambiguity. D) Uncertainty. Show Answer Correct Answer: C) Ambiguity. 15. Fundamental beliefs that are worthwhile and important to you A) Values. B) Opportunity cost. C) Needs. D) Wants. Show Answer Correct Answer: A) Values. 16. The three main models that managers use to make decisions are ..... A) Rational, irrational, and bounded rational. B) Intuitive, unintuitive, and rational. C) Bounded rational, intuitive, and systematic. D) Rational, bounded rational, and intuitive. Show Answer Correct Answer: D) Rational, bounded rational, and intuitive. 17. A range is always expressed as A) A series of numbers. B) A single number. C) Ratio. D) Two numbers. Show Answer Correct Answer: D) Two numbers. 18. Using the PACED decision-making model, which alternative will not be a reasonable solution to the problem of where to eat dinner? A) Bread and Butter. B) Fuji. C) Sonic. D) Shoe Carnival. Show Answer Correct Answer: D) Shoe Carnival. 19. A sign or indication that something appears to be a problem is A) A symptom. B) A solution. C) A problem-solving process. D) An alternative. Show Answer Correct Answer: A) A symptom. 20. Which of the following stages in the family life cycle does a family typically downsize their house? A) Late parenthood. B) Newlywed. C) Early parenthood. D) Retirement. Show Answer Correct Answer: D) Retirement. 21. Based on your analysis of all possible options, ..... the best option and act on it. A) Present. B) Modify. C) Choose. D) Discover. Show Answer Correct Answer: C) Choose. 22. Which is the best definition for opportunity cost? A) Giving up one item for another. B) Buying and using two items. C) Using butter and margarine. D) Having multiple items at the same time. Show Answer Correct Answer: A) Giving up one item for another. 23. An example of a want: A) Food. B) Water. C) Shelter. D) X-box 360. Show Answer Correct Answer: D) X-box 360. 24. The functional area of business with the most extensive use of mathematics is A) Accounting and finance. B) Marketing. C) Production and operations. D) Human resources. Show Answer Correct Answer: A) Accounting and finance. 25. When making the decision, you should consider your ..... A) Mother. B) Values. C) Problem. D) Decision. Show Answer Correct Answer: B) Values. 26. Steps in the buyer decision process are ..... skipped. A) Rarely. B) Always. C) Never. D) Often. Show Answer Correct Answer: D) Often. 27. The first step in the decision making process is A) Weigh the consequences. B) Define the problem. C) List your options. D) Evaluate your choice. Show Answer Correct Answer: B) Define the problem. 28. A good data scientist should? A) Calculate confidence intervals. B) Use complicated models. C) Only use big data. D) Be sceptical. Show Answer Correct Answer: D) Be sceptical. 29. When a conflict arises you sometimes have to make a(n): A) Start goal-setting. B) Get over yourself. C) Compromise. D) Quit. Show Answer Correct Answer: C) Compromise. 30. Which of the following is considered as best decision making approach? A) Expert system approach. B) External analysis approach. C) Devil's advocate approach. D) Dialectical inquiry approach. Show Answer Correct Answer: D) Dialectical inquiry approach. ← PreviousNext →Related QuizzesDecision Making QuizzesAccounting QuizzesInformation For Decision Making Quiz 1Information For Decision Making Quiz 2Information For Decision Making Quiz 3Information For Decision Making Quiz 4Information For Decision Making Quiz 5Information For Decision Making Quiz 6Information For Decision Making Quiz 7Information For Decision Making Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books