This quiz works best with JavaScript enabled. Home > Accounting > Decision Making > Information For Decision Making > Information For Decision Making – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Information For Decision Making Quiz 5 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Policy, Procedure and Rule are considered when making A) Ambiguous decision. B) Non-programmed decision. C) Risky decision. D) Programmed decision. Show Answer Correct Answer: D) Programmed decision. 2. Purpose of the decision making framework is to: A) To foster consistency across jurisdictions. B) Demonstrate principles and concepts. C) Regulate public safety. D) To organise relevant information and define alternatives. Show Answer Correct Answer: A) To foster consistency across jurisdictions. 3. A year ago James could purchase 4 limes for one dollar. Today he can purchase 2 limes for the same dollar. This indicates A) Inflation. B) Interest rates. C) The effects of a trade war with China. D) Deflation. Show Answer Correct Answer: A) Inflation. 4. Choosing the first alternative that satisfies minimal decision criteria, even if better solutions are presumed to exist. A) Coalition. B) Satisficing. C) Intuition. D) Bounded rationality. Show Answer Correct Answer: B) Satisficing. 5. Brain damaged patients could not move away from which pack? A) Low immediate reward, high long term gain. B) Low long term risk, low immediate reward. C) High immediate reward, low long term gain. D) High immediate risk, high immediate reward. Show Answer Correct Answer: C) High immediate reward, low long term gain. 6. Which decision style is used by people who prefer simple, clear-cut solutions to problems? A) Behavioral style. B) Analytical style. C) Directive style. D) Conceptual style. Show Answer Correct Answer: C) Directive style. 7. A computer-based system that stores, organizes, and provides information about a business is a A) Management information system. B) Decision-making matrix. C) Database management network. D) SWOT analysis. Show Answer Correct Answer: A) Management information system. 8. The name of the model involving System 1 & 2 A) The Two Systems Processing Model. B) Thinking Fast and Slow Model. C) Dual Systems Model. D) Dual Processing Model. Show Answer Correct Answer: D) Dual Processing Model. 9. Managers encourage creativity in their staff through A) Brainstorming. B) Brainwriting. C) A wish list. D) All of these answers. Show Answer Correct Answer: D) All of these answers. 10. What is a special-purpose knowledge-based information system that accomplishes specific tasks on behalf of its users? A) Intelligent agent. B) Neural network. C) Intelligent system. D) Artificial intelligence. Show Answer Correct Answer: A) Intelligent agent. 11. Decision makers exhibiting ..... take credit for their successes and blame failures on outside factors. A) The randomness bias. B) The sunk costs error. C) Self-serving bias. D) The hindsight bias. Show Answer Correct Answer: C) Self-serving bias. 12. Generally, a ..... is a difficult situation requiring a solution A) Problem. B) Research. C) Clue. D) Companies. Show Answer Correct Answer: A) Problem. 13. A person who satisfices fails to ..... A) Maximize his or her decision. B) Understand his or her position. C) Accept the truth of a situation. D) Make any kind of decision. Show Answer Correct Answer: A) Maximize his or her decision. 14. People, places, or information you may use t make a decision or achieve goal A) Consequences. B) Options. C) Values. D) Resources. Show Answer Correct Answer: D) Resources. 15. Decision-making strategy in which you hand over control or let someone else decide A) Trade-Off. B) Compliance. C) Escape. D) None of above. Show Answer Correct Answer: B) Compliance. 16. ..... and social values most affect decision making. A) Personal. B) Compromise. C) Economic. D) None of above. Show Answer Correct Answer: C) Economic. 17. You purchased baseball tickets last month when your team was doing well. You paid $ 75 for the non-refundable tickets. The team is doing poorly and a friend offered you $ 30 for the ticket. The opportunity cost of going to the game is A) $ 105. B) $ 45. C) $ 30. D) $ 75. Show Answer Correct Answer: C) $ 30. 18. An unwillingness to give up something now in return for something later. A) Agony. B) Delayed Gratification. C) Instant Gratification. D) None of above. Show Answer Correct Answer: C) Instant Gratification. 19. Which of the following is NOT a sign of well-constructed clothing? A) Attention to detail. B) Well-fitted. C) Reliable stitching and assembly. D) Several snags and pulls. Show Answer Correct Answer: D) Several snags and pulls. 20. What is one of the mentioned methods for problem solving? A) Convergent Thinking. B) Unique Thoughts. C) Brains Rain. D) Brainstorming. Show Answer Correct Answer: D) Brainstorming. 21. Which of the following represents market basket analysis? A) Analyzes Web site information. B) Analyzes checkout scanner information. C) Detects customers' buying behavior. D) All of the above. Show Answer Correct Answer: D) All of the above. 22. Economic is baout: A) Inexpensive items. B) Choices. C) Jobs. D) Money. Show Answer Correct Answer: B) Choices. 23. Which of the following defines a problem in the decision-making process? A) A discrepancy between what exists and what the decision maker desires to exist. B) A discrepancy between the ideal and the practical. C) Something that causes irritation. D) Something that calls for attention. Show Answer Correct Answer: A) A discrepancy between what exists and what the decision maker desires to exist. 24. A thing which is regarded as more important than others A) Values. B) Expectation. C) Priorities. D) Compliance. Show Answer Correct Answer: C) Priorities. 25. These are the things we desire to have. A) Wants. B) Goals. C) Opportunity Costs. D) None of above. Show Answer Correct Answer: A) Wants. 26. Which of the following is a 'Strategic' decision? A) Hire new supervisor for Paisley store. B) Open 5 new stores across the UK over the next 2 years. C) Arrange for uplifting of bins. D) Increase price of plastic bags to 20p across. Show Answer Correct Answer: B) Open 5 new stores across the UK over the next 2 years. 27. Redirecting resources from one area to another is called ..... A) Opportunity costs. B) Rationing. C) Reallocation. D) Alternative. Show Answer Correct Answer: C) Reallocation. 28. Investments that may be difficult to convert to cash quickly have a high ..... risk. A) Income. B) Liquidity. C) Economic. D) Inflation. Show Answer Correct Answer: B) Liquidity. 29. Participatory decision-making reduces the ..... of the decision. in TRUE or FALSE A) Impact. B) Urgency. C) Effectiveness. D) Risk. Show Answer Correct Answer: D) Risk. 30. Decision-making strategy in which you delay making the decision until someone else makes the decision or until options disappear; deciding "by default" A) Agony. B) Opportunity Cost. C) Procrastination. D) None of above. Show Answer Correct Answer: C) Procrastination. ← 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 6Information For Decision Making Quiz 7Information For Decision Making Quiz 8Information For Decision Making Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books