This quiz works best with JavaScript enabled. Home > Accounting > Decision Making > Information For Decision Making > Information For Decision Making – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Information For Decision Making Quiz 8 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Internal users are ..... A) Stakeholders. B) Owners or management. C) Shareholders. D) Employees. Show Answer Correct Answer: B) Owners or management. 2. Managers who make bad decisions because they don't want to shake things up or investigate new options are A) Justifying past decisions. B) Seeing what they want to see. C) Perpetuating the status quo. D) Being influenced by initial impressions. Show Answer Correct Answer: C) Perpetuating the status quo. 3. Strategy in which a person hands over control or lets someone else decide A) Compliance. B) Play it safe. C) Impulse. D) Escape. Show Answer Correct Answer: A) Compliance. 4. When the ..... is there, employees naturally use data and insights to support their decisions and improve business performance. A) Culture. B) Transformation. C) Technology. D) Analytics. Show Answer Correct Answer: A) Culture. 5. When a manager makes a decision all alone, what type of style is this? A) Collaborative. B) Accommodating. C) Semi-autocratic. D) Autocratic. Show Answer Correct Answer: D) Autocratic. 6. The decision making process involves using your ..... A) Time. B) Skill. C) Brain. D) None of above. Show Answer Correct Answer: C) Brain. 7. Which of the following should not be considered for every option in the decision process? A) Relevant costs. B) Historical costs. C) Opportunity costs. D) Relevant revenues. Show Answer Correct Answer: B) Historical costs. 8. Strategy in which a person chooses the alternative with the lowest level of risk A) Compliance. B) Play it safe. C) Escape. D) Agony. Show Answer Correct Answer: B) Play it safe. 9. In make or buy decision, qualitative factors that should be in consideration is: ..... A) The suppliers' trustworthiness. B) The quality of the products. C) Humanity factor in terminating existing employees. D) All of the above. Show Answer Correct Answer: D) All of the above. 10. Some months have 31 days. How many have 28? A) None. B) 1. C) 11. D) 12. Show Answer Correct Answer: D) 12. 11. The book value of an asset such as equipment is an example of: A) A future cost. B) A sunk cost. C) An opportunity cost. D) None of above. Show Answer Correct Answer: B) A sunk cost. 12. A process for identifying and furthering an organization's mission is called: A) Tactical managment. B) Short-term management. C) Strategic management. D) Operational management. Show Answer Correct Answer: C) Strategic management. 13. The formula for calculating break-even output is: A) Fixed Costs/Total Contribution. B) Fixed Costs/Contribution per unit. C) Total Costs-Total Revenue. D) Total Costs/Contribution per unit. Show Answer Correct Answer: B) Fixed Costs/Contribution per unit. 14. The final step in the problem-solving process is to A) Select the best solution. B) Evaluate the decision. C) Identify the problem. D) Analyze the solutions. Show Answer Correct Answer: B) Evaluate the decision. 15. Which of the following information about a car does CARFAX.com NOT provide? A) Number of previous owners. B) Accident record. C) Previous purchase price. D) None of above. Show Answer Correct Answer: C) Previous purchase price. 16. Consistency in policy development and enforcement in practices is called: A) Fairness. B) Policy foresight. C) Practicality. D) Democratic enforcement. Show Answer Correct Answer: A) Fairness. 17. Rational decision making is best used A) When you need to make a decision based on facts. B) When you base a decision on a hunch. C) You should always use this way, when possible. D) None of these. Show Answer Correct Answer: C) You should always use this way, when possible. 18. Humans are cognitive misers A) We want to use as little cognitive energy as possible. B) We want to use as much brain power as we can. C) We want to use as little time thinking as possible. D) We don't like spending much money on thinking. Show Answer Correct Answer: A) We want to use as little cognitive energy as possible. 19. Companies must measure customer satisfaction ..... A) Regularly. B) Often. C) Ocassionally. D) Once a year. Show Answer Correct Answer: A) Regularly. 20. ..... describes when decision makers try to create meaning out of random events. A) The randomness bias. B) The sunk costs error. C) The availability bias. D) Representation bias. Show Answer Correct Answer: A) The randomness bias. 21. Strategy in which a person goes with their first reaction A) Agony. B) Escape. C) Play it safe. D) Impulse. Show Answer Correct Answer: D) Impulse. 22. When a manager asks subordinates for info-but still makes the decision alone, this is what type of decision making? A) Autocratic. B) Accommodating. C) Collaborative. D) Semi-autocratic. Show Answer Correct Answer: D) Semi-autocratic. 23. Process in which an individual creates personal experience by selecting, organizing and interpreting information available to him or her A) Perception. B) Motivation. C) Culture. D) None of above. Show Answer Correct Answer: A) Perception. 24. What does a customer try to achieve by asking "what problem am I trying to solve? " A) Comparing the items. B) Listing the attributes. C) Conducting product research. D) Identifying the needs. Show Answer Correct Answer: D) Identifying the needs. 25. Which of the following questions measures a person's activity? A) Do you agree the U.S. medical system needs reform?. B) How important is it to you to try new food?. C) How often do you visit shopping malls?. D) Do you enjoy reading?. Show Answer Correct Answer: C) How often do you visit shopping malls?. 26. ..... involves managing work schedules to achieve maximum productivity. A) Time Management. B) Work Schedules. C) Business Management. D) Staffing. Show Answer Correct Answer: A) Time Management. 27. Managers need to make decisions at the right A) Place. B) Office. C) Time. D) None of the above. Show Answer Correct Answer: C) Time. 28. Which is a need? A) Coffee. B) Medication. C) Ray-Ban sunglasses. D) IPhone. Show Answer Correct Answer: B) Medication. 29. Which of the following is characteristic of well-structured problems? A) They are unusual, never encountered before. B) They are complex, high degree of uncertainty. C) The existing state and desired state are understood. D) They often entail high risk. Show Answer Correct Answer: C) The existing state and desired state are understood. 30. ..... describes when decision makers fixate on initial information-such as first impressions, ideas, prices, and estimates-and then fail to adequately adjust for subsequent information. A) Confirmation bias. B) The framing bias. C) Selective perception. D) The anchoring effect. Show Answer Correct Answer: D) The anchoring effect. ← 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 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books