Archives: Quiz

The primary instrument for effectuating trade relations is the granting of most favored nation status. a. True b. False A policy that is “free of particular average” is one that will not cover any partial and average losses. a. True […]

Stone Age Surfboards is a small manufacturer of two types of popular low-tide surfboards, the Graystone and the Lava models. The manufacturing process consists of two departments: fabrication and finishing. The fabrication department has 8 skilled workers, each of whom […]

Which of the following generates a scatter chart in Excel with the values predicted by the regression model included? A) Trendline B) Residual Plots C) R Square D) Line Fit Plots The table below provides the sales data for JD […]

Which of the following formulas is used to calculate the total studio recording cost? A) =SUM(B6:B12)-B10 B) (B6+B7-B16)B12 C) B6+B7*B12 D) B6+B7*B12-B16 Consider the spreadsheet for a Newsvendor Model. Answer: C What is the value of mean profit? A) $255.90 […]

The product mix is determined by the: A) accounting staff. B) middle managers. C) finance managers. D) top managers. Below is the spreadsheet for a portfolio allocation model. Answer: D Answer the following question(s) using a model with uncertainty on […]

How does the Risk Solver Platform define an uncertain function cell? A) It is a cell that contains a triangular distribution function. B) It is a cell in which a distribution of output values is created from the model. C) […]

Which of the following is true of association rule mining? A) It develops analytic models to describe the relationship between metrics that drive business performance. B) It identifies attributes that occur frequently together in a given data set. C) It […]

Remington Textiles has a mill that produces three types of fabrics on a make-to-order basis. The mill operates on a 24/7 basis. The key decision facing the plant manager is about the type of loom needed to process each fabric […]

Which of the following data sets provides the most realistic estimate of the performance of a model on completely unseen data? A) validation data set B) test data set C) training data set D) linear regression data set The Risk […]

________ constraints essentially state that input = output and ensure that the flow of material or money is accounted for at locations or between time periods. A) Requirements B) Proportional relationships C) Balance D) Limitations Categorical variables that have been […]

Which of the following is true of association rule mining? A) It develops analytic models to describe the relationship between metrics that drive business performance. B) It identifies attributes that occur frequently together in a given data set. C) It […]

A(n) ________ is an extreme value that is different from the rest of the data. A) critical value B) standard error C) expected value D) outlier The Riviera Transport Company (RTC) produces car accessories at two plants: Dallas and Atlanta. […]

Which of the following best defines objective functions? A) They are limitations, requirements, or other restrictions that are imposed on any solution in an optimization model. B) They are quantities that an optimization model seeks to maximize or minimize. C) […]

Which of the following statements is true when using the Excel Regression tool? A) The range for the independent variable values must be specified in the box for the Input Y Range. B) Checking the option Constant is Zero forces […]

Jonathan Reese is considering three stocks in which to invest with a fixed budget. The table below provides information on Jonathan’s expected returns for each stock. The table also provides information, collected from market researchers, on the variance-covariance matrix of […]

Coppell Services contracts with outsourcing partners to handle various customer service functions. Based on a study of call volumes provided by one of the firm’s partners, the minimum number of staff needed for each hour of the day is as […]

Below is the spreadsheet for a project selection model: What is the return obtained from Project 3? A) $ 200,000 B) $ 125,000 C) $ 275,000 D) $ 225,000 Answer: B If D is demand, P is the unit price, […]

________ constraints essentially state that input = output and ensure that the flow of material or money is accounted for at locations or between time periods. A) Requirements B) Proportional relationships C) Balance D) Limitations Which of the following measures […]

Which of the following best defines Monte Carlo simulation? A) It is a tool for building statistical models that characterize relationships among a dependent variable and one or more independent variables. B) It is a collection of techniques that seeks […]

Below is the spreadsheet for an economic order quantity model. Assume that the distribution of demand is normal with a mean of 20,000 and standard deviation of 2,000. Which of the following cells is defined to be normally distributed using […]

Which of the following is true for a median? A) A median is only meaningful for interval or ordinal data and not for ratio data. B) Medians can be calculated no matter how the data is arranged. C) Medians are […]

If bs are weights, Xs are input values, and c is a constant or intercept, provide the equation for discriminant functions, L. A) L = B) L = b1X1 + b2X2 + … + bnXn + c C) L = […]

Which of the following is true about Excel outputs Multiple R? A) It is often referred to as the coefficient of determination. B) A value of 0 indicates positive correlation. C) A negative slope of the regression line denotes a […]

________ is the ratio of the number of transactions that include all items in the consequent as well as the antecedent to the number of transactions that include all items in the antecedent. A) Lift B) Logit C) Support for […]

Bolton Computer’s Laptop Pricing Decision Inputs Price Model Sales -3.85 price + 1150.9 Outputs Total revenue sales price Bolton Computers are planning to release a new line of low-end laptops. Using Excel’s Solver, develop a nonlinear model to calculate the […]

Which of the following is true of midspread? A) It is an example of a measure of location. B) It is calculated by finding the difference between the highest and lowest values in the data set. C) It is affected […]

If bs are weights, Xs are input values, and c is a constant or intercept, provide the equation for discriminant functions, L. A) L = B) L = b1X1 + b2X2 + … + bnXn + c C) L = […]

Stone Age Surfboards is a small manufacturer of two types of popular low-tide surfboards, the Graystone and the Lava models. The manufacturing process consists of two departments: fabrication and finishing. The fabrication department has 8 skilled workers, each of whom […]

What is a stream of historical data known as? A) a time series B) an index C) a complex number D) an orthopole In an event X, the probability of rolling a sum of 8 on two dice is 5/36 […]

Below is the profit model spreadsheet for the Lazarus Shoe Company producing their latest model of shoes for the month of January. Calculate the total profit. A) $600,000 B) $1,436,000 C) $836,000 D) $1,786,000 Answer: A Level of significance is […]

Stone Age Surfboards is a small manufacturer of two types of popular low-tide surfboards, the Graystone and the Lava models. The manufacturing process consists of two departments: fabrication and finishing. The fabrication department has 8 skilled workers, each of whom […]

Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: Market size: normal with mean of […]

Cerebro Manufacturing produces four types of structural support fittings-plugs, rails, rivets, and clips-which are machined on two CNC machining centers. The machining centers have a capacity of 250,000 minutes per year. The gross margin per unit and machining requirements are […]

Below is the spreadsheet for a project selection model: What is the total return obtained from all five projects? A) $ 860,000 B) $ 550,000 C) $ 700,000 D) $ 395,000 Which of the following Excel functions is applied to […]

Cerebro Manufacturing produces four types of structural support fittings-plugs, rails, rivets, and clips-which are machined on two CNC machining centers. The machining centers have a capacity of 250,000 minutes per year. The gross margin per unit and machining requirements are […]

Letherin Hides is a company that makes boots specifically targeting college students. Forecasts of sales for the next year are 200 in the summer, 450 in the autumn, and 500 in the winter. Accessories that are used on the boots […]

Although a market segment can meet all criteria for viability, a firm may choose to not pursue the segment. Which of the following is a reason why this might occur? a. A competitor has already targeted the segment. b. Targeting […]

Although mass media audiences are becoming increasingly fragmented, media fragmentation does have a major advantage. What is this advantage? a. It now costs less to reach a mass audience. b. It is much easier to measure feedback from mass media […]

The link between marketing ethics/social responsibility and firm performance has been documented repeatedly over time. This link is most evident in firms that have a strong __________. a. market orientation b. stakeholder orientation c. sense of customer loyalty The failure […]

Despite conventional thinking, __________ accounts for the bulk of promotional spending in many firms. This is especially true for firms selling consumer products in grocery stores and mass-merchandise retailers. a. personal selling b. advertising c. public relations What is the […]

In terms of marketing structure, what type of structure coordinates and manages all marketing activities and decisions from the top of the marketing hierarchy? a. a regulated marketing structure b. a dynamic marketing structure c. a centralized marketing structure Which […]

Which of the following is one of the five basic questions that a good mission statement should answer? a. Who are our competitors? b. What is our market position? c. What is our operating philosophy? Which of the following IS […]

Why is the demand for most services’”such as popular restaurants’”extremely time-and-place dependent? a. Because popular services typically lack sufficient capacity. b. Because services cannot be stored for future use. c. Because customers must be present for service to be delivered. […]

The phrase ‘Unused service capacity is lost forever’ refers to which major challenge associated with the marketing of services? a. client-based relationships b. limited standardization c. simultaneous production and consumption d. perishability e. heterogeneity Many large firms, such as Walmart, […]

In terms of setting goals and objectives, what is considered to be one of the major benefits gained from applying for the Malcolm Baldrige National Quality Award? a. It promotes the development of discontinuous objectives. b. It helps the firm […]

Only the largest firms can execute __________, which involves the development of multiple marketing programs to serve all customer segments simultaneously. a. single segment targeting b. market specialization c. selective targeting __________ is/are the primary reason why the consumer buying […]

Which of the following IS NOT a function or potential function of packaging? a. protection b. storage c. convenience As a form of __________ competition, bicycles can solve the same basic need as automobiles, albeit with a very different product. […]

In 2005, the American Marketing Association changed the definition of marketing that had stood for 20 years. The major changes in the definition included a shift from delivering the 4 Ps (product, price, place, promotion) to delivering __________ and a […]

Pickson Luthiers Corporation makes four models of electric guitars, ScarCT, Dela Mort, Warax, and Invazen. Each guitar must flow through five departments, assembly, painting, sound testing, inspection, and packaging. The table below shows the relevant data. Production rates are shown […]

In multiple regression, R Square is referred to as the: A) multiple correlation coefficient. B) coefficient of autocorrelation. C) coefficient of multiple determination. D) multiple significance coefficient. Below is a room overbooking model spreadsheet for the Metza, a hotel chain. […]