Business Consulting Practice Exam
Course Introduction
Business Consulting is a course designed to equip students with the essential skills and methodologies needed to analyze, strategize, and provide effective solutions to real-world business problems. Emphasizing practical and analytical approaches, the course explores key consulting processes such as client engagement, problem definition, data collection, and the development of actionable recommendations. Through case studies, simulations, and group projects, students learn to approach organizational challenges from a consultants perspective, refine their communication and presentation skills, and develop insights into managing diverse client relationships across various industries.
Recommended Textbook
Strategic Management and Business Policy 13th Edition by Thomas L. Wheelen
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12 Chapters
1260 Verified Questions
1260 Flashcards
Source URL: https://quizplus.com/study-set/1452
Page 2
Chapter 1: Basic Concepts in Strategic Management
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109 Verified Questions
109 Flashcards
Source URL: https://quizplus.com/quiz/28808
Sample Questions
Q1) Which of the following is an example of a mission statement?
A)Diversify product line to appeal to more people.
B)Increase sales by 10% over last year.
C)Pay highest salaries to keep high quality employees.
D)Develop and sell quality appliances worldwide.
E)Divide a sales region into a group of sales districts.
Answer: D
Q2) A set of sequential steps or techniques that describe in detail how a particular task or job is to be done is referred to as
A)a standard operating procedure.
B)a systems operating procedure.
C)a standard operating program.
D)a standard outside procedure.
E)a systems operating plan.
Answer: A
Q3) Knowing a company is mindful of its impact on the environment seldom changes consumer buying habits.
A)True
B)False
Answer: False
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Chapter 2: Corporate Governance
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97 Verified Questions
97 Flashcards
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Sample Questions
Q1) Interlocking directorates are a useful method for gaining both inside information about an uncertain environment and objective expertise about potential strategies and tactics.They are, however, increasingly frowned upon because of the possibility of collusion.
A)True
B)False
Answer: True
Q2) Which of the following statements is true regarding the board of directors?
A)The board is charged by law to act with due care.
B)If a director or the board as a whole fails to act with due care and, as a result, the corporation is in some way harmed, the careless director or directors can be held personally liable for the harm done.
C)Director liability insurance is often needed to attract people to become members of boards.
D)Directors must be aware of the needs of various constituent groups to balance all their interests.
E)all of the above
Answer: E
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Chapter 3: Ethics and Social Responsibility in Strategic Management
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97 Verified Questions
97 Flashcards
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Sample Questions
Q1) A company may have some stakeholders of which it is only marginally aware.
A)True
B)False
Answer: True
Q2) According to the utilitarian approach, the ability to affect the company is known as A)power.
B)legitimacy.
C)urgency.
D)stability.
E)utility.
Answer: A
Q3) Carroll's four responsibilities listed in order of priority are
A)legal, economic, ethical, and discretionary.
B)legal, ethical, discretionary, and economic.
C)economic, legal, ethical, and discretionary.
D)economic, ethical, discretionary, and legal.
E)ethical, economic, legal, and discretionary.
Answer: C
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Chapter 4: Environmental Scanning and Industry Analysis
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) The collective strength of the interaction of potential entrants, buyers, substitutes, suppliers, firm rivalry, and other stakeholders determine
A)the level of government action in an industry.
B)the probable industry attractiveness and business strength position.
C)the ultimate profit potential in the industry measured in terms of long-run return on invested capital.
D)the aggregate level of demand for a product line.
E)the amount of pressure from the societal environment.
Q2) An industry matrix summarizes the key success factors within a particular industry.
A)True
B)False
Q3) A buyer may be powerful when changing suppliers' costs a great deal.
A)True B)False
Q4) Multidomestic industries are specific to each country or group of countries. A)True B)False
Q5) Describe the four strategic types of the Miles and Snow typology.
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Chapter 5: Internal Scanning and Organizational Analysis
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109 Verified Questions
109 Flashcards
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Sample Questions
Q1) The resources of an organization include tangible assets, human assets, and intangible assets.
A)True
B)False
Q2) Transferability is the ability of competitors to use duplicated resources and capabilities to imitate the other firm's success.
A)True
B)False
Q3) Capabilities refer to a corporation's ability to exploit its resources.
A)True
B)False
Q4) Flexible manufacturing emphasizes
A)high-volume output of mass produced products.
B)the cost advantages of an intermittent system with the customer-oriented advantages of a continuous system.
C)the learning curve is longer since technology is automated.
D)economies of scope over economies of scale.
E)economies of scale over economies of scope.
Q5) What is R & D intensity?
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Chapter 6: Strategy Formulation: Situation Analysis and Business Strategy
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104 Verified Questions
104 Flashcards
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Sample Questions
Q1) The kind of strategic alliance in which a company forms a strong and close long-term relationship for mutual advantage with a key supplier or distributor is the A)joint venture.
B)licensing agreement.
C)value-chain partnership.
D)mutual service consortia.
E)holding company.
Q2) The first company to manufacture and sell a new product or service is called the ground breaker.
A)True
B)False
Q3) One risk of a cost leadership strategy is that the technology may change. A)True
B)False
Q4) One danger of D'Aveni's concept of hypercompetition is that it may lead to an overemphasis on short-term tactics over long-term strategy. A)True
B)False
Q5) What are Porter's four generic strategies?
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Chapter 7: Strategy Formulation: Corporate Strategy
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103 Verified Questions
103 Flashcards
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Sample Questions
Q1) The most widely pursued corporate directional strategies are those designed to achieve growth.
A)True
B)False
Q2) Which strategy is most appropriate as a temporary strategy to enable a corporation to consolidate its resources after prolonged rapid growth in an industry now facing an uncertain future?
A)horizontal integration strategy
B)no change strategy
C)retrenchment strategy
D)pause/proceed with caution strategy
E)profit strategy
Q3) The two basic growth strategies are concentration and strategic alliances.
A)True
B)False
Q4) In multipoint competition, large multi-business corporations compete against other large multi-business firms in a number of markets.
A)True
B)False
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Chapter 8: Strategy Formulation: Functional Strategy and Strategic Choice
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) When a company determines how and where a product or service is to be manufactured, the level of vertical integration in the production process, the deployment of physical resources, and relationships with suppliers, the company is developing its ________ strategy.
A)marketing
B)R&D
C)operations
D)financial
E)human resource management
Q2) Sara Lee Corporation uses the line extension strategy when they put the Sara Lee name on various new food products.
A)True
B)False
Q3) Which of the following is NOT one of the major outsourcing errors that should be avoided?
A)failure to keep core activities in house
B)selecting the wrong vendor
C)writing a poor contract
D)micromanaging the outsourced activity to maintain control
E)overlooking personnel issues
Page 10
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Chapter 9: Strategy Implementation: Organizing for Action
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109 Verified Questions
109 Flashcards
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Sample Questions
Q1) The second stage of the organizational life cycle is maturity.
A)True
B)False
Q2) Which of the following is NOT identified as a key driver for strategic fit between alliance partners?
A)The alliance must be important to both partners.
B)Joint activities must have added value for customers and the partners.
C)The alliance must be accepted by key stakeholders.
D)Partners contribute key strengths, but protect core competencies.
E)Partners must independently achieve their goals.
Q3) Which type of structure enables a corporation to centralize decision making along product lines and to reduce costs?
A)geographic-area structure
B)product-group structure
C)network structure
D)matrix structure
E)functional structure
Q4) After programs have been developed, the budget process begins.
A)True
B)False
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Chapter 10: Strategy Implementation: Staffing and Directing
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107 Verified Questions
107 Flashcards
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Sample Questions
Q1) Communication is the key to the effective management of change.
A)True
B)False
Q2) The strategy implementation tool used to determine what actions are going to be taken, by whom, during what time frame, and with what expected results is called a(n) A)mission statement.
B)action plan.
C)MBO.
D)TQM.
E)succession plan.
Q3) Staffing issues can involve hiring new people with new skills, firing people with inappropriate or substandard skills, and/or training existing employees to learn new skills.
A)True
B)False
Q4) TQM links organizational objectives and the behavior of individuals.
A)True
B)False
Page 12
Q5) What information should an action plan include?
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Chapter 11: Evaluation and Control
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105 Flashcards
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Sample Questions
Q1) If marketing attains its goal at the expense of rising production costs are raised for the manufacturing department, the end result of marketing's achievements and manufacturing's cost increases reflects
A)behavior substitution.
B)suboptimization.
C)resource allocation.
D)resource optimization.
E)strategy optimization.
Q2) What term describes when activities originally intended to help managers attain corporate objectives become ends in themselves or are adapted to meet ends other than those for which they were intended?
A)economic rationality
B)minimal acceptable behavior
C)goal displacement
D)closed system thinking
E)trained incapacity
Q3) Distinguish between behavior and output controls.Provide examples of each.
Q4) What is the difference between EVA and MVA?
Q5) What is ERP? What are the three reasons why ERP could fail?
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Chapter 12: Suggestions for Case Analysis
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Sample Questions
Q1) One of the most important categories of financial ratios are the liquidity ratios.
A)True
B)False
Q2) Return on equity
A)is the ratio of net profit after taxes to shareholders' equity.
B)is a profitability ratio.
C)is referred to by the acronym ROE.
D)measures the rate of return on the book value of shareholders' total investment in the company.
E)all of the above
Q3) All of the following represent liquidity ratios EXCEPT A)cash ratio.
B)inventory to net working capital.
C)quick ratio.
D)gross profit margin.
E)current ratio.
Q4) Key liquidity ratios include the current ratio, quick ratio, and cash ratio.
A)True
B)False
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