saint mba550 midterm exam 2106 Question # 00389411 Posted By: kimwood Updated on: 09/18/2016 07:08 AM Due on: 09/18/2016 Subject Accounting Topic Accounting Tutorials: 1 See full Answer Question Question 1.1.A model is a functional relationship that includes: (Points : 5) variables. parameters. equations. all of the above.Question 2.2.The limits of the problem and the degree to which it pervades other units in the organization must be included during the ________ step of the management science process. (Points : 5) observation definition solution implementationQuestion 3.3.The purpose of break-even analysis is to determine the number of units of a product to sell that will: (Points : 5) appeal to the consumer. result in a profit. result in a loss. result in zero profit.Question 4.4.The quantitative analysis approach requires: (Points : 5) mathematical expressions for the relationship. uncomplicated problems. the manager to have prior experience with similar problems. access to a computer.Question 5.5.The indicator that results in total revenues being equal to total cost is called the: (Points : 5) marginal cost. marginal volume. break-even point. profit mix.Question 6.6.The result of an effective decision making process should be monitored in order to: (Points : 5) reveal the break-even point. reveal errors in the implementation. keep fixed and variable costs distinct. change the scientific method.Question 7.7.In decision making, the choice of an appropriate criterion is dependent on: (Points : 5) the risk personality of the decision maker the number of nodes in the decision tree. the magnitude of the payoffs. none of the above.Question 8.8.Which variable is not a component of break-even analysis? (Points : 5) Fixed costs Variable costs Number of employees Selling priceQuestion 9.9.Mutually exclusive events are: (Points : 5) events with identical probabilities. events that have no outcomes in common. events that have no effect on each other. events that are represented in a Venn diagram by two overlapping circles.Question 10.10.A business owner is trying to decide whether to buy, rent, or lease office space and has constructed the following payoff table based on whether business is brisk or slow. Alternative Brisk Slow Buy 90 -10 Rent 70 40 Lease 60 55The equal likelihood criterion strategy is: (Points : 5) buy. rent. lease. brisk.Question 11.11.If fixed costs increase, but variable cost and price remain the same, the break-even point: (Points : 5) decreases. increases. remains the same. may increase or decrease, depending on sales.Question 12.12.The area under the normal curve represents probability, and the total area under the curve sums to _____: (Points : 5) 0 0.5 1 2Question 13.13.The maximax criterion results in the: (Points : 5) maximum of the minimum payoffs. maximum of the maximum payoffs. minimum of the maximum payoffs. minimum of the minimum payoffs.Question 14.14.Jim is considering pursuing an MS in Information Systems degree. He has applied to two different universities. The acceptance rate for applicants with similar qualifications is 20% for University X and 45% for University Y. What is the probability that Jim will be accepted at both universities? (Points : 5) .09 .20 .25 .65Question 15.15.Which of the following will not decrease system utilization? (Points : 5) Increase in arrival rate Increase in service rate Increase in the number of servers Decrease in service timeQuestion 16.16.A tabular presentation that shows the outcome for each decision alternative under the various possible states of nature is called a: (Points : 5) decision tree. payoff table. feasible region. payback matrix.Question 17.17.A small entrepreneurial company is trying to decide between developing two different products that they believe they can sell to two potential companies, one large and one small. If they develop Product A, they have a 50% chance of selling it to the large company with annual purchases of about 20,000 units. If the large company won't purchase it, then they think they have an 80% chance of placing it with a smaller company, with sales of 15,000 units. On the other hand if they develop Product B, they feel they have a 40% chance of selling it to the large company, resulting in annual sales of about 17,000 units. If the large company doesn't buy it, they have a 50% chance of selling it to the small company with sales of 20,000 units. How many units of Product A can they expect to sell? (Points : 5) 15,000 16,000 17,000 20,000Question 18.18.People who take a chance on a bonanza with a very low probability of occurrence in lieu of a sure thing are: (Points : 5) risk takers. risk averters. risk calculators. risk predictors.Question 19.19.The ________ is computed by multiplying each decision outcome under each state of nature by the probability of its occurrence. (Points : 5) expected value expected value of perfect information expected opportunity loss none of the aboveQuestion 20.20.The ________ is the expected value of the regret for each decision. (Points : 5) expected value expected opportunity loss expected value of perfect information none of the above Rating: 4.9/5
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