Which of the following is a primary feature of the five forces model?
A. It is concerned exclusively about the intensity of rivalry among direct competitors.
B. It views competition within an industry broadly to include forces such as buyers, suppliers, and the threat of substitutes.
C. It takes into account a firm's internal resources, capabilities, and core competencies.
D. It helps managers determine the changing speed of an industry or the rate of innovation.
Answer: B
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Which of the following is not a reason that the auditor must gain an understanding of the client's internal control system?
a. Better understand the client, its risks, and how it manages those risks. b. Assess control risk and identify the types of financial statement misstatements that are most likely to occur. c. Plan direct tests of account balances to determine if misstatements have occurred. d. All are reasons why auditors must gain an understanding of the client's internal control system.
Which of the following is generally not considered a service organization?
a. Hair stylists b. Lawyers c. Autoparts stores d. Plumbers
If a salesperson learns that a customer has been lost to a competitor, it is best to visit the customer and discuss the serious mistake that has been made.
Answer the following statement true (T) or false (F)
The balanced scorecard is both a ______ and a(n) ______ method.
a. planning; controlling b. leading; organizing c. planning; organizing d. leading; controlling