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Q1: By which principle is utilitarianism defined

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Answer: The best outcome for the majority of people

Q2: Who was a major protagonist of utilitarianism

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Answer: John Stuart Mill

Q3: Individualism as a guiding moral philosophy was advocated by which economist

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Answer: Milton Friedman

Q4: Which is not a characteristic of corporate social responsibility

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Answer: Price-fixing

Q5: What is a normative perspective

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Answer: The way things should be.

Q6: Which of these factors is not one of the competing responsibilities that influence corporate social responsibility

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Answer: Technical

Q7: What is a whistleblower

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Answer: Someone who reports illegal or unethical acts

Q8: What is the term for a process that enables an organisation to assess and demonstrate its social, economic, and environmental benefits and limitation

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Answer: Social audit

Q9: What is the overriding philosophy underpinning the strategic direction of an organisation

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Answer: Mission statement

Q10: What is not a characteristic of a corporate social responsibility framework

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Answer: Retaining the status quo

Q11: What is the term for the action in which managers at an organisation analyse the current situation of their organisation and then develop plans to accomplish its mission and achieve its goals

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Answer: Strategy formulation

Q12: In the ‘five forces model’, what is the type of competitive activity that exists between organisations

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Answer: The level of rivalry

Q13: Profitability stemming from how well a firm positions itself in the market is a key feature of which writer’s view on strategy

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Answer: Michael Porter

Q14: What does PEST stand for

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Answer: Political, economic, social, technological

Q15: Which one is not an element in the primary activities of a value chain

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Answer: Procurement

Q16: What is the term used in Ansoff’s matrix for increasing market share with existing products in existing markets

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Answer: Market penetration

Q17: Vertical integration forwards is when a firm mergers or acquires another

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Answer: Towards the consumer

Q18: When does an acquisition take place

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Answer: Two unequal partners become one after a buyout.

Q19: Of what is advertising a form

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Answer: Differentiation

Q20: What is the term for the extent to which competition in one country is influenced by competition in other countries

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Answer: Globalisation

Q21: What do companies that focus on filling a gap in the market engage in

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Answer: Niche marketing

Q22: What is not part of a marketing plan

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Answer: Government support

Q23: What is the term for a market that is defined by specific characteristics

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Answer: Market segment

Q24: Which of the following does not form the basis of a performance indicator for a marketing plan

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Answer: Competitor reaction

Q25: What is the term for the development and design of value adding products and/or services to meet the demand characteristics of individual customers

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Answer: Personalisation

Q26: What do the four ‘P’s’ of marketing relate to

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Answer: Product, price, place and promotion

Q27: The brand of BP is an example of what type of brand name

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Answer: Descriptive

Q28: Consumer values based on personality types are a form of what type of brand value

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Answer: Expressive

Q29: What is the term for gaining consumers’ express agreement to receive marketing material

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Answer: Permission marketing

Q30: What does CRM stand for

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Answer: Customer Relationship Management

Q31: Which one is not part of Lewin’s (1952) three step approach to change

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Answer: Initiating change

Q32: What is the term for a radical rethinking of the nature of the business

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Answer: Paradigm shift

Q33: What is the term for incremental changes to processes in an organisation using information technology

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Answer: Business Process Improvement

Q34: What is the first step in a ‘Stage gate’ process

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Answer: Generate ideas and concepts.

Q35: Which is not an example of an external factor for learning and knowledge

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Answer: Social change

Q36: What is the term for the phenomenon that a new IT system is implemented across the whole organisation simultaneously

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Answer: Plunge approach

Q37: What is IS

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Answer: Information systems

Q38: What is the term for the act of acquiring an IS architecture from the market

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Answer: Outsourcing

Q39: Which is not an implementation activity for an information system

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Answer: IS marketing plan

Q40: What is the term for forcing people to accept change

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Answer: Coercion

Q41: An alternative expression for qualitative variables is “categorical variables”

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Answer: Correct – True

Q42: Frequency distribution is another expression for a bar chart

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Answer: Wrong – False

Q43: Ratio scales are like

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Answer: Interval scales with a true zero points

Q44: The method used to graph a group frequency table is called a pie chart

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Answer: Wrong – False

Q45: In case there are too many outliers in the data set, the most representative average value is

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Answer: Median

Q46: The smaller the variance the less spread of the data around the mean

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Answer: Correct – True

Q47: Excel function VARP is used to calculate

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Answer: The variance of the population

Q48: Probability is usually measured on the scale between zero and 1

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Answer: Correct – True

Q49: The set of all possible outcomes in an experiment is defined as the total population

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Answer: Correct – True

Q50: Two events are mutually exclusive if

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Answer: They cannot occur together

Q51: One way to determine if a variable is distributed as normal is to do

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Answer: A normal probability plot

Q52: A sample from the population does not have to share the same characteristics as the population

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Answer: Wrong – False

Q53: Probability sampling is based on various random selection principles

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Answer: Correct – True

Q54: With the non-probability sampling methods you do not know the likelihood that any element of a population will be selected in a sample

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Answer: Correct – True

Q55: A method of using samples to estimate population parameters is known as

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Answer: Statistical inference

Q56: The mean of the sample means is

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Answer: An unbiased estimator of the population mean

Q57: Rejection of the null hypothesis is a conclusive proof that the alternative hypothesis is

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Answer: Neither

Q58: Parametric test, unlike the non-parametric tests, make certain assumptions about

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Answer: The underlying distribution

Q59: By taking a level of significance of 5% it is the same as saying

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Answer: We are 95% confident that the results have not occurred by chance

Q60: One or two tail test will determine

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Answer: If the region of rejection is located in one or two tails of the distribution

Q61: Two types of errors associated with hypothesis testing are Type I and Type II. Type II error is committed when

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Answer: We accept a null hypothesis when it is not true

Q62: The null hypothesis in the chi-square test states that

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Answer: The rows and columns in the table are not associated

Q63: Contingency tables and degrees of freedom are key elements of the chi-square test

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Answer: Correct – True

Q64: For the chi-square test to be effective, the expected value for each cell in the contingency table has to be at least

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Answer: 5

Q65: The null hypothesis of the sign test is that

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Answer: Half the ranks to be less than the median and half greater than the median

Q66: The null hypothesis for the Mann-Whitney U test is used to test that

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Answer: Two samples are from the same population and have the same median

Q67: If the Pearson Product Moment Correlation Coefficient shows zero value, this definitely means that there is no relationship between the two variables

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Answer: Wrong – False

Q68: To measure ranked variables the following correlation coefficient is used

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Answer: Spearman’s

Q69: The most commonly used formula to describe linear relationship is

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Answer: y = b0 + b1x

Q70: Another expression for constant variance is

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Answer: Homoscedacity

Q71: Residual plot in regression analysis is used to mean

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Answer: Plot of residuals

Q72: The coefficient of determination and the R-squared (R2) are the same

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Answer: Correct – True

Q73: It is essential for the time series to be measured in equidistant units of time

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Answer: Correct – True

Q74: If a value is missing in a time series we can do one of the following

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Answer: Estimate it as an average between two neighboring values

Q75: One of the classifications of time series is that they can be either

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Answer: Stationary or non-stationary

Q76: Another name for the regression method is

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Answer: Causal method

Q77: Consumer Price Index (CPI) falls in the category of

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Answer: An aggregate index

Q78: A premise of the classical time series decomposition method is to separate the components and then to

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Answer: Recompose them by putting them together

Q79: Exponential smoothing is

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Answer: One of the forecasting methods

Q80: The formula =B5^2 represents

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Answer: The square value of the number in cell B5

Q81: The formulas =POWER(B5,3) and =B5^3 mean the same, i.e. the third power of the value in cell B5

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Answer: Correct – True

Q82: A straight line with a positive slope will have a positive number value for gradient

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Answer: Correct – True

Q83: The first derivative of a curve equation of the form y = 2×2 + 3x + 4 calculates the slope of the curve given by equation dy/dx = 4x + 4

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Answer: Correct – True

Q84: The second derivative of a curve equation of the form y = 2×2 + 3x + 4 gives a minimum value of y of 3

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Answer: Wrong – False

Q85: The height of the rectangle in a histogram is proportional to class frequency and class width

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Answer: Correct – True

Q86: Since mode is the most frequently occurring score, it can be determined directly from a frequency distribution or a histogram

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Answer: Correct – True

Q87: One way to measure the spread is to calculate the difference between the third and first quartile. This measure is called

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Answer: The inter quartile range

Q88: Standard normal distribution enables, among other things, a comparison between the two similar distributions that might be expressed in different units

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Answer: Correct – True

Q89: For a two tail test at 5% significance then each tail will have 1.5%

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Answer: Correct – True

Q90: The Excel function NORM.S.DIST can be used to calculate the test p value

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Answer: Correct – True

Q91: Parametric tests, unlike the non-parametric tests, make certain assumptions about

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Answer: The underlying distribution

Q92: The level of significance can be viewed as the amount of risk that an analyst will accept when making a decision

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Answer: Correct – True

Q93: The following equation y=a+bx represents

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Answer: Linear trend

Q94: The meaning of the least squares method is that it guarantees that

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Answer: The sum of all squared values of deviations of the trend from the actual values is a minimum.

Q95: If y=Profit and x=Revenues in an equation y=a+bx, then the breakeven point is interpreted as

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Answer: The value of the equation for y=0

Q96: If the correlation coefficient is close to zero, we interpret that

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Answer: There is no correlation between the variables

Q97: Total variations in the linear regression model consist of

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Answer: Explained variations and unexplained variations

Q98: If the coefficient of determination is close to zero, we interpret that

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Answer: One variable has no impact on the other

Q99: Unexplained variations can also be interpreted as

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Answer: Residual sum of squared (SSE)

Q100: Given the confidence interval of 95% and if the prediction error is 20 and the predicted value is 90, the result is interpreted as

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Answer: 95% confidence that the actual value will be between 70 and 110