**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