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MFT exam review questions and answers
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MFT exam review questions and answers
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MFT exam review questions and answersA department manager telephoned two managers in other departments to discuss a
cost savings idea that would benefit their departments as well as her own. Which of the
following most accurately defines the communication channel that the manager was
using?
(A) Upward
(B) Lateral
(C) Downward
(D) Hierarchical - ANSWER-(B) Lateral
A firm that would like to know whether it has enough cash to meet its bills would be
most likely to use which category of financial ratio?
(A) Liquidity
(B) Leverage
(C) Efficiency
(D) Profitability - ANSWER-(A) Liquidity
A project consists of 150 jobs. The expected completion time for each job is given in
days. The project has three critical paths with two jobs in common, J and K. In order to
finish the project one day early, the completion time should be reduced one day for
(A) each of the 150 jobs
(B) each of the jobs on the three critical paths
(C) either Job J or Job K
(D) both Job J and Job K - ANSWER-(C) either Job J or Job K
A small number of people with complementary skills who are committed to a common
purpose, a set of performance goals, and an approach for which they hold themselves
mutually accountable is referred to as a
(A) committee
(B) task force
(C) group
(D) team - ANSWER-(D) team
All of the following are true regarding a seller's rights to reduce legal liability in the sale
of nonconsumer goods EXCEPT:
(A) The seller can disclaim consequential damages if it is done clearly and
conspicuously.
(B) The seller can limit the remedy available to the buyer if he or she does so clearly
and fairly.
, (C) The seller can place reasonable conditions on the warranty coverage and a shorter
time limit of warranty coverage.
(D) The seller can disclaim all implied warranties by simply stating that there are no
implied warranties. - ANSWER-(D) The seller can disclaim all implied warranties by
simply stating that there are no implied warranties.
An information system that enables all business departments in the same firm to share
relevant information and data is called
(A) an enterprise resource planning (ERP) system
(B) a material requirements planning (MRP) system
(C) a decision support system (DSS)
(D) a point-of-sale (POS) system - ANSWER-(A) an enterprise resource planning (ERP)
system
Based on his scientific management theory, Frederick Taylor developed what pay
principle?
(A) Hourly pay
(B) Incentive pay
(C) Profit sharing
(D) Monthly salary with bonus - ANSWER-(B) Incentive pay
Dreamland Pillow Company sells the "Old Softy" model for $20 each. One pillow
requires two pounds of raw material and one hour of direct labor to manufacture. Raw
material costs $3 per pound and direct production labor is paid $4 per hour. Fixed
supervisory costs are $2,000 per month and Dreamland rents its factory on a five-year
lease for $4,000 per month. All costs are considered costs of production.
Another firm has offered to produce "Old Softy" pillows and sell them to Dreamland for
$12 each. Dreamland cannot avoid the factory lease payments, but can avoid all labor
costs if it does not produce these pillows. Under these conditions, how many "Old Softy"
pillows must Dreamland sell to earn monthly gross profits of $1,000?
(A) 417
(B) 500
(C) 625
(D) 875 - ANSWER-(C) 625
Dreamland Pillow Company sells the "Old Softy" model for $20 each. One pillow
requires two pounds of raw material and one hour of direct labor to manufacture. Raw
material costs $3 per pound and direct production labor is paid $4 per hour. Fixed
supervisory costs are $2,000 per month and Dreamland rents its factory on a five-year
lease for $4,000 per month. All costs are considered costs of production.
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