Quiz-II: Company Vision, Mission, CG, CSR, AP

Time: 30 mins

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Name of the Student: _________________________________ Section:_____________

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1. All of the following statements would be considered true of a company's mission statement except which one?
A. A company's mission is an enduring statement of a firm's intent.
B. A mission statement typically identifies the firm's principal products and services.
C. A mission statement identifies the scope of the firm's operations.
D. The mission statement staunchly presents a firm's strategic intent.

2. Of the following, which aspect is least likely to be a consideration addressed in an organization's mission
statement?
A. Who are the firm's primary customers?
B. What image does the firm wish to project?
C. Which areas of technology will be empathized?
D. What are the numbers of levels the corporate hierarchy will contain?

3. Which one of the following statements is least likely to represent a fundamental belief an organization would have
to guide it in creating its mission statement?
A. The primary products will be made available to the market at a price reflecting less than total cost so as to
gain market share.
B. The management philosophy of the business will result in a favorable public image.
C. The products or services offered can satisfy the customers within a specific market segment.
D. The business will provide financial rewards for those who are willing to invest in helping the company
succeed.

4. The XYZ Organization's mission statement is focused around three indispensable components. Of the following,
which one would not be considered one of these components?
A. The markets served by XYZ shall include oil and gas producers as well as producers of chemicals.
B. XYZ shall hire only individuals with sufficient educational levels so as to be of benefit to our customers and
shareholders.
C. The customers of XYZ shall include global consumers of gas and oil products and domestic users of nontoxic
chemicals.
D. The technologies utilized by XYZ shall focus upon development of alternative sources of gas and oil so as to
remain competitive within the industry.

5. Of the following statements, which one would not fit well in the segment of a corporate mission statement
expressing the corporation's concern for public image?
A. Our organization is dedicated to the total success of our business as a worldwide competitor.
B. We have a strong responsibility to the communities in which we work.
C. Our organization must be responsive to the public's desire for improvement in the quality of life.
D. We shall adhere to the philosophy of equal opportunity for all.
 6. Purportedly, there are three economic goals that serve to guide the strategic direction of almost every business
organization. ________ is least likely to be considered one of these goals?
A. Survival
B. Profitability
C. Sustained absolute advantage
D. Growth

7. Of the following statements, which one is least likely to be true regarding a company's statement of philosophy?
A. A company's statement of philosophy is often called its company creed.
B. It reflects the guiding values and philosophical priorities to which strategic organizational managers are
committed.
C. This statement reflects the basic beliefs and aspirations of the organization.
D. A company's statement of philosophy rarely if ever appears within the organization's mission statement.

8. A major determinant of a firm's success is the extent to which the firm can relate functionally to its _________
environment.
A. internal
B. competitive
C. strategic
D. external

9. Which one of the following would not be considered one of the newest trends in mission statement components?
A. Statements of company vision
B. Inclusions of the top-level management team's work experience and ethics
C. Reflection of sensitivity to consumers
D. Expression of concern for quality

10. Of the following, which one is best identified as a statement that presents a firm's strategic intent designed to
focus the energies and resources of the company on achieving a desirable future?
A. Corporate philosophy statement
B. Company creed
C. Vision statement
D. Mission statement

11. All of the following statements would be considered to be true regarding company vision statements except
________.
A. vision statements are often combined with the mission statement
B. vision statements are often designed to be memorable, one-line statements
C. vision statements are never presented with an organization's mission statement
D. vision statements reflect an organization's strategic intent
12. The BYOB Organization has a highly dedicated team of strategic decision makers. Of the following, which one is
least likely to be one of the duties or responsibilities handled by these individuals?
A. Hiring front line supervisors and managers
B. Allocation of resources
C. Monitoring the firm's success
D. Determining the firm's mission

13. The board of directors of the TMJ Company takes great pride in the operations of this very successful company.
Which of the following statements would most likely be considered false about TMJ's board of directors?
 A. The board is comprised of strategic managers and stockholder representatives.
B. The board is responsible for the creation of the company mission.
C. The board rarely has to deal with potentially unethical business issues.
D. The board establishes the compensation level of top officers and executives.

14. If an organization is suffering from disruptions because the wishes of its owners and the actions of its managers
do not coincide the problem is actually one of _______.
A. agency
B. strategic intent
C. board of director's discrepancy
D. adverse selection

15. When the costs of problems that arise if the philosophies of company agents and owners do not align are coupled
with the costs associated with minimizing these problems, it is known as _________.
A. adverse selection
B. moral hazard problems
C. agency costs
D. agency theory

16. The owners of the Rounders Company are experiencing a problem because they are unable to gain sufficient
information about the company to effectively monitor the actions of its executives. This type of problem is best
known as a/an _______ problem.
A. agency
B. moral hazard
C. principal-agent
D. adverse selection

17. ________ is/are an agency problem caused by the limited ability of stockholders to precisely determine the
competencies and priorities of executives at the time they are hired.
A. Agency costs
B. Moral hazard
C. Principal-agent discrepancy
D. Adverse selection

18. All of the following except ______ would be considered viable maneuvers an organization can undertake to
minimize or correct agency problems.
A. provide frontload bonuses to executives
B. define the agent's responsibilities in a contract
C. pay executives a premium for their services
D. create teams of executives across different units of the organization

19. __________ defines a company’s timeless character. It’s the glue that holds the enterprise together even when
everything else is up for grabs…a consistent identity that transcends product or market life cycles, technological
breakthroughs, management fads, and individual leaders.
A. Core Purpose
B. Core Ideology
C. Core Mission
D. Core Objectives

20. Collins and Porras believe that ______cannot be created but must instead be discovered. Although we all aspire to
worthy ideologies, if a _______ is not authentic to the behaviour of your organisation, they suggest that treating it
 as core is likely to lead to justifiable cynacism. Instead, they believe that aspirations are more appropriate to an
envisioned future. (one option fits into both the blanks)
A. BHAG
B. Long Term Objectives
C. Core Purpose
D. Value(s)

21. For Collins and Porras, every organisation has a _________, even if it hasn’t been articulated yet. __________
could be described as the heartbeat or soul of your organisation—your organisation’s “most fundamental reason
for being”. (one option fits into both the blanks)
A. Core Ideology
B. Core Purpose
C. BHAG
D. Strategy(ies)

22. _________ is like a guiding star on the horizon - forever pursued but never reached.
A. Core Ideology
B. Core Purpose
C. BHAG
D. Strategy(ies)

23. For Collins and Porras, an _________is the means through which core ideology is translated into a tangible goal
that stretches and challenges your organization. Where core ideology “resides in the background, ever-present and
‘in the woodwork'”, an __________ is “in the foreground, focusing people’s attention on a specific goal…[it] is
bold, exciting and emotionally charged.” (One option fits into both the blanks)
A. Core Purpose
B. Envisioned Future
C. Strategy
D. Tactics

24. Unlike core purpose, a ______ has a clear finish line and an organisation should be able to determine when the
goal has been achieved. That said, for Collins and Porras, “a ______ should not be a sure bet—it will have
perhaps only a 50% to 70% probability of success”. However, an organisation should nonetheless believe that it
can achieve the goal, something that Collins and Porras came to call the “hubris factor”. To set ______(s) requires
a “certain level of unreasonable self-confidence” or, at the very least, unreasonable self-ambition. (One option fits
into all the blanks)
A. Targets
B. BHAG
C. Core Ideology
D. Core Values

25. The ________ should be so exciting in its own right that it would continue to keep the organisation motivated
even if the leaders who set the goal disappeared.
A. Core Purpose
B. Core Ideology
C. Core Values
D. Envisioned Future