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F1/FAB Account in Business Mock Exam 1

This section is divided into two sections:


Section A- ALL 46 questions are compulsory and MUST be attempted (16*1 + 30*2)
Section B- ALL SIX questions are compulsory and MUST be attempted (6*4)
Time allowed: 2 hours
Qu 1. An organization is owned and run by the government.
Which one of the following describes its status?
a. Public sector organization
b. Charitable organization
c. Not-for-profit organization.
Qu2. Which of the following is a primary activity in Porters value chain?
a. Service
b. Technology development
c. Procurement
Qu3. Julie believed that she was entitled to more maternity pay than her employer paid to
her. She took her employer to an employment tribunal, where she won her case.
Subsequently, to her employer penalized her for taking this action.
What is this an example of?
a. Victimization
b. Indirect discrimination
c. Direct discrimination

Qu4. What does a small span of control imply?


a. A wide flat organizational structure
b. A tall narrow organizational structure

Qu5. Which of the following is the process in which one person gives non- directional
encouragement to another to explore their own feelings, to help solve a problem?
a. Mentoring
b. Guiding
c. Counselling
Qu6. Which two of the business organizations listed below do not have a separate lega;
personality form that of its owners?
a. Sole traders
b. Limited companies
c. Partnerships

Qu7. Mant Co is a manufacturing company operating in country Westland, and it neither


imports nor exports.
If the currently of Westland strengthens with respect to other currencies, what is the likely
effect on Mant Cos sales?
a. No effect
b. Sales are likely to increase
c. Sales are likely to increase

Qu8. Which of the following statements is true with respect to a regressive tax?
a. More tax is paid as a taxpayers income decreases
b. Tax is levied on expenditure not income
c. A greater proportion of a low earners income is paid as tax that of a high earner.

Qu9. With what analysis technique us the phrase barrier to entry associated?
a. PESTEL
b. The value chain
c. Porters five forces

Qu10. Which one of the following statements is true?


a. A team is an informal group
b. A team can be either formal or informal
c. A team is a formal group
Qu11. Is the following true or false?
Good corporate governance practice states that, to ensure strong strategic direction, the
chief executive officer and the chairman of the board should be the same person
a. True
b. False

Qu12. It is the auditors responsibility to detect fraud.


a. True
b. False
Qu13. What type of unemployment is caused because people are moving from one hjob to
another?
a. Structural unemployment
b. Cyclical unemployment
c. Frictional unemployment

Qu14. Which of the following is the correct formulation of Vrooms theory of motivation?
a. Expectancy = force * valence
b. Force = valence * expectancy
c. Valence = force * expectancy

Qu15. With which rule of classical management theory does a matrix structure not comply?
a. Unity or command
b. Esprit de corps
c. Division of work
Qu16. Which of the following job design choices is likely to lead to a vertical enhancement of
the job?
a. Job enlargement
b. Job enrichment
c. Job rotation

Qu17. Mintzberg depicts organizations using organograms.


Which of the following are elements of these diagrams?
a. Inbound logistics
b. Technostructure
c. Firm infrastructure
d. Operating core

Qu18. The concept of stewardship in corporate governance implies that:


a. The company is a steward of the shareholders assets
b. Directors are stewards of the companys assets
c. Shareholders are stewards of the companys assets
d. The auditors are stewards of the companys assets
Qu19. Which of the following would have most to do with raising capital and ensuring that
surplus funds are invested to receive interest or other returns.
a. Nomination committee
b. Treasures department
c. Audit committee
d. Cashiers department
Qu20. What type of system can be defined as A file, or set of related files, which many users
can access and use without constraining the file or its contents?
a. A database
b. A spreadsheet
c. An executive information system
d. An integrated system

Qu21. Jane is a member of a project team. She is meticulous about ensuring that decisions
are properly recorded and that the project documentation is completed properly. She is very
reluctant to let matters proceed unless all relevant matters have been addressed and
formalities have been carried out.
According to Belbins theory about team roles, Jane is an example of what type of
personality?
a. A shaper
b. A plant
c. A resource investigator
d. A completer-finisher

Qu22. The collection of information relating to an inventory item is known as:


a. An inventory attribute
b. An inventory database
c. An inventory record
d. An inventory file
Qu23. Click on the area of the diagram below which represents the country club approach in
Blake and Moutons grid.

Qu24. Choose one correct answer in each drop-down list


Experiential learning is a theory that was devised by
a. Kolb
b. Bennis
c. Honey and Mumford
d. Mayo
e. Handy
The four styles of learning were categorized by
a. Kolb
b. Bennis
c. Honey and Mumford
d. Mayo
e. Handy

Qu25. Which of the following relate to a governments fiscal policy?


a. Interest rates
b. Tax rates
c. Government spending
d. Reserve ratio

Qu26. Which two of the following effects is likely to be caused by an increase in interest
rates?
a. Decrease demand pull inflation
b. Decrease inflation on imports
c. Increase demand pull inflation
d. Increase inflation on imports
Qu27. Which two of the following is probably true when an organization begins to
decentralize?
a. Poorer quality of decisions
b. Better quality of decisions
c. Poorer coordination
d. Better coordination
Qu28. Who suggested that managers fulfil interpersonal, informational and decisional roles?
a. Mayo
b. Belbin
c. Drucker
d. Mintzberg
Qu29. Psychologically distant and Psychologically close styles of leadership are associated
with which writer?
a. Drucker
b. Bennis
c. Fielder
d. Adair
Qu30. Which two of the following are hygiene factors in Herzbergs theory of motivation?
a. Company administration
b. Challenge
c. Interpersonal relations
d. Recognition
Qu31. Which two of the following are the main conclusions of the Hawthorne experiments?
a. Motivation is increased by having autonomous work groups
b. Informal groups can be very powerful influences in the workplace
c. Employees respond well when treated as individuals
d. Work should be scientifically planned
Qu32. Shown right is an outline of Maslows hierarchy of needs, with all categories of need
blocked out.
Choose the labels that are appropriate got GAP 1 and Gap 2
Gap 1
Gap 2
a. Self- actualization
b. Psychological
c. Ego/esteem
d. Social/affiliation
e. safety

Qu33. Choose one correct answer in each drop-down list


When a country is in deficit, it is
a. exporting
b. importing
, more goods and services that it is
a. exporting
b. importing

That will tend to


a. strengthen
b. weaken
its currency.
Qu34. Which three of the following statements about internal auditors are correct?
a. Their independence is increased if they report to the audit committee
b. Their scope is determined by management
c. Their power is backed by statue
d. They report to management
e. They are an essential part of corporate governance
f. They report on whether the financial statements give a true and fair view
g. They are appointed by shareholders
Qu35. Which two of the following terms appears in the ACCAs list of fundamental ethical
principles?
a. Confidentiality
b. Professional competence and due care
c. Independence
d. Efficiency
e. Self- interest
f. Honesty
Qu36. Which three of the following are characteristics of strategic information?
a. Summarized
b. Very detailed
c. Internal only
d. Forward-looking
e. Historical
f. Internal and external
Qu37. Jim has set up a financial model of his business on a spreadsheet, and he uses this to
try out different assumptions when drafting cash flow forecasts.
Which of the following is this use of IT an example pf?
a. A database
b. A decision support system
c. A management information system
d. An executive information system
Qu38. Label Leavitts communication pattern diagrams are shown on the right.
Choose one correct answer in each drop- down list
Diagram A
Diagram B
Diagram C
Diagram D
a. Chain
b. Wheel
c. Y
d. Branch
e. Fence
f. Circle
Qu39. Which of the following best describes the main purpose of an external audit?
a. To report on whether or not the company is a good investment
b. To examine and report on the truth and fairness of the financial statements prepared by
management
c. To determine of the company of properly valued on the stock exchange
d. To prepare the financial statements
Qu40. Which two of the following describe attributes of non-executive directors?
a. They are not board members
b. They have important functions on the remuneration, nomination and audit committees.
c. There should be a balance of executive and non-executive directors on the board
d. They sit on the board but do not vote.
Qu41. Which two of the following are NOT part of the cultural web?
a. Symbols and titles
b. Frim infrastructure
c. Myths and stories
d. Power relations
e. Psychological distance
f. Rituals and routines
Qu42. Which FOUR of the following are part of Hofstedes analysis of national culture?
a. Power/distance
b. Uncertainty avoidance
c. Psychological closeness
d. Individualism/ collectivism
e. Power relations
f. Masculinity/feminist
Qu43. Match the cultural descriptions to the cultural types. (role culture, task culture, power
culture)
a. A flexible organization in which teams form and reform to meet client needs.
b. A small organization where the owner is very hands-on and takes most of the decisions
c. A large organization with strict job specification, close supervision and many
Qu44. In the European Union a -------------- automatically become a law in each member
country but a -------------- becomes law only when a national government passes its own law.
a. Directive
b. Statutory order
c. Regulation
Qu45. Which of the following techniques of economic control is not part of fiscal control?
a. Taxation
b. Government spending
c. Interest rates
d. Government borrowing
Qu46. Which of the following vest describes the term control environment?
a. The control processes which have been designed and implemented within the office
environment
b. The mechanisms in place for monitoring PESTEL factors
c. The mechanism an organization has in place to monitor their corporate social
responsibility activities.
d. The culture of the organization with respect to the importance of controls.
Qu47. Porters five forces is used to assess
a. The micro-environment of the business
b. How a company makes money
c. Industry attractiveness
d. Competitive strengths
With respect to the oil and petrol sector, powerful batteries capable of powering cars would
be seen as
a. A customer
b. A new entry
c. A supplier
d. A substitute
e. A rival
Taking over a competitor would be a way of reducing the threat from
a. Same as above
Lobbying government to institute a challenging licensing system for a sector would be a way
of reducing the threat form
b. Same as above

Qu48. An organization can be defined as:


A ________ arrangement which pursues a _________ goals, which controls its own
performance, and which has a boundary separating it from its ________.
Most organizations are ________ systems.
Qu49. Jane does not believe that her work force either wants to work or is competent.
Accordingly she is very strict with them. ____
Jared knows that the task, his staff and the environment change with each project and he is
careful to try to get them to match. _____
Janet is careful to give attention to the needs of the individual, the group and the
requirements of the task. ____
Jim believes that it is important to take an interest in his employees and ask them for their
opinions. ____
A. Human relations school of management
B. Action centered leadership
C. Theory x management style
D. Handys contingency approach
Qu50.
Jared in charge of running board meeting. ____
Jim has a vision for the long-term future. He takes a transformational approach. ____
Janet looks after a relatively few people, implementing decisions and rules decided further up
the organization. ____
Jane is concerned with meeting short term targets rather than planning innovation. She takes
a transactional approach. ____
A. A supervisor
B. A manager
C. A leader
D. A chairman
Qu51. _______ is the power of an individual has because of his or her role or position within
an organization.
A. Referent
B. Reward
C. Coercive
D. Rational/legal
_______ is the power or ability of individuals to build loyalty and is based on the charisma
and interpersonal skills of the power holder.
A. Same as above
Delegation is the transfer of ______
a) Accountability
b) Responsibility
c) Authority
The centralization of power can be good for _____
a) Coordination
b) Motivation
c) Complex decisions
d) Training
Qu52.
The acronym BADPIGS is a way of remembering _______
a) Person specification headings
b) Job description heading
c) Job specification heading
Using ________ is particularly useful when recruiting creative staff such as designers.
a) Psychometric testing
b) Group selection methods
c) Work sampling
d) Intelligence tests
However, recruiting for management trainee positions often makes use of ______ where role
play would probably a technique.
a) Same as above
_________ is used to improve employees performance in their current jobs.
1. Training
2. Development
3. Education

ANSWERS
Qu1. A public sector organization
Qu2. Service
Qu3. Victimization
Qu4. A tall narrow organizational structure
Qu5. Counselling
Qu6. Partnerships, sole traders
Qu7. Sales are likely to increase
Qu8. A greater proportion of a low earners income is paid as tax than that of a high
earner.
Qu9. Porters five forces
Qu10. A team is a formal group
Qu11. False
Qu12. False
Qu13. Frictional employment
Qu14. Force = valence * expectancy
Qu15. Unity of command
Qu16. Job enrichment
Qu17. Technostructure, operating core
Qu18. Directions are stewards of the company assets
Qu19. Treasures department
Qu20. A database
Qu21. A completer-finisher
Qu22. An inventory record
Qu23. Premier casier kot concern people
Qu24. Kolb, Honey and Mumford
Qu25. Tax rates, government spending
Qu26. Decrease inflation in imports, decrease demand pull inflation
Qu27. Poorer coordination. Better quality of decisions
Qu28. Mintzberg
Qu29. Fieldier
Qu30. Interpersonal relations, company administration
Qu31. Employees respond well when treated as individuals, informal groups can be very
powerful influences in the workplace.
Qu32. Ego/ esteem, social/ affiliation
Qu33. Importing, exporting, weaken
Qu34. They report to management, their scope is determined by management, their
independence is increased if they respond to the audit committee.
Qu35. Professional competence and due care, confidentiality
Qu36. Internal and external, forward-looking, summarized
Qu37. A decision support system
Qu38. Y, wheel, circle, chain
Qu39. To examine and report on the truth and fairness of the financial statements
prepared by management
Qu40. There should be a balance of executive and non-executive directors on the board,
they have important functions on the remuneration, nomination and audit committees.
Qu41. Firm infrastructure, psychological distance
Qu42. Masculinity/ feminists, uncertainty avoidance, individualism/ collectivism,
power/distance
Qu43. Role culture, power culture, task culture
Qu44. Regulation, Directive
Qu45. Interest rates
Qu46. The culture of the organization with respect to the importance of controls.
Qu47. Industry attractiveness, a substitute, rivals, new entrants.
Qu48. Social, collective, environment, open
Qu49. Handys contingency approach, theory x management style, action centered
leadership, human relations school of management.
Qu50. A leader, a supervisor, a chairman, a manager
Qu51. Rational/legal, referent, authority, coordination
Qu52. Person specification heading, work sampling, group selection, training.