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Study Resources (Business Management)

11. Frederick Taylor is credited with forming the first MS/OR interdisciplinary teams in the 1940's. a. True b. False 12. To find the choice that provides the highest profit and the fewest employees, apply a single-criterion decision process. a. True b. False 13. The most critical component in determining the success or failure of any quantitative.
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117.How does an easement appurtenant differ from an easement in gross? a.An easement appurtenant is in writing. b.An easement appurtenant is permanent. c.The dominant estate of an easement appurtenant is adjacent to the servient estate. d.An easement appurtenant must be recorded. e.The right to enter the land exists only for an easement appurtenant. 118.Gloria owns a.
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147.Which of the following is true about the Clean Air Act? a.Congress set national ambient air quality standards for a number of pollutants. b.Congress set goals, but not standards for a number of pollutants. c.Congress directed the EPA to set ambient air quality standards for certain pollutants, but the EPA has not yet.
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11.Courts presume that a gift was accepted unless there is evidence to the contrary. 12.A gift “causa mortis” is ineffective if the donor recovers from the existing illness or peril. 13.A gift “causa mortis” can be revoked by the donor at any time prior to death. 14.Making a gift of real property by.
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82.A bailment is: a.Usually the preliminary step to a permanent transfer of goods. b.The rightful possession of goods by someone other than the owner. c.A quantity of harvested hay packaged in a size that is easy to transport. d.Required to be in writing in order to be effective. e.Characterized by a splitting of title into.
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MULTIPLE CHOICE QUESTIONS 26.Which of the following are characteristics of international law? a.No single legislative body b.No single court to settle disputes c.No single body to enforce court decisions d.All of the above e.A and C only 27.Which of the following is not one of the general sources of international law? a.A treaty between countries b.A convention among countries c.Custom d.United.
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55. Does the following linear programming problem exhibit infeasibility, unboundedness, or alternate optimal solutions? Explain. Min 3X + 3Y s.t. 1X + 2Y ≤ 16 1X + 1Y ≤ 10 5X + 3Y ≤ 45 X , Y ≥ 0 56. A businessman is considering opening a small specialized trucking firm. To make the firm profitable,.
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51.A tenant at sufferance exists is technically a trespasser. 52.The rental arrangement that requires the tenant to pay rent and property taxes is called a net lease. 53.A landlord is not required to mitigate damages when a tenant is evicted. 54.In a sublease, the landlord can sue the sublessee for failure to pay.
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21. The maximization or minimization of a quantity is the a. goal of management science. b. decision for decision analysis. c. constraint of operations research. d. objective of linear programming. 22. Decision variables a. tell how much or how many of something to produce, invest, purchase, hire, etc. b. represent the values of the constraints. c. measure the.
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21. The field of management science a. approaches decision making rationally, with techniques based on the scientific method. b. concentrates on the use of quantitative methods to assist in decision making. c. is another name for decision science and for operations research. d. each of these choices are true. 22. Identification and definition of a.
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51.Coinsurance clauses are common in fire insurance policies. 52.The purpose of coinsurance clauses is to encourage insured individuals to purchase policies from more than one company. 53.Exclusion clauses stipulate certain exclusions from insurance coverage. 54.A suicide clause in a life insurance policy relieves the insurance company from having to pay the proceeds to.
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102.The type of life insurance in which the investment portion pays a variable interest rate is: a.Double indemnity. b.Universal life. c.Whole life. d.Variable life. e.Term life. 103.Universal life insurance combines the features of: a.Whole life and ordinary life. b.Limited-payment life and whole life. c.Ordinary life and straight life. d.Whole life and annuity life. e.Whole life and term life. 104.The basic difference between.
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11. Decision variables limit the degree to which the objective in a linear programming problem is satisfied. a. True b. False 12. No matter what value it has, each objective function line is parallel to every other objective function line in a problem. a. True b. False 13. The point (3, 2) is feasible for the.
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127.Which of the following is not one of the nonfreehold estates that can be held by tenants? a.Periodic tenancy b.Tenancy for years c.Tenancy at will d.Tenancy under lease e.Tenancy at sufferance 128.Which of the following types of tenancies are usually created by express agreement? a.Tenancy for years and tenancy at will b.Periodic tenancy and tenancy at sufferance c.Tenancy for.
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41.Zoning regulations are usually administered at the state level. 42.No exceptions to zoning regulations are usually allowed. 43.If a new zoning ordinance is enacted making an area a residential zone, an existing business would have to close. 44.A tenant’s interest in the property is a freehold estate. 45.An oral lease with a six-month term.
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31. Infeasibility means that the number of solutions to the linear programming models that satisfies all constraints is a. at least 1. b. 0. c. an infinite number. d. at least 2. 32. A constraint that does not affect the feasible region is a a. non-negativity constraint. b. redundant constraint. c. standard constraint. d. slack constraint. 33. Whenever all the.
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61.The Environmental Quality Assessment Report is the document required under the National Environmental Policy Act to assess environmental impacts of government actions. 62.An environmental impact statement must discuss alternatives to the proposed action. 63.The public has the right to review and comment on Environmental Impact Statements. 64.NEPA applies to actions by state or.
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Chapter 25 TRUE/FALSE QUESTIONS 1.At the international level, there is no single international world court responsible for enforcing and interpreting international law, nor is there a world executive branch to enforce international laws. 2.Treaties differ from conventions in that treaties are usually agreements directly between the signatory nations. 3.Under international law, in order to.
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71.New chemicals must be tested by the manufacturers before marketing, and the manufacturers must keep records of the test results, but they need to report results to the EPA only for chemicals found to pose an environmental or health risk. 72.The Resource Conservation and Recovery Act is primarily concerned with cleaning.
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92.The person to whom bailed goods are to be delivered is called the bail: a.Bailor. b.Bailee. c.Consignor. d.Warehouser. 93.Which of the following is true? a.Insurance brokers usually work for multiple companies and insurance agents for one company. b.Insurance agents usually work for multiple companies and insurance brokers for one company. c.Insurance brokers are generally shareholders of the companies.
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51. Consider a department store that must make weekly shipments of a certain product from two different warehouses to four different stores. a. How could a quantitative approach to decision making be used to solve this problem? b. What would be the uncontrollable inputs for which data must be gathered? c. What would.
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41.In a life insurance policy, an insurable interest need not exist at the time of the insured’s death. 42.The insurable interest in a piece of property must exist at the time of loss. 43.Term life insurance and whole life insurance both provide a savings element in addition to providing coverage for the.
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87.Ownership of real property in fee simple defeasible means that: a.The ownership is for only a limited period of time. b.The ownership is absolute except that ownership may be lost upon the occurrence or nonoccurrence of some event. c.The property reverts to the grantor when some condition is met. d.Some type of joint ownership.
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MULTIPLE CHOICE QUESTIONS 62.A stock certificate is an example of: a.Tangible, personal, private property. b.Intangible, personal, private property. c.Intangible, real, private property. d.Intangible, personal, public property. e.Tangible, real, public property. 63.All property can be classified into which of the following? a.Intellectual and personal b.Personal and impersonal c.Real and illusory d.Personal and fixtures e.Real and personal 64.Some trees were cut down and made into.
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137.Which of the following best describes the overall scheme of pollution regulation in the United States? a.Exclusively federal law b.Exclusively state law with minimal federal oversight c.Exclusively state law, but with considerable federal oversight d.Primarily federal law, but considerable state law as well e.A series of uniform state laws 138.The Environmental Protection Agency has which of.
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51. Maxwell Manufacturing makes two models of felt tip marking pens. Requirements for each lot of pens are given below. Fliptop Model Tiptop Model Available Plastic 3 4 36 Ink Assembly 5 4 40 Molding Time 5 2 30 ? The profit for either model is $1000 per lot. a. What is the linear programming model for this problem? b. Find the optimal solution. c. Will there be excess capacity.
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36.Which of the following is not true about the United Nations? a.It was founded in 1918 at the end of World War I. b.Most nations of the world are members. c.There are only five permanent members of the Security Council. d.It contains a number of autonomous agencies that deal with specialized problems. e.Its headquarters are.
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  MULTIPLE CHOICE QUESTIONS—LEGAL CONCEPTS 77.Real property includes: a.Natural plants growing on the land. b.Cultivated plants growing on the land. c.Both A and B. d.Neither A nor B. 78.Which of the following is true about subsurface rights? a.The surface rights and subsurface rights cannot be separated. b.The subsurface rights extend 100 yards below the surface. c.The subsurface rights are considered.
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112.Which of the following is true about no-fault auto insurance? a.It means that if there is no fault on the part of the insured, there will be no payment by the insured’s insurer. b.A driver’s insurer pays for the injuries to that driver regardless of who is at fault in the accident. cNo-fault.
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Chapter 24 TRUE/FALSE QUESTIONS 1.Real property can become personal property if it is removed from the land. 2.Stock certificates are tangible personal property. 3.All property can be classified as either real or personal. 4.Fixtures are items that were formerly real property that have been removed to become personal property. 5.Unless otherwise agreed, fixtures remain with real.
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31. Management science and operations research both involve a. operational management skills. b. quantitative approaches to decision making. c. scientific research as opposed to applications. d. qualitative managerial skills. 32. George Dantzig is important in the history of management science because he developed a. the scientific management revolution. b. powerful digital computers. c. World War II operations research.
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46.ASEAN was formed by which nations in 1967? a.Thailand, Japan, Indonesia, Singapore, and the Philippines b.Thailand, Indonesia, the Philippines, Malaysia, and China c.Indonesia, Malaysia, the Philippines, Singapore, and Thailand d.Japan, China, Singapore, Malaysia, and Vietnam e.Thailand, Malaysia, Indonesia, Japan, and South Korea 47.Which of the following is not a member of the Association of South East.
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53. Muir Manufacturing produces two popular grades of commercial carpeting among its many other products. In the coming production period, Muir needs to decide how many rolls of each grade should be produced in order to maximize profit. Each roll of Grade X carpet uses 50 units of synthetic fiber,.
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107.A person other than the grantor or the grantor’s heirs who is entitled to possession of real property upon the expiration of a limited or contingent estate is called a: a.Reversionperson. b.Remainderperson. c.Tenant. d.Defeasible. 108.A transfer of real property is also known as a: a.Commitment. b.Quitclaim. c.Conveyance. d.Recording. 109.A deed must be recorded in order to: a.Make the deed valid. b.Protect the.
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1. Increasing the right-hand side of a nonbinding constraint will not cause a change in the optimal solution. a. True b. False 2. In a linear programming problem, the objective function and the constraints must be linear functions of the decision variables. a. True b. False 3. In a feasible problem, an equal-to constraint cannot be.
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11.China is a permanent member of the Security Council of the United Nations. 12.The International Monetary Fund is part of the United Nations. 13.The Secretariat is primarily responsible for maintaining international peace and serenity and has power to use armed force. 14.The International Court of Justice is also called the World Court. 15.A nation.
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1. The process of decision making is more limited than that of problem solving. a. True b. False 2. The terms 'stochastic' and 'deterministic' have the same meaning in quantitative analysis. a. True b. False 3. The volume that results in marginal revenue equaling marginal cost is called the break-even point. a. True b. False 4. Problem solving encompasses.
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31.Common carriers cannot limit their liability to a stated dollar amount in the bailment agreement. 32.With few exceptions, common carriers are strictly liable for damage or loss to bailed property. 33.              A warehouser owes a duty of utmost care to protect the bailed property in its possession from harm or loss. 34.              Almost.
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21.A bailment transfers title to real property to the bailee. 22.Bailments can be express, implied, written, or oral. 23.If the owner of an automobile lends it to a friend, a bailment has been created.24.              The court of appeals ruled in a case in the text,  Sisters of Charity of the Incarnate vs..
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