This quiz works best with JavaScript enabled. Home > Economics > Decision > Management > Decision Making – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Decision Making Quiz 6 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of these is the best description of the concept of "opportunity cost" ? A) The intangible cost of taking a decision. B) The cost of not taking a decision. C) The variable cost of a decision. D) The cost of missing out on the next best alternative. Show Answer Correct Answer: D) The cost of missing out on the next best alternative. 2. Which of the following is an 'Operational' decision? A) Sack the entire Marketing department. B) Refill water fountain in the staff room. C) Introduce a new line of products. D) None of above. Show Answer Correct Answer: B) Refill water fountain in the staff room. 3. What to wear in the morning is an example of a A) Major decision. B) Simple decision. C) Routine Decision. D) None of above. Show Answer Correct Answer: C) Routine Decision. 4. Which of the following is NOT a decision making process? A) Implementing the alternative. B) Evaluating the alternative. C) Selecting an alternative. D) Developing alternatives. Show Answer Correct Answer: B) Evaluating the alternative. 5. What is Intuitive decision making model? A) Making decision on the basis of experience only. B) Making decision on the basis of feelings only. C) Making decision on the basis of experience and feelings. D) Making decision on the basis of experience, feelings and accumulated judgement. Show Answer Correct Answer: D) Making decision on the basis of experience, feelings and accumulated judgement. 6. What do you call when you put off deciding or doing something? A) Prioritize. B) Opportunity Cost. C) Procrastinate. D) Consequence. Show Answer Correct Answer: C) Procrastinate. 7. You are a high school freshman and have the desire to get accepted to a top-rated university. What type of goal is this? A) Short-term goal. B) Mid-term goal. C) Long-term goal. D) None of above. Show Answer Correct Answer: C) Long-term goal. 8. Decision-making strategy in which you delay making the decision until someone else makes the decision or until options disappear; deciding "by default" A) Agony. B) Opportunity Cost. C) Procrastination. D) None of above. Show Answer Correct Answer: C) Procrastination. 9. The concept of opportunity cost is particularly relevant to business decision-making when: A) Resources available to the business are scarce. B) The business is loss-making. C) The business has almost unlimited resources. D) The business is profitable. Show Answer Correct Answer: A) Resources available to the business are scarce. 10. Made on a daily basis and it doesn't require a lot of time to think through A) Habitual decision. B) Trade-off. C) Well-being. D) Values. Show Answer Correct Answer: A) Habitual decision. 11. An autocratic leader: A) Makes all the decisions and workers have to carry them out. B) Allows workers to make all the decisions. C) Discusses decisions with workers and gives them an input. D) Delegates the decision making process to others in the business. Show Answer Correct Answer: A) Makes all the decisions and workers have to carry them out. 12. In decision-making, determine needs, analyze personal resources, and then: A) Consider choices. B) Act on the decision. C) Gather information. D) Make a decision. Show Answer Correct Answer: C) Gather information. 13. What is the first step of planning? A) Create a team with likeminded people. B) Identify goals. C) Have a chat with your parents. D) Identify available resources. Show Answer Correct Answer: B) Identify goals. 14. Democratic leadership places emphasis on: A) Target setting and monitoring. B) Delegation and consultation. C) Rules and regulations. D) Long-term decision-making. Show Answer Correct Answer: B) Delegation and consultation. 15. Which of the following is NOT an important factor on decision making? A) Stress. B) Time. C) Environment. D) Family. Show Answer Correct Answer: A) Stress. 16. Why should you decide on your values when making a decision? A) Because we all hold similar values. B) Because we all have our unique set of values. C) Beacuse other people's opinions and values don't matter. D) None of above. Show Answer Correct Answer: B) Because we all have our unique set of values. 17. This decision making value has to do with human leisure activities A) Social. B) Ethical. C) Recreational. D) Aesthetic. Show Answer Correct Answer: C) Recreational. 18. The first step in making a decision is to: A) Brainstorm possible solutions. B) Consider the consequences. C) Take a deep breath and relax-think positive. D) Evaluate the decsion. Show Answer Correct Answer: C) Take a deep breath and relax-think positive. 19. Whether or not to go to college, what to make for dinner, and where to go on your next vacation are all examples of ..... A) Priority. B) Trade-off. C) Decisions. D) Integrity. Show Answer Correct Answer: C) Decisions. 20. Making quick decisions based upon how you feel at that moment A) Impulsive. B) Reflexive. C) Involuntary. D) Rational. Show Answer Correct Answer: A) Impulsive. 21. One's environment includes all except: A) Community. B) School. C) Goals. D) Home. Show Answer Correct Answer: C) Goals. 22. The way a person thinks, feels and behaves. A) Values. B) Role Model. C) Ethics. D) Character. Show Answer Correct Answer: D) Character. 23. Which of the following is a the best strategy for responsible decision making? A) Impulse decisions. B) Procrastination. C) Listing alternative decisions. D) Doing it on your own. Show Answer Correct Answer: C) Listing alternative decisions. 24. According to the concept of stakeholder mapping, how should a business act towards stakeholders with low levels of interest and low power? A) Engage directly with them. B) Keep them satisfied. C) Communicate with them frequently. D) Communicate only when necessary. Show Answer Correct Answer: D) Communicate only when necessary. 25. Buying the same brand of goods is a result of which of the following types of information searching? A) External searching. B) Extensive searching. C) Internal searching. D) Basic searching. Show Answer Correct Answer: C) Internal searching. 26. Meets green and sustainable guidelines: A) LEED certified. B) Rational decision. C) Habitual behavior. D) Implement. Show Answer Correct Answer: A) LEED certified. 27. Do you always have to have ..... ? A) A break. B) Second thought. C) Second thoughts. D) Right. Show Answer Correct Answer: C) Second thoughts. 28. For store managers in a grocery retailing chain, the most important influence on their day-to-day decision-making is likely to be: A) The influence of external stakeholders. B) The mission statement of the business. C) The local economic environment. D) The objectives they have been set. Show Answer Correct Answer: D) The objectives they have been set. 29. What is the job title of someone who answers calls from and provides help for people who are often in life threatening situations? A) Emergency medical technician. B) Firefighter. C) 911 operator. D) Emergency room nurse. Show Answer Correct Answer: C) 911 operator. 30. The limbic system, a part of the brain that matures earlier than the prefrontal cortex, play a central role in: A) Sports. B) Speaking foreign languages. C) Thinking ahead. D) Emotional responses. Show Answer Correct Answer: D) Emotional responses. ← PreviousNext →Related QuizzesDecision QuizzesEconomics QuizzesDecision Making Quiz 1Decision Making Quiz 2Decision Making Quiz 3Decision Making Quiz 4Decision Making Quiz 5Decision Making Quiz 7Decision Making Quiz 8Decision Making Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books