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Question # 4

Which of the following is the most accurate statement about the business strategy?

A.

It usually is a secondary consideration in compensation design.

B.

It is the company's plan for competitive positioning of its products or services.

C.

It must be written after the company's operating plans are approved by senior management.

D.

It is developed for compensation, benefits and the work-life using the HR strategy as a basis.   

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Question # 5

Administering budgets is an example of what key competency for compensation professionals?

A.

Financial Management

B.

HR Management

C.

Resource Management

D.

Policy Management

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Question # 6

What type of equity incentive gives employees the right to purchase company shares at a specified price?

A.

Stock/share options

B.

Stock/share grants

C.

Restricted stock/shares

D.

Performance units   

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Question # 7

Your company has had a strong fiscal year with a 15% increase in net income over the prior fiscal year. Share prices are at an all time high. Working with Finance, you have arrived at a 2.5% merit increase budget for the next fiscal year, a smaller increase than the last fiscal year. Finance has indicated that some large capital expenditures will be needed next year, so the company needs to conserve resources. Additionally, Legal is in final negotiations on a lawsuit that may be very costly to the company. Word of the smaller increases has line management concerned that they will lose their best performers. Given all of these factors, what is your best course of action?

A.

Implement the merit increase budget as is because the anticipated financial obligations have made it necessary

B.

Meet with Finance and make a case for a larger merit increase budget because the loss of key talent will cost more over the long term than the savings from the smaller merit increases

C.

Gather the perspectives of all stakeholders, analyze their individual concerns and meet to determine whether a compromise solution is possible

D.

Recommend a reduction in force to eliminate poor performers, which will increase the merit budget by reducing headcount

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Question # 8

The XYZ Company opened a new manufacturing facility with a capital investment of 10,000,000. The cost to obtain the capital was 8%. In its first year of operations, the facility’s net operating profit after taxes was 10,500,000. What was the economic value added (EVA) using the EVA formula?

A.

500,000

B.

840,000

C.

8,000,000

D.

9,700,000

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Question # 9

What happens to the marginal cost if revenue accelerates slower than variable costs but fixed costs remain the same?

A.

It remains the same.

B.

It decreases because variable costs are increasing.

C.

It increases at the same rate as variable costs.

D.

It becomes increasingly higher as revenues increase.

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Question # 10

Which financial statement or combination of statements provide(s) the most comprehensive view of the company’s financial situation?

A.

The balance sheet

B.

The income statement

C.

The cash flow statement and the income statement

D.

The cash flow statement, along with the balance sheet and income statement

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Question # 11

Which of the following is the best example of a variable cost?

A.

Audit fees

B.

Rent

C.

Maintenance

D.

Shipping

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Question # 12

What is the top line or starting point of an organization’s income?

A.

Gross profit

B.

Revenue

C.

Net income

D.

Operating profit

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Question # 13

What is a “profit model?”

A.

The intention or purpose of the business

B.

A descriptor for how the company works

C.

The financial objectives of the organization

D.

The plan for how the organization generates revenue and makes money

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Question # 14

How do quarterly reports most commonly compare to the annual report?

A.

The cumulative information on the four quarterly reports adds up to the information on the annual report.

B.

The quarterly reports are more detailed. The annual report provides similar data in summary form.

C.

The annual report is required and the quarterly reports, while commonly used, are optional.

D.

The quarterly reports are not as detailed as annual reports, and might not match due to changing accounting estimates over the year.

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Question # 15

Gross margin is which of the following, as percent of revenue?

A.

Revenue minus cost of goods sold

B.

Expenses plus taxes and depreciation

C.

Gross profit minus expenses

D.

Cost of goods sold

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