482. __________ is the environment in which the service is delivered and where the firm and customer interact and any tangible components that facilitates performance or communication of the service.

by
A. Physical evidence
B. Process
C. Place
D. People
✅ The correct answer is option A.
Physical evidence is the environment in which the service is delivered and where the firm and customer interact and any tangible components that facilitates performance or communication of the service.

Institutions deals in financial functions and protects corporations and individuals against accidents, theft and death are considered as

by
A. penalty companies
B. insurance companies
C. events dealers
D. protecting companies
✅ The correct answer is option B.
Institutions deals in financial functions and protects corporations and individuals against accidents, theft and death are considered as insurance companies. Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured.

517. ___________arises when a firm is able to perform an activity that is distinct from competitors

by
A. competitive advantage
B. focus
C. cost leadership
D. logic
✅ The correct answer is option A.
Competitive advantage arises when a firm is able to perform an activity that is distinct from competitors. Competitive advantage refers a company’s ability to outperform rivals due to unique, high demand, or superior quality products or services.

507. Consideration of decreased operating income relative to budgeted amount in static budget is classified as

by
A. revenue variance
B. cost variance
C. favourable variance
D. unfavourable variance
✅ The correct answer is option D.
Consideration of decreased operating income relative to budgeted amount in static budget is classified as unfavourable variance. ‘Unfavorable variance’ is an accounting term that describes instances where actual costs are greater than the standard or expected costs.

505. Doing things right and doing the right things are also known as?

by
A. Efficiency and effectiveness
B. Strategic competency and congruence
C. Strategic competency and strategy creation
D. Corporate strategy and synergy
✅ The correct answer is option A.
Doing things right and doing the right things are also known as Efficiency and effectiveness. Strategic management decisions that promote efficiency tend to be aimed at reducing the use of resources through maximizing return. Any action taken to reduce inventory waste, for example, would be a strategic management decision aimed at greater efficiency. Management effectiveness can be measured by results. Goals such as increasing market share, improving customer satisfaction ratings and achieving desired revenue levels come under the heading of management effectiveness.

502. An ________________ system has a stored knowledge base and an inference engine.

by
A. Expert
B. Centers
C. Control
D. MIS
✅ The correct answer is option A.
An Expert system has a stored knowledge base and an inference engine. Expert systems were among the first truly successful forms of artificial intelligence (AI) software. An expert system is divided into two subsystems: the inference engine and the knowledge base. The knowledge base represents facts and rules. The inference engine applies the rules to the known facts to deduce new facts.