1-Which of the following describes the primary difference between a joint venture that makes it different from a strategic alliance?

A-Both companies mutually benefit.

B-A new. "third" company is formed as a result.

C-Shared knowledge, benefits, expertise

D-Internal development is a product.

E-Both companies prosper

2-You are a board member at a large company, and you attend every monthly meeting to talk about the performance of the company. Your role is considered "Accountant." What can you most often expect to contribute to the meetings?

A-You can expect to, at times, approve financial objectives.

B-You can expect to ensure the firm complies with applicable laws.

C-You can expect to engage in hiring, firing, and administration of CEO compensation.

D-You can expect to provide advice on strategic issues.

E-You can expect to ensure the rights and interests of stakeholders are represented.

3- Which of the following sets of factors BEST describes what a t-shirt company would need to do to restructure their business and minimize the amount of competition?

A-The company should move to an area that has tropical weather year-round.

B-The company should increase investment in its advertising campaign to boost influx of customers and discourage the competition.

C-The company should relocate to an area where t-shirts are hard to come by but needed.

D- The company should wait until their current industry thins out.

E-The company should move to selling sweaters in Florida.

4-Wonder Burger Co. is aiming to extend its market share in a foreign market. The company provides inexpensive American fast food. What may be its best innovation strategy and why?

A-They should not expand to foreign countries, because expanding to a foreign country is too much of a risk, and not everyone likes fast food.

B-Incremental innovation, as the current model is perfectly fine to move to another country. All they have to do is to change a thing or two to fit in local laws.

C-Radical innovation, because there will be different needs and requirements in a foreign country, and new products as well as strategies need to be developed to best fit the new country. Implementation of new technology into the market will also be important to create a foothold in the country.

D-Architectural innovation, as new marketing strategies will be needed for the same old product in order to be able to create cultural trends. The product will no doubt fit in the new market fine.

E-Disruptive innovation, as all one needs to do is to implement new technology such as a brand new menu, new server system, all automatic meal makers and order system, for the company to cut human cost and error and increase revenue