The Managerial Task of Developing a Strategic Vision for a Company

question 105

Multiple Choice

The managerial task of developing a strategic vision for a company:

• A) concerns deciding what approach the company should take to implement and execute its business model.
• B) entails coming up with a fairly specific answer to "who are we,what do we do,and why are we here?".
• C) is chiefly concerned with addressing what a company needs to do to successfully outcompete rivals in the marketplace.
• D) involves deciding upon what strategic course a company should pursue in preparing for the future and why this directional path makes good business sense.
• E) entails coming up with a persuasive storyline of how the company intends to make money.

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Definitions:

Reconciling Information

The process of ensuring that two sets of records or reports (usually financial) are in agreement and accurate.

October Bank Reconciliation

The process of comparing and adjusting the balance of an entity's accounting records for October with the balance reported by the bank.

Cash Balance Per Books

The amount of cash shown in a company’s financial records at a specific point in time, which may differ from the actual cash balance due to outstanding transactions.

Petty Cash Fund

A small amount of cash kept on hand for covering minor and incidental expenses in a business, managed through a petty cash system.