Free Access WorldatWork.CECP.v2022-06-21.q36 Practice Test (Page 2)

Question 1

What best describes a use of strategic analysis?

A.Understanding your business and its competitive strengths and weaknesses

B.Forecasting profit, growth and investment performance to develop realistic budgets

C.Pricing your products appropriately

D.Evaluating prior year performance for the narrative portion of annual financial reports

Question 2

What most accurately describes a reason why organizations use financial reports?

A.To create a historical record of financial performance and identify trends that may justify changes in strategy

B.To provide subjective information to key constituents that reflects the company's performance in the most favorable manner depending on stakeholder priorities

C.To differentiate company financial data from industry competitors to prevent loss of proprietary information

D.To promote consistency of communication regarding company performance and value

Question 3

What is the term for the skills, technologies, applications and practices of continuous iterative exploration and investigation of past business performance used to gain insight and drive business planning?

A.Business analytics

B.Business forecasting

C.Statistical analysis

D.Predictive modeling

Question 4

What best describes the two primary elements of compensation?

A.Base pay and annual incentives

B.Direct and indirect compensation

C.Salary and hourly rate

D.Fixed pay and variable pay

Question 5

What is the most accurate statement regarding the effect of compensation plans on the organization?

A.They have very little effect as long as they are managed effectively and efficiently

B.They affect the organization's overall financial status and impact multiple stakeholders across most, if not all, business units

C.They typically have the greatest effect on net income and operating results of any organizational expense or program

D.Their success or failure is closely tied to the success or failure of organizationwide goals and objectives

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