1. While of the following is FALSE about the board of directors (BOD) of a firm:

A. make frequent operating decisions.

B. are unbiased individuals that help with high-end decisions within the firm.

C. represent the owners of the corporation.

D. are elected by the shareholders.

2. A manufacturing manager decided to replace 20 year old machines with new computerized multi spindle machines to improve productivity. Was her decision

A. strategic

B. tactical

C. technical

D. none of the above

3. Which source of short-term funds for banks is typically considered a “last resort”?

A) Borrowing through the use of Repo Agreements

B) Borrowing from other banks at the Fed Funds Rate

C) Borrowing from the Discount Window at the Primary Credit Rate

D) Taking on large, short-term customer deposits