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Study Resources (Business Management)

True / False Questions  1. Production refers to all the activities and processes used in making both tangible and intangible products. Production refers to the activities and processes used in making tangible products, while operations is a broader term that refers to the activities and processes used in making both.
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  41. Tactical plans usually cover a period of: A. five years or more.B. one year or less.C. three years.D. one week or less.E. ten years. 42. Strategic plans: A. establish the short-range objectives of an organization.B. must take into account an organization's capabilities and resources.C. are designed to implement the activities.
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  11. The Small Business Administration is a(n): A. body established by the U.S. Chamber of Commerce to encourage the intrapreneurial spirit in small businesses. B. independent agency of the federal government that offers managerial and financial assistance to small businesses. C. independent agency created under the General Agreement on Tariffs.
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  61. Which of the following is a defining characteristic of continuous manufacturing organizations using a product layout? A. They make a unique product.B. They have an extremely high unit cost of production.C. They deploy all resources in a central location.D. They produce a large number of units.E. They do not.
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  31. Which of the following is true of services and their providers? A. Service providers are more capital-intensive than labor-intensive.B. The quality of the service experience is controlled by a service contact employee.C. Service experience is usually constant irrespective of the person delivering or receiving it.D. Services can be provided.
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  21. Actual performance of a service provider's product typically occurs: A. several days after the purchase.B. outside the service provider's facility.C. at the point of consumption.D. in the buyer's home.E. before the point of consumption. 22. Service experience tends to vary each time because: A. services are not labor-intensive.B. of the.
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  11. Which of the following statements is true about organizational structure? A. It is only applicable to formal organizations.B. It is the arrangement or relationship of positions within an organization.C. It is usually not seen in government and nonprofit organizations.D. It does not require any planning in small organizations.E. It.
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  11. Which of the following is true of the transformation process in operations management? A. It is a process of replacing quality with productivity when manufacturing products.B. It is the conversion of resources such as labor, money, materials, and energy into goods, services, and ideas.C. It is efficient only when.
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  81. _____ are often the Small Business Administration's principal means of providing direct management assistance to small businesses and entrepreneurs. A. Local Chambers of CommerceB. Small Business Development CentersC. Service Corps of Retired ExecutivesD. Small Business InstitutesE. Active Corps of Executives 82. _____ is a volunteer agency funded by the Small.
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  96. Which of the following is likely to be a reason for some U.S. companies to bring their outsourced production processes back to the United States? A. Increasing labor unionization in the United StatesB. Increased government regulation of business in the United StatesC. Increasingly strict enforcement of intellectual property rights.
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  86. Identify the correct statement regarding trading companies. A. They handle manufacturing activities.B. They handle marketing research for other companies.C. They rarely offer warehousing facilities.D. Their activities do not encompass advertising for other companies.E. They refrain from handling consulting activities. 87. Which of the following can be best defined as a.
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True / False Questions  1. Management takes place only in business settings. Management is universal. It takes place not only in business, but also in government, the military, labor unions, hospitals, schools, and religious groups—any organization requiring the coordination of resources. 2. For any company, owners and shareholders are the only.
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  51. An organizational form that is based on direct lines of authority from the top executive to the lowest level of employees is called a: A. line structure.B. web structure.C. line-and-staff structure.D. matrix structure.E. multidivisional structure. 52. Gerald is the owner of a popular restaurant. He has appointed a manager who.
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  41. Which of the following is an advantage of decentralization? A. It does not require low-level managers to be highly skilled in decision making.B. It is highly effective when risky decisions have to be made.C. It allows businesses to improve their responsiveness and enhance creativity.D. It increases the levels of.
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  51. _____ are typically owned by many individuals and organizations who own shares of the business, called stock. A. General partnershipsB. Limited partnershipsC. Sole proprietorshipsD. CorporationsE. Franchises 52. Which of the following is an accurate description of dividends? A. They indicate the money invested by sole proprietors in their business.B. They.
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  76. Which of the following countries was a member nation of Asia-Pacific Economic Cooperation (APEC) when it was established in 1989? A. VietnamB. JapanC. ChinaD. Hong KongE. Chile 77. Identify the statement that is true about the Association of Southeast Asian Nations (ASEAN). A. It will not have fully free labor.
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  11. Jason is an operations manager in an automobile company. Which of the following is most likely to be his primary management function in the firm? A. Administering production activities B. Arranging finance C. Creating advertisements D. Recruiting employees E. Promoting products and services 12. If a manager is analyzing several.
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True / False Questions  1. Human relations is the study of the behavior of individuals and groups in organizational settings. What motivates employees to perform on the job is the focus of human relations, the study of the behavior of individuals and groups in organizational settings. 2. The Hawthorne Studies found that.
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  21. In sole proprietorships, owners: A. have access to employees with a variety of skills.B. have access to limited sources of funds.C. do not have to pay any income tax.D. have to share their profits.E. cannot easily dissolve the business. 22. Which of the following is a disadvantage of sole proprietorships?.
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  31. A software company that has different representatives to assist business clients and individual clients is organized by _____. A. processesB. productsC. geographical regionsD. functionsE. customers 32. Which of the following is a disadvantage of geographical departmentalization? A. It focuses on an organization as a whole rather than emphasizing on departmental.
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  31. An organization's objectives regarding profits are generally stated in terms of: A. the unlimited liability it has.B. the money and assets left over after paying off business expenses.C. its ability to promote diversity.D. the time taken to release new products in the marketplace.E. its ability to evaluate opportunity costs. 32..
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  51. Bigbag.com, a leading online retailer, uses the services of Data Safe Inc., a small startup that helps companies manage and keep their electronic data safe. This helps Bigbag.com keep a backup of its proprietary information in case of virus attacks or any sort of damage to property. This is.
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  41. In a limited partnership: A. the partners can operate the business only for limited time period.B. the profits earned by the owners are limited by government regulations.C. all the partners have limited liability.D. at least one partner has unlimited liability.E. the partners are free from any liability for the.
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True / False Questions  1. The more complex organizations become, the less they need to develop formal structures to function efficiently. With more people and greater specialization, an organization needs to develop a formal structure to function efficiently. Growth requires organizing—the structuring of human, physical, and financial resources to achieve.
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  41. A precise statement of the rationale for a business and a step-by-step explanation of how it will achieve its goals is known as a(n) _____. A. promissory noteB. article of incorporationC. business planD. business agreementE. article of partnership 42. Which of the following statements is true of a business plan?.
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  71. A permanent, formal group that performs a specific task is a: A. task force.B. committee.C. project team.D. cooperative.E. focus group. 72. MB Inc. has an independent, permanent work group that develops and revises codes of ethics, suggests ways the organization can contribute toward the environment, and regularly reviews other specific.
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  71. The form of business ownership that has the ability to raise capital most easily is a: A. public corporation. B. private corporation. C. sole proprietorship. D. joint venture. E. limited partnership. 72. Which of the following is an advantage that corporations provide as a form of business ownership? A. The.
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  21. Small businesses commonly employ: A. line departmentalization.B. customer departmentalization.C. functional departmentalization.D. product departmentalization.E. geographical departmentalization. 22. A company that has departments for marketing, finance, personnel, and production is organized by: A. product.B. function.C. territory.D. customer.E. geographic region. 23. If the type of departmentalization used by an organization tends to emphasize departmental.
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  61. _____ is the process of evaluating and correcting activities to keep an organization on course. A. PlanningB. BenchmarkingC. StaffingD. ControllingE. Recruiting 62. When Betsy informed her supervisor that the furniture assemblers at their manufacturing plant were using 20 percent more raw materials in the current month when compared to the.
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  71. Most people get their initial managerial experience as _____, those who supervise workers and the daily operations of an organization. A. top managersB. middle managersC. first-line managersD. chief operations officersE. chief financial officers 72. _____ spend most of their time directing and controlling the daily operations of an organization. A..
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  21. Which of the following explains an organization's reason for existence? A. The organization's balance sheetB. The organization's code of conductC. The organization's article of incorporationD. The organization's mission statementE. The organization's tactical plan 22. Which of the following questions does the mission statement of an organization seek to answer? A..
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True / False Questions  1. Entrepreneurship is the process of creating and managing a business to achieve desired objectives. Entrepreneurship is the process of creating and managing a business to achieve desired objectives. Some entrepreneurs who start small businesses have the ability to see emerging trends; in response, they create.
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  81. Which of the following is true of self-directed work teams? A. They are designed to give employees a feeling of ownership of a whole job.B. They reduce an organization's ability to respond to customer needs.C. They offer limited job assignments to their members.D. They are designed to allow members.
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  81. Which of the following is a feature of democratic leadership? A. Encouraging employees to discuss concerns and provide inputsB. Using economic rewards as sole means to motivate employeesC. Allowing employees complete autonomy to work on their ownD. Monitoring employee actions very closely and in great detailE. Making decisions and.
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  41. A primary reason for using standardization is to: A. reduce production costs.B. increase the choices available for customers.C. reduce product quality.D. support variability of the resources used.E. foster creativity. 42. Which of the following is an advantage of standardization? A. It helps a customer get exactly what he or she.
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  61. Which of the following is a basis for using a matrix structure within an organization? A. Geographic regionB. ProjectsC. ProductsD. CustomersE. Revenue 62. Which of the following organizational structures is also called a project management structure? A. Web structureB. Line structureC. Matrix structureD. Multidivisional structureE. Line-and-staff structure 63. Which of the.
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  81. Which of the following forms of business ownership provides limited liability but is taxed like a partnership? A. A sole proprietorshipB. A cooperativeC. A C corporationD. A general partnershipE. A limited liability company 82. Which of the following is true of limited liability companies? A. They are taxed like a.
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  106. Which of the following is true of multinational corporations (MNCs)? A. They are the highest level of international business involvement.B. They decrease the gap between rich and poor nations.C. They have significant ties to specific nations or regions.D. They usually have lesser assets than the countries in which they.
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