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Study Resources (Business Management)

  71.Jamika is a manager at a well-known retail store. Each morning she determines the order in which store projects are performed; she sets work schedules for employees and standards that must be met. These activities suggest that Jamika is involved in operational planning.  72.Sharon needed to solve a problem quickly, so.
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  31.Progressive managers consider planning to be of little importance in today's rapidly changing business environment.  32.Goals tend to be broad and focus on the long term while objectives tend to be specific and more short term in their focus.  33.A vision is a detailed set of specific steps that a firm must.
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  291.After Kate graduated from college, her grandfather created a bookkeeping position for her in his furniture retail business. Her older brother is in charge of purchasing inventory for the store, yet often the store runs out of popular furniture or becomes overstocked with pieces that must be marked down to.
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  41.Goals are developed and agreed to by management so that the workers can follow them.  42.Objectives should be expressed as broad, general principles rather than as specific short-term results.  43.Continuous planning is not necessary, because plans that worked well in the past are likely to continue to work well in the future.  44.Planning.
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  271.A(n) ____________ is a valuable source of information regarding techniques to reduce a firm's exposure to risk.  A. insurance agent B. accountant C. liability assessor D. union business agent 272.Similar to how large businesses proceed, small businesses make marketing decisions ____________.  A. after the product or service is developed. B. before the business is funded. C. at the same time that they hire employees, research.
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  61.Brainstorming is coming up with as many solutions as possible in a short period of time with a focus toward not censoring anyone's ideas.  62.Problem solving is more formal than using the rational decision-making model.  63.PMI is a problem-solving technique that involves listing pluses, minuses and implications.  64.A mission statement should provide a.
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  161.While only a small percentage of small businesses export, the number has increased dramatically recently.  162.Large multinational firms dominate the international market, leaving few opportunities for small businesses.  163.One advantage enjoyed by small businesses in international markets is that overseas buyers like dealing with individuals rather than large corporate bureaucracies.  164.Due in part.
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  181.One of the challenges of running a home-based business is:  A. an increase in business risk. B. managing the extra time on your hands. C. keeping work and family tasks separate. D. burdensome tax laws. 182.A successful web-based strategy that helps a business spread the word about its website and products is called ____________.  A. wildfire marketing. B. "it's all about the buzz." C. social.
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  141.Commercial loan officers and insurance agents offer expert assistance that can be valuable to small business owners.  142.One way to control the legal costs associated with operating a small business is to purchase a prepaid legal plan.  143.Commercial loan officers serve as a resource for small business owners for information regarding risk.
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  81.Most business opportunities offer entrepreneurs high levels of security and profits.  82.The easiest businesses to start also have the least growth potential and the greatest failure rates.  83.While the first job for many people is working for a small business, larger corporations create most of the permanent new jobs.  84.If you are trying.
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  121.Free-rein leaders tend to carefully monitor their subordinates to make sure they are doing the job in the correct way.  122.Managers are most effective when they consistently use the same leadership style with every employee assigned to their work group.  123.In traditional organizations, directing includes both giving assignments to workers and providing.
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  281.Which of the following is not a recommended source of small business advice for persons contemplating a new business?  A. Successful small business owners B. University internship programs C. Other prospective small business owners D. SCORE [Service Corps of Retired Executives] 282.In order to finance The Shortbread Shack, a mobile bakery business that services several large Silicon Valley companies,.
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  241.For prospective entrepreneurs, enrolling in an introduction to business or small business management course offered through their community college:  A. is likely to be wasted time since college courses tend to be too theoretical. B. can be helpful by offering them an opportunity to meet experienced small business owners. C. serves as supplementary information, only after.
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  101.Liz is a first-line manager at her company, which is very traditional in its approach to management. In her position, Liz probably spends a lot of time giving employees detailed and specific instructions.  102.Fatma wants to become a manager. However, she is shy and avoids conversation with strangers. She is very.
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  81.The CIO, COO, and CFO are classified as top management positions.  82.In this day of rapidly changing technology, technical skills are the most important skills for all levels of management.  83.Conceptual skills refer to the ability of a manager to perform the tasks associated with a specific discipline or department.  84.First-line managers typically.
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  261.Which of the following sources of investment is the least likely type available to entrepreneurs?  A. Angel investors B. Small Business Administration loans C. Venture capitalists D. Family and friends 262.The Small Business Administration's microloan program awards loans to entrepreneurs based primarily on their:  A. collateral. B. credit history. C. previous business success. D. integrity and sound business idea. 263.A Small Business Investment Company (SBIC) is a(n):  A. agency of.
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  191.Strategic planning looks at the organization as a whole, while ________ planning focuses on daily tasks and decisions.  A. tactical B. strategic C. mission D. operational 192._________ planning is a part of contingency planning that is used to deal with sudden and unexpected changes in the business environment.  A. Crisis B. Tactical C. Operational D. SWOT 193.__________ is choosing among two or more alternatives.  A. Contingency planning B. Decision making C. Organizational selection D. Utility analysis 194.The.
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  211.__________ is the management function that involves allocating resources, assigning tasks, and establishing procedures for accomplishing the organizational objectives.  A. Controlling B. Outsourcing C. Organizing D. Coordinating 212.The level of management that is directly responsible for assigning specific jobs to workers and evaluating their daily performance is called:  A. primary management. B. middle management. C. supervisory management. D. secondary management. 213.Middle managers are responsible for:  A. establishing the vision for.
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  21.In many smaller firms the manager's role is to direct the employees, telling them exactly what to do.  22.Planning is the function of management that includes anticipating future trends and determining the best strategies and tactics to achieve an organization's goals and objectives.  23.Planning is a key management function because other management.
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  171.When managers identify a market trend that suggests a new opportunity and then devise a strategy to go after this new opportunity, they are involved in the function of:  A. controlling. B. planning. C. leading. D. organizing. 172.Which of the following activities would be a part of the leading function of management?  A. Devising a new strategic plan to enter a.
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  181.__________ involves setting the organization's vision, goals, and objectives.  A. Organizing B. Planning C. Controlling D. Directing 182.___________ are broad, long-term accomplishments an organization wants to achieve.  A. Goals B. Objectives C. Directives D. Agendas 183.__________ are specific, short-term, measurable results an organization wants to achieve in order to fulfill its long-term goals.  A. Directives B. Opportunity targets C. Objectives D. Mission complements 184.A __________ analysis is used to help companies evaluate their internal strengths and weaknesses,.
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  231.After several years of working as a regional manager for a nationally known nonprofit, Janelle landed a management position with an innovative small business. If she accepts the job offer, she is likely to find that:  A. due to the significant differences in large and small firms, her previous experience will be.
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  111.A leader's most important job may be to transform the way the company does business so that it's more effective and efficient.  112.Researchers have determined that all effective leaders have similar traits.  113.There is no single leadership style that works best in all situations.  114.Research has shown that the democratic style of leadership.
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  141.Controlling provides managers and workers with feedback that helps them adjust to deviations from plans.  142.If managers do a good job planning and organizing, there shouldn't be a need for them to be involved with controlling.  143.Two of the key components of the control process are setting clear performance standards and communicating.
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  221.Which of the following is not a reason stated for small business failure?  A. Managerial incompetence B. Inadequate financial planning C. Buying too little on credit and not being lenient enough with your credit paying customers D. Borrowing money without a plan of how and when you will repay the debt 222.Which of the following will not help your.
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  121.State and local governments often act as venture capitalists.  122.While the Small Business Administration provides management advice to new business owners, it is not empowered to provide financial assistance.  123.Venture capitalists provide funds for small businesses as part of their philanthropy programs.  124.Venture capitalists prefer investing in smaller start-up businesses in order to.
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  151.A major advantage of preparing a formal business plan is that prospective entrepreneurs must identify the resources and activities required to successfully operate their proposed venture.  152.Prospective entrepreneurs turned down by private lenders have little hope of getting financial help from the Small Business Administration, since the SBA's standards are even.
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  131.In the business world, a market consists of those people who have a willingness to buy a particular product.  132.One of the greatest advantages that small businesses have over larger ones is the ability to know their customers better and to adapt quickly to the customers' needs.  133.Attracting qualified workers presents a.
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  201.Which of the following techniques would a team of workers be most likely to use if they wanted to evaluate several possible solutions to a specific problem their company needs to solve?  A. PERT B. Regression analysis C. PMI D. MBO 202.Jenna Raiter, the president and CEO of AutoMotion Auto Service Centers, has asked several managers and employees to.
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  211.Yesterday, on Facebook, one of Sarah's friends suggested that she spread the word about Mia Bella Boutique, an online company that designs hats and shoes. If Sarah's efforts generate 25 more people to spread the word, Sarah will receive 30% off her order. Mia Bella is utilizing _____________, an effective.
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  161.Which of the following statements has resulted in changes in the role of management?  A. Most workers today show little initiative or creativity, so managers must spend more time directing their efforts. B. The marketplace is becoming global, which increases both competition and opportunities for cooperation and integration. C. Firms are recognizing that their workforces are.
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  91.Due to the growth of the Internet, recruiting is less important today than in the past.  92.Staffing is a less important management function today than in the past.  93.Organizing involves developing a structure or framework that relates all workers, tasks and resources to each other.  94.Top management is also known as first-line management.
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  201.Enterprise zones and investor visas are examples of:  A. government policies that favor large corporations rather than small businesses. B. government programs that encourage economic growth through entrepreneurship. C. government policies designed to encourage intrapreneurs. D. examples of private initiatives to reduce the government's role in the economy. 202.State and city governments have promoted facilities where new businesses can.
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  61.When Kelsey began the Cookie Kitchen, she located the operation at a small business center to get help with accounting, legal advice, and secretarial help for a very low cost. Electing to join the incubator helped her company to survive because it provided assistance while her company was in its.
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  11.Due to the fact that employees today often know much more about technology and the technical aspects of their jobs than their managers do, progressive managers emphasize teamwork and cooperation as a strategy for getting work done.  12.John is the general manager of a retail outlet. By emphasizing teamwork and acting.
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  171.The only real barrier preventing small businesses from exporting is insufficient knowledge of the opportunities available.  172.Marcos is a recent college graduate. He learned in his business courses that as a potential small business owner, he should focus his sights on domestic business only.  Multiple Choice Questions 173.Entrepreneurship is:  A. managing businesses for others. B. a controlling.
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  51.Managers or teams of managers at the lower levels of an organization normally develop strategic plans, but top managers do most of the tactical planning.  52.Contingency planning involves developing alternative courses of action to be used if the primary plans do not achieve the desired results.  53.Operational planning looks at the organization.
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  101.There are several ethical considerations when starting a business, but competing against current and former work relationships is always fair game.  102.Carlos hopes to start his own business. He needs to avoid talking to other small business owners about his plans because they might steal his ideas.  103.Felicia decided to work for.
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  111.Getting a business plan into the hands of the right people is nearly as important as getting the right information in the plan.  112.The entrepreneur's integrity is not relevant to bankers when determining the creditworthiness of a business loan.  113.Software designed to help create business plans has proven to be of little.
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  251.A __________ is a written document that details the business idea, the target market and the business's competitive advantage, financial resources available for the business, and the qualification of the management.  A. feasibility product B. marketing plan C. business plan D. statement of intent 252.The business plan will include ____________.  A. an analysis of the competition B. names of banks the owner plans.
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  Essay Questions 312.Not everyone dreams of owning their own business. Identify and describe at least three attributes of successful entrepreneurs.  313.What is an entrepreneurial team? What benefits does a team offer compared to an individual entrepreneur?      .
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  131.The Adapting to Change box showed us that what people think of a company is influenced by their responses on social media.  132.Heather has a strong desire to maintain and preserve order and stability. She is very good at developing tactical plans to achieve her company's goals and objectives. These characteristics.
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  301.Labels Plus, LLC, exports specialty printing equipment for the labeling, flexible packaging, and carton industry. Due to increased support from ______, this company's sales to Brazilian companies and other global opportunities have significantly increased.  A. its newly revised website B. Department of Commerce's Bureau of Industry and Security C. the FDA D. local politicians 302.Jake wants to sell his.
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  191.Which of the following statements is characteristic of entrepreneurs?  A. They like certainty. B. They have the ability to visualize a clear path. C. They look at problems and see opportunities. D. They prefer to be inventive rather than worry about whether the invention solves a customer need. 192.Although successful entrepreneurs are more tolerant of uncertainty,  A. they seldom start another.
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  151.When all is said and done, financial standards such as profit and return on investment are the only relevant measures of how well a firm is meeting its goals.  152.When setting standards used in controlling, it is better to simply state general goals such as "better quality" or "higher levels of.
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  71.Big businesses do not serve all the needs of a market.  72.Economist Bruce Kirchhoff contends that business failures are much lower than traditionally reported.  73.The most common small business failures occur in businesses that are the easiest to start.  74.Only about 10% of all businesses qualify as small businesses using the definition of.
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