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Study Resources (Business Management)

True / False Questions   1.Organizing the structure of the company means deciding how many jobs need to be done and who is responsible for doing them. 2.In a capitalist economy, organizations seldom reorganize due to changing markets. 3.One key to organizational success is to go back to basic principles and build the.
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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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  271.Similar to how large businesses proceed, small businesses make marketing decisions ______________.A. after the product or service is developedB. before the business is fundedC. at the same time that they hire employees, research for an accountant, and prepare the business planD. before a product is developed or store is opened 272.The Small Business Administration sponsors.
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  101.Fatma wants to become a manager. However, she is shy and avoids conversation with strangers. She is very comfortable with computers and information technology and has great technical skills in these areas. Fatma's personal traits make her a good candidate for a top management position. 102.Staffing is less important at Sony,.
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  191.Strategic planning looks at the organization as a whole, while ________ planning focuses on daily tasks and decisions.A. tacticalB. strategicC. missionD. operational 192._________ planning is a part of contingency planning that is used to deal with sudden and unexpected changes in the business environment.A. CrisisB. TacticalC. OperationalD. SWOT 193.__________ is choosing among two or more alternatives.A. Contingency planningB. Decision-makingC. Organizational selectionD. Utility analysis 194.The first.
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  261.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. 262.A Small Business Investment Company (SBIC) is a(n):A. agency of the federal government that loans money to high tech firms.B. private investment company that is licensed by the SBA to make loans.
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  221.Small businesses are important to the U.S. economy because:A. they fill-in the gaps when large businesses want to let workers go on vacation; or when large businesses want to temporarily cease productionB. banks and other financial services companies would not have borrowing customers, because small businesses borrow more than large businessesC. they pay.
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  231.After selling his software business for a sizeable profit, software engineer Gus Greene decided to try something different. He would become a general contractor on a large condo development in an upcoming area of Atlanta, Georgia. He invested several million and then borrowed another $30 million (or 75% of the.
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  11.Correctly structuring a business organization allows managers to avoid delegating responsibility and authority to employees. 12.An organization chart shows who is accountable for the completion of specific work and who reports to whom. 13.Looking at a traditional organization chart, you will view who reports to whom; you will have a sense of.
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  21.Planning is a key management function because other management functions depend on having a good plan. 22.Managers focus on making efficient use of their organization's human resources, but leave decisions about the efficient use of other resources such as buildings, machinery, and supplies to engineers and accountants. 23.Today's progressive organizations are designed.
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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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  41.Continuous planning is not necessary, because plans that worked well in the past are likely to continue to work well in the future. 42.Planning is a continuous process. 43.The SWOT analysis helps firms identify competitive threats and market opportunities. 44.An analysis of the business environment helps managers identify threats and opportunities that face.
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  181.A creative person working within a corporation to launch new products and generate new profits is known as a(n):A. arbitrator.B. micropreneur.C. macropreneur.D. intrapreneur. 182.The goal of an intrapreneur is:A. to improve quality control in a corporation's production process.B. to develop new products and generate new profits for the corporation.C. to implement cost control policies for existing products.D. to create.
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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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  Multiple Choice Questions 171.Entrepreneurship is:A. managing businesses for others.B. a controlling interest in the ownership of a corporation.C. managing businesses that operate in multiple countries.D. accepting the risk of starting and running a business. 172.Which of the following U.S. issues does entrepreneurship most directly affect?A. The political processB. The ability to create jobs for othersC. Contributions of money to.
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  211.Flavio, CEO of Fabulous Frozen Custard believes that alternate plans are almost as important as the primary operational plans because external circumstances such as the weather, competitor moves, and even economic conditions make it important to have a Plan B. Flavio endorses:A. tactical planning.B. retroactive planning.C. concurrent planning.D. contingency planning. 212.Carlos had been thinking of.
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  Mini-CasePeppy Roaney believes that pizza is a much more versatile dish than most people realize. As the national marketing manager for Pizza Guys, he observed how consumers were delighted with barbecue pizza, Hawaiian pizza, Mexican pizza and other unique combinations. His suggestions for other unusual pizzas, however, were met with.
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  231.After thirteen years as a laborer for Hendrix Construction, Jimmy was promoted to the position of foreman. He is directly responsible for assigning various jobs to his work crew and evaluating their performance on a daily basis. Jimmy is now a member of:A. top management.B. middle management.C. supervisory management.D. forward management. 232.By completing the courses.
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  261.The CEO of peripheral company QuickDrive uses a leadership style that encourages employees to discuss management issues with the CEO and to work together to resolve those issues in a democratic manner. Which of the following statements would the CEO of QuickDrive most likely make?A. The key to QuickDrive staying on.
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  241.Which of the following suggestions would an experienced business owner offer to help someone who is thinking about starting a business venture?A. Avoid the temptation of buying an existing firm. Build your own reputation and make your own mistakes.B. Gain experience by working for a successful businessperson.C. Postpone consulting with an accountant or.
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  61.PMI is a problem solving technique that involves listing pluses, minuses and implications. 62.In the Reaching Beyond Our Borders box titled, “The Japanese Crisis, Terrorism, and American Business,”  the authors emphasize tactical planning as more important than contingency planning when managing the risk of natural disasters and terrorist threats. 63.A mission statement.
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  251.The first step in developing a knowledge management system is to:A. empower employees to make their own decisions and accept the consequences.B. obtain the necessary information system technologies.C. recognize that perfect information is readily available in all organizations.D. determine what knowledge is most important to the organization. 252.One difference between managers and leaders is that:A. managers.
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  181.__________ involves setting the organization's vision, goals, and objectives.A. OrganizingB. PlanningC. ControllingD. Directing 182.___________ are broad, long-term accomplishments an organization wants to achieve.A. GoalsB. ObjectivesC. DirectivesD. Agendas 183.__________ are specific, short-term, measurable results an organization wants to achieve in order to fulfill its long term goals.A. DirectivesB. Opportunity targetsC. ObjectivesD. Mission complements 184.A __________ analysis is used to help companies evaluate their internal strengths and.
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  Essay Questions  306.Not everyone dreams of owning their own business. Identify and describe at least three attributes of successful entrepreneurs. 307.What is an entrepreneurial team? What benefits does a team offer compared to an individual entrepreneur? 308.List and discuss at least three causes of small business failure.     .
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  201.The Spotlight on Small Business box "Success Knows No Age", features young people whoA. directed inheritance money they received into profitable business ventures.B. turned a social passion into a business opportunity.C. realized the American dream at a very young age, and now run multi-million dollar companies.D. convinced banks to fund their business ideas. 202.Kenya recently.
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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. PERTB. Regression analysisC. PMID. MBO 202.The Japanese tsunami disaster of March 2011 had a negative effect on the automobile industry.  With production and.
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  111.Researchers have determined that all effective leaders have similar traits. 112.There is no single leadership style that works best in all situations. 113.Research has shown that the democratic style of leadership is the most effective style of leadership. 114.Research on leadership supports the idea that the best leadership style depends on several factors,.
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  191.Effective entrepreneurial teams combine:A. creativity with marketing and production experience.B. venture financing, tax benefits, and production economies.C. scientific abilities, capital investment, and marketing skills.D. risk tolerance, debt financing, and international experience. 192.Successful entrepreneurial teams:A. quickly organize themselves like large corporations.B. assign only one person to new product innovation.C. bring a variety of talent to the business venture.D. outsource most.
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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 effortsB. The marketplace is becoming global, which increases both competition and opportunities for cooperation and integrationC. Firms are recognizing that their workforces are.
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  211.Pete inherited a thriving dry cleaning business from his father and mother. He continued the tradition of offering quality service to the customers he served. As the surrounding towns expanded, several people suggested that Pete expand the business to offer service in new locations. He chose to maintain only one.
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  271.Which of the following should form the foundation of a firm's control system?A. Accounting and financeB. Marketing and productionC. Human resources and financeD. Computing and production 272.__________ are units within an organization that receive services from other units within the organization.A. End-usersB. Internal customersC. Third-party distribution centersD. Profit centers 273.__________ include dealers, who buy products to sell to others, and.
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  287.Describe the three basic types of management skills, and relate these skills to the tasks performed by different levels of management. 288.Describe three different leadership styles and give an example of a situation in which each style could be most used effectively. Multiple Choice Questions  Mini-CaseLauzy Fare left his position as senior vice.
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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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  121.Managers are most effective when they consistently use the same leadership style with every employee assigned to their work group. 122.In traditional organizations, directing includes both giving assignments to workers and providing feedback on their performance. 123.When businesses empower their employees, the role of a manager becomes less that of a "boss".
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  161.Large multinational firms dominate the international market, leaving few opportunities for small businesses. 162.One advantage enjoyed by small businesses in international markets is that overseas buyers like dealing with individuals rather than large corporate bureaucracies. 163.Due in part to government support, the majority of U.S. small businesses are involved in exporting. 164.Exporting offers.
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  131.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 suggest that Heather has characteristics of an exceptional leader. 132.Brett heads a department in a major manufacturing corporation. He strives to maintain.
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  281.In order to finance The Shortbread Shack, a mobile bakery business that services several large Silicon Valley companies, Marcy demonstrated her steadfast desire to get her bakery off the ground by visiting several bankers with _____________.A. her insurance agentB. her business planC. her venture capitalistD. her idea 282.In order to improve his chances of small.
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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 stores, yet often the store runs out of popular furniture or become overstocked with pieces that must be marked down to.
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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 team work and cooperation as a strategy for getting work done. 12.Managers make decisions about how to use organizational resources to accomplish goals. 13.Financing is.
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  251.The business plan will include ______________.A. an analysis of the competitionB. names of banks the owner plans to visitC. import/export informationD. names of employees 252.A detailed written statement that describes the nature of the business, the target market, the firm's competitive advantages, as well as the owner's resources and qualifications is a:A. business plan.B. entrepreneurial mission statement.C. profit.
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  51.Operational planning looks at the organization as a whole, while strategic planning focuses on specific departmental actions. 52.One example of tactical planning is setting annual budgets and deciding on other details and activities necessary to meet the strategic objectives. 53.Many cities and businesses are now developing contingency plans to respond to potential.
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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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  221.____________ skills include the ability to perform tasks of a specific department or job, such as selling (marketing) or bookkeeping (accounting).A. ConceptualB. DepartmentalC. TechnicalD. Tactical 222.Leadership, coaching, and morale building are all part of a manager's _________ skills.A. technicalB. theoreticalC. empiricalD. human relations 223.Although top managers most often possess these skills, they usually make less use of __________ skills than.
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  241._____________ involves creating a vision for others to follow, establishing corporate values and ethics, and transforming the way an organization does business so that it is more effective and efficient.A. OrganizingB. Production managementC. Tactical planningD. Leadership 242.Leaders:A. embrace change.B. are mainly concerned with tactical issues as opposed to change issues.C. tend to do the work themselves rather than.
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