Management test 2 review part 2

To earn a profit managers must acquire coordinate and control all of the following resources EXCEPT

- Competitive products

Marla manages an online shoe store. She must determine what her companys warehouse and phase of the planning process does this example describe

- Data gathering

Before an organization can plan a course of action it must first

- Determine what it wants to achieve

While justin attends college he is working part time for a cutlery company. He goes door to door and offers consumers face to face presentation in their homes. This is an example of

- Direct selling

Grace manages a beach rental kiosk. Her goal is to run this business in such a way that she achieves the desired result making a profit and providing her customers with the items they need to enjoy their vacation. Thus her primary managerial concern is

- Effectiveness

If a manger is concerned about doing the work with the least and waste possible then his or her primary managerial concern is

- Efficiency

When a manager makes sure there is adequate funding to pay for essential activities he or she is managing________resources

- Financial

What is the difference between high technology business and other small business

- High tech businesses require greater capital and have higher initial startup costs than other small businesses

What is the purpose of the small business administration

- It offers managerial and financial assistance to small business

Vince starts his own tutoring business. He wants to write a good mission statement that explains his company's reasons for existence. What is one guideline he should follow in writing his mission statement

- It should be clear and concise

What type of business has been growing faster than other classifiable firms and represents almost 30% of all small business

- Minority-owned business

A declaration of an organizations fundamental purpose and basic philosophy is known as a

- Mission statement

Jake starts his own catering business. He creates a website for the business which states that his purpose is to provide his customers with delicious food at a fair price. For jakes company this is its

- Mission statement

Melvins fishing store has profit as an objective. As a result he wants to have

- Money and assets left over after paying off business expenses

Baubles and Bangles an independent jewelry store acquires jewelry and accessories from producers and wholesales and sells them to consumers. Baubles and bangles is a

- Retailer

If Yvette wants to starts her own business what might persuade her to open a retail operation

- Retailing requires low initial financing

Mahie owns an Indian restaurant that employs around 20 people. She is solely responsible for the management of the restaurant. Her business competes with a larger chain of restaurants that offers the same cuisine. Mahies restaurant can be classified as a

- Small business

Which type of business has created a majority of net new jobs annually

- Small businesses

Hiring people to carry out the work of an organization is known as

- Staffing

All of the following are true of direct selling EXCEPT

- it requires buying a lot of inventory

In the manufacturing sector small businesses sometimes have an advantage over larger firms because small business

- Can customize products to meet specific customer needs and wants

Determining an organizations objectives and deciding how to accomplish them is the management function known as

- Planning

Ross is one of the seniors managers of a large company. He is part of a team that determines the objectives of the company based on future trends in the industry and decides how to accomplish them Ross is involved in the management function of

- Planning

Which management function is crucial because it lays the foundation for all other management functions

- Planning

Bradley is a manager at a company that has made the difficult decision to downsize. After his company eliminated 50 employees what must bradley do to effectively mange his remaining employees and help them through the situation

- Promote optimism and positive thinking

Many service providers are considered retailers because they

- Provide their services directly to consumers

Walt owns a business in which he offers standardized test preparation classes and individual tutoring for students. This is an example of a

- Service business

Menami and michael recently had their first child. As two working parents they struggled to find good, economical childcare. As a result they developed their own software to link parents with licensed reasonably priced childcare providers. This is a example of the

- Sharing economy

Wes is a manager at a large investment banking firm. The firm is expanding and he is tasked with hiring more people to carry out the organizations increased workload. Wes must also determine what to pay the new hires and develop a plan to train them. Wes is engaging in

- Staffing

The electronics warehouse wants to make sure its products are always available to customers. Since the company sells many electronic products including computers tv printers and gaming equiment it will many diverse__________to maximize efficiencies and provide creative solutions to help the company reduce expenses and reach its objectives

- Suppliers

Which scenario best illustrates a small business operating in a retail industry as opposed to wholesaling its products

- The case place imports cells phone covers and sells them directly to customers through kiosks at the mall

Joeys jewelry business has grown from a small startup in his basement to a chain of outlets all aver the state. His business has a potential to expand further provided he has the resources. To attract investors and other resources he creates a mission statement for his company. He highlighted that his gems come from countries with fair labor practices. Which basic question of a well developed mission statement is he addressing

- What are our responsibilities with respect to being a good steward of environmental financial and human resources

Which question does the mission statement of an organization seek to answer

- What business are we in

Which of these basic questions will be answered by a well developed mission statement

- Who are our customers

What is true of wholesale

- Wholesalers are extremely important because of the marketing activities they perform

Naveen is part of the planning team in his organization that is working to develop the firms mission statement. The team knows that along with describing the business and identifying its customers the team should also articulate the businesses operating philosophy and list any core competencies the business has. What other item should Naveen and his team include in the mission statement

- the firms responsibilities with respect to being a good steward of environmental financial and human resources