Prin of Management Test 2

Establishing clearly formulated, overall organizational objectives provides a business with

direction for the business's activities

The Page-Turner Online Bookstore sent a questionnaire to its customers to determine how happy its customers are with its services. Customers' general responses indicated that the bookstore's lead and delivery times have improved a lot in the past three months. What aspect of quality has the bookstore evaluated?

Satisfaction

Which is the an effective mission statement:

We create happiness by providing the finest in entertainment for people of all ages, everywhere.

Which of the following is the most likely reason that a business might choose to engage in corporate social responsibility:

to improve its image

Which of the following is an example of a company objective that might be developed by top management:

to increase or maintain market share

Which of the following is an ethical issue that a business manager might encounter:

Conflict of interest

A furniture manufacturer has been receiving complaints about the safety of its Model BA2X baby crib. What is the first thing the manufacturer should do?

Initiate a product recall.

What should a manager of a global company do to build relationships among international colleagues?

Provide cultural training for employees

A mission statement should be

short, specific, and understandable

One of the purposes of developing a business plan before starting a new business is to

understand the risks involved

In which way can a start-up business benefit from writing a business plan?

Define managers' roles

Which of the following is a reason why managers develop company objectives:

To identify business purpose

One of the main purposes of a business plan is to help a new business

establish objectives

One of the main reasons why owners develop a business plan before starting a new business is to

estimate financial needs

The part of the business plan that gives an overview of the entire document is the

executive summary

The objectives that managers develop for a business to attain are also intended to serve as operating

guidelines

The new business owner set a goal of selling $50,000 of goods in the first six months. This is an example of a(n) __________ objective.

measureable