Business Management

A florist expects monthly cash sales to be $5,300 and interest income to be $200. Total cost of goods will be $1,750, fixed expenses will be $2,150, and variable expenses will be $1,975. Calculate the cash flow.

($375)

Which of the following statements regarding cash flow statements is true

A cash flow statement is derived from the income statement and the balance sheet.

In which of the following situations is a settlement most likely to occur:

A small company does not have the funds to go to court.

What do companies often use to assign and track various business tasks?

Accountability matrix

During which stage of the PDCA continuous improvement process does a business decide to implement a change on a widespread basis?

Act

What type of law is intended to enforce the rules and regulations of governmental agencies:

Administrative

Which of the following is an example of a buyer placing an advance order:

Alan placed a large order on March 10 for a new video game that is to be released on June 1.

An individual calls your company and asks to speak with your coworker Rhonda. What should you do if Rhonda is not available to take the call?

Ask the caller if they would like to leave a message.

Felipe wants to start having a more positive attitude. Which of the following is true about attitudes:

Attitudes can be helped with humor.

On what type of purchase order are you most likely to find the following information:This order covers the MRE Manufacturing Company's purchase of 1/2" rubber gaskets, Model # 62376 metal washers, and "Y" PVC piping beginning April 10, 2022 through March 31, 2024. The prices stated in your quotation dated January 31, 2020 are effective until March 31, 2024.

Blanket

Camilla is being promoted and is training Cecily to take over her current position. To help Cecily acclimate to her new job, Camilla gives Cecily some tips that might help her process her work more efficiently. What does this example illustrate?

Camilla is exhibiting ethical behavior by passing along personal knowledge to help Cecily learn how to do her job.

When negotiating terms with a vendor, a business states that it wants all orders shipped within 24 hours of order placement. What negotiating tactic is the business using?

Deadline driven

Corrine is the project manager for a research project. Yesterday, Corrine told one of the project team members that they are responsible for developing the sample plan for a survey. What was Corrine doing?

Delegating work

Which of the following should a business do prior to initiating any significant change:

Develop a project impact assessment

Which of the following is a barrier to effective listening:

Distractions

Which of the following types of regulations have a direct impact on operations management:

Environmental, employment and labor, insurance

A customer contacts a manager regarding a billing error. After confirming the discrepancy, the manager asks an employee to void the existing invoice and create a new invoice with the correct information. What type of control is the manager using in this situation?

Feedback

What is an important element of all businesses that managers must control?

Finances

While sequencing the necessary activities for a new construction project, a homebuilder determines that the walls cannot be painted until the drywall has been completed. This is an example of which type of dependency?

Finish-to-start

Which of the following is an activity associated with the closing phase of a project:

Holding a team meeting to evaluate the project's successes and mistakes

Shawna is in charge of helping her company achieve its goals through the proper hiring and use of employees. Which type of business management and administration career does Shawna have?

Human resources management

Which of the following is a potential benefit of implementing continuous quality improvement processes:

Increased revenue

Which of the following business activities would be most affected by weak economies, pricing pressures, regulatory changes, and global supply chain disruptions:

International risk management

Which of the following might occur during the litigation process:

Jury selection

Daniel is developing a complex document that provides supporting evidence that his company made a good decision when it expanded its operations overseas. What type of analytical report is Daniel writing?

Justification

Which of the following is a good strategy for protecting digital customer data

Limit installation of outside software programs

What is the most ethical way to handle product liabilities?

Make sure customers won't be harmed

Which of the following presents the most accurate picture of how a business is doing financially:

Net profit

What is required to maintain favorable relationships with vendors?

Ongoing cooperation

The Prater Corporation wants to expand its market share by 6% next year. What type of goal has the company set?tell their family and friends about it.

Organizational

Which of the following is an effective strategy for identifying important information while reading:

Paying special attention to headings, titles, and graphics

What must occur before any management functions can be carried out?

Planning

Lyla is applying for a loan to buy a house for the first time. Which of the following should she be certain to do when applying for the loan:

Read all paperwork carefully

During a weekly status meeting, Tom said, "We've worked extremely hard and have made some tremendous progress on this stage of the project, so I am taking the team out to lunch next Wednesday." What project-management activity is Tom performing?

Rewarding

Siobhan is utilizing risk-management technology to quantify the potential losses that her company would incur if a tornado destroyed its largest manufacturing plant. What technique is Siobhan using to forecast the likely losses?

Risk modeling

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 of the following quality-control tools is a graphical representation of two variables that is used to determine cause and effect:

Scatter diagram

What project-planning tool helps businesses effectively plan and use time?

Schedules

How can managers coordinate employees' activities?

Share organizational charts with them.

Before launching a new product, marketers should obtain the support of top company leadership. This is an example of which aspect of change management?

Sponsorship

Burkhart Manufacturing is implementing a new, company-wide computer system. Nadine is in the process of identifying the skills that will be needed to manage the information and maintain the various software applications. What function of management is Nadine focusing on?

Staffing

Which of the following is an example of using posture to express assertiveness:

Standing up straight when talking to other people

Why do project managers develop a work breakdown structure (WBS) for complex projects?

To identify and better manage all project activities

When an existing customer's contact information changes, what should a company do?

Update the customer's record in the company database

Which of the following is an example of a packaging issue that a business might negotiate with a vendor:

Using labels and boxes that contain the business's logo

Which of the following is a strategy to help manage risks in a global supply chain:

Work with experienced partners abroad

An organizational tool that can help you schedule a project and figure out the order of work you need to complete is

a flow chart.

If Delia needs to determine the dollar amount of office supplies that her company purchases from the XRT Company each month, she should review

accounts-payable records.

One reason customers who pay for products with a credit card usually want to know the interest charges is because those charges

add to the cost of the purchase.

When Rhea realized that she included the wrong facts in a marketing report, she demonstrated integrity by

admitting that she made a mistake and apologizing.

Technology impacts just-in-time inventory management by

allowing inventory to be monitored regularly.

Preparing wills and setting up guardianships are types of financial services that often are provided by

attorneys.

Because the AMR Company has an effective knowledge management system in place, the company developed a line of unique products based on the input of employees and customers. In this situation, the company applied its knowledge to

become more innovative and competitive.

Jayne wants to send an email to several of her business contacts, but she wants to respect the recipients' privacy and not share their email addresses with everyone. She should send her email using

blind carbon copy (BCC).

A business orders 10% more widgets than it needs because the supply of and the demand for widgets have been difficult to forecast in recent months. This is an example of a business ordering __________ inventory.

buffer

If you promise your boss that you will attend a professional development seminar, following through on that promise will

build a strong, trusting relationship.

Organizational costs, revenue, and profitability are of limited use in measuring supply chain performance because these measures

can reflect conditions unrelated to performance.

A company that wishes to lower its risk management costs might start its own __________ insurance company, which is a type of corporate self-insurance.

captive

If a nation's supreme court ruled that segregated schools are unconstitutional, then a(n) __________ would be created.

common law

A company switched to a new database, but only the IT professionals in charge of the change were aware of it until it had already occurred. The company failed to

communicate data change.

A benefit of using project management software is that it

creates a variety of evaluative reports.

Governments ban or control monopolies because monopolies

do not always benefit consumers.

The best business career prospects are available to candidates who have

earned a bachelor's degree.

Marina's company needs to finance a new project. When Marina is figuring out the company's capital structure, she lists its current employees, equipment, and money as

equity.

When a business analyst is finished working on a project, they should then

evaluate the effectiveness of the project's solutions.

Every time you spend money on yourself, you expose yourself to

financial risk.

A type of security problem that involves deceiving or cheating a business out of money or property is

fraud.

Jon decided to promote Bill instead of Maggie to regional manager because he thinks that women aren't assertive enough in business situations. Jon is stereotyping on the basis of

gender.

The laddering technique is used to capture and change categories of

hierarchical information.

If a country cannot attract foreign investors due to its past political conflicts, its __________ has impacted its involvement in world trade.

history

One advantage of mediation is that it often is not as __________ as litigation.

hostile

A company created a new production process that decreased the cooling time required for heat-treated manufactured parts. This method enabled employees to handle the parts more quickly in the next production step. The new production process was created in response to

human factors.

Economic factors that businesses generally examine when conducting an environmental scan include

inflation, investor confidence, and interest rates.

When BlueLight, Inc. merged with a competitor, the managers strived to instruct their employees on the best ways to transition. This is an example of how directing

initiates changes smoothly.

Eva manages a team member, Shawn, who is motivated primarily by his own satisfaction while working on challenging projects. This is an example of an __________ motivation.

intrinsic

Currency speculation is risky because

it can lead to high inflation.

A person who was interested in obtaining a seasonal job in the construction industry might contact a __________ for leads.

labor union

For successful innovation to occur, employees must be willing to __________ while developing ideas.

learn

What should a project's statement of work include?

make a responsible and informed decision.

One way to ensure a good vendor/supplier relationship is to make sure your contract is clear for both parties. This will help you

make your expectations known early.

"The Mason and Lambert Research Group used personal interviews and focus groups to obtain the information for the study." This statement is most likely to be placed in the __________ section of a research report.

methodology

One way that competition benefits business is by encouraging the creation of

new companies.

Mara recently accepted a job with the Sweet Treat Cookie Company. Her new employer required her to sign a document stating that she will not reveal the ingredients in the company's cookie recipes to external sources. This is an example of a(n)

nondisclosure agreement.

Businesspeople who fail to adapt their communication styles to appeal to their international clients are likely to

offend the clients.

Even though Joseph has worked as an accountant for 20 years, he recently enrolled in a community college course to help him master the new software his department is using. He knows that if he doesn't keep up with current technologies, he could be replaced by a younger worker. This is an example of the importance of __________ in the workplace.

ongoing education

Jack is a computer programmer who is struggling to fix a glitch with his company's new computer network. During a get-together with some friends who also work in technology, Jack brings up his dilemma. His friend Janelle suggests a process that helped her solve a similar problem that she experienced a few weeks ago. Two other friends, Tim and Susan, provide some suggestions as well. In this situation, Jack and his friends are transferring knowledge by

participating in a community of practice.

Employees can demonstrate their customer service mindset by using good

phone skills.

The focus of the Six Sigma framework involves maximizing overall quality and

preventing problems.

When Mark starts a new project at work, he thinks through and plans the specific steps that he will need to take to achieve the outcomes that he desires. Mark is engaging in

process thinking.

The process of converting resources into goods and services is called

production.

Before knowledge can be reused or shared, it must be

recognized.

Supply chain networks are often

redesigned.

Arbitration is usually a binding process, which means that it

replaces the trial.

A business process design should seek to achieve simplicity because complex designs

result in more errors.

If a business wants to send a mailing to customers in specific geographic regions, it should set the database query to sort its customer information by

state.

A steel manufacturing plant was forced to shut down operations for several weeks after being hit by a major tornado. The manufacturing company's __________ is likely to be influenced as a result.

supply chain network

When customers have a negative experience with a business, they are likely to

tell their family and friends about it.

When executing a project, the project manager must often

update the project plan.

In supply chain management, holding costs (including warehouse expenses and costs associated with theft or shrinkage) fluctuate based on the amount of output created by the production process. Holding costs are an example of __________ costs.

variable