Exam 2
Giving employees the authority to make decisions
Empowerment means:
Chain of command
The line of authority that moves from the top of a hierarchy to the lowest level is called the:
Legal
Laws represent the standards of ________ behavior
All industries
Technology affects people in:
Employees
The ultimate resource of a firm is its:
Overstating an expense report
Which of the following would most likely involve ethical concerns?
Sole proprietorship
A _____ is a form of business that is owned, and usually managed, by one person.
Market
A ________ refers to people with unsatisfied wants and needs who are willing and able to buy a product or service.
SWOT
A __________ analysis is used to help companies evaluate their internal strengths and weaknesses, and develop an awareness of external threats and opportunities.
Business plan
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.
Vision
A __________ is an overall explanation of why an organization exists and where it is trying to head.
Flextime
A ___________ plan gives employees some ability to adjust hours when they work, as long as they work the required number of hours.
Merger
A ____________ is two firms combining to form one company.
Gnatt chart
A bar graph that shows what projects or tasks are in the process and how much of each is completed is called a(n):
Loss
A business incurs a ___________ if its costs and expenses exceed its revenues.
Venture capitalist
A firm or individual providing financial capital to small businesses in exchange for an ownership stake in the company is called a:
Telecommuting
A major trend in business is _____, where employees work at least part time at home using a computer and modem.
Entrepreneur
A person who risks time and money to start and manage a business.
Situational leadership
A practical leadership theory applicable to almost any workplace situation.
ability to provide feedback to employees
A strength of Generation X managers is likely to be their:
Job description
A way of recruiting people to jobs.
Organization chart
A(n) ______ is used by an organization to show who is accountable for the completion of specific work and who reports to whom.
Assembly process
A(n) ______ puts together components to make a product.
Conventional corporation
A(n) ________ is a state-charted legal entity with authority to act and to have liability separate from its owners.
Compliance
A(n) ________-based ethics code emphasizes the prevention of unlawful behavior by increasing control and penalizing wrongdoers.
Franchise Agreement
A(n) ___________ is an arrangement whereby someone with a proven idea for a business sells the rights to use the business model, to sell a product or service to others in a given territory.
Entreprenuer
A(n) ____________ is a person who assumes the risk of starting a business.
providing services for employees according to their specific needs.
According to U.S. business law, accommodation means:
Expectancy theory
According to __________ the amount of effort employees devote to a task depends on their expectations of the outcome.
rewards individuals who are willing to link a company's website to their blog or social network page.
Affiliate marketing is a web-based business strategy that:
Stakeholders
All of the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address.
The formal and informal organization
All organizations have two organizational systems:
Business
An activity which seeks to earn a profit by providing a good or service is known as a(n):
Inverted organization
An organization that has contact people at the top and the chief executive officer at the bottom is known as a(n):
adaptable, tolerant, and tech savvy
As a group, Millennials tend to be:
Contingency planning
Back up plans just in case primary plans fail.
specific locations across the U.S. where entrepreneurs can set up shop and receive tax breaks for operating in these areas.
Enterprise zones are:
accepting the risk of starting and running a business.
Entrepreneurship is:
Believe the reward they receive fairly compensated them for their efforts when compared to others in similar positions
Equity theory states that employees will perform well if they:
S1 directing
Followers are an able to do the task and are insecure High task and low relationship Define the roles and tasks for each follower and then supervise them closely. Important decisions are to be made by the leader and announced to the followers.
S3 supporting
Followers are experienced and able to do the task, but unwilling to take on the responsibility. Low task and high relationship The leader shares decision-making with the followers. A participating leader will facilitate discussions and lead the followers toward increased control over the work.
S4 delegating
Followers are experienced in the task and confident in their ability. Low task and low relationship While still involved in the decisions, the delegating leader allows followers to "run their own show." In fact, the followers will decide when to get the leader involved.
S2 coaching
Followers are unable to take responsibility but willing to take on the task. High task and high relationship Define the roles and tasks of each follower, but also seek ideas and suggestions from followers. The leader coaches the followers as they develop their skills and abilities.
Delighting customers by anticipating their needs.
For most service businesses the quality standard has become:
Employees follow strict rules and regulations.
In a bureaucratic organization:
General
In a partnership, a(n) _____ partner (owner) actively manages the company and has unlimited liability for claims against the firm.
shortage of skilled labor
In coming years, high-tech growth areas such as computers, biotechnology, and robots are likely to experience a:
An asset that promotes harmony among workers.
In open organizations the informal organization can be
Working in teams.
Management is more progressive today. There is more emphasis on:
participative
Managers who listen to their subordinates and allow them to participate in decision making are using the ____________ style of leadership.
Small business job creation
Most people's first job is from _______________, also it makes up most jobs in towns.
work with a more educated workforce.
One of the challenges facing today's managers is to:
Recruiting
One of the key functions of human resource management is:
affordable technology makes it easier to compete.
One reason we have seen continued growth in home-based businesses is:
Both goods and services
Operations management is a specialized area in management that converts resources into:
Goods
Production management is the traditional term used to describe all the activities managers do to help their firms create:
Extrinsic
Rewards that come from someone else in recognition of good work are _________ rewards.
Fringe benefits
Sick-leave pay, vacation pay, pension plans, and health plans that provide additional compensation to employees are called:
65
Small businesses create about __________ percent of the new jobs in the United States.
Whistleblower
Someone who tells the right branch of government about any wrong doing within their company.
Customers
Successful businesses are keenly focused on their:
believe in themselves and their ideas.
Successful entrepreneurs are self-nurturing. This means they:
technical and human relations skills.
Supervisory managers spend most of their time on:
Economic and legal
Taxes and government regulations are part of the ________________ environment of business.
Service
The US economy is now dominated by the _______ sector.
autocratic
The __________ style of leadership is characterized by making managerial decisions without consulting others.
Standard of living
The amount of goods and services people can buy with the money they have.
Risk
The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.
Economies of scale
The concept of ________ suggests that as a firm produces more, the average cost of goods produced goes down.
Stakeholders
The customers, employees, stockholders, suppliers, creditors, and others who stand to gain or lose by the policies and activities of a business represent the firm's:
Is it legal
The first step when facing an ethical dilemma is to ask:
Quality of life
The general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy the other goods and services provide.
Tactical planning
The identification of specific, short range objectives by lower level managers.
A failure of leadership to establish ethical standards
The majority of CEOs blame unethical employee conduct on:
Planning
The management function concerned with anticipating future trends and determining the best strategies to achieve an organization's goals and objectives is known as:
Intrinsic
The personal satisfaction people feel when they have done a job well is a(n) __________ reward.
training and development
The purpose of ____________ is to increase an employee's ability to perform productively.
Factors of Production
The resources that contribute to the creation of wealth are known as ________.
Factors of production
The resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge.
Strategic planning
The setting of broad, long-range goal by top managers.
Operational planning
The setting of work standards and schedules.
Revenue
The total amount of money a business takes in during a given period by selling goods and services.
Tactical
The type of planning that is concerned with developing detailed short-term actions about what is to be done, who is to do it, and how it is to be done is known as __________ planning.
Organizational culture
The widely shared values with an organization that provide unity and cooperation to achieve common goals are together known as:
prohibits discrimination based on race, religion, sex, creed, or national origin in matters such as hiring, firing, training, and compensation.
Title VII of the Civil Rights Act of 1964:
planning and financing
Two key management functions that need particular attention when starting a business are:
When you own your business you are responsible for all of the business debts.
Unlimited liability means:
Each of us
When discussing moral and ethical issues, it is helpful to remember that ethical behavior begins with ___________________.
Put the partnership agreement in writing.
When entering into a new partnership, a good strategy is to:
A general mistrust between workers and management
When managers disregard ethical concerns, the likely result is:
Organizing
When managers work on creating conditions and systems to ensure that everything and everyone works together to achieve the organization's goals, they are involved in the __________ function of management.
Restructuring
Which of the following describes the redesigning of an organization so that it can more effectively and efficiently serve its customers?
management and marketing assistance
Which of the following is an advantage of franchises?
Double taxation of earnings.
Which of the following is normally considered a disadvantage of the corporate form of business?
The major attraction of S corporations is that they avoid the problem of double taxation.
Which of the following statements about S corporations is most accurate?
The most effective leadership style depends on who is being led and in what situation.
Which of the following statements about effective leadership is the most accurate?
Digital natives
Young people today are often called ________ because they have never known life without the Internet.
CAM
_____ involves computers directly in the production process.
Profit
_____ is the amount a business earns after deducting what it spends for salaries and other expenses.
Mass customization
______ means tailoring products to meet the needs of a large number of individual customers.
CAD
______ uses computers to help design products.
Job enrichment
________ emphasizes motivating the worker through the characteristics of the job itself.
Management by onjectives
________ is a system of goal setting and implementation that involves a cycle of discussion, review, and evaluation of objectives among top and middle managers, supervisors, and employees.
Ethics
________ refers to standards of moral behavior.
Crisis
_________ planning is a part of contingency planning that is used to deal with sudden and unexpected changes in the business environment.
Reinforcement
_________ theory is based on the idea that managers can use both rewards and punishments to motivate employee behavior.
Brainstorming
__________ is a problem solving technique that attempts to come up with as many solutions as possible in a short time without censoring the ideas.
Decision making
__________ is choosing among two or more alternatives.
Management
__________ is the art of utilizing organizational resources to accomplish goals at work.
Risk
__________ is the chance a business owner will lose the time and money invested in a business that proves to be unprofitable.
Strategic
__________ planning determines the major goals of an organization and lays the foundation for obtaining and using resources to achieve those goals.
Goals
___________ are broad, long-term accomplishments an organization wants to achieve.
Quality of Life
___________ is a measure of the general well-being and satisfaction derived from a variety of factors including political freedom, safety, education, and a clean environment.
Leading
___________ is the management function of creating a vision for the organization and guiding, training, coaching, and motivating employees to help achieve the goals and objectives of the organization.
Corporate social initiatives
____________ is a business approach that contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders.
Goal setting theory
____________ is based on the notion that setting ambitious but attainable goals will improve motivation and performance if the goals are accepted, accompanied by feedback, and facilitated by organizational conditions.
Leadership
_____________ 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.
Human resource management
_____________ is the process of evaluating human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals.
Empowerment
_____________ means giving employees the authority and responsibility to respond quickly to customer requests.
Contingent
_____________ workers do not have the expectation of regular, full-time employment.
Corporate responsibility
__________________ consists of earning a licence to operate by creating value for stakeholders, including shareholders, and society.
Corporate philanthropy
__________________ is the act of a corporation or business promoting the welfare of others, generally via charitable donations of funds or time.
Franchises
an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities, e.g., providing a broadcasting service or acting as an agent for a company's products.