Exam Review 1-30
A plant manager or a department head would be an example of which level of management?
A. Middle
Which of the following is a company resource that employees often analyze to ascertain policies and procedures?
A. Training materials
Before Bob can pay the business's bills, he checks with Ingrid to verify that accounts receivable are coming in and that there is enough cash in the business's checking account to cover the expenses. This is an example of coworkers who are
A. coordinating their work efforts.
According to the law of diminishing returns, continuing to hire additional employees will eventually cause the workers' individual production level to
A. decrease.
When consumers purchase gasoline, telephone services, and tobacco products, they must often pay a(n)
A. excise
Melanie's supervisor made changes in some of Melanie's tasks so that she could finish them more easily. The technique the supervisor used is
A. job simplification.
Jack, a manager, said to his staff, "I know that many of you think that this is a risky course of action. But, I've decided that we should proceed. If this is successful, it could greatly benefit the company. If it fails, I'll accept the consequences and work to find a new solution." What is Jack doing?
D. Accepting responsibility for his decision
Which of the following is an element of the planning function of management?
D. Setting goals
Members of Local Union 999 refuse to buy products that are made by their company, Chip Rite. This is an example of
boycotting.
An effective way to prioritize work is to categorize tasks in
A. order of their importance.
Which of the following activities should be an employee's top priority?
B. Completing a status report that takes 45 minutes to prepare for a meeting that will occur in an hour
Which of the following can be taxed twice?
B. Corporate dividends
Which of the following business resources provides information about the company's dress codes and vacation policies, and general rules for appropriate behavior?
B. Employee handbook
Which of the following is a factor that measures the condition of a country's economy?
B. Price stability
Why do some governments set very high taxes on certain products?
B. To limit the sale of those items
Which of the following is the FIRST step of effective managerial planning?
B. Use a systematic approach to establish objectives
Tim is the technology manager for the MSJ Company. Tim is responsible for backing up the computer system each evening to make sure that the company has a copy of each day's computer activities and transactions. On Tuesday evening, Tim was running late for a meeting and decided not to conduct the backup activities. Later that night, the computer system crashed and all of Tuesday's computer data was lost. By apologizing to his boss for making a poor decision and offering to work extra hours to help fix the problem, Tim was
B. accepting the consequences for the decisions he made.
An important purpose of management is to ___________________ the business.
B. achieve the objectives of
During an expansion phase of the business cycle, businesses will tend to
B. borrow more money.
The tax that businesses pay on the profits they earn is an example of _____________ tax.
B. income
Tom needs Allison to provide a status report so he can review inventory levels. After Tom has reviewed the inventory report, he must tell Kayla which items the business needs so she can contact the appropriate vendors to order stock. To achieve the business's goal of maintaining adequate inventory levels, each employee must perform his/her tasks in a(n) ______________ order.
B. sequential
The overall objective of workers who form labor unions is to
B. strengthen their bargaining power.
8. If an employee continuously fails to follow the firm's rules of conduct, the firm is likely to
B. take disciplinary action.
It is important for employees to follow the rules of conduct established by management to
C. maintain a consistent and fair work environment.
A business employee is assigned to handle all incoming phone orders. This specific assignment is considered to be specialization by
C. task.
What is one of the main reasons why governments levy taxes?
D. To raise revenue
Which of the following questions should effective managerial planning answer?
D. What do we want to do?
Unemployment hurts the economy because unemployed people are unable to contribute to the
D. gross domestic product.
Businesses follow the law of diminishing returns in order to combine the right amount of variable resources to achieve production levels that
D. maximize profits.
The number of levels of management that a business needs usually depends on the
D. size of the business.
