Management Exam Questions #1

Which of the following is a concern of the economic dimension of an organized environment?

Inflation, interest rates, and unemployment

The ability to motivate others is an ______ skill.

Interpersonal

Which of the following statements about the European Union is true?

It is an economic community

Which of the following factors is responsible for the failure of a small business?

Managerial inexperience

Which of the following is most closely associated with an overall cost leadership strategy?

Manufacturing products in bulk

An agreement to promote trade with one another between Canada, Mexico, and the United States into as _____

NAFTA

A ______ is a segment of a market that is not currently being exploited.

Niche

Using the SWOT analysis framework, which of the following is a condition presented by the external environment?

Opportunity

______ is a law that requires CEOs and CFOs to vouch personally for the truthfulness their firms' financial disclosures and imposes tough new measures to deter and punish counting fraud and corruption.

Sarbanes-Oxley Act of 2002

The _____ is the component of a strategy that specifies the range of markets in which an organization will compete.

Scope

Which of the following is NOT a reason typically cited to explain new business success?

Superficial analysis of market conditions

Which of the following is NOT a method for companies to enter the international

Tactical portfolio entry

The distinctive competencies of small businesses usually fall into three areas. Which of the following is typically NOT one of those areas?

The ability to immediately sell to large markets.

Based on the video and text reading on Sarbanes Oxley (SOX) which of the following is

The original intent of SOX had nothing to do with restoring faith of investors back into

Using the Boston Consulting Group matrix, ______ are businesses that have a very small share of a market that is not expected to grow.

dogs

The general environment is composed of three dimensions that can have a dramatic strategy. Which of the following dimensions best represents "the crash of the

economic

A(n) _____ is a decision that is relatively structured or recurs with

programmed decision

According to the BCG (Boston Consulting Group) Matrix, a business that has a low market share in an industry characterized by high market growth is termed a _____

question mark

In a Boston Consulting Group (BCG) matrix, _____ are businesses that have only a small share of a quickly growing market.

question marks

The phenomenon of groupthink:

results in more conflicts

The extent to which a decision maker is willing to gamble when making a decision is known as _____ propensity

risk

The tendency to search only for alternatives only until one is found that meets some min

satisficing

A Theory Y assumption is that:

people are committed to goals to the degree that they receive personal

Atlantia is a company that manufactures dishwashers in Germany. Its products are some... the following statements is most accurate?

Atlantia is exporting its products to the United States.

Which of the following was one of the findings of the Hawthorne studies?

Both individual and social processes play a major role in shaping worker behavior.

Which of the following decision making biases to avoid is described by making on how easy an idea is to process and understand.

Cognitive fluency

____ skills refer to the manager's abilities both to effectively convey and to effectively receive ideas and information from others.

Communication

In the context of SWOT Analysis, which of the following would be considered as an organization's strength?

Competitors exiting the industry

Which approach to internationalization offers the firm the most overall control?

Direct Investment

In the video, 7 reasons businesses fail, the author explains how you should always be aggressive in your growth plans because businesses seldom fail from growing too quickly.

False

Less than 50% of all US businesses employ fewer than 20 people.

False

One of the basic strategic challenges for a small entrepreneurial firm along with choosing an industry is in choosing a strategy is emphasizes its distinctive competencies.

False

Small businesses find it easy to compete in manufacturing-related industries because of their economy of scale advantages associated with plants, equipment, and technology.

False

The set of processes involved in creating or determining the organization's strategies is known as strategy implementation.

False

Supertech Inc. is a large firm that manufactures gadgets and mobile phones. The company sells a line of inexpensive mobile phones exclusively targeted at youth and teenagers in Selenasia. Which of the following strategies is illustrated in the scenario?

Focus strategy

Strategies to slow the entry of competitors are important if an organization is entering an industry during the _____ stage of the product life cycle.

Growth

Which of the following is a part of an organization's external environment?

Inflation

It can be said that efficiency is "doing the thing right" and effectiveness

True

Risk propensity is the extent to which a decision-maker is willing to gamble when

True

The growth stage of the product life cycle is characterized by

a growing trend to compete on the basis of price

According to the evidence-based management approach, managers must _____

be committed to fact-based decision making

A document supplied by the entrepreneur that summarizes the organization's structure and the business strategy is called a ____ plan.

business

Porter's generic strategies suggest that high product differentiation is generally accompanied by

decreased emphasis on competition based on price

John, the vice president of product development, not only stays with a chosen course is known as ____

escalation of commitment

John, the vice president of product development, not only stays with a chosen product but continues to make increasing levels of investment even though be flawed. This course of action is known as _____

escalation of commitment

When ______ occurs a determined decision-maker stays with a decision and continues to throw money at the problem even when it appears to be the wrong solution.

escalation of commitment

An individual's personal belief about whether a behavior, action, or defined as their

ethics

A firm that exploits a marketing opportunity ahead of its competitors is said to possess ______

first-mover advantage

A firm pursuing a(n) strategy concentrates on a specific regional mark group of buyers

focus

After being laid off by their companies, many individuals recognized three options before they could secure new jobs. They could spend less, use savings or use credit steps involved in the rational decision making model, they were _____

identifying alternatives

A disadvantage of using interactive groups to make decisions is that

it fosters political forces

Which of the following statements is true about the decision making process

it requires that the nature of a particular situation be defined.

The set of processes used to influence an organization's members to work as an interest of the company is called _____

leading

_____ can be defined as a set of activities directed at an organization's resources, with the aim of achieving organizational goals in an efficient and effective manner.

management

Nutrimax Inc. identifies its purpose as "to produce the finest cookies in our principles of promoting good health and maintaining environmental is most likely to be the _____ of Nutrimax

mission statement

During the Introduction Stage of the product life cycle, cash flow is usually

negative

A person who purchases stock in a company becomes a(n) _____ of the company

owner

Redd wants to gain a competitive advantage of cost leadership. The plan being developed in this scenario is a(n) _____ plan.

strategic

All of the following are reasons that businesses fail except _____

strong control systems

Two or more entities that when combined together produce more than the total when separate (for example, the concept of 1-1-3) is referred to as ______

synergy

John Redd, the founder of JRedd, LLC, wants to gain a competitive advantage in leadership. The plan he is developing to make this plan come to fruition is a _____

tactical

A management process is considered to be effective when:

the correct decisions are made and implemented

Each of the following is one of the four main purposes of goals except _____

they are critical to providing the product life cycle

John and Mary have owned a successful small corner grocery store for years. Building a new supercenter less than two blocks away from them. Using John and Mary should view the act of Wal-Mart moving in as an _______

threat

Which of the following actions will help a company achieve an overall cost team

using simple inexpensive product packaging