Mgmt 1 smartbook review for midterm
Among the benefits businesses provide to their communities are:
- jobs - tax payment - goods and services
The purposes of nonprofit organizations include:
-filling a societal need -filling an educational need
A good business plan is between 25 and 50 pages long and takes many months to write. A comprehensive business plan will include which of the following?
Cover letter company background Executive summary
According to Herzberg's study, which of the following were listed by workers as among the top 5 factors that create motivation instead of being dissatisfiers on the job?
Earned recognition for a job Sense of achievement
In what way will globalization impact U.S. businesses?
Increased competition Concerns for product safety Loss of jobs in manufacturing
Which of the following is an example of time-motion study?
Measuring the time and amount produced by different methods and tools when shoveling coal
Management development programs include:
On-the-job coaching Understudy positions Job rotation
Which of the following tasks are associated with the organizing function of management?
Staffing the organization Allocating resources, assigning tasks, and establishing procedures for accomplishing goals Preparing a structure showing lines of authority and responsibility
Which of the following are methods that companies use to implement ethical standards? (Check all that apply.)
The education and training of employees The enforcement of controls
How are taxes used to influence the economy?
They are used to stabilize the economy. High taxes draw the money away from the private sector. Low taxes increase the profits a small business can earn.
All consumers with unsatisfied wants and needs who have both resources and the willingness to buy are:
a market
When the government spends money on such projects as roads and bridges, it is expected that the money will trickle down to the consumers eventually leading to:
an increase in consumer spending
McGregor's theory states that managers motivate workers based on the manager's____about workers' attitudes toward work.
assumption
In 2019, online retail sales reached over $365 ______, or approximately ______ percent of all retail sales.
billion 12
A cross-functional team that includes suppliers, distributors, and customers goes beyond organizational
boundaries
A market consists of consumers with unsatisfied wants and needs who have both resources and the willingness to:
buy
When writing a business plan, it is important to:
calculate how much money you need to start analyze the competition
All organizations require the following:
capital information management
About one out of four adults in the U.S. chooses to take responsibility for the communities they live in through ____ work.
charitable or volunteer
While there are incentives to work hard in the private sector for capitalist, socialist, and mixed economies, there is little incentive to work in a ____ economy
communist
The guiding principle of free economic exchange is ___theory.
comparative advantage
Fringe benefits such as health care, paid vacation, and sick days provide additional____to employees.
compensation
Globalization has led to increased ___ with countries such as China and India.
competition or trade
Gen Xers, Millennials, and Gen Z expect change to be the main____in their lives.
constant
Export Assistance Centers work with small and medium-sized businesses who are hesitant to do:
direct exporting
Changes in the___ or ____system in the U.S. has an effect on business.
economic political
Local community college classes are a good place to start to learn about business and
entrepreneurship
An important factor in enforcing ethics codes is selecting a(n)
ethics officer
People learn their organizational ______ from observing the standards, values, and behaviors of leaders and other employees.
ethics, standards, or values
As organizations adopt empowerment, reduce the number of middle managers, and hire more talented and better educated lower-level employees the trend today is to ______ the span of control.
expand
Goods or services from the U.S. can be____to many countries for different uses, such as snowplows to clear sand from driveways in Saudi Arabia.
exported
True or false: Frederick Gilbreth was the "Father of Scientific Management".
false it was frederick taylor
The ______ organization details lines of responsibility, authority, and position. It is the structure shown on organization charts.
formal
The definition of Blank______ states: a contractual agreement whereby someone with a good idea for a business sells others the rights to use the business name and sell a product or service in a given territory in a specified manner.
franchising
Adam Smith believed___ was essential to the survival of any economy.
freedom
Organizations reorganized to make___workers their most important people.
frontline
Gaining financing, knowing how to get started in exporting, and navigating bureaucratic paperwork are major hurdles to consider when getting started in ___ business
global or international
The mortgage bankers and real estate companies who helped create the financial crisis of 2008 were driven by
greed
Workers who are___ --___ can choose their own hours, interrupt work for child care, or take time out for personal reasons
home based
Nike suffered criticism due to its __________ ___________ violations in their overseas manufacturing facilities
human rights
Firms may use a combination of departmentalization techniques to create a(n)___form of organization.
hybrid
Some entrepreneurs have spotted opportunities to ___goods or services while they were traveling or studying in other countries.
import
Equipment in hospitals, such as CAT scanners, PET scanners, and MRI scanners:
improve the quality of services provided, but do not necessarily increase productivity
Managing diversity in the workplace means that everyone feels they are ____ because their voice is heard.
included or welcome
The service era is giving way to a new era based on
information
Managers practice the art of getting things done using organizational resources such as:
information equipment workers
In the information age, a company's value is based on its:
intellectual capital
A business should be managed ethically because
it reduces employee turnover businesses with good reputations attract customers it reduces the likelihood of lawsuits by employees or customers
The management function that involves creating a vision for the organization, communicating it to others, and motivating them to achieve goals is
leading or leadership
Which is an advantage of the corporate form of business ownership?
limited liability
A form of business ownership that provides limited liability, as in a corporation, but is taxed like a partnership is a(n) ___ ____ company
limited liability or s corporation
The type of organization that has direct two-way lines of responsibility, authority, and communication from the top down, with everyone reporting to one supervisor is called a:
line organization
Carlyle called economics the "dismal science" after reading the early work of
malthus
Role-playing, watching films and lectures, and solving cases are examples of ___ ____ programs.
management development
Employees who get things done using an organization's financial resources, equipment, and information are
managers
Advantages of starting an online franchise are
online franchisees can compete in world markets no upfront fee may be required franchisees pay only a set monthly fee
A key advantage of a home-based franchise is low ______ costs, which can be ongoing. These are the costs associated with rent, utilities, and other fixed costs.
operating or overhead
Fayol's ___ principle states that materials and people should be placed and maintained in the proper location within an organization.
order
Innovations like the mass production of cars can create economies of scale. However, over time this benefit becomes less meaningful because:
other companies copy the processes
An LLC submits a written operating agreement, similar to a(n) ____agreement, describing how the company is to be operated.
partnership
SWOT Analysis is a ___tool used to analyze an organization's strengths, weaknesses, opportunities, and threats.
planning
The ___for goods and services in a free market are determined by buyers and sellers.
price
Capitalism encourages businesses to be more efficient to compete successfully on __ and ___
price quality
Taylor's goal was to increase worker efficiency and_____in order to benefit both the firm and workers.
productivity
The Americans with Disabilities Act of 1990 prohibits employers from discriminating against____individuals with disabilities
qualified
Productivity in the service sector is difficult to measure because new technology adds to ____but not necessarily the ___of the service produced.
quality quantity
The percentage of the population who are included in the standard unemployment rate and those who are underemployed, discouraged, and have looked for a job in the past year are included in the ___ ___ rate
real unemployment
Studies have shown that what most influences a company's effectiveness and financial performance is:
responsible management of human resources
In addition to unity of command, hierarchy of authority, and division of labor, Henri Fayol's organizational principles included___of____ interests
subordination, general
Many U.S. businesses demand socially responsible behavior from their international ______ to assure they do not violate U.S. human rights and environmental standards.
suppliers
Socially conscious investors insist that a company extend its own high standards to its
suppliers
The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time is called:
supply
A culture that focuses on the____and views relationship building as a waste of time is a low-context culture.
task or work
Taylor's method was to:
teach people the one best way to do their jobs determine the one "best" way study the most efficient way to do a task
The definition of ___ ____states: skills that involve the ability to perform tasks in a specific discipline or department.
technical skills
Threats to global trade include
terrorism income inequality rogue states
Challenges for new leaders since the global information-based revolution include:
that the service era is coming to a close learning about world quality standards
Today's trend is to expand the span of control because:
the workforce is better educated at all levels organizations save by reducing the number of middle managers
One result of the wars in Afghanistan and Iraq is that:
they have drained the U.S. economy of trillions of dollars
An important effect of changed communication technology is that
those with fewer resources are able to compete with large companies through the internet.
An ___-____study occurs when a manager observes workers as they shovel different types of materials with different types of shovels in order to determine the most efficient tool and method to use.
time motion
GDP is the ___ value of final goods and services produced in a _ __in a given year.
total country or nation
Human resource managers perform several important functions so the organization has the people it needs to achieve its goals. They include:
training and development developing compensation systems recruitment and selection
A culture that focuses on building personal relationships and___before focusing on tasks is a high-context culture
trust
A productive corporate culture is one where there is mutual
trust
Among the hurdles small businesses must overcome in starting to operate globally are:
understanding cultural differences difficulty finding financing bureaucratic paperwork
Companies that try to act in a socially responsible way are likely to focus on such activities as
using recyclable packaging providing safety equipment and training for their workers increasing the diversity of their workforce
In the United States, many employees report that they are unethical at work because they:
violate safety standards goof off
Flextime is a system that allows employees some freedom to choose which hours to work as long as they:
work the required number of hours complete their assigned tasks
To be more competitive, companies set a goal of ___ ____ in their production processes because it reduces costs due to wasted materials.
zero defects