Intro to Business Chapter 6-11 Review for Midterm
Agile methods of software development may NOT always produce:
A market release of a product
Which of the following is NOT true of a sole proprietorship?
A sole proprietor may only use his or her legal name for the business.
Why do companies often describe acquisitions as a "merger of equals"?
Acquisitions and takeovers often carry negative connotations.
Flextime is beneficial because it leads to:
All of these answers : Higher efficiency Less fatigued workers Better motivation
Which of the following can be used to measure the efficacy of a KM strategy?
All of these answers: How long it takes to respond How satisfied the employees feel, How much is made from new products
When considering a merger and acquisition, businesses must consider which of the following factors?
All of these answers: Increased willingness to pay, Shared activities ,Economies of scale
New technologies are allowing more women and young people to start businesses. This is mainly because
All of these answers: shipping companies such as FedEx allow businesses to be replicated in different cities globally. new developments in technologies allow for businesses to be scaleable across different regions. new developments in technology allow entrepreneurs to start businesses with less capital.
Framing is effective because it:
Allows people to make decisions quicker
Which one of the following is NOT one of the eight principles for the quality management system standard?
Savings approach
The basic drive of motivation is:
Minimizing pain and maximizing pleasure
A private or public corporate entity in which an existing government owns a stake through a holding company is referred to as a
government-linked company.
One of the factors driving home-based franchising is that
home-based franchisees with little financial resources can use their home as their business space.
A goal is important because:
it establishes a specified direction AND a measure of performance.
An organization where the liability of the business owners is limited to the full, paid-up value of the share capital is referred to as a
limited liability.
Industries with a high concentration of small businesses generally require
little investment capital up front.
The section of the business plan that states how a company will sell and communicate to its potential customers and suppliers is described in the
marketing and sales management section.
Expectancy is usually based on:
past experience All of these answers Perceived difficulty of goal Self efficacy
According to the U.S. Small Business Administration, what percentage of businesses fail within the first four years of launching?
56%
Successful small business owners often need a high level of _______, due to the high likelihood of drawbacks and failure.
Perseverance
The correct order of Maslow's hierarchy is: (bottom of pyramid to top)
Physiological, Safety, Interpersonal, Esteem, Self-Actualization
Which of the external environment theories describe factors in the context of an industry's competitive dynamics?
Porter's Five Forces
Functional management works best with businesses that:
Produce a standardized good or service at large volume and low cost
A Theory Y manager would NOT assume that the average person:
Is self-centered
Which of the following is NOT true about cooperatives?
Co-ops only exist in agriculture
In improving upon the 'silo' critique of functional management, matrices allow which of the following to enable strong collaboration?
Communication across task boundaries
Which of the following traits was NOT found to be related to leadership?
Manipulation
The process of dispersing decision-making governance closer to the people, citizens, employees, or other elements of the organization or sector fits the definition of which of the following?
Decentralization
Low-level managers are NOT responsible for which of the following:
Designing and implementing reward systems
Which one of the following is an example of a strategic operation decision?
Determining how labor and equipment are organized
Work specialization for greater efficiency represents which of Schein's four elements?
Division of labor
Which organizational structure is best utilized by large companies in pursuit of scope economies?
Divisional
Which type of organizational structure faces strong competition and has high levels of employee accountability?
Ecology
To be eligible for S corporation status, a corporation must have no more than
100 shareholders.
In the U.S. economy, employment generated by franchised businesses grew by what percentage between 2001 and 2005?
12.6%
What is the difference between a jury and a committee?
A committee will perform functions after the decision, while a jury is decision only.
Which of the following statements about business divisions is NOT true?
A corporation is not responsible for all its divisions
Inventory management is needed to address the following concerns, EXCEPT:
Budget surplus
The controlling process is responsible for which of the following:
Evaluating whether or not goals have been met
Middle-level managers are responsible for which of the following:
Executing organization plans in comformance with the objectives of top management
Which of the following is a disadvantage to employing job enrichment techniques?
Expectations of greater levels of pay
The critical conceptual advantage of a modular structure could best be generalized as which of the following?
Flexibility
There area variety of methods to alleviate friction in the adaptation process. Which is defined as collecting quality data from different departments through sharing opinions and experiences?
Focus groups
Which of the following is NOT an educated risk regularly taken by good managers?
Ignoring customer needs for the benefit of the business
Who usually controls the day-today activities of a corporation?
Individuals appointed by members
Which of the following is NOT true about the staffing function?
It is an intermittent process
Which of the following is NOT a feature of capacity planning?
It requires a significant capital input
The advantages of cross-training employees include all of the following, EXCEPT:
Lowers cost per employee
Which one of the following is NOT considered a basic principle of conceptual skills?
Motivating employees on day-to-day activities
Which of the following is NOT a step in the decision making process?
Multiple decisions are made, executed and then evaluated
Which of the following is NOT true regarding the legal aspects of nonprofit organizations?
Non-for-profit organizations are not required to have board members or steering committee members.
Which of the following is NOT a step in outsourcing?
Opening a new plant in a foreign country
Most factories would likely use which type of facility layout?
Product layout
The Franchisee Payments portion of a franchise agreement typically covers which of the following?
Renewal and transfer fees
Which of the following characteristics is NOT conducive with entrepreneurial drive?
Risk aversity
Generally speaking, organizations tend to see which characteristic decline over time (as observed by organizational ecologists)?
Risk of mortality
Which of the following is currently the dominant topic of discussion among supply professionals?
Sustainability
An analytical mindset does NOT include which of the following:
The ability to make irrational decisions
System 4 management can NOT be characterized by which of the following:
The bulk of decisions are taken at the top of the organization
According to Elton Mayo, the lesson from the Relay Assembly experiments was:
The power of teams
The use of positive punishment by board-certified behavior analysts is only allowed if:
There is a danger to the person or to others
A worker cooperative is unique in that:
There is no outside owner of the cooperative
Which of the following is NOT an example of supply chain sustainability?
Using a more than necessary amount of resources
Which of the following is an example of external financing?
Venture capital investing
Which of the following is not an area in which goals affect outcomes?
affection
Small businesses often face a variety of problems related to their size because they
are often vulnerable to undercapitalization.
The amount of franchise or capital values tax limited liability companies must pay is based on
company revenues.
Which demographic has seen a great deal of recent growth in entrepreneurial areas?
women
Which one of the following is NOT an example of a Total Quality Management (TQM) practice?
working harder
Which of the following organizations would potentially benefit from a flat hierarchy?
A consultancy partnership, with each consultant holding a specialty in a functional business area
Top-level managers are NOT responsible for which of the following:
Assigning employees tasks
Entrepreneurs can increase their odds of success by avoiding which of the following drawbacks when starting a small business?
Failing to set aside cash reserves that can be used during economic downturns
Under what circumstance can corporations legally evade double taxation?
All of these answers; S corporations, The recipient of the dividend is entitled to a tax credit in some countries, In some systems, dividends are taxed at a lower rate
Which one of the following is a characteristic of the service sector?
Intangible products
A corporation can be forced to shut down by the government if:
It breaks the law
Which of the following best characterizes the last 80 years of Taylorism?
It has become obsolete as a theory but parts of it are still relevant
Often referred to as 'silos', the functional structure focuses on grouping areas of specialty within different functional areas (i.e. IT, finance, etc). It is often argued that this strategy works best for which type of company?
Large companies producing high quantities of standardized goods at a low price
The presence of the five core job dimensions lead employees to experience all of the following EXCEPT:
Lower teamwork capability
Which one of the following best explains the effect of productivity improving technologies?
Lowering factors of production that go into the production of economic output
Which of the following is NOT necessarily a result of planning?
Making a decision quickly
An organization that pools individuals with similar skills and creates information channels across task boundaries is referred to as which type of organizational chart?
Matrix
The goal of a split test is to:
Measure the impact of two different version on an actionable metric
The "version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort" is the :
Minimum viable product
One of the drawbacks of the Ouchi theory is:
Promotions tend to be slower than usual
Which of the following is NOT a result of technological change in supply chain optimization (SCO)?
SCO now focuses on delivering products to customers at low cost and high profit
Understanding how different aspects of the organization combine to form a cohesive whole is best described as:
Systems thinking
The idea of synergy defines the team-based structure. What is meant by synergistic efforts?
The end product exceeds the sum of it's parts
In response to economic conditions, employment in small businesses
declines when the economy is doing well and increases when the economy struggles.