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