MGMT Midterm Review

At ABC Accounting, Inc., Margo is interested in improving the quality of as well as reducing bias when making nonprogrammed decisions. Which of the following she should focus on?

Talk to other people

Which of these describes when people trust online reviews of their companies more than what companies communicate

The "Glassdoor" effect

visionary

Their ability to spot trends and act on them sets entrepreneurs apart from small-business owners and managers.

Entrepreneur

People with vision, drive, and creativity, who are willing to take the risk of starting and managing a business to make a profit.

Which of the following is a reason why small business thrives in the United States

Rapidly changing technology

A(n) _____ is any group or individual who can affect or is affected by an organization's strategies, major transactions, and activities

Stakeholders

Energetic

Starting and operating a business takes long hours. Even so, some entrepreneurs start their companies while still employed full-time elsewhere

________ intentionally takes on the role of critic

devil's advocate

________ structures are, in effect, many functional departments grouped under a division head

divisional structure

Once small businesses hire employees, they can satisfaction and retain their employees.

do all of the above

Which of the following use teams to combine vertical with horizontal structures

matrix structure

When Dianna does not know the outcome of each alternative until she has actually chosen that alternative, she is facing conditions of _______.

uncertainty

In buying an existing business, the prospective buyer should ask questions about the operation of the business. Which of the following would be an appropriate question to ask?

All of the above are appropriate questions to ask.

________ is a process of generating as many solutions or options as possible.

Brainstorming

ABC Manufacturing is organized by departments and expertise areas, such as R&D, production, accounting, marketing, and human resources. Which of the following best describe ABC's organizational structure?

Functional structure

The difference between the small business owner and the entrepreneur is that the entrepreneur:

assumes the risk of the business

In the management assistance area, the Small Business Administration (SBA) provides all of the following EXCEPT:

free college credit courses in management

________ occurs when group members choose not to voice their concerns or objections because they would rather keep the peace and not annoy or antagonize others.

groupthink

The Small Business Administration (SBA) offers a broad range of aids to small businesses. They include:

guarantees on loans made by private lenders

Export management companies:

handle all aspects of exporting, for a percentage fee of the business

The Small Business Administration (SBA)

helps people start and manage small businesses

Which of the following profile of an organization emphasizes efficiency, process and cost control, organizational improvement, technical expertise, precision, problem solving, elimination of errors, logical, cautious and conservative, management and operational analysis, and careful decision-making?

hierarchy culture

One way to ease the burden of managing a business is to:

hire outside consultants

_____ is at the core of most business failures

inadequate planning

All of the following are characteristics of a mechanistic organizational structure EXCEPT

wide span of control

Which of the following is a characteristic of an organic organizational structure

wide span of control

One of the advantages of owning a small business

flexibility

Which of the following is the most used organizational design

functional structure

Risk takers

Although they are not averse to risk, most successful entrepreneurs favor business opportunities that carry a moderate degree of risk where they can better control the outcome over highly risky ventures where luck plays a large role

Committed

Because they are so committed to their companies, entrepreneurs are willing to make personal sacrifices to achieve their goals

Which of the following describe the beliefs and behaviors that determine how a company's employees and management interact inside an organization and also handle outside business transactions

Corporate culture

Jill Hansom borrowed $40,000 from a credit union to start a company that makes and sells peach salsa. Hansom used _financing.

Debt

When an organization defines itself and its niche in an environment by the choice of what sector or field of the environment it will use its technology, products, and services to compete in and serve, it is describing its ______.

Domain

Passionate

Entrepreneurs love their work, as Miho Inagi demonstrated by opening a bagel shop in Tokyo despite the odds against it being a success

When a leader can "talk the talk" but do not "walk the talk" on values, it refers to which of these symptoms of the failure of ethical leadership?

Ethical muteness

Ambitious

They are competitive and have a high need for achievement.

Independent

They are individualists and self-starters who prefer to lead rather than follow

Self-confident

They understand the challenges of starting and operating a business and are decisive and confident in their ability to solve problems.

Creative

To compete with larger firms, entrepreneurs need to have creative product designs, bold marketing strategies, and innovative solutions to managerial problems

One of the reasons why there has been a dramatic increase in the number of small business startups is rapidly changing technology.

True

_______ is the generation of new or original ideas; it requires the use of imagination and the ability to step back from traditional ways of doing things and seeing the world

creativity

_____ financing is a form of business financing consisting of borrowed funds that must be repaid with interest over a stated time period

debt

The two forms of business financing are _____ (borrowed funds) and _____ (ownership funds).

debt and equity

Marc Adler is the owner of Macquarium, a multimillion-dollar communications company that does everything from video productions to creating Web sites to public relations campaigns. Macquarium has done this sort of work for BellSouth and SnapOn Tools. Even though these companies could have prepared their videos and created their Web sites in-house, these tasks were

outsourced

An entrepreneur is a person who _____ a business

owns and operates

Which of the following describe conflict about the best way to do something that can actually lead to improved performance?

process

Which of the following describe conflict between individuals that is more personal and involves attacks on a person rather than an idea?

relationship

Which of these is NOT a general sociocultural trends occurring in the United States and internationally that affect organizations?

Biodiversity is being lost at mass-extinction rates and pollution of the air and sea has become an increasingly pressing threat to human health.

Which of these describe a belief that corporations have a social responsibility beyond pure profit

CSR

Businesses close down for many reasons. Which of the following is NOT a typical reason for a business failure?

Expenses were lower than the owner expected.

Determining which actions are right vs. wrong represents which element of James Rest's ethical decision-making model

Moral judgment

One way to ease the burden of managing a business is to hire an outside consultant. Which of the following is an example of an outside consultant that might be useful to a small interior design company?

all of the above

Which of the following is NOT one of the advantages of owning a small business?

avoidance of taxes

All of the following are examples of disadvantages associated with the ownership of a small business EXCEPT

being your own boss

Which of the following describe virtual structures?

boundaryless

Kirby Frigo has opened a dog grooming business. Frigo, like other small business owners, probably will experience

burdensome government regulations

Andy Yocom saw prime advertising space on the flags on the golf course. He reasoned that any marketing messages would get prominent attention if they were placed on the flags since golfers focus on them when they take their shots. As a result, Yocom used his own initiative and money to start Invision Golf Group Inc. Yocom is an example of a(n):

entrepreneur

Susanne is interested in saving time when she is making programmed decisions at work. Which of the following she should focus on?

satisficing

Who provides the start-up financing for the majority of new small businesses

the business owner and his or her family and friends