BA 1301 Exam 3
In a partnership, why is shared business responsibility considered a disadvantage?
A bad business decision by one partner can jeopardize the personal resources of the other partner
Allowing workers to work full-time hours in fewer than five days is called ______.
A compressed workweek
What strategy is being used by a company that allows its employees to work full-time in less than the typical five-day work week?
A compressed workweek
Which of the following describes a manufacturer?
A firm that makes tangible products
Allowing some employees to work at home part-time is
A flexible scheduling strategy
Vertical Merger
A merger between companies operating at different but related levels of an industry
Conglomerate Merger?
A merger between two firms in unrelated industries
Flextime can be described as ______.
A program that allows employees to choose their starting and ending times, provided that they are at work during a specified core period
Name the three key elements in a goal.
A target to be achieved A time frame An attribute sought
Why is planning a key management function?
Accomplishing the other functions depends heavily on having a good plan.
A(n) ______ is where one company purchases the property and obligations of another.
Acquisition
Job enrichment incorporates which three motivational factors into the design of the job?
Advancement Recognition Achievement
Scheduling takes place ______.
After a routing sequence has been determined
When does routing take place for operations managers?
After materials have been purchased and their use determined
The only legal condition to dissolving a sole proprietorship is that ______.
All financial obligations must be paid or resolved
A form of business ownership that looks like a corporation but is taxed as though it were a partnership with restrictions on the number of shareholders is ______.
An S corporation
Which of the following characteristics are essential for a JIT system to function properly?
An almost continuous flow of items from suppliers must be managed. Suppliers must be extremely reliable. Suppliers must be located relatively near the production facility.
A state or municipality may offer an established corporation a tax incentive to move to the area in anticipation that the lost tax revenue will be offset by ______.
An increase in job growth
The selling of a corporation's stock on public markets for the first time is known as ______.
An initial public offering
Resolving ethical issues often requires ______ skills; the ability to identify relevant issues and recognize their importance, understand the relationships between them, and perceive the underlying cause of a situation.
Analytical
Knowing how to sort large amounts of information in order to find relevant facts to resolve a problem or issue is an example of ______.
Analytical skills
Monique and her team have identified a problem, defined it, and developed a variety of options. The next step is to _____ each option for its practicality since some options will be discarded because of a lack of resources, legal restrictions, ethical considerations, or other constraints.
Analyze
What is required to start a partnership?
Articles of Partnership
Which legal document sets forth the basic agreement between partners?
Articles of partnership
Select the three items that are usually listed in the articles of partnership.
Authority and respnsibility of each partner Contribution (money or assets) of each partner How profits will be distributed
The owner of a small electronic store starts each day by telling the three employees what has to be done and how to do it. She uses her authority and economic rewards to get employees to comply with their directions. The owner of this business exhibits a(n) _____ leadership style.
Autocratic
______ leadership is a leadership style that involves making managerial decisions without consulting others.
Autocratic
Reinforcement theory is associated with which of the following?
Behavior modification
The idea that managers can change employee behavior by administering consequences related to the employee's actions is called ______.
Behavior modification
Choose all of the benefits associated with flextime scheduling strategies
Better utilization of facilities Better customer service due to increased hours of coverage Better recruitment and retention of workers
A dataset comprised of extremely large amounts of complex data would best be described as ________.
Big data
_____ are legally liable for the mismanagement of the firm or for any misuse of funds.
Board Members
A _____ is/are elected by the stockholders to oversee the general operation of the corporation and set its long-range objectives.
Board of directors
In public corporations the CEO's boss is the firm's _____.
Board of directors
The field of human relations has become increasingly important over the years as businesses strive to understand how to do all of the following EXCEPT
Boost company sales
How can managers avoid equity problems?
By ensuring that rewards are distributed on the basis of performance
Julie just invested in a new, high-quality elevator for her apartment construction project. She chose an elevator that could carry a maximum load of 1,400 pounds per trip. This measurement refers to the elevator's ______.
Capacity
The maximum load that an organization unit can carry or operate is its _______
Capacity
A manufacturer is typically more _____-intensive because of the machinery and technology used in mass production of highly similar goods.
Capital
Although owners of ______ stock do not get any preferential treatment with regard to dividends, they do get some say in the operation of the corporation.
Common
The right to vote for the board of directors is given to ______ stockholders.
Common
In the workplace, which of the following would most relate to esteem needs?
Competition
Lee works 40 hours per week, typically working 10 hours per day Monday through Thursday, and taking a three-day weekend. Lee works a ______ workweek
Compressed
The ability to independently learn new technologies as they emerge and assess their impact on your work and life is called ________.
Computer fluency
Being __________, or knowing how to use the computer as a device to gather, store, organize, and process information can open up myriad sources of information.
Computer literate
A person using ______ skills has the ability to think in abstract terms and see how parts fit together to form the whole.
Conceptual
Skills that involve the ability to picture the organization as a whole and the relationship among its various parts are _____ skills.
Conceptual
In order to be a quality organization, a firm must _____.
Consistently produce what the customer wants
All organizations must consider the possibility of unplanned disasters and create _____, which specify how the company will handle a variety of unplanned situations.
Contingency plan
Which of the following deal with potential disasters such as product tampering, oil spills, fires, earthquakes, a computer virus, or an airplane crash?
Contingency plans Crisis management
Jasmine needs to correct a quality control issue with her company's product. Clear standards for quality exist, and she has measured present performance against these standards. Jasmine has discovered a deviation where the company is not meeting the standard and is now investigating the causes of those deviations. What function of management is Jasmine involved in?
Controlling
The process of evaluating and correcting activities to keep the organization on course is known as _____.
Controlling
______ is a management function that involves evaluating and correcting activities to keep the organization on course.
Controlling
Select from the following the activities managers engage in so as to reach the organization's objectives.
Controlling Directing Organizing Planning
A business owned and controlled through pooled resources by the people who use it is a(n) ______.
Cooperative
A legal document that the state issues to a company based on information the company provides in the articles of incorporation is called a ______.
Corporate charter
Based on the information in the articles of incorporation, the state issues a _____ ______to the company
Corporate charter
A state chartered legal entity with authority to act and have liability separate from its owners is a ______.
Corporation
The formation of a _____ can be costly. A charter must be obtained, and this usually requires the services of an attorney and payment of legal fees.
Corporation
As a legal entity, ______ have many of the rights, duties, and powers of a person, such as the right to receive, own, and transfer property.
Corporations
LLCs are flexible, simple to run, and do not require the members to hold meetings, keep minutes, or make resolutions, all of which are necessary in ______.
Corporations
The situation known as "double taxation" only occurs with which form of business ownership?
Corporations
_____ must make information available to their owners, usually through an annual report to shareholders.
Corporations
In _______ managers identify potential threats to the organization and its stakeholders, and make plans for the organization to deal with these threats.
Crisis management
If a company wanted to make a unique product or provide a specific service to specific individuals, it would use which manufacturing process?
Customization
If a product is unique--like a piece of artwork or jewelry--and was made to satisfy a particular customer's needs, it most likely was made using _______.
Customization
Services are characterized by which of the following?
Customization Intangibility Inseparability Perishability
Whereas data are raw unformatted symbols or lists of words or numbers, information is ____________.
Data that have been organized in a form that is useful
What is the first step in the decision-making process?
Define the decision situation
Nadine manages the quality control department for her company. Recently Nadine became aware of a quality problem with one of the company's products. After studying the issue Nadine determined the quality of raw materials used in the product was deficient and began looking at changing suppliers. Which step in the decision-making process did Nadine exemplify when she determined the quality of raw materials was substandard?
Define the situation
The first step of the decision-making process not only recognizes a situation, it also ______.
Defines the situation
The goal of JIT is to ______.
Deliver the minimum amount of inventory at the proper time for the transformation process
Stan recognizes that his employees who work at the production level have ideas and knowledge he does not have, thus Stan holds weekly meetings where he asks for his employees' ideas on solving the problems. Stan is a _____ leader.
Democratic
______ leadership is a leadership style that consists of managers and employees working together to make decisions.
Democratic
Production and operations managers ______.
Develop and administer the activities involved in transforming resources into goods, services, and ideas ready for the marketplace
Jose started a small business two years ago. His primary objective is to increase his company's market share. Jose's objective is focused on _____.
Developing a compeitive advantage
During which stage of the the decision-making process is brainstorming used?
Developing options
A global project called One Laptop per Child is attempting to distribute low-cost laptop computers to children in developing countries around the world in an attempt to shrink the ________.
Digital divide
Fatima is manager for a retail organization. Her favorite part of the job is working one-on-one with employees, motivating them to excel, and encouraging them in their work. Fatima enjoys the _____ function of her management job.
Directing
____ is the part of management that involves motivating and leading employees to achieve organizational objectives.
Directing
On which two management functions do first-line managers spend the majority of their time?
Directing and controlling
Companies that assemble people from different backgrounds to solve problems facing the firm are realizing that ______.
Diversity often results in better solutions
When the corporation pays a tax on its profits and individual stockholders each pay tax on dividends distributed by the corporation, it is called ______.
Double taxation
Managers who have decided to eliminate a significant number of employees from the organization are engaging in _____.
Downsizing
_____ is an inventory approach that identifies the optimum number of items to be ordered to minimize the costs of managing them.
EOQ
Which of the following is considered an advantage of corporations?
Ease of transfer of ownership
The __________ _________quantity (EOQ) model identifies the optimum number of items to order to minimize costs of managing, ordering, storing, and using those items.
Economic order
With respect to the types of information systems used in organizations, Amazon.com is an example of a(n) ________ system.
Electronic commerce
Employee ______ occurs when employees are provided with the ability to take on responsibilities and make decisions about their jobs.
Empowerment
An employee who feels emotional involvement and commitment to their work is said to be ______.
Engaged
Natasha is a cake designer. She often creates custom cakes for weddings, birthdays, anniversaries, and other large events. She is emotionally involved and committed to her work, which allows her to meet her customers' high expectations. Natasha can be described as
Engaged
Job _____ adds more tasks to a job instead of treating each task as separate.
Enlargement
Job _____ incorporates opportunities for achievement, recognition, and responsibility into a job, giving workers not only more tasks, but more control and authority over the job.
Enrichment
What theory is based on the idea that employees try to maintain fairness or balance between inputs and outputs as compared to others in similar positions?
Equity
_______ theory states that employees look for fairness in the workplace as compared to others before deciding to perform.
Equity
According to ________, how much people are willing to contribute to an organization depends on their assessment of the fairness of the rewards they will receive in exchange.
Equity theory
Lisa learned that although she and Linda were both hired as part-time sales clerks at the same time and have similar backgrounds, Linda is paid $2 more per hour. Lisa decided to ask her boss for $2 more per hour because she thinks the pay is unfair. This scenario is related to which management theory?
Equity theory
Identify a key factor of globalization.
Evolution of technology
Victor Vroom's _______ theory states that motivation depends not only on how much a person wants something but also on the person's perception of how likely he or she is to get it.
Expectancy
What theory states that motivation depends not only on how much a person wants something but also on the person's perception of how likely he or she is to get it?
Expectancy theory
The basis of Victor Vroom's expectancy theory is that motivation and effort is affected by ______.
Expectations of achieving a desirable outcome
Benefits and/or recognition that you receive from someone else such as a bonus or award certificate is a(n) ______ reward.
Extrinsic
Greg's team was given the task of updating the company's invoice and billing system. They completed the project ahead of schedule and came in way under budget. As a result, everyone on the team received a bonus. This is an example of a(n) ______ reward.
Extrinsic
Something given to you by someone else in recognition of good work is referred to as a(n) ______ reward.
Extrinsic
Which term refers to a company deciding where to establish its operations?
Facility location
One of the main reasons for a company to outsource its business is to focus on non-core business activities.
False
The network effect refers to the notion that the value of a network is based on the number of networks being used.
False
True or false: Although managers engage in four primary activities--planning, organizing, directing, and controlling--the activities are not interrelated; a manager can only perform one activity at a time.
False
True or false: An advantage of partnerships is that all the partners are responsible for the business actions of all the other partners.
False
True or false: Every organization is specifically and exclusively a manufacturer or a service provider.
False
True or false: In a manufacturing process, capacity is always measured in outputs, never in inputs.
False
True or false: Punishment will provide quick results and is a more effective way to modify behavior in the workplace than offering a reward.
False
True or false: Quality of life is never a reason for a facility location decision.
False
True or false: There is a set formula for all partnerships to divide profits.
False
Select three examples of intrinsic rewards.
Feeling that your work contributes to society Feeling that your work contributes to the company Personal satisfaction
When a manager attends an award banquet, he or she is acting in which interpersonal role?
Figure
A sole proprietor needs skills in which of the following?
Finance, Personnel Management, Marketing
Liberty lockworks is contemplating opening a new plant in the Southeast United States. The company needs to know if it has the capital to make such an investment and if so, will it affect the organization's overall goals. This type of decision would fall under the responsibility of a ______ manager.
Financial
Which type of manager is responsible for obtaining the money needed for the successful operation of the organization?
Financial managers
Managers who are directly responsible for supervising workers and evaluating their daily performance are called _____.
First-line managers
Flextime, compressed workweeks, job sharing, part-time work, and telecommuting are all _____ scheduling strategies.
Flexible
A work program that allows employees to choose their starting and ending times, as long as they are at work during a specified core period is called
Flextime
______ has benefits for both companies and employees in that it increases a company's ability to recruit and retain workers and allows employees to balance work and home life by allowing them to choose their starting and ending times, as long as they are there during a specified core period.
Flextime
Maria manages a team of highly skilled computer programmers. For the most part, her employees are self-directed and need very little support from Maria. Maria is there to answer questions and provide resources, but otherwise leaves her team to do their work. Maria exhibits a _____ style of leadership.
Free-rein
______ leadership is a leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives.
Free-rein
A key disadvantage of the partnership form of business is ______
Friction between partners
Which of the following is NOT one of the three general types of plans an organization uses to meet its objectives?
Functional plans
A _______ partnership is a partnership that involves a complete sharing in both the management and the unlimited liability of the debts of the business.
General
A partnership where all owners share in operating the business and in assuming unlimited liability for the business's debts is a(n) ______.
General Partnership
The two major types of partnerships are
General and limited
Sean is a marketer at Second Chance Car Company, and he wants to inform the market of the benefits of buying used cars over expensive new cars. He invests his efforts in creating advertisements that emphasize the company's low prices and service guarantee to reach the company's target market and compete with the large car dealerships in the area. This scenario relates most directly to
Goal-setting theory
Which theory states that goals act as motivators to focus employee efforts on achieving certain performance outcomes?
Goal-setting theory
To be successful, company _______ should be specific; containing an attribute sought, a target, and a time frame.
Goals
Goal-setting theory assumes which three of the following?
Goals act as motivators. Goals help employees develop consistent behavior patterns. Goals direct employee efforts toward an outcome.
Select from the following the resulting outputs in the transformation process.
Goods Services Ideas
Brainstorming is a technique in which ______.
Group members suggest ideas to solve problems
What are four common objectives of organizations?
Growth Efficiency Profit Competitive advantage
When it comes to solving problems in the workplace, which of the following leads to better solutions?
Having a diverse workforce
When a worker's productivity increases regardless of the physical conditions of the workplace, this is referred to as the ______ effect.
Hawthorne
Which researcher studied motivation specifically related to the workplace and determined that a variety of hygiene and motivational factors impact worker motivation?
Herzberg
What service characteristic is best exemplified by the fact that a stylist gives a different haircut to each customer?
High customization
Select the three organizational outcomes of high morale?
High returns to stakeholders High levels of productivity High employee loyalty
If two companies that both make water valves for plumbing contractors merge, it would be an example of a ______ merger.
Horizontal
A merger of two firms that sell similar products to the same customers is a(n) ______.
Horizontal merger
Horizontal Merger?
Horizontal merger answer drop zone A merger between firms that make and sell similar products to the same customers correct toggle button unavailable A merger between firms that make and sell similar products to the same customers
Managers who strive to understand how to boost workplace morale, maximize productivity, and motivate employees to be more effective are concerned with the study of ______.
Human Relations
Which area of the organizational environment seeks to understand what motivates employees to perform on the job?
Human Relations
Carlos relates well with others, has good communication skills, and is empathetic to the needs of others. Carlos has good _____ skills.
Human relations
The study of the behavior of individuals and groups in organizational settings is referred to as _____.
Human relations
_______ managers handle the staffing function and deal with employees in a formalized manner.
Human resource
Which type of manager handles all items related to staffing?
Human resource management
Standardization focuses on producing ______.
Identical, interchangeable components or complete products
Which of the following is a governmental challenge of operating in the digital world?
Import and export regulations
Which of the following is an economic change brought about by globalization enabled by information technology?
Increase in the outsourcing of labor
What was the main objective of the time and motion studies conducted by Frederick Taylor and Frank and Lillian Gilbreth?
Increase worker motivation
What are the most likely possible outcomes of job rotation?
Increased motivation Reduced boredom
The rationale behind job enlargement is that jobs are more interesting and satisfying as the number of tasks performed by an individual _____.
Increases
Sole Proprietorship?
Individual income is taxed.
Corporation?
Individual owners' income is taxed.
Partnership?
Individual owners' income is taxed.
State governments offer businesses ______ in exchange for the businesses locating operations in their states.
Inducements and tax reductions
The three types of mergers are differentiated by analyzing whether the companies merging are in the same, related, or different ______.
Industry
In a partnership, the liability of limited partners is limited to their ______.
Initial investment
A private corporation that needs more money to expand or to take advantage of opportunities may have to obtain financing by "going public" through a(n) _______, that is, becoming a public corporation by selling stock so that it can be traded in public markets.
Initial public offering
In equity theory, a worker's contribution to the organization is referred to as his or her _______, while rewards offered by the organization are referred to as _______.
Inputs Outputs
After working for months to learn how to use a drill press, Taryn finally mastered the use of the tool. She is pleased that her hard work paid off. This is an example of a(n) ______ reward.
Intrinsic
Feeling personal satisfaction refers to what type of reward?
Intrinsic
All raw materials, components, completed or partially completed products, and pieces of equipment a firm uses is the definition of ______.
Inventory
Fabulous Fixtures manufactures custom lighting for its clients. Along with finished pieces, the company's warehouse houses tools, electrical components, glass and metal housings, and a wide array of decorative materials. All of these items are part of Fabulous Fixtures' ______.
Inventory
Joleen works in a warehouse. Among her duties, she must keep track of how many supplies and goods are on hand in the warehouse as well as a listing of where each item is located and who is responsible for each item. Joleen is responsible for ______.
Inventory control
The process of determining how many supplies and goods are needed and keeping track of quantities on hand, where each item is, and who is responsible for it is referred to as _______.
Inventory control
An example of Maslow's hierarchy is when a person has eaten a six-course meal and ______.
Is no longer motivated by hunger
What is an advantage of job enrichment?
It enhances a worker's feeling of responsibility.
Which of the following statements is true about data?
It has no meaning in and of itself
A disadvantage of a sole proprietorship is that ______.
It is directly linked to the owner's abillity to work
One advantage of a partnership is that ______.
It is easy to create
What is a drawback of job rotation?
It is unable to totally eliminate the problem of boredom
It is easy to start a sole proprietorship because ______.
It may only require a simple permit or license to start
What is an advantage associated with job rotation?
It reduces the boredom created by specialization of tasks.
For _____ to be effective, suppliers must be extremely reliable and relatively close to the production facility.
JIT
What inventory method is designed to eliminate inventory waste by using smaller quantities of materials that arrive just prior to needing them for the transformation process?
JIT
Ann works as a receptionist for a large company. Since the job is fairly repetitive, Ann gets bored easily. Her company recently offered Ann the opportunity to rotate to other departments in administrative jobs so she can learn new skills related to the other departments. This is an example of __________ _________.
Job Rotation
Job rotation, job enrichment, and flexible scheduling are examples of ______.
Job design strategies
The job design strategy that involves adding more tasks to a job is called _____.
Job enlargement
A job design strategy that attempts to alleviate the boredom associated with job specialization by allowing employees to move from one job to another is ______.
Job rotation
All of the following are flexible scheduling strategies EXCEPT ______.
Job rotation
Historically, Tom's Tool Works has used specialization to increase productivity. However, Tom has noticed that his employees seem bored with their regular tasks and productivity is actually declining. Tom decides to reduce employee boredom by allowing workers to perform a greater variety of tasks and learn new skills. He is most likely adopting
Job rotation
Which three are job design strategies used to improve employee motivation?
Job rotation Job enrichment Flexible scheduling
According to Herzberg's theory, the absence of which factor may be a potential source of dissatisfaction and high turnover?
Job security
Based on Herzberg's theory, which element is a hygiene factor?
Job security
According to Herzberg, hygiene factors at work would include ______.
Job security Good working conditions
Jack has elderly parents he needs to care for and he would like to cut his hours down to half-time. Which flexible scheduling strategy might work for Jack?
Job sharing
In his classical theory of motivation, Frederick Taylor proposed two things that he thought would improve worker productivity. What were they?
Job specialization Linking pay to output
A partnership established for a specific project or for a limited time is called a _____ venture.
Joint
A partnership established for a specific project or for a limited time is called ______.
Joint venture
The produce department in a grocery store must have the correct amount of fresh fruits and vegetables on hand to satisfy customer needs without overstocking produce that will become rotten. A grocery store most likely employs a(n) ______ inventory method.
Just-in-time
Which of the following predictions made by Peter Drucker is true?
Knowledge workers are continually learning how to do their jobs better.
Service providers are usually more _____-intensive due to the high level of customer contact, perishability of the output (must be consumed immediately), and high degree of variation of inputs and outputs (customization).
Labor
The interpersonal type of managerial role includes which three specific roles?
Ladership Liaison Figure
The startup costs of filing for incorporation are high because ______.
Lawyers and accountants are needed to do the complex filings
Managers who have the ability to influence employees to work toward organizational goals have the skill of _____.
Leadership
____ is defined as the ability to influence employees to work toward organizational goals.
Leadership
Perpetual _____ for a corporation means that the death of one owner does not end the corporation.
Life
Owners in an LLC have ______ liability.
Limited
_____ liability means that the owners of the business are responsible for its losses only up to the amount they invest.
Limited
Which of the following is an advantage of the corporate form of business ownership?
Limited liability
According to equity theory, if you perceive that your personal input-output ratio is ______ than that of your co-worker, you may feel that you are being treated unfairly.
Lower
A planning system that schedules the precise quantity of materials needed to make the product is the definition of ______.
MRP
Companies that practice employee empowerment use managers for ______.
Making major decisions Setting Goals Guiding employees
Efficiency?
Making the best use of the organization's resources
Which discipline is the process of planning, organizing, leading, and controlling people and organizational resources in order to accomplish the goals of the organization?
Management
______ can be defined as a process designed to achieve an organization's objectives by using its resources effectively and efficiently in a changing environment.
Management
By engaging in four essential activities (planning, organizing, directing, and controlling) a ________ works to achieve the organization's objectives.
Managers
Who performs tactical planning in an organization?
Managers or teams of managers at the middle level
CEO?
Manages the overall strategic direction of the company
The term "_____" implies a firm that makes tangible products.
Manufacturer
Typically, ______ have more control over the amount of variability of resources they use.
Manufacturers
Which of the following is true about control over variability of resources between manufacturers and service organizations?
Manufacturers typically have more control over variability of resources than does a service provider.
______ managers are responsible for planning, pricing, and promoting products and making them available to customers through distribution.
Marketing
Which type of manager is responsible for making decisions about product features, name, price, and packaging, as well as planning the best distribution strategy for the product?
Marketing managers
Which inventory management technique utilizes a master production schedule, a bill of materials, and an inventory status file?
Material-requirements planning
Chester's Crab House has several locations in Massachusetts and New Jersey. Each location has a restaurant manager who runs his or her location as he or she sees fit. The restaurant chain has achieved success by empowering its employees to make their own decisions and follow their passions. Which management theory does Chester's Crab House follow?
McGregor's Theory Y
The result of two firms (usually corporations) combining to form one company is called a _____ .
Merger
Which of the following can be cited as an example of outsourcing?
Microsoft hands over its customer service function to Convergys, located in India.
The level of management that includes general managers, division managers, and branch and plant managers who are responsible for tactical planning is _____ _____.
Middle management
A ______ is an outline of the fundamental purpose and basic philosophy of an organization
Mission statement
June is working as part of the strategic planning team in her organization. Currently, the team is developing a clear statement explaining the organization's reason for existence. June's team is writing a _____.
Mission statement
A & M Manufactured Home Styles, Inc. builds prefabricated modules that can be combined to build homes quickly and efficiently. In this way, A & M is using a(n) _____ design production process that allows the company to build a home for approximately 25 percent less than the cost of a traditional home.
Modular
Producing different components that can later be installed into a wide array of configurations is a description of _____ production.
Modular design
The creation of an item in self-contained units, or modules, that can be combined or interchanged to create different products is the definition of which manufacturing process?
Modular design
Profit?
Money and assets left over after paying off business expenses
An employee's attitude toward his or her job, employer, and colleagues is referred to as that employee's ______.
Morale
What are two advantages to the partnership form of ownership?
More skills and knowledge are available More financial resources are available
A person who recognizes a need and takes action to satisfy the need and achieve a goal is said to be _______
Motivated
When a need is unmet, Maslow states that people will be _____ to fill it.
Motivated
An inner drive that causes humans to act, whether it is eating to reduce hunger or studying for an exam to get a good grade is referred to as ______.
Motivation
_______ explains why people behave as they do or, at times, why people avoid doing what they should do.
Motivation
Herzberg studied the relationship between _______.
Motivation and job-related factors
Vroom's expectancy theory states that ______.
Motivation depends not only on how much a person wants something but also on the person's perception of how likely he or she is to get it
Which of the following best characterizes middle managers?
Narrowly focused, spends the most time organizing
An assumption about people made by a Theory Y manager is that people ______.
Naturally like to work
A ____ is the difference between a desired state and an actual state.
Need
Having carefully chosen partners with different skills and knowledge can help a partnership succeed because ______.
No one person has all of the skills needed It allows people to specialize in a particular area
The ends or results desired by an organization, which derive from the organization's mission, are called _______.
Objectives
_________, the ends or results desired by an organization, derive from the organization's mission and they may be elaborate or simple.
Objectives
Tactical plans typically cover a time frame of ______.
One year or less
Jake works in production for his company. Each week his work group is assigned a production quota to ensure enough product is available to meet the goals of the company. A production quota is an example of a(n) _____ plan.
Operational
Which of the following refers to the actions specific individuals, work groups, or departments need to accomplish in order to achieve the company's tactical plan?
Operational planning
The broad term _____ represents an interest in viewing the operations function as a whole rather than simply as an analysis of inputs and outputs.
Operations
A manufacturing business must take resources and transform them into goods and services. The development and administration of the activities involved in this process is referred to as ______.
Operations management
A specialized area of management that oversees the process of transforming resources into goods and services is called ______.
Operations management
Determining quality can be difficult because it depends on customers' _______ of how well the product meets or exceeds their expectations.
Opinions
A website asking you for permission to send you a weekly newsletter is an example of __________.
Opt in
Managers are engaged in the ______ function of management when they review plans and determine what activities are necessary to implement them; then, divide the work into small units and assign it to specific individuals, groups, or departments.
Organizing
Middle managers spend the majority of their time on the ______ function of management.
Organizing
The structuring of resources and activities to accomplish objectives in an efficient and effective manner describes the management function of ______.
Organizing
The goods, services, and ideas that result from the conversion of inputs are called _______
Outputs
Which of the following best explains the process of moving business processes or tasks to another company?
Outsourcing
All profits from a sole proprietorship belong exclusively to the _____.
Owner
How is taxation handled in partnerships?
Partners pay taxes at the income tax rate for individuals
A legal form of business with two or more owners is a(n) ______.
Partnership
A limited liability company is taxed like a ______.
Partnership
An association of two or more persons who carry on as co-owners of a business for profit is the definition of a(n) ______.
Partnership
________ do not pay taxes when submitting the organization's tax return to the Internal Revenue Service; the tax return simply provides information about the profitability of the organization and the distribution of profits.
Partnerships
All of the following are advantages of partnerships, EXCEPT ______.
Partnerships have unlimited liabilities for the debts incurred by the business
Which of the following is an example of an extrinsic reward?
Pay increase
An assumption made by a Theory X manager about people is that ______.
People have little ambition
What three assumptions are made by a Theory Y manager about people?
People like to work. People are motivated by a variety of rewards. People seek responsibility.
Select assumptions made by Theory X managers about people.
People must be controlled and forced to work. People are motivated to avoid punishment. People prefer to avoid work.
Competitive Advantage?
Percentage sales or market share increase
When a corporation is separate from its owners and does not terminate with the death of one owner, the corporation has ______.
Perpetual life
Who among the following coined the term "knowledge worker"?
Peter Drucker
According to Maslow, humans devote all their efforts to satisfying ________ needs until they are met. Only when these needs are met can people focus their attention on satisfying the next level of needs.
Physiological
Water, food, shelter, and clothing are essential for life and are considered _____ needs by Maslow.
Physiological
In the United States, workers' ________, as defined by Maslow, have largely been met by minimum-wage laws and federal occupational safety standards.
Physiological and security needs
According to Maslow, which need level refers to things essential to survival, such as water, food, and shelter?
Physiological needs
Considered the first function of management, ________ is the process of determining the organization's objectives and deciding how to accomplish them
Planning
The process of determining the organization's objectives and deciding how to accomplish them is known as ______.
Planning
Top managers spend the majority of their time on the ______ function of management.
Planning
Which function of management is a crucial activity as it lays the foundation for all other management functions?
Planning
Why should managers be concerned with the study of human relations?
Positive interpersonal relationships among employees are related to high morale and motivation in the workplace. Effectively motivating employees keeps them engaged in their work. Motivated employees achieve organizational objectives efficiently and effectively.
Of the two types of stock, owners of _____ stock receive preferential treatment regarding dividends.
Preferred
This is a special type of stock whose owners, though not generally having a say in running the company, have a claim to profits before other stockholders do.
Preferred
A(n) ______ is owned by just one or a few people who are closely involved in managing the business.
Private corporation
Primarily because of the view that it was limited to the manufacture of physical goods, operation management has historically been called ______.
Production Manufacturing
Which type of manager is responsible for the activities involved in getting goods and services ready for the marketplace?
Production and Operations managers
Time and motion studies conducted by Frederick Taylor and Frank and Lillian Gilbreth in the early 20th century focused on how workers perform specific work tasks in an effort to improve ________.
Productivity
The results of the Hawthorne studies found that ______.
Productivity increased regardless of the physical conditions
Having a partner may share the risk, but it also means sharing _____, because each partner must be rewarded for their participation in the business
Profit
A good mission statement should address all of the following topics EXCEPT ______.
Profit targets
As an entity, cooperatives are not set up to make ______.
Profits
A Theory X manager would most likely ______.
Provide constant suoervision
This is a corporation whose stock anyone may buy, sell, or trade.
Public corporation
_______ unacceptable behavior may provide quick results but may lead to undesirable long-term side effects, such as employee dissatisfaction and increased turnover.
Punishing
Trying to obtain quality items in the right quantities at the lowest possible cost is the aim of ______.
Purchasing
Which term describes the act of buying of all materials needed by the organization?
Purchasing
Improving ______ means reducing defects before delivery of the product to the customer.
Quality
____ reflects the degree to which a good or service meets the demands and requirements of customers.
Quality
This type of corporation is owned and operated by the federal, state, or local government.
Quasi-public corporation
Which three characterize the process of standardization?
Quicker production times Faster quality control checks Reduced production costs
According to Herzberg, which of the following is a motivational factor?
Recognition
Place the steps of the decision making process in order from top to bottom
Recognize and define the situation Develop options Analyze options Select the best option Implement the decision Monitor the consequences
Steve is skilled at all of the following, but which are considered part of his human relations skill set?
Relate to others Communicates well with others Understand others' needs
Edwin's car has been breaking down frequently and now it won't start altogether. He must have a car to get to work, so he has been shopping around for a new car. He just signed the paperwork today on a new vehicle and couldn't be happier! What is the "need" in this scenario?
Requiring a car for work and not having one that functions
Esteem needs are related to _____.
Respect
CPO?
Responsible for managing the privacy concerns of the organization
COO?
Responsible for the daily operations of the companyResponsible for the daily operations of the company
An advantage of a sole proprietorship is that the owner ______.
Retains all profit
The Hawthorne studies were important because they
Revealed the significance of social and psychological factors on productivity.
B.F. Skinner, a psychologist who developed behavior modification, theory found that behavior that is ______ will tend to be increased, whereas behavior that is ______ will tend to be eliminated.
Rewarded Punished
Job ____ involves moving workers from one task to the next to make work more interesting and motivating.
Rotation
Job _____ does not totally eliminate the problem of boredom because employees may eventually become bored with all the jobs in the cycle.
Rotation
Job ________ is extremely useful in situations where a person is being trained for a position that requires an understanding of various units in an organization.
Rotation
_____ is the sequencing of operations through which a product must pass.
Routing
The assignment of required tasks to departments or even specific machines, workers, or teams is the definition of ______.
Scheduling
The need to protect yourself from physical and economic harm fits the _____ need category, according to Maslow.
Security
Select from the following the needs that are represented in Maslow's hierarchy of needs
Security Esteem Social Self-actualization Physiological
Which need is at the top of Maslow's hierarchy of needs, meaning that if you are at this level, you have reached your full potential?
Self-actualization needs
Rank Maslow's hierarchy of needs in the order in which people strive to satisfy them. The first need that people attempt to satisfy should be at the bottom of your list and the highest developed need should be at the top of your list.
Self-actualization needs Esteem needs Social needs Security needs Physiological needs
Which of the following is NOT a level in Maslow's hierarchy of needs?
Self-awareness
Each customer calling Fidelity Investments is likely to require different services due to differing needs, whereas many of the tasks required to manufacture a Ford Focus are the same across each unit of output. Consequently, the products of _____ tend to create more "customized" products or services for clients or customers.
Service organizations
The uniformity of output (or the final product) is more difficult for ______.
Service providers
When two people do what is traditionally one job, it is called job ____.
Sharing
Tahlia manages a grocery store, which employs several baggers, cashiers, floor managers, and stockroom workers. According to Herzberg's theory, what can Tahlia do to ensure that her employees are satisfied with their work setting?
She can provide adequate wages
A person's desire to be accepted by others is a reflection of their _____ needs.
Social
Joining a group, volunteering, or throwing a party are all ways an individual might satisfy their ____ needs.
Social
Which of the following types of information systems facilitates collaboration and knowledge sharing?
Social software
Which form of business allows for the greatest degree of secrecy?
Sole Proprietorship
Which form of business ownership is directly linked to the life of its owner and his or her ability to work?
Sole Proprietorship
______ are businesses owned and operated by one individual, and are the most common form of business organization in the United States.
Sole Proprietorships
Of the following forms of business ownership, which is relatively easy and inexpensive to form?
Sole proprietorship
Roland wanted to earn extra income, so he signed on with Uber as a driver. Since Roland is not considered an employee of Uber but rather an independent contractor, his new business venture would be called a _______.
Sole proprietorship
The owner of a _______ has complete control over the business and can make decisions on the spot without anyone else's approval.
Sole proprietorship
______ have fewer financial resources since they are limited to what the owner is able to borrow.
Sole proprietorships
Recruiting people for positions within the company, determining what skills are needed for specific jobs, and training employees to do their assigned jobs are all part of the _____ function of management.
Staffing
The ______ function of management includes hiring people to carry out the work of the organization. It includes determining what skills are needed for specific jobs, recruiting people for positions, and motivating and training employees in preparation for higher level jobs in the firm.
Staffing
The manufacturing process that makes identical interchangeable components or products is called ______.
Standardization
Corporations issue shares of _____ to shareholders and they can sell or trade them to other people without causing the termination of the corporation.
Stock
A ______ planning process determines the course of action that a firm will use to fulfill its overall strategy and mission.
Strategic
Plans that establish the long-range objectives and overall strategy or course of action by which a firm fulfills its missions are referred to as ______ plans.
Strategic
This type of plan may include plans to add products, purchase companies, sell unprofitable segments of the business, issue stock, and move into international markets.
Strategic plan
Select the three general types of plans an organization uses to meet its objectives.
Strategic plans Operational plans Tactical plans
Selection of the best option in decision making is often a _____ procedure because many situations do not lend themselves to quantitative analysis.
Subjective
Which three activities are likely to be performed by first-line managers?
Supervising daily company operations Supervising workers performance Implementing the plans of middle management
The _______ ______ integrates firms such as raw material suppliers, manufacturers, retailers to serve customers and generate a competitive advantage.
Supply chain
A major function of operations is _____, which refers to connecting and integrating all parties or members of the distribution system in order to satisfy customers.
Supply chain management
Which of the following types of information systems supports the coordination of suppliers, product or service production, and distribution?
Supply chain management system
If an American surf board manufacturer has the strategic plan to expand sales into Australia, then the short-range plan to host surfing competition events in Australia is a _________ plan.
Tactical
Which of the following statements is TRUE regarding tactical plans?
Tactical plans should be periodically reviewed and updated
It is the level of _____ of an organization's principal product that tends to classify the company as either a manufacturer or a service provider.
Tangibility
A manager with ______ expertise has skills that involve specialized knowledge and training needed to perform jobs that are related to particular areas of management.
Technical
Knowing how to use, and train others to use, a specific computer program is an example of ______ expertise.
Technical
What skills are most needed by first-line managers and are least critical to top-level managers?
Technical skills
Which of the following flexible scheduling strategies involves employees working from home while connected to the workplace via computers and telephones?
Telecommuting
Workers who work at home and are connected to the workplace by computers and telephones are called ________.
Teleworkers
Mayo's findings in the Hawthorne studies revealed that workers were responding to ______.
The attention they received
Which of the following is an advantage of a sole proprietorship?
The business can easily be dissolved
Which motivation theory suggests that money is the sole motivator for workers?
The classical theory
Samantha and Geri both work as receptionists at a medical office. Samantha works from 8:00 a.m. to 12:30 p.m., so she can be home when her daughter gets home from school. Geri works from 12:30 p.m. to 5:00 p.m., so she can attend graduate school classes in the morning. How does this arrangement benefit the company?
The company has the skills of two people for one job.
Why is it critical that managers monitor the consequences of their decisions?
The decision may have been the wrong decision and thus not achieved the desired result. The situation may have changed since the decision was made. The decision was not implemented properly and thus the desired result was not achieved.
How would a manager subscribing to Theory Z manage his or her employees?
The management style would be participative; managers and workers share responsibilities
The term urbanization is best described as ________.
The movement of rural populations to urban areas
Which of the following is a security need?
The need for health insurance
Camille and Rosa have decided to open a business together. Which of the following is true for their business?
The pooled financial resources and talents of the partners will be an advantage to the business
According to Herzberg, which of the following accurately describes motivational factors?
The presence of motivational factors is likely to motivate employees to excel.
Public corporations must file reports with ______, the government regulatory agency that regulates securities such as stocks and bonds.
The securities and exchange commission
In a sole proprietorship, the possibility that competitors can obtain trade secrets is minimized because _______.
The sole proprietor does not have to discuss publicly his or her operating plans
Which of the following statements regarding the transformation process is TRUE?
The transformation process occurs in all organizations regardless of what they produce or their objectives.
What is meant by BYOD?
The use of personal devices and applications for work-related purposes
Corporations have all the rights and privileges listed below EXCEPT ______.
Their owners have unlimited liability
McGregor constructed two views of management--the traditional view, which he called _______, and a humanistic view, which he called _______.
Theory X Theory Y
McGregor's humanistic view of management is called ______
Theory Y
At Just Right Thermostats, managers and workers share responsibilities, managers stress employee participation in all aspects of company decision making, and employment is long term. What theory of management does Just Right Thermostats follow?
Theory Z
_____ is a management philosophy that emphasizes employee participation in all aspects of company decision making.
Theory Z
Soumya manages a small diner. She notices some of her employees stealing fries and other food off patron's plates before bringing the food out to the tables. When she sees employees doing this, she punishes them by taking a portion of their tips and distributing that money to the employees who don't steal food from plates. What is an undesirable long-term side effect that may result from such punishments?
There may be increased turnover
How are the members of a board of directors selected?
They are elected by the stockholders of the corporation
Which of the following is TRUE of S corporations?
They are taxed like a partnership
The birth of the study of human relations within business organizations can be traced to
Time and motion studies by Frederick W. Taylor and Frank and Lillian Gilbreth.
Decisions to add products, acquire companies, sell unprofitable business segments, and move into foreign markets are made by _____ managers.
Top
Positions such as Chief Executive Officer, President, Vice President, and Chief Financial Officer are examples of __________ positions.
Top management
The highest level of management is _____ and consists of the president and other key company executives who develop strategic plans and have overall responsibility for the organization.
Top management
The ultimate decision-making responsibility for long-range goals, such as acquiring a company, entering a new market, or developing a new product, belongs to ______.
Top managers
Increase in frequency of international travel, tourism, and immigration is a cultural change brought about by globalization enabled by information technology.
True
Knowledge workers are typically professionals who are relatively well educated and who create, modify, and/or synthesize knowledge as a fundamental part of their jobs.
True
The trend of using one's own device for communicating in the workplace is an example of consumerization of IT.
True
The use of nearly any information technology or system to support every part of the business is known as e-business.
True
True or false: According to the equity theory, each worker develops a personal input-output ratio to compare the his or her inputs with the outputs or rewards offered by the organization.
True
True or false: Downsizing is defined as the elimination of a significant number of employees from an organization.
True
True or false: Effective implementation of a decision to abandon a product, close a plant, purchase a new business, or something similar requires planning.
True
True or false: Specialized professionals in fields like accounting are often hired by sole proprietors who lack knowledge in that area.
True
True or false: The initial result of the Hawthorne studies demonstrated that no matter what the levels of light and noise were, worker productivity increased simply because the workers liked the attention they received by being part of a study.
True
True or false: Transformation processes occur in all organizations, regardless of what the organization produces.
True
True or false: With job sharing, the company has the benefit of the skills of two people for one job.
True
According to equity theory, in order to restore equity or fairness of a work situation a worker may ______.
Try to increase his or her own outputs Try to have the inputs of coworkers increased
The _____ is typically more challenging for service organizations since the human element is inherent and each service tends to be performed differently.
Uniformity of outputs
When each general partner is liable for the debts of the firm, no matter who was responsible for causing the debt, this is called ______ liability.
Unlimited
As a sole proprietor, Ellie enjoys many advantages. Which of the following is NOT one of them?
Unlimited Liability
In a sole proprietorship, any debts or damages incurred by the business that cannot be paid by the business are your personal debts and you must pay them. This disadvantage is known as ______.
Unlimited liability
According to Maslow, the difference between satisfied and unsatisfied needs is that ______.
Unsatisfied needs continue to motivate
What two examples are characteristic of a manager with a Theory X mentality?
Very busy checking others Telling people what to do and how to do it
Funds available for a sole proprietorship are limited to ______.
What the owner can provide
Job enlargement is a job design strategy ______.
Where more tasks are added to a job
A mission statement outlines the organization's fundamental purposes. It should address which five of the following?
Who are our customers? What is our operating philosophy? Who are we? What are our core competencies and competitive advantages? What are our responsibilities with respect to being a good steward?
According to McGregor, Theory X managers view employees as ______.
Wishing to avoid responsibility
Which of the following is a characteristic of an engaged worker?
Works with a commitment to the organization
A key advantage of a sole proprietorship is that ______.
You have flexibility and control over the business
