Business 101 - (Chapter 7)

The full, accurate, and timely disclosure of pertinent information to stakeholders of the firm.

transparency

People within a company who are in charge of departments or groups but below those in charge of the whole company.

middle management

A Blank______ is an outline of the fundamental purpose and basic philosophy of an organization. Multiple choice question. goal statement purpose statement objective goal mission statement vision statement

mission statement

Written declaration of purpose that affirms the highest priorities of the organization.

mission statement

The definition of Blank______ Blank______ states: skills that involve the ability to perform tasks in a specific discipline or department. Multiple choice question. tactical skills conceptual skills human relations technical skills

technical skills

What level of management consists of the president and other key company executives who develop strategic plans? Multiple choice question. supervisory management front line management top management middle management

top management

A Blank______ gives the organization a sense of purpose and a set of values that unite workers in a common destiny. goal vision mission culture

vision

An organization's Blank______ is a broad explanation of why the organization exists and where it is trying to go.

vision

When the director/manager allows employees to guide themselves toward the goal, then a(n) __________ leadership style is being used. Multiple Choice free-rein self-guided free-range democratic autocratic

free-rein

Leader who favors autonomy and allows group members to make decisions and take action as needed.

free-rein leader

Select all that apply During strategic planning, top managers decide: Multiple select question. employees to staff the shipping department geographic areas in which to compete which customers to serve what products or services to sell

geographic areas in which to compete which customers to serve what products or services to sell

Employees who get things done using an organization's financial resources, information, equipment, and workers are: Multiple choice question. competitors suppliers managers customers

managers

Select all that apply The control function of management (select all that apply): Multiple select question. gives workers the education and tools they need to make decisions measures performance relative to the planned objectives and standards rewards people for work well done takes corrective action when necessary

measures performance relative to the planned objectives and standards rewards people for work well done takes corrective action when necessary

In an organization, Blank______ establish a vision and corporate values, while Blank______ carry out that vision. Multiple choice question. leaders; managers a board of directors; leaders managers; leaders supervisors; employees

leaders; managers

Select all that apply What are three tasks of knowledge managers? Multiple select question. securing information so only those at the top of the organization see it making information known to everyone in the organization finding the right information keeping information in a readily accessible place

making information known to everyone in the organization finding the right information keeping information in a readily accessible place

The definition of ______ states: specific, short-term statements detailing how to achieve the organization's goals. Multiple choice question. objectives mission goals vision

objective

A(n) Blank______ is a specific, short-term statement of how to achieve the organization's long-term Blank______. Multiple choice question. goal; strategies tactic; goals objective; goals goal; objectives

objective; goals

Statements of short-term, specific outcomes that are to be achieved by the firm.

objectives

The grouping of people, resources, and activities to accomplish the objectives of the organization.

organizing

What function of management designs the structures and systems in which everyone works together to achieve the organization's goals and objectives? Multiple choice question. controlling organizing planning financing

organizing

Select all that apply A mission statement should address an organization's Blank______. (Check all that apply) Multiple select question. equity holdings customer needs self-concept financial resources

self-concept customer needs

Select all that apply Top management sets the vision for the organization and may work with others to establish a mission statement that outlines its Multiple select question. self-concept financial plans financial funding sources product or service offering

self-concept product or service offering

The definition of ______ states: a management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives. Multiple choice question. staffing managing leading organizing

staffing

The type of planning done mostly by top management is ______ planning. Multiple choice question. tactical operational day-to-day strategic

strategic

Plan that establishes organization's major goals and objectives and allocates resources to achieve them.

strategic plan

Plan that translates general goals developed by strategic managers into more specific objectives and activities.

tactical plan

Knowledge of and proficiency in completing specific tasks.

technical skills

______ is the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources. Multiple choice question. Management Financing Objectives Planning Staffing

Management

The process of establishing organizational goals and determining how to accomplish them.

planning

Select all that apply Functions included in staffing an organization are Multiple select question. retaining controlling hiring recruiting

retaining hiring recruiting

Select all that apply A mission statement outlines the organization's fundamental purposes. It should address which of the following? Multiple select question. The structure of the organization Customer needs Nature of the product or service Organization's self concept

Customer needs Nature of the product or service Organization's self concept

Leader who involves subordinates in goal setting, problem solving, and decision making.

Democratic leader

______ is finding the right information, keeping information in a readily accessible place, and making the information known to everyone in the firm. Multiple choice question. Accessibility management Managing capital Enabling management Knowledge management

Knowledge management

______ is creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives. Multiple choice question. Controlling Planning Leading Strategizing

Leading

______ is at the heart of all the management functions because it requires managers to choose among two or more alternatives. Multiple choice question. Decision making Resource allocation Goal setting Strategy implementation

decision making

Select all that apply What are two characteristics that define goals? Multiple select question. They are short-term. They are specific. They are long-term. They are broad.

They are long-term. They are broad.

Who performs strategic planning? Multiple choice question. Middle management Managers and employees The entire organization Top management Lower management

Top management

Select all that apply In which two situations is autocratic leadership effective? Multiple select question. emergencies working with new, unskilled workers working with highly professional employees working with long time employees

emergencies working with new, unskilled workers

Long-term, measurable accomplishments to be achieved by the firm within a specified time frame

goals

The process of guiding, influencing, and motivating others to work toward common goals.

leading

Organization and coordination of activities of the firm in order to achieve defined goals and objectives.

management

conceptual skills

Ability to see the organization as a whole and visualize how it fits into the broader environment.

elect all that apply What three positions are considered as top management in an organization? Multiple select question. The Plant Manager Production Supervisor Chief Executive Officer Chief Financial Officer Chief Operating Officer

Chief Executive Officer Chief Financial Officer Chief Operating Officer

The process of analyzing an organization's strengths, weaknesses, opportunities, and threats is a(n)

SWOT analysis

Kendra is considering opening a new business. While writing the business plan, she is answering the following questions: What external success factors affect the industry? How does her business measure up to competition? What can my bakery do to survive and prosper during a recession? What was Kendra performing? Multiple choice question. Operational planning A risk analysis Tactical planning A SWOT analysis

SWOT analysis.

Select all that apply Which of the following are decided by top management during strategic planning? Multiple select question. Which employees to hire What products or services to sell Which customers to serve When to serve customers

What products or services to sell Which customers to serve When to serve customers

If the director of the film makes all the decisions without input from others, then this leadership style is called Multiple Choice democratic. free-rein. command. dictatorship. autocratic.

autocratic

______ leadership is a leadership style that involves making managerial decisions without consulting others. Multiple choice question. Autocratic Free-rein Participative Democratic

autocratic

Leader who maintains individual control over all decisions and accepts little input from subordinates.

autocratic leader

The process of generating creative ideas and solutions through unrestricted group discussion.

brainstorming

Plan that establishes alternate courses of action if existing plans are disrupted or become ineffective.

contingency plan

The Blank______ function of management measures performance relative to the planned objectives and standards, rewards people for work well done, and takes corrective action when needed. Multiple choice question. control implementation leading organizing

control

The process of evaluating and regulating ongoing organizational activities to ensure that goals are achieved.

controlling

Select all that apply Management is the process used to accomplish organizational goals by the use of which four functions? Multiple select question. controlling organizing promoting leading analyzing planning

controlling organizing leading planning

Select all that apply What two groups would be regarded as external customers? Multiple select question. other employees in the firm employees in the accounting department end users dealers

dealers end users

The process of selecting one alternative from the available alternatives.

decision making

Which term defines having to choose among two or more alternatives? Multiple choice question. decision making resource allocation brain storming strategic planning

decision making

Select all that apply What are two reasons a firm would use a SWOT analysis? Multiple select question. to evaluate a company's ability to pursue market opportunities and defend against threats to predict which competitors are most likely to grab market share to analyze the company's short- and long-term goals to evaluate the strengths and weaknesses of a company's resources

to evaluate a company's ability to pursue market opportunities and defend against threats to evaluate the strengths and weaknesses of a company's resources

The most senior staff of an organization (e.g., vice president, CEO, COO).

top management

Select all that apply Which three tasks are associated with the management function known as organizing? Multiple select question. Organizing creates an organization chart showing lines of responsibility and authority Organizing places employees and resources where they will be effective in achieving the organization's goals Organizing designs the structure of the organization Organizing sets the organization's long term and short term goals Organizing measures results against corporate objectives

Organizing creates an organization chart showing lines of responsibility and authority Organizing places employees and resources where they will be effective in achieving the organization's goals Organizing designs the structure of the organization

Decision-making tool for weighing the pros and cons of a decision.

PMI

______ is a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives. Multiple choice question. Leading Planning Controlling Organizing

Planning

Empowerment occurs when: Multiple choice question. employees recognize the hierarchal authority within their organization. employees are given the authority to make a decision and the responsibility to respond quickly to customer requests. managers are given power to direct and control subordinates' behavior. employees reduce personal goals to achieve organizational goals

employees are given the authority to make a decision and the responsibility to respond quickly to customer requests.

If a manager uses a free-rein leadership style, then he/she would more than likely provide the workers tools needed in order to make decisions and progress toward the goal. This is called Multiple Choice tool availability. efficiencies. enabling. effectiveness. equality.

enabling

______ customers include dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use. Multiple choice question. Irregular Inside Internal External

external

Select all that apply An organization that sets its vision hopes to achieve what two objectives? Multiple select question. giving the organization a set of short term objectives giving the organization a set of values giving the organization a sense of purpose giving the organization a formal operating structure

giving the organization a set of values giving the organization a sense of purpose

David's manager told him the company wants to achieve a 50 percent market share within 5 years. David's manager was relaying a company Blank______. Multiple choice question. goal objective protocol standard

goal

What term defines the broad, long-term accomplishments an organization wishes to attain? Multiple choice question. mission strategy goals tactics

goals

Select all that apply Managers practice the art of getting things done using organizational resources such as: Multiple select question. information customers workers equipment

information workers equipment

leadership

is creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives.

Technical skills are the ability to Blank______. Multiple choice question. perform tasks such as filing tax forms or assembling a keyboard visualize the organization as a whole and how departments interrelate communicate and motivate other people train, develop, and support workers

perform tasks such as filing tax forms or assembling a keyboard

A SWOT Analysis is a(n) Blank______ tool used to analyze an organization's strengths, weaknesses, opportunities, and threats. Multiple choice question. planning leadership controlling organizing

planning

The Blank______ function of management function helps achieve the organization's objective of pleasing customers by anticipating trends, and determining strategies and tactics to achieve them. Multiple choice question. planning leading organizing controlling

planning

Select all that apply Leaders in traditional organizations who direct employees are likely to: Multiple select question. provide performance feedback explain routines give specific assignments empower workers to make their own decisions

provide performance feedback explain routines give specific assignments