23SP BUSN 110 - Introduction to Accounting - Week 4 Quiz 2

Which of the following is NOT one of the five key types of power? Reward Expert Referent Legitimate Influential

Influential Explanation: 1.Reward power refers to the power of management due to its ability to reward employees for good and desirable performance. Reward can be withheld for noncompliance. 2. Expert power is the power gained by a person by the virtue of his or her experience in the organization or competence in performing tasks. 3. Referent power- it refers to following the steps of the leader. 4. Legitimate power is the power gained by a person by the virtue of his position in the hierarchical structure. 5. Coercive power is using force and punishment to get the work done.

_____ planning is short-range, detailed planning that is based on long-range planning. It typically has a time frame that is less than one year long. Tactical Strategic Hands-on Procedural Functional

Tactical Explanation: In tactical planning, a company's strategic plan is planned and ways are generated to achive the objectives of a company by using short-term actions. Tactical plans are required to help teams to accomplish their goals by utilizing the steps that are clearly defined through short term outcomes and it is usually less than a year.

In a(n) ______ shop, the worker does not have to join the union but must pay dues to cover union expenses. union open closed managed agency

agency

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? a company to mail its brochures to building contractors within a 200 mile area an advertising company to design its ad in the local newspaper a certified public accountant to manage its money an attorney who is well-versed in small business law all of the above

all of the above

Which of the following is NOT one of the four functions of management? Planning Controlling Organizing Budgeting Leadership

Budgeting Explanation: Budgeting is not a managerial function.

_____ managers are the managers concerned with implementing the plans and policies of top managers and supervising lower-level managers. Functional Middle Coordinating Supervisory Operational

Middle Explanation: Top managers influence their responsibilities; however, their responsibilities are ... In order to do this, they must implement subunit strategies for achieving those objectives. ... They are concerned with an intermediate-range plan ... Managers at this level train and supervise the performance of nonmanagerial employees

Two co-workers at Nortel came up with an idea for renting software over the Internet. Nortel's top management liked the idea and set up a special division called Channelware devoted to taking the idea and making a new product. The establishment of a new company and assigning the employees in the division the task of making an idea a reality requires which management function? Organizing Controlling Communicating Planning Leadership

Organizing Explanation: Organizing includes appointing errands, gathering undertakings into divisions, assigning authority, and apportioning assets across the association.

_____ is a permanent organization structure that combines functional and product departmentalization. A functional organization Subordinated management A cartel A matrix structure A committee structure

A matrix structure Explanation: A matrix structure is one in which functional and product departmentalization is seen. So, Option A is correct. An organic organizational structure follows a flat reporting structure, and all employees are free to participate in decision-making.

_____ are individual investors or groups of experienced investors who provide funding for start-up businesses. Angel investors Entrepreneurial capitalists Opportunity entrepreneurs Equity entrepreneurs Venture entrepreneurs

Angel investors Explanation: Angel investors are individual investors or groups of experienced investors who provide financing for start-up businesses by investing their own money, often referred to as "seed capital".

_____ is the process of guiding the development, maintenance, and allocation of resources needed to attain organizational goals. Functional coordination Strategic planning Tactical planning Motivation Management

Management Explanation: Management is the process of guiding the development, maintenance, and allocation of resources to attain organizational goals. Managers are the people in the organization responsible for developing and carrying out this management process.

_____ is the attempt to find and attract qualified job applicants in the external labor market. Labor forecasting Qualifying Recruitment Labor pool development Prospecting

Recruitment Explanation: Recruitment is the process of attracting qualified people to form an applicant pool.

Small Business Investment Companies (SBICs): are licensed by the SBA are privately owned and management investment companies own to earn revenue from their investments in small businesses provide long-term financing for small businesses are accurately described by all of the above

are accurately described by all of the above Explanation: A small business investment company (SBIC) is a type of privately-owned investment company that is licensed by the Small Business Administration (SBA).

Which of the following is NOT a commonly used method for departmentalizing a firm? by customer by product by function by managerial level by geography

by managerial level

When Art Baer read that Singapore would lift its ban on chewing gum, he thought to himself, "There has to be a market there." Baer, 26, knew if he was going to move beyond the daydreaming stage, he had to move fast. After investing $20,000 of his own money into developing a product he called Impress Gum, Baer quit his job, flew to Singapore, talked to the right people in the government, lined up a manufacturer, and hired a marketing firm to promote his gum, which fights tooth decay. Baer is an example of a(n) ______ entrepreneur. growth-oriented classic opportunistic risk-aversive debt-based

classic Explanation: In the provided case, Baer is a classic entrepreneur. It is because a classic entrepreneur identifies the opportunities and allocates necessary resources to build a business around that. In the provided case, Baer identifies the possibility to sell chewing gums and allocate resources to build a business. Hence, he is a classic entrepreneur. Therefore, the right option is (classic).

The management activity of organizing. determines, groups, and assigns work activities plans and monitors strategy implementation determines goals, strategies, and tactics results in a more productive workforce due to increased levels of compensation compares expected performances with actual performances

determines, groups, and assigns work activities Explanation: The Management activity of organizing determines work activities, Groups work activities into departments and assigns work activities.

Human resource management is the process of _____ people in order to achieve organizational goals. hiring developing motivating evaluating doing all of the above

doing all of the above

Which of the following is a trend that is changing the face of entrepreneurship and small business ownership? stagnant demographics entrepreneurial diversity decreased use of overseas bundling an increase in the number of corporate mergers and acquisitions all of the above

entrepreneurial diversity

A _____ is a study of the tasks required to do a particular job well. job forecast skill inventory job analysis task delineation job survey

job analysis Explanation: A study of the tasks required to do a job well is called a job analysis

The managerial hierarchy is also called the: managerial continuum management pyramid control continuum management matrix span of management

management pyramid Explanation: Managerial hierarchy (also called the management pyramid) is defined by the levels of management within an organization. Generally, the management structure has three levels: top, middle, and supervisory management.

Dean Jager is the supervisor of the volunteer staff at the Booth Western Art Museum. He makes the work assignments, determines work schedules, and makes sure the museum uses all its volunteer staff efficiently. Jager is involved in _____ planning. strategic hands-on functional operational procedural

operational Explanation: Operational planning refers to the planning process that is related to the day to day activities of the organisation. In this case, Dean Jager works on assignments, work schedule and efficient use of volunteer staffs. These are all the day to day activities of the organisation. Hence Jager is involved in operational planning.

Manila Water, the provider of the water and sewerage services in the capital of the Philippines has purchased the government owned water and sewerage system for the entire country. It promises to make the nation's water and sewerage system run as efficiently and profitably as the one it operates in Manila. The development, maintenance, and allocation of resources to achieve its goal will require: processing organizing leadership planning controlling

planning

_____ is the process of negotiating labor agreements between union members and management. Aggregated participation Mediation Arbitration Conciliation Collective bargaining

Collective bargaining Explanation: Collective bargaining is the process in which working people, through their unions, negotiate contracts with their employers to determine their terms of employment, including pay, benefits, hours, leave, job health and safety policies, ways to balance work and family, and more.

Which of the following factors affects an employee's compensation? wage and salary surveys the level of labor competitiveness in the area the firm's financial condition the organization's pay structure all of the above

all of the above Explanation: The Compensation is the monetary and non monetary rewards given to the employees in return for their work done for the organization. Basically, the compensation is in the form of salaries and wages. There are several internal and external factors affecting employee compensation. Here the amount of compensation is depends upon many factors, which usually involves organizational pay structure, emplyoee skill sets, firm's financial conditions, trade unions, surveys etc., all these factors have its own influence on compensation paid by tge organization. - wage and salary surveys.- the level of labor competitiveness in the area- the firm's financial condition.- the organization's pay structure. While preparing the compensation structure organization's usually consider these factors for final decision.

All of the following are examples of disadvantages associated with the ownership of a small business EXCEPT: burdensome government regulations fund-raising difficulty being your own boss extreme personal commitment

being your own boss Explanation: ➢ When you are the owner of your own business you have an advantage and have your own independence. ➢ You can't get fired if u own your own small business. ➢ You have the freedom to make decisions regarding the success of your business.

A clothing wholesaler that buys most of its inventory from manufacturers in the Caribbean should have a _____ plan in the event a hurricane demolishes the manufacturing facility of one of its principal suppliers. contingency hierarchical functionally-oriented supply-demand nonprogrammed

contingency Explanation: A clothing wholesaler who buys most of its inventory from manufacturers in the Caribbean should have a contingency plan in the event a hurricane demolishes the manufacturing facility of one of its principal suppliers.

Work group cohesiveness can benefit the organization by doing all of the following EXCEPT: increased productivity enhanced worker self-image because of group success decreased resistance to change reduced employee turnover reduced employee absenteeism

decreased resistance to change Explanation: When links bind individuals of a social group to one another and to the group as a whole, cohesiveness (also known as group cohesion and social cohesion) develops. Despite having many different aspects, cohesiveness may be divided into four key parts: social ties, task relations, perceived unity, and emotions. Cohesion within the workplace may help the company by lowering employee absenteeism, lowering employee turnover, improving worker self-image due to collective accomplishment, and increasing productivity.

Jon P. Farmer is the founder of Kolopua Hawaii LLC, a company that markets Pure Hawaiian Air. Bottles of Pure Hawaiian Air contain air that smells like the floral bouquet that greets tourists as they get off the plane in Hawaii. Retailing for about $5 apiece, the bottles are sold at gift shops in Hawaii, as well as to travel agents nationwide who give them to clients. As a(n) _____, Farmer's annual income exceeds $100,000 annually. venture capitalist franchisee franchisor entrepreneur financier

entrepreneur Explanation: According to the given question Jon P. Farmer here is an entrepreneur who earns more than $100,000 annually. We can say that Jon P.Farmer is an entrepreneur because here Jon has created his own business ( marketing pure Hawaiian air ), by founding the Kolopua Hawaii LLC, he is taking most of the risk here and he is also getting most of the rewards from the sale of floral bouquet .

The Small Business Administration (SBA) offers a broad range of aids to small businesses. They include: guarantees on loans made by private lenders entrepreneurial ideas employee recruiting, hiring, and firing the elimination of sales and employee taxation for the first three years of operation all of the above

guarantees on loans made by private lenders Explanation: SBA founded in July 1953 is a government agency in the united states that offers loans to small businesses through credit unions, financial institutions, and its channel partners. The purpose of SBA is to support the entrepreneurs financially to speed the US economy.

The three basic roles of management are: informational, educational, and operational educational, operational, and intrapersonal interpersonal, decisional, and informational decisional, operational, and interpersonal interpersonal, intrapersonal, and informational

interpersonal, decisional, and informational Explanation: If you are appointed as a manger in any company or for any project, you need to have several skills to achieve the goals. According to Henry Mintzberg there are 10 different roles relevant to a manger. The roles are classified into three categories: Informational Management Roles Decisional Management Roles Interpersonal Management Roles

An apprenticeship: is a form of on-the-job training also involves classroom training can last as long as four years is commonly found in the skilled trades of plumbing and electrical work is accurately described by all of the above

is accurately described by all of the above Explanation: Apprenticeships are a form of on-the-job training in which people learn a skilled trade by working under the supervision of a more experienced worker. Apprenticeships typically last for several years and often involve classroom instruction and on-the-job training. Apprenticeships are common in the skilled trades of plumbing and electrical work.

A _____ is a formal document that states an organization's purpose and reason for existing and describes its basic philosophy. corporate manifesto mission statement vision company proclamation principle of existence

mission statement Explanation: A mission statement is a concise explanation of the organization's reason for existence. It describes the organization's purpose and its overall intention. The mission statement supports the vision and serves to communicate purpose and direction to employees, customers, vendors and other stakeholders.

Which of the following benefits do unions almost never stress in an organizing campaign? higher pay better working conditions more job satisfaction grievance procedures job security

more job satisfaction Explanation: The answer is "more job satisfaction" as unions are aware that the need for employees are changing, employees now need more satisfied job with less work and great power.

On an automotive assembly line, Naif Marrot checks to make sure that recently painted car bodies are free of paint bubbles. Other people are assigned the task of seeing that other parts of the car are built to specifications. The task of building an automobile has been subdivided into a series of subtasks. The concepts of _____ have been employed in this situation. specialization and division of labor product design and structured manufacturing centralization and product departmentalization decentralization and unity of command functionalism and specialization

specialization and division of labor Explanation: Based on the information provided within the question the concept being employed in this situation is called division of labor. This is a process in which a larger task is subdivided into smaller easier tasks, in which an individual or group is assigned to each small task and specializes in that section. This method is used to avoid errors in manufacturing.

_____ is the practice of giving only limited authority and decision-making to lower-level managers. Centralization Functionalization Decentralization Accountability

Centralization Explanation: An organizational structure can be defined as the process which typically involves dividing an organization into various functional units.

Which of the following statements about the committee structure is true? Committees limit the range of possible solutions to a problem. Committees can be slow to reach a decision. Committee structures are not dominated by any single individual. Committee meetings are typically short and reach solutions quickly. All of the above statements about the committee structure are true.

Committees can be slow to reach a decision.

Which of the following statements about national unions is true? National unions are sometimes called union conglomerates. A union must have more than a million members to be categorized as a national union. The number of national unions has steadily declined since the early 20th century. If faced with declining memberships, national unions cannot merge with each other; they must dissolve. None of the above statements about national unions is true.

The number of national unions has steadily declined since the early 20th century.

What is another name for a job fair? a trade show a job exhibition a job market a corporate open house an external labor market

a corporate open house

The first step in starting your own business is: to determine where the funding will come from a self-assessment a business plan find an idea for a new product or service choose a form of business organization

a self-assessment

Amex Inc. is a worldwide company that specializes in high growth industries. It acts as a global marketer for small manufacturers of medical products, telecommunications products, and data management products. Amex Inc. is an example of a(n): business trade union export management company domestic channel member commission house broker export trading company

export management company Explanation: An export management company can be regarded as a business entity that is charged with the responsibility of marketing the goods and services of manufacturers to importers of foreign origins. This fits the description of Amex Inc. described above. We can see here that this institution is a global marketer for small manufacturers. It picks the products from the manufacturers and markets the same to importers that are in other countries. Export management companies also have the responsibility of researching the market on an international level and also representing the company in business gatherings. Such a company as described above ships the product and manages other aspects of the exportation process such as documentation. The export company acts as a sales agent.

One of the disadvantages of the matrix structure is: inflexibility inability to use teamwork reduce performance lack of cohesiveness all of the above

lack of cohesiveness Explanation: In a matrix structure, same person reports to multiple leaders resulting in lack of cohesiveness due to uncertainty of chain of command. It is a combination of two or more types of organizational structure.