Business Midterm Study Guide

Which of the following is an example of a project that enhanced an existing product:

A software update for your computer

Which of the following describes a divisional organizational structure:

AJK Corporation has a CEO, followed by six vice presidents that manage the company's product lines.

In what way can an existing business benefit from writing a business plan?

Acquire funding for a new idea

Which of the following is a true statement regarding project managers:

Anyone with the right skills can be a project manager.

In which section of the business plan will Elena put extra supporting information?

Appendices

Which component of a business plan contains résumés of key managers?

Appendices

Which of the following is an activity performed during the planning phase of a project:

Budget development

Which of the following is an example of an employee-assistance program:

Career and education planning

During which stage of a project does the manager note what went well and what could be improved?

Closing

In which stage of project management is the product delivered?

Closing

In what way can a start-up business benefit from writing a business plan?

Define managers' roles

In what way might an HR manager be involved in employee benefits?

Determining eligibility and costs

What tends to happen when a business lacks unity of command in its organizational structure?

Efficiency decreases

An HR manager listens to and records an employee grievance.

Employee Relations

An HR manager mediates a conflict between an employee and his supervisor.

Employee Relations

Labor-union negotiations are part of which HR management activity?

Employee relations

Which of the following statements best describes the goal of project management:

Ensuring efficient completion of a project

In which stage of project management does the actual work of the project take place?

Execution

True or false: Companies without an HR department do not participate in HR management activities.

False; in companies without HR departments, other managers and supervisors participate in HR management activities.

Where in a business plan can you find cost estimates and the effect of each cost on the company?

Financial plan

The people who work to produce goods and services are known as

Human Resources

Which of the following is a benefit of using project management software:

Improved efficiency

What is the first stage of the project management process?

Initiation

In which of the following situations would it be important for a successful, existing business to develop a new business plan:

Intending to open additional locations

In which section of his business plan will Paulo discuss each key manager's skills?

Management plan

In which section of a business plan would you find up-to-date industry trends?

Market analysis

In which section of the business plan would you find an examination of competitors' activities?

Market analysis

In which section of the business plan would you find evidence of customer interest in a new product?

Market analysis

In which stage of project management does risk analysis take place?

Planning

Which of the following is a common challenge for project managers

Poorly defined goals

Germaine will discuss his company's seven services in which part of the business plan?

Product(s) offered

Caitlin is the manager for a busy accounting department and has decided not to replace the payroll specialist who recently resigned. She wants Martin, who currently handles the firm's accounts receivable, and David, the accounts payable clerk, to jointly take over the payroll-processing responsibilities. She also wants her assistant, Fiona, to take over some of Martin's and David's current tasks. What organizing activity is Caitlin performing?

Reallocating resources

What might happen if a business's managers do not put any time and effort into organizing?

Reduced productivity

What is one of the elements of all projects?

Resources

An investor is looking at a business plan but really only wants to look at the financial forecasts. Where should s/he turn to find where the financial plan is located?

Table of contents

What part of a business plan lists all of the document's sections with their page numbers?

Table of contents

Which of the following is a reason that the role of HR management is changing:

There is greater diversity in the workforce.

Which of the following is a true statement about projects:

They are short-term undertakings.

Which of the following is a purpose of an exit interview:

To gain constructive suggestions for improvement

Which of the following is a benefit of organizing:

Tracking, accountability, and growth

A department manager develops an instruction manual for one of the company's job positions.

Training and Development

An HR manager consults with an employee about her continuing education options.

Training and development

True or false: All employees make an impact on a business.

True; all employees make either a positive or negative impact on a business.

Which of the following documents is drafted in the planning stage of project management:

Work breakdown structure

When a hurricane interrupted a business's new product development, the project team had a plan for getting things back on track. This is an example of how project management

allows employees to adapt to risk.

Projects differ from business operations because projects have a definite

beginning and end.

Making sure a company follows laws and regulations describes the HR management activity of

compliance.

The organizing function of management is important to a business because it

defines workplace roles and relationships.

Nadia gives her assistant permission to accept or deny meeting requests for her. Nadia is

delegating authority. coordinating activities.

Coordinating business activities is an important aspect of the organizing function of management because it

establishes clear relationships among the company's resources.

The part of the business plan that gives an overview of the entire document is the

executive summary.

The part of the business plan that discusses where funding for specific projects will come from is called the

financial plan.

An important part of developing a business plan for a new business involves determining the

form of ownership.

Rules and regulations for keeping a project on track are known as

governance mechanisms.

An employee's formal level of authority in a firm directly relates to his/her power to

make decisions.

Efficient resource use is an advantage of the __________ organizational structure.

matrix

Fred wants his company to become the main supplier for a prominent local business. He should write a business plan to

obtain a specific contract or agreement.

While preparing to sell their consignment shop, Erin and Evan should write a business plan to

place a value on the business.

One of the benefits of developing a business plan is that it enables the business owner to identify

possible risks.

Since Alana's company will build a new facility next year, she should write a business plan to

prepare for an expansion.

A project is officially authorized to begin by the

project charter.

When a project's scope slowly gets bigger and bigger, it creates a challenge for project managers known as

project creep.

Successful project management depends on the use of appropriate

technology.

Since Brianna wants to sell a bank or investor on her company's capabilities, she is motivated by the number one reason for writing a business plan, which is

the need for funding.

A job specification is an explanation of

the skills, knowledge, and characteristics required for a job.

Human resources are a company's most important resources because

they control all other company resources. `

The three common constraints on a project are scope, budget, and

time.

Projects are short-term undertakings that create

unique goods or services.

When the hybrid vehicle was introduced, it was an example of a project that

used entirely new technology.

Which of the following discusses how a company is intended to work in the future:

Business plan

Which of the following parts of a business plan includes the history of the business:

Company description

An HR manager negotiates with an insurance carrier to get a good deal for the company.

Compensation and Benefits

An HR manager solves a paperwork snag involving an employee's paycheck.

Compensation and Benefits

A supervisor conducts a workshop on how to properly dispose of a certain chemical.

Compliance

An HR manager makes sure the company is following equal employment opportunity (EEO) laws.

Compliance

What type of divisional structure is most appropriate for a company that sells lumber products to home builders, home-improvement retailers, retail display-case manufacturers, and furniture producers?

Customer type

After a company's training needs are determined, what is the next step in training and development?

Determining what training resources are available

Which of the following business trends affects HR management:

Globalization

Mary is planning to open an educational toy store. She has determined the number of families with children in the area, the average family income, and typical buying patterns. Mary will include this information in which section of her business plan?

Market segment analysis

Madelyn works in the marketing department at Lieber Industries. She often works on projects with employees who work in the product development, finance, and purchasing departments. What type of organizational structure does Lieber Industries have?

Matrix

Which of the following is a compliance issue:

Minimum wage

Which of the following has a direct impact on a manager's span of control:

Number of subordinates

Which of the following is an example of financial information that a start-up company should not include in a business plan intended to attract investors:

Optimistic cash flow projections

Amy is a manager at an advertising agency. She spends much of her time delegating and coordinating work among her employees. This is an example of what function of management?

Organizing

Which of the following is an on-boarding activity:

Orientation

Which of the following is an element of any project:

Outcome

Which of the following is a true statement regarding a project champion:

S/He can mobilize the necessary resources to get the project done.

What is a question that a manager might ask when evaluating the effectiveness of organizing processes?

Should the company be restructured?

A manager conducts job orientation for several new employees.

Staffing

A supervisor negotiates a job offer with a candidate.

Staffing

An HR manager conducts an exit interview with a retiring employee.

Staffing

An HR manager performs background and reference checks on a potential candidate.

Staffing

Which of the following documents is drafted in the initiation stage of project management:

Statement of work

Which of the following workplace-related safety and health issues would most likely be regulated by law:

Storage and disposal of chemicals

Where in a business plan can you find out how the business intends to handle public relations?

Strategy and implementation

Projects are different from business operations because business operations

are permanent.

Before Lynnette takes her new product to a mass audience, she should write a business plan to

assess a new product or promotion.

Three primary factors that affect the organizational structure of a business include interpersonal relationships, tasks, and

authority.

A commission or bonus is an example of a form of

compensation.

Every project creates a(n)

deliverable.

The first task in the HR management activity of staffing is

determining need

The ELG Company is organized by its offerings, which include a skin-care line, a cosmetics line, a hair-care line, and a line of fragrances. This is an example of a __________ organizational structure based on ___________.

divisional, product

Since Justin needs to examine the methods used to reach his company's goals, he wants to write a business plan to

implement a strategic plan.

A small organization might need a(n) __________, whereas a large company might need a __________.

informal organizational structure; formalized, complex structure

The strategy and implementation section of a business plan contains information on how you intend to put your plan into action, your sales strategy, and

information concerning your sales force.

Some general guidelines for creating a successful business plan include making the plan clear and concise, making the plan focused, and making the plan

realistic.

The part of staffing that involves seeking out and attracting qualified potential job candidates is called

recruiting.

The possibility that a project team member might leave during the course of a project is an example of a

risk.

The project manager controls what the project will and will not do, known as the project's

scope.

One reason that businesses use a matrix organizational design is to

share human resources.

When HR management executives participate in a company's long-range planning efforts, they are taking part in

strategic management.

Caroline manages a large group of highly skilled researchers at a corporation. Caroline is most likely to have a(n) __________ span of control.

wide