GB 370 Gentry Final
Strategic planning includes the formation of goals, whereas operation plans define way to
Achieve goals
Hailey finds that her company is overbilling the government for services. She tells her boss, who says he will take care of it, but he does nothing. Hailey got in (something). What model of decision making does Hailey's behavior represent?
Administrative
Tactical plans
Are an organized sequence of steps designed to execute strategic plans
Inappropriate goals
Are not consistent with the organization's mission
Installment loans are paid back with equal monthly payments covering
Both principle and interest
In the _____ section of a business plan, you describe the target market and description for your product or service.
Business Description
A collection of revolving and non-revolving lines of credit by the SBA for business that need working capital on a short term or cyclical basis is
CAPLines
A disadvantage of the ____ decision-making model is that it does not use ethics.
Classical
Those stakeholders most often emphasized in mission statements are
Customers and employees
When the manager understands the available options but the probabilities associated with each option are uncertain, the manager is
Decision making under risk
Which of the following statements about the classical model of decision-making is FALSE?
Decision making will be affected by personal preferences
Using Porter's analysis, firms are likely to generate higher profits of the industry includes which of the following?
Difficult to enter
It is important to follow up and evaluate the effectiveness of a decision to
Ensure that the decision achieves the desired result
Renee made a bad decision. She stays with it, trying to convince others it was a good decision. This is an example of....
Escalation of commitment
An organization's culture has all the following characteristics except
Exactly the same throughout the entire organization
A way to test ideas in small steps is
Experimentation
A good reason to attempt to shift programmed decisions to non-programmed decisions is because of decision-fatigue.
False
An unsecure loan generally has a lower interest rate than a secure loan.
False
Competitors could not be an angel investor
False
Cost leaders must maintain their marketing or face the possible entry of more cost-effective competitors.
False
Economies of scale deals with broadening product lines
False
Even if your company isn't incorporated, you can still use the word "Inc." in your firm name.
False
If management is seeking to change vision and mission, their ability to change the organization's culture to support those new directions is impossible to achieve.
False
In high power distance countries, decision-making power is distributed equally among the groups.
False
In highly assertive countries, competition between individuals and groups is discouraged.
False
Industries with many companies that have successfully differentiated their product have more rivalry.
False
Installment loans are the most useful type of loans for small businesses.
False
Mission and vision both relate to an organization's purpose and are typically communicated orally.
False
Most of the products created in the high-technology sectors are created by large corporations.
False
One of the negatives of sole proprietorship is the tax aspect.
False
Only supervisors are affected by the principles of management.
False
Organizational design is used to match the form of the organization as closely as possible to the vision of the organization.
False
Planning starts with vision and mission, and concludes with strategizing.
False
Stakeholders are individuals, not groups.
False
Targeting teenagers is a specific enough target market for your niche.
False
The IRS does not have any restrictions on non-profit organizations.
False
The best vision statements create harmony with regard to the status quo.
False
The legal structure for your company is important, but not in relating to taxes.
False
The related diversification corporate-level strategy is where an organization manufactures one product or service and sells it in a single geographic market.
False
Typically, only big companies need assistance from accountants.
False
When a scorecard is disseminated to others in the organization, strategy becomes a tool specifically for top management.
False
World trade is declining about 7% a year for the last 10 years.
False
Circuit City went bankrupt because of a series of poor managerial decisions and down turn in the economy. In retrospect, it would seem that in the group reaching a consensus decision. As a result, many decision were made due to
GroupThink
Planning for too long or too shore a time period is
Ineffective and Inefficient
Which of the following is not a purpose of bill of lading?
It is a tax document
Working with people from different countries can be a challenge because of
Language issues and different cultural norms
This program assists borrowers who generally do not meet traditional lenders' credit cards.
MicroLoan Program
What is something you don't have to do before the trademark search of your new idea names?
Narrow to only one, maybe two, name ideas
Organizational culture is defined by all of the following EXCEPT:
Organizational mission and vision statements
What is not a benefit of a corporation?
Owners of the corporation only pay a single tax
The penetration of mobile phones is changing the way we do business because
People are are more connected and able to share more information
When choosing an accountant, you want to find out their services, fees, and
Personality
Where does strategy formulation fit within the POLC framework?
Planning
The design and development plan charts its developments within the contexts of ______, marketing, and the company itself.
Production
A firm's tangible resource includes which of the following?
Production Equipment
Structured problems align well with which type of decision making?
Programmed
The different aspects of strategy as distinguished by Mintzberg include which of the following?
Realized
Which is not something to consider when looking for your attorney?
Reasonable Fees
Which of the following is not a disadvantage of franchising?
Reduced financial risk of new business success
The industry characteristics that make it very difficult for firms to achieve strategic competitiveness and earn above- average returns includes all of the following EXCEPT:
Relatively moderate rivalry
The most common forms of business are sole proprietorship, partnership, corporation, and
S-Corporation
In the value chain, which of the following activities is deemed to add direct value to a firm?
Sales and Service
Which of the following is not a type of manager described in the Levels of Management?
Section Managers
Which option below is the fastest growing segment of small-business enterprise?
Services
Which is the legal structure with the easiest start-up process?
Sole Proprietorship
A city's policy concerning skateboarding on downtown sidewalks that provide guidance for police action would be considered what type of plan?
Standing
While there are different schools of thought about how strategy comes about, researchers generally agree the common characteristic across successful organizations is:
Strategic Focus
Industry characteristics of an attractive industry, one where firms may achieve strategic competitiveness and earn above-average returns, includes which of the following?
Suppliers and buyers with little bargaining power
Which of the following is not an element of a corporation?
Taxes are easy and tied to the individual owner's income tax
The rational model of decision making assumes all of the following EXCEPT
The decision maker will select the least expensive acceptable alternative
Many organizations develop professional planning staff with overall responsibility for the planning process. Which of the following is NOT a reason?
The need to reduce coalition formation in the organization
What is the first step in a typical MBO program?
The organization's overall objectives and strategies are formulated
Which of the following circumstances would most likely result in the use of planning task force to help develop plans?
There is a special circumstance to be addressed
Frederick Taylor is most famous for
Time studies
Human resources management alignment means
To integrate decisions about people with decisions about the result of an organization
A cost-focus is a low-cost, narrowly focused market strategy.
True
A firm that possesses valuable and rare resources will not gain a competitive advantage unless it can actually put that resource to effective use.
True
A firm's performance relative to industry peers is likely to vary according to the level to which resources, capabilities, and ultimately core competencies satisfy VRIO criteria.
True
A letter of credit is used by a bank at the request of an importer and states that the bank will pay a specified sum of money to an exporter on presentation.
True
As a manager, if you feel like you are wearing a lot of hats, this is a good thing.
True
Assessing performance through financial returns only provides information about how well the organization did prior to the assessment
True
Depending on the state you are in, the business owner will be automatically included or excluded from workers' compensation.
True
Firms pursuing a differentiation strategy are vulnerable to different competitive threats that firms pursuing a cost leader strategy.
True
In countries like Russia and Greece, family and background count for more than performance does.
True
Keeping operating control and power of your company can be more difficult with outside investors
True
Large businesses outsource many routine business operations such as packaging, delivery, and distribution to small businesses.
True
Managers do not spend all of their time managing.
True
Many firms have valuable and rare resources that they fail to exploit.
True
Self-financing is the most common form of financing in business start-ups.
True
Sometimes mission statements also include a summation of the firm's values.
True
The ability to learn faster from customers is the essential competitive advantage startups must posses.
True
There are three ways an organization can respond to their environment: combine (merge), purchase (acquisition), or form new venture partnerships.
True
Unless you expect to have many passive investors, limited partnerships would generally not be the best choice for a new business.
True
You can refer to a lawyer who does a good job for our company as a valuable asset.
True
Most of the significant decisions in contemporary organizations are made under which decision-making condition?
Uncertainty
Hierarchy as an organization is necessary for
Unity of Command
The company that relies on computer and telecommunications technologies instead of physical presence for communication between employees is a
Virtual Organization
People in societies where uncertainty avoidance is high
Want strict rules, laws, and policies
Controlling consists of the following steps EXCEPT:
Write a mission and vision statement
Which is NOT an example of debt-financing?
Your personal assets