GEB1011: Test 2 Study Guide

A traditional tool that serves as a way of evaluating a company's current business situation is called the SWOT Analysis. This is an acronym for

Strengths, Weaknesses, Opportunities, Threats.

Enterprise zones are specific geographic areas that

attract business investment by offering lower taxes and government support for development.

Successful entrepreneurs are self-nurturing. This mean they

believe in themselves and their ideas.

Successful entrepreneurial teams

bring a variety of talent to the business venture.

Effective entrepreneurial teams combine

creativity with marketing and production experience.

The process of setting up individual departments to do specialized tasks is called

departmentalization.

The first step in the process of organizing a business is to

determine the work that needs to be done.

The goal of an intrapreneur is to

develop new products and generate new profits for the corporation.

Contemporary managers

emphasize teamwork and cooperation, and act as coaches, rather then bosses.

A mobile veterinary business, Paws on the Go, Inc., created a mission statement long before it opened its doors for business. The mission statement referred to the unique characteristic of the business: traveling pet unit whose veterinarians went to the home of the pet owner, rather than the owner bringing the pet to the clinic. What other criteria should be considered for the mission statement?

A description of the customers it serves and a statement about its social responsibility to the area where it operates

Which of the following is a characteristic of successful entrepreneurs?

Action-oriented

Select the statement that best substantiates why we say, "The role of management is evolving."

Contemporary managers will focus on collaboration, and continue to emphasize the team approach to work

Grayson was employed as a field technician servicing building HVAC systems, but because of a downturn in the economy, he was laid off from his job. After unsuccessfully trying to secure another field tech position, Grayson finally took a job as a stock employee at Home Depot. Which of the following best describes Grayson's situation?

Grayson is underemployed.

Which of the following best describes the difference between an intrapreneur and an entrepreneur?

Intrapreneurs work within existing corporations while entrepreneurs assume the risks of starting their own business.

Which of the following statements explains one of the reasons that people in the U.S. take the entrepreneurial challenge?

It's about independence and the opportunity to share in the American dream.

Cara started a small business a little less than 10 years ago. The business employed several social workers and nurses that visited and cared for persons who had left hospital care, but were not quite ready to be on their own at home. As the CEO of the firm, Cara decided it was time to hire a business operations manager and a marketing manager to handle the details of the business. Which of the following functions of management was Cara primarily performing?

Organizing

Which agency is charged with enforcing affirmative action programs

The EEOC

Which of the following U.S. issues does entrepreneurship most direct affect?

The ability to create jobs for others

Which of the following explains why individuals accept the risks of business ownership?

The sense of self-satisfaction and independence

Which of the following statements is characteristic of entrepreneurs?

They look at problems and see opportunities.

Which of the following best describes entrepreneurial personality traits?

Tolerant of uncertainty and highly energetic

Entrepreneurship is

accepting the risk of starting and running a business.

One reason we have seen continued growth in home-based businesses is

affordable technology makes it easier to compete.

The U.S. government's Immigration Act of 1990

encouraged entrepreneurs to come to the U.S. through "investor visas."

A(n) ___ is a group of experienced professionals from different areas of business who join together to develop, make, and market a new product.

entrepreneurial team

An entrepreneurial team consists of

experienced professionals from different areas of business.

The evolving business environment has made ___ a critical managerial function.

managing change

Business owners who prefer to maintain their businesses at a manageable size are called

micropreneurs.

The roles and responsibilities of human resource management have evolved primarily because of changes in the law that rewrote many traditional practices and

organizations' recognition of employees as their ultimate resource.

Title VII of the Civil Right Act

prohibits discrimination in hiring, firing, and other areas on the basis of race, religion, creed, sex, or national origin.

A human resource inventory of an organization's employees would include all of the following EXCEPT

salary levels of employees.

Historically entrepreneurs in the U.S.

started many small firms that later became major corporations employing thousands of workers.

Division of labor means

tasks are divided into areas of specialization among a group of employees.

Rhonda planned to open a pastry shop in a resort town on the east coast. As she pondered her organizational set-up, she decided she would need four employees to specialize in the creation and production of delicate pastries, and three employees to greet, serve, and sell to customers. One or two of her workers were designated as supervisors. Another preliminary organizational decision that Rhonda will most likely tackle is

the allocation of resources within her operation.

When performing a job analysis, the human resource manager will write a job description, as well as a job specification. The job specification consists of

the minimum academic and experience qualifications for the job.

Intrapreneurs make sure of ___ to develop and launch new products and generate new profits.

their employer's existing human, financial, and physical resources

Although successful entrepreneurs are more tolerant of uncertainty,

they strive to take calculated risks.

Joylen recently started working at a major urban university. One of the first things her supervisor provided her with was a large white notebook that contained rules and regulations on just about every aspect of the university's business. As a recent business graduate, Joylen realized that the university operated in a(n) ___ environment.

bureaucratic

The principle of ___ means that each person should know to whom they report, and that managers should have the right to give orders and expect others to follow.

hierarchy of authority

A creative person working within a corporation to launch new products and generate new profits is known as a(n)

intrapreneur.

"Clerical worker, with responsibilities for answering phones, greeting clients, filing for human resource department, some weekend work required." This is an example of a

job description.

One of the challenges of running a home-based business is

keeping work and family tasks separate.

Once known as "directing," the ___ role of management means creating a vision for the organization and empowering employees to become self-directed and self-motivated.

leading

"We believe in creating loyal customers by providing a superior experience at a great value. We are committed to direct relationships, providing best products and services based on standards-based technology, and outperforming the competition with value and a superior customer experience." This statement is a part of Dell's

mission statement.

Business incubators are usually government-funded facilities intended to

offer start-up firms low-cost office space and basic business services.

All managers for planning. Andrea is a general manager for a large toy store. Each day she plans the number of employees she will have in each department, including the number of cashiers. She plans the break schedules and the freight delivery schedules. In the business world, we refer to this as ___ planning.

operational

In the past, the major purpose of organizational design was to facilitate the needs of management in making their job easier, rather than

pleasing customers.

As the director of human resource management for Idle Time Gaming, Inc., Areum's responsibilities include

recruiting talented employees, developing and training employees, and selecting tools for performance evaluations.

Most businesses follow a logical process when performing planning function. It is important to understand ___, before embarking upon creating future long-term goals, objectives, and strategies.

the current situation

After 8 years of working for a company that installed underground sprinkling systems for golf courses, Trevor was ready to venture into his own business. As he prepared his SWOT analysis, he evaluated where he stood at this time. He was fortunate to have $100,000 financing to get the business under way. He knew of three skilled installers who were willing and interested to work for him, and he was aware that new construction was at an all-time low, with several residential properties being foreclosed. In reviewing his list, you would categorize these events as

two strengths and one threat.