Management Final Exam

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a current ratio of _____ means the organization has just as much value in current assets as they have in current liabilities

1

today about ________ of U.S. businesses are owned by women

33%

Today nearly _____ of the U.S. workforce is female

50%

Almost ______ of all marriages are dual-incomemarriages and one in _________ women makes more than her husband does.

60%, four

Bernie Madoff's client accounts were missing _______

65000000000

To purchase a McDonald's franchise you need to have at least ______

750000

The ______ is an organization of 21 Pacific Rim countries seeking to promote free trade and economic cooperation throughout the Asia-Pacific region

APEC

The _____ was established on August 8, 1967, in Bangkok, Thailand, by the nations of Indonesia, Malaysia, Philippines, Singapore, and Thailand

ASEAN

According to Heraber, which of the following lists of possible rewards would be the most effective in motivating your workers?

Actual job responsibilities, opportunities for personal growth and recognition, and the feelings of achievement that the job provides.

Business ethics is a subset of the field of ethics that focuses on the ethical issues you will likely face as a _______

Business manager

The flow of ______ into the business must be maintained during the planning and implementation of the new strategy.

Cash

Entrepreneurs must have a genius IQ

False

GATT was formed shortly after World War I with the goal of preventing World War II

False

Lilly Ledbetter sued Goodyear Tire & Rubber Co. and won.

False

New managers are typically given fully authority to make decisions, give orders, hire, fire, and reward subordinates.

False

Taking a deep breath before beginning a public speech will increase your chances of being nervous

False

The SBA is a brach of the U.S. government aimed at making it difficult for anyone to start a small business

False

The approaches to motivation used by managers do not apply to students

False

The law allows a bribe to obtain a contract so long as it is less than 250

False

having studied the various theories of motivation presented in Chapter 1, which statement below best summarizes how managers should motivate their employees?

Get to know and respect your employees as individuals and use intrinsic rewards whenever possible.

The _______ is an organization 188 countries working together to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world

International Monetary Fund

An appraisal approach that considers input on future goals and objectives of the employee and the organization is called

Management By Objectives

_______ is the term used to express the percentage difference between the cost of the good being sold and selling price

Margin

_____ is called the mother of conflict resolution

Mary P. Follett

According to ____ our lower-level needs must first be statisfied before we can care much about higher-level ones.

Maslow

The _______ organizational structure is a combination of the functional and divisional structures where some employees report to two superiors.

Matrix

An organizational structure that is more informal and uses teamwork where managers work more like coaches than bosses is called ______.

Organic

The book, The Practice of Management, was one of the first textbooks about the field of management and was authored by ______

Peter F. Drucker

According to Mary P. Follett, "____ is the curse of the universe: ______ the enrichment and the advancement of every human soul ."

Power-with, power-within

In addition to writing Wealth of Nations in 1776, Adam smith wrote _____ in 1759 stating that real capitalists should operate out of sympathy, courage, duty, benevolence, and self-respect, not ____.

The wealth of Ethics, greed

SMART goals are_______

Timely, Relevant, Attainable, Measurable, and specific

A common tool in the initial stages of planning is SWOT analysis

True

According to Thomas B. Macaulay, "The highest proof of virtue is to possess boundless power without abusing it."

True

An opportunity is defined as something the organization could buy or build that could give it a future competitive advantage

True

Deming was against the use of evaluation by performance, merit ratings, and annual performance reviews.

True

New ideas almost always meet with resistance

True

There will be plenty of temptations in your role as a business manager and leader.

True

What is popular is not necessarily what is right

True

While management may be more concerned with keeping within a budget and a schedule, really good managers are also inspiring leaders, and really good leaders do not ignore budgets and schedules.

True

Most organizations, in addition to the formal structure, have an informal or grapevine structure.

Ture

Guidelines for conducting a proper employee performace appraisal include all but one of the following.

Use just one rater

_____ was the American statistician who attempted to convince American business leaders to apply his statistical methods to industrial quality control but was more successful in Japan than in the U.S.

W. Edward's Deming

You should practice answering all but one of the follwing questions that are likely to be asked in a job interview

What pay and benefits are you demanding for this job

Med Jones, prsident of the International Institute of Management said, "you cannot lead others, if you cannot lead ___"

Yourself

Once the task is done, the business team can ______.

adjourn

Research indicates that people with a high need for _______ should not pursue a career in management because they may find it too hard to risk a friendship and fail to provide employees with objective feedback about the quality of their work.

affiliation

According to Harold Geneen, "The worst disease which can afflict executives in their work is not, as popularly supposed, ____; it's ______

alcoholism, egotism

When planners spend too much time studying the problem is called

analysis paralysis

The law defines sexual harassment as _______ action of a sexual nature

any unwanted and offensive

The leadership theory that says leadership comes from the consent of the governed is called the ____ theory.

authentic leadership

Helen Keller said it would be a blessing if each person could be _____ and ______ for a few days

blind, deaf

The use of rules, regulations, and formal authority to guide the performance of employees is called _______.

bureaucratic control

Which of the following is NOT one of the key questions to keep in mind on your first proofreading

can this be said using additional words

Which of the following is NOT one of the typical stages in building a team

communicating

According to Rollo May, "Communications leads to ______ that is, to understanding, intimacy, and mutual valuing

community

General Electric is a good example of the _______ strategy

conglomerate

Follett taught that people can gain power over others through brute force but genuine power come form working with people in a ______ mode rather than a _____ mode.

cooperative, command

____ refers tot he procedures that link the various parts of an organization to achieve the organization's overall mission.

coordination

Business executives who fail to comply with comply with reporting regulations of he Securities and Exchange Commission of the U.S. government _________.

could be put in prison

As you move up the corporate ladder of success and enter Phase 2 where you get your first taste of power, above all develop the _____

courage to do the right thing

today most organizations use teams to do all but one of the following

decrease productivity

_______ is a term used to describe how a large organization is composed of many different units that work on different kinds of tasks using diverse skills and work methods

differentiation

The assignment of different tasks to different people or groups is called

division of labor

all but one of the following is a tip for overcoming the fear of public speaking

do not over-prepare because then the speech looks canned

Warren Bennais is quoted as saying, "Managers do things right. Leaders ________"

do the right thing

Net Income divided by the number of shares of common stock outstanding gives you _______.

earnings per share

An ______ is a person who pursues lucrative new business opportunities

entrepreneur

an _______ venture is defined as a new business having growth and _______ as its primary objectives

entrepreneurial, high profitability

Good managers and good leaders have a highly developed sense of what is ________.

ethical

People who judge others by the standards of their own culture, which they think is superior, are _______

ethnocentric

When an organization decides it needs new blood it typically promotes _______.

externally

Anti discrimination laws have taken away all the power managers need to properly manage organizations.

false

It is not possible for a man to be sexually harassed by a woman.

false

as a business leader you will be speaking for yourself

false

All but one of the following are the main reasons business planners have to be flexible and allow for mid-course cahnges in plans.

government regulations change

David Rochefeller said "Succes in business requires training, dicipline, and _____"

hard work

According to Donald Trump. "No matter how you fire people, the results is always the same. They will ______"

hate you

Mark Twain said, "One learns peoples through the _______, not the eyes or the ________

heart, intellect

Csikszenmihalyi says that instead of thinking of happiness as looking like children celebrating a birthday party, we should think of being ______

in the flow

An _____ is a good way to spend some time working in a particular organization observing the various jobs within that organization

internship

Today many employees have reduced their reliance on _____ but have increased their complain on selecting future employees from their ____

interviews, interns

According to Albert Einstein the only really valuable thing is _____

intuition

The quick ratio is the same as the Current ratio except we subtract ______ from current assests before dividing by current liabilities

inventory

Giving employees additional task to do to relieve boredom and increase their chances for a promotion is called

job enlargement

Consider each of your teachers as a potential

job reference

A ________ is defined as a legal agreement between two or more companies to work together to accomplish some specific goal such as building a particular product

joint venture

great managers and great leaders carry out their managerial responsibilities with _______ and _______

knowledge of the law, with an attitude of fairness and justice

which of the following is NOT one of the main reasons team often fail

lack of top management support

A _______ position is one where the manager has direct responsibility for a principle activity of the firm

line

according to Tennyson, "Tis better to have loved and _______ than _____"

lost, never to have loved at all

Viktor Frankl, survivor of Auschwitz and author of Man's Search for Meaning, said the secret to survival was based primarily on two factors ____ and ____

love, purpose greater than self

according to Peter Drucker, "_______ means, in the last analysis, the substitution of thought for brawn and muscle, of knowledge for folklore and superstition, and of cooperation for force

management

Control based on pricing mechanisms is called

market control

Net Income divided by the number of shares of common stock outstanding gives you ______

market control

communicating as a manager requires not mere communication from one ________ to another, but also from one _______ to another.

mind, heart

According to David Hume, "When men are most sure and arrogant they are commonly most _______"

mistaken

Promoting from within promotes employee ________

morale

One of the reasons Title VII of the Civil Rights Act of 1964 is so important for managers to know is that _____.

most wrongful termination lawsuits involve this law

Hero Honda of India produces and sells _______

motorbikes

The best leaders are quick to sense when they are _____

offending others

the person with a highly developed empathy can sense _____

other's emotions

The problem with using Shannon and Weaver's Communication Model to depict the communication between managers and workers is that _______

people are more complicated than telephone systems

A danger of the Great Man Theory of Leadership is the tendency to expect our leaders to be ______.

perfect

According to American businessman Fred Adler, "Happiness is a ______"

positive cash flow

Focus is about the concentration of ________ into a small area

power

Follett said, "The best leader knows how to make his followers actually feel _____ themselves, not merely acknowledge his ____

power, power

Henry David Thoreau said, "The mass of men lead lives of _____"

quiet desperation

good writing begins with good ________

reading

Bishop Fulton J. Sheen said that the most important thing was to be _______

sincere

According to Golemen social competence is composed of _____ and ______

social awareness, relationship management

Shannon and Weaver's Communication Model included all but one of the following

static

A _______ organizational chart typically means there are many layers of managers between the workers and the person with the highest level of administrative authority.

tall

The communication issue that is concerned with how accurately your message was transmitted is called the ______ problem

technical

Level 3 (Post-Conventional) of Kohlberg's Levels of Moral Reasoning suggests people do what is right because _______.

that are following universal ethical principles

The Working Capital Ratio is also called _____.

the current ratio

researchers have discovered that even in a darkened auditorium, when the spotlight is focused on the speaker or performer, most people in the audience are thinking primarily about ______

themselves

As the manager, you must do all you can to __________

tie rewards to the accomplishment of the team

The Servant Leader begins with the desire ______.

to serve

Confucius said, "greatness is not achieved by never failing but by rising each time we fall

true

Deming advocated the elimenation of slogans and work quotas.

true

Good managers base employee appraisals on well-documented behaviors or results

true

Good managers must be ethical and socially responsible while managing for profitability.

true

Great leadership involves not only a combination of leadership attitudes and actions, but also a complex combination of situational circumstances especially involving the particular task at hand, the followers and their skills, motivation of the followers

true

In writing a speech you have to write for the ear as well as the eye

true

John Kennedy said, "for those to whom much is given, much is required"

true

Kahneman's research shows that people actually make decisions more frequently using intuition rather than logic

true

Leaders have a heightened responsibility to know their audience and to make certain their message is communicated accurately and clearly into the hearts and minds of their followers

true

Managers should reward smart work instead of busywork

true

Many who eventually gain great power began by exhibiting exceptional personal energy and talent

true

One reason recent graduates find it difficult to work in teams is that school work is done alone

true

Successful people accept and enjoy challenges

true

There is no substitute for preparation

true

To develop into an ethical business manager, a good approach is to begin today to conduct yourself as a student ought to behave

true

Today diversity refers to far more than skin color

true

prejudices are what fools use for reason

true

the goals of the organization and the goals of a particular team must be crystal clear and repeated so often that every team member can repeat them from memory and knows how his or her individual role contributes to that broader goal

true

to make a difference as a manager and leader you need to know how to obtain and use power ethically

true

you can apply SWOT to yourself

true

A strength is defined as something the organization does exceptionally well or something it has that gives it a sustainable competitive advantage

ture

An interpreter is someone who works to create new business ventures while working inside an existing large company

ture

Diversity also includes working overseas and working with people form overseas

ture

It helps to study a McDonald's franchise even if you do not buy one because McDonald's has one of the most sucessful franchise operations in the world

ture

Many planning projects begin with a problem such as the company not growing as fast as key individuals would like

ture

Today, many business organizations operate on a global basis with a philosophy that they will hire the best people from anywhere on the globe, will seek customers on a worldwide basis, will locate their facilities anywhere in the world, and in general, wi

ture

Working within a team allows employees to get to know others in the organization

ture

The term used to descrie the value a particular outcome holds for an employee is called _______.

valence

Costs that increase with each unit produced are called ______

variable costs

Good research in _____.

very practical

Good people need to step forward to see power to stop being ______ themselves and to help those who are ______

victims, victimized

Sun Tzu's book, The Art of _____, written over 2500 years ago, still provides principles that apply to practically all forms of management and leadership.

war.

Your workers ma often ignore what managers say, but will always ______.

watch what managers do

giving employees additional task to do to relieve boredom and increase their chances for a promotion is called___.

watch what managers do


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