Management Final Exam
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
