MGT 301 Exam 1 Practice

The buying and selling of goods or services over computer networks is known as _______, whereas _______ involves using the Internet to facilitate every aspect of running a business.

e-commerce, e-business

In order for an organization to maintain a competitive advantage, it must stay ahead of its competition in customer responsiveness, innovation, quality, and _______.

efficiency

A complete ban on the import or export of certain products

embargo

An organization's internal stakeholders consist of

employees, owners, and the board of directors

Select all that apply A company's triple bottom line measures which aspects of its performance? (Choose every correct answer.) environmental financial ethical technological social

environmental financial social

Managers who are ______ believe that their native country, culture, language, and behavior are superior to all others.

ethnocentric

People who are outside an organization but are still affected by the organization are called the ______.

external stakeholders

Purchasing _____ items increases the chances that your money will help provide a decent wage for the people who made them.

fair trade

Mintzberg characterized managers' interaction with people both inside and outside of their work units as their _______ roles.

interpersonal

A system is a set of _____ parts that operate together to achieve a common purpose.

interrelated

Kurt is responsible for establishing organization-wide policies and strategies, and making long-term decisions that affect the organization as a whole. Kurt would be characterized as a _______ manager.

top

For which level of management are conceptual skills particularly important?

top managers

True or false: Taking ownership of a work project is an example of an attitude.

true

When managers use financial performance as the best definition of an ethical choice, they are taking a(n) ______ approach to organizational decisions.

utilitarian

A foreign subsidiary, or subordinate section of an organization, that is totally owned and controlled by an organization

wholly owned subsidiary

The behavioral management viewpoint emphasized

the importance of understanding human behavior and motivating employees to achieve

Administrative management is concerned with managing:

the total organization

The World Trade Organization, the World Bank, and the International Monetary Fund are the three principal organizations designed to facilitate international _____.

trade

The use of government regulations to limit the import of goods and services is called _______ ____________.

trade protectionism

According to Mintzberg's findings, it was typical for managers to work ____ hours per week at a minimum.

50

Which primary skills do companies seek in top managers? Select all that apply. A high level of energy Eagerness to please others The ability to motivate and engage others The ability to communicate

A high level of energy The ability to motivate and engage others The ability to communicate

What statement regarding ethical climates is TRUE? The ethical climate of an organization is unrelated to employees' ethical behavior. Managers have little or no effect on the ethical climate in an organization. An ethical climate significantly affects the frequency of ethical behavior. Ethical climates are unaffected by an organization's policies, procedures, and practices.

An ethical climate significantly affects the frequency of ethical behavior.

Evidence-based management focuses on bringing _____ to the decision process.

rationality

The trade prohibition on certain types of products, services, or technology to another country for a specific reason

sanction

A manager's responsibility to take actions that benefit both society and the business is known as _____ responsibility.

social

Employees who have the ability to work well with others to get things done are said to have _____ skills.

soft

A company's decision to move its operations out of the country will affect its employees, owners, suppliers, distributors, and everyone else who has an interest in the business. All of these groups together make up the company's _____.

stakeholders

Meeting the needs of the present through economic development without compromising the needs of future generations to meet their own needs is called ______.

sustainability

A trade barrier in the form of a customs duty, or tax, levied mainly on imports

tariff

The ten groups that present a company with its daily tasks to handle represent the company's _____ environment.

task

The "shrinking" of time and space as air travel and the electronic media make it easier for people of the world to communicate with one another refers to _____.

the global village

________ is a narrow view in which people see things soley through their own perspective, and is also called ethnocentrism.

parochialism

The act of contributing money in order to benefit society is referred to as _______.

philanthropy

Setting goals and figuring out how to achieve them describes the _____ function of the management process.

planning

Select all that apply Which of these events are credited with setting up the conditions by which the global economy - goods, people, and money moving freely throughout the world - could flourish? The legalization of gay marriage in the United States The bombing of Pearl Harbor Asian countries opening their economies to foreign investors The fall of the Berlin Wall The worldwide trend of governments deregulating their economies

Asian countries opening their economies to foreign investors The fall of the Berlin Wall The worldwide trend of governments deregulating their economies

Place the following obligations of a corporation (as identified by Carroll) in order, starting with the highest-level responsibility at the top of the list and placing the most fundamental obligation at the bottom of the list. Obeying the law Being ethical in its practices Making a profit Being a good global corporate citizen

Being a good global corporate citizen Being ethical in its practices Obeying the law Making a profit

Which employee is the best example of a functional manager? Brett, who is the manager of the company's accounting department. Mallory, who became the CEO after working for the company for 12 years. Miguel, who is responsible for the company's warehouse, production, and product source lines. Rachel, who is a supervisor and is responsible for the activities of three employees at the company.

Brett, who is the manager of the company's accounting department.

Select all that apply What are the branches of quantitative management? Behavioral science Evidence-based management Operations management Administrative management

Evidence-based management Operations management

What are maquiladoras?

Foreign-owned manufacturing plants that operate in Mexico in exchange for employing Mexican citizens

Who is known as the "father of industrial psychology" because of his revolutionary ideas on studying human behavior in workplaces?

Hugo Munsterberg

Select all that apply Which of the following statements are true about the classical perspective of management? It emphasized finding ways to manage work more efficiently. It had two branches - scientific and administrative. It assumed that people were rational. It focused on employee job satisfaction and engagement.

It emphasized finding ways to manage work more efficiently. It had two branches - scientific and administrative. It assumed that people were rational.

Select all that apply What are issues with the classical viewpoint? (Choose every correct answer.) It is too difficult to use and has fallen out of favor in modern times. It is overly mechanistic. It views humans as cogs in a machine. It fails to account for the importance of human needs. It is especially behavioral.

It is overly mechanistic. It views humans as cogs in a machine. It fails to account for the importance of human needs.

Alesha is looking for her first job as a marketing manager for a retailing company. When a recruiter asks her whether she has the technical skills for the job, what is he referring to?

Job-specific knowledge for the position in retailing

Which of these employees is involved in an ethical dilemma? Kimberly is choosing whether to import necessary parts to save money or to continue using a domestic supplier. Mia accepted the job as an administrative assistant at her company a year ago but is now thinking about looking for another job. Jonah is deciding if he should add two hours to his time sheet for travel to a client meeting because his company does not reimburse for travel time. Sun-Jun is concerned that new government regulations will cost his company more in production costs.

Jonah is deciding if he should add two hours to his time sheet for travel to a client meeting because his company does not reimburse for travel time.

According to one study, which three of the following represent the largest gaps in career readiness employers see in college students applying for employment? Motivation to learn Leadership Oral/written communication Professionalism/work ethic Diversity and inclusion

Leadership Oral/written communication Professionalism/work ethic

How did CEO dismissals related to ethical concerns change between 2008 and 2018?

More CEOs were fired for misconduct.

Which core competency of career readiness is most closely tied to ethical concerns? Professionalism/work ethic Critical thinking/problem solving Teamwork/collaboration Information technology application

Professionalism/work ethic

Select all that apply What are primary concerns of shared value and sustainable development? Short-term profits Social impacts Global equilibrium Environmental effects

Social impacts Global equilibrium Environmental effects

Select all that apply What four disciplines are included in the behavioral science approach to management? Sociology Psychology Accounting Physics Anthropology Economics

Sociology Psychology Anthropology Economics

Which of the following statements is true about managerial compensation? Lower-level managers typically make between $50,000 and $135,000 a year. Some middle-level managers make more than $100,000 a year. The problems outweigh the benefits. Few managers make more than the minimum wage.

Some middle-level managers make more than $100,000 a year.

Select all that apply Which of the following are keys to managing your career readiness successfully? (Choose every correct answer.) Taking responsibility over managing your career Following a process Earning an advanced business degree Personal reflection, motivation, commitment, and experimentation

Taking responsibility over managing your career Following a process Personal reflection, motivation, commitment, and experimentation

Select all that apply Which are examples of devices countries use to exert trade protectionism? (Choose every correct answer.) Licensing Tariffs Franchising Import quotas Embargoes

Tariffs Import quotas Embargoes

What is outsourcing?

Using suppliers outside the company to provide goods and services

Which of the following represents an ethical challenge? Zeynep's company uses only green materials, but he is tempted to use a cheaper supplier whose products are not environmentally friendly. Paul and Kevin conducted a videoconference about the new product line since they were both home sick. Connor decided to text his sales order into the home office in order to make sure it was received on time. Tonya told the supplier that recycled parts were important because her company wants to save money.

Zeynep's company uses only green materials, but he is tempted to use a cheaper supplier whose products are not environmentally friendly.

Which of these organizations is considered for-profit? a retail clothing store a labor union a local police department a social-welfare agency

a retail clothing store

A group of nations within a geographical region that have agreed to remove trade barriers with one another is called _____.

a trading bloc

What key to career growth did Jeff Bezos possess that motivated him to leave a stable lucrative job and create a start-up that became Amazon? eager to please ability to take risks desire to learn frustration with current situation

ability to take risks

What is the focus of PRME?

business education

Select all that apply What should an individual consider learning about a company before going to a job interview? (Choose every correct answer.) company mission and vision statements budgeting allocations per product or service company's core values and culture inventory management protocols

company mission and vision statements company's core values and culture

_____ approaches to management include learning organizations, high-performance work practices, and sustainable development.

contemporary

Which management viewpoint asks the question, "What method is the best to use under these particular circumstances?"

contingency

The managerial function of ______ involves monitoring performance, comparing it to goals, and taking corrective action when needed.

controlling

Bartering goods for goods

countertrading

The ability to operate in different cultures is the definition of _____.

cross-cultural awareness

At the human resource conference, Heidi attended a presentation on how to maximize the contributions of employees of different genders, races, ethnicities, and age groups. This presentation was about managing for _____.

diversity

The practice of a foreign company's exporting products abroad at a lower price than the price in the home market-or even below the costs of production-in order to drive down the price of a competing domestic product

dumping

Vondra believes that if her company created a problem for the local farm community by rationing water supplies, then her company needs to give those farmers grant money so they can get back on their feet. Vondra is advocating _____ corporate social responsibility. against for

for

A form of licensing in which a company allows a foreign company to pay it a fee and a share of the profit in return for using the first company's brand name and a package of materials and services

franchising

The ability to move goods and services among nations without any political or economic obstruction is called _____.

free trade

The macroenvironment is also known as the _______ environment.

general

__________ managers accept that there are differences and similarities between home and foreign personnel and practices and that they should use whatever techniques are most effective

geocentric

Also called offshoring; use of suppliers outside the United States to provide labor, goods, or services

global outsourcing

The rise in the average temperature near the Earth's surface due to an increase in greenhouse gases in the atmosphere is called _____ and is one aspect of climate change.

global warming

Expanding operations in countries where verbal expressions and gestures do not have the same meaning illustrate one of the main challenges of managing for _______.

globalization

The trend of the world economy toward becoming a more interdependent system is referred to as _______.

globalization

Corporate _______ is the system of company oversight designed to ensure that the interests of owners and other stakeholders are protected.

governance

A foreign subsidiary that the owning organization has built from scratch

greenfield venture

Maslow and McGregor focused on the study of ______ as it relates to increasing worker productivity.

human relations

A trade barrier in the form of a limit on the numbers of a product that can be imported

import quota

People who buy or sell stock illegally based on confidential company information are engaging in _____.

insider trading

Select all that apply A learning organization: (Choose every correct answer.) is able to modify its behavior to reflect new knowledge focuses on creating more efficient processes to manage labor costs actively creates, acquires, and transfers knowledge within itself is likely to have a bureaucratic structure

is able to modify its behavior to reflect new knowledge actively creates, acquires, and transfers knowledge within itself

Also known as a strategic alliance; a U.S firm may form a _____ ________ with a foreign company to share the risks and rewards of starting a new enterprise together in a foreign country

joint venture

The scientific approach to management emerged in the early 20th century when companies wished to increase worker productivity to counteract _____.

labor shortages

In his annual convention speech, the founder of a medical research organization reminded all the employees of the importance of their work in finding a cure for pediatric diabetes. He praised them for their dedication and urged them to continue their work. Which management function did the founder perform in his speech?

leading

Company X allows a foreign company to pay it a fee to make or distribute X's product or service

licensing

Peter Drucker is credited with providing the first modern handbook on the subject of ______.

management

Operations management focuses on _____.

managing the production and delivery of an organization's products or services more effectively

A company that has operations in several countries is called a(n) ______.

multinational corporation

Select all that apply Which are actions to take to increase a focus on the greater good? (Choose every correct answer.) Fulfill promises. Expand knowledge of social inequality. Seek out those who break the rules. Reduce carbon footprint.

Fulfill promises. Expand knowledge of social inequality. Reduce carbon footprint.

A _____ learning orientation is the desire to learn and improve your knowledge, soft skills, and other characteristics in pursuit of personal development.

proactive

_________ managers take the view that native managers in the foreign offices best understand native personnel and practices, and so the home office should leave them alone.

polycentric

True or false: Currently, the United States exports more than it imports.

false

True or false: Ethical standards do not vary among countries or cultures.

false

True or false: Unlike generations before them, Millennials have little concern for the environment and are more interested in profit over planet.

false

What term is defined as the sense of belonging to and serving something that you believe is bigger than the self?

meaningfulness

If Norway decided to reduce import duties for Germany, which allowed Germany to export more cars to Norway at a lower cost, it would create a stronger tie between these two countries. In this situation, Norway is granting Germany _____ trading status.

most favored nation

In her role as a grocery store general manager, Shara is able to make changes that affect customers, store employees, and individual department managers.This is an example of the _____ effect.

multiplier

In business, a group of people who work together in an attempt to achieve some specific purpose is known as a(n) _____.

organization

In the new department she is setting up, Shondra decides that top managers will report to her and that everyone else will report to the head of human resources. Which of the management functions is Shondra performing when she makes this decision?

organizing

Refer to Figure 1.1. Which of the four functions in the management process is dedicated to arranging tasks, people, and other resources to accomplish the work?

organizing