Business Final 2022 (Quiz 1-7) (Objective Exam 1-3)

During what phase of the project does the project manager release the project's equipment, supplies, and team members? -Definition -Implementation -Planning -Closing

Closing

A business that offers the next service in the industry usually has a -Trade perception -Diverse culture -Social environment -Competitive advantage

Competitive advantage

What is the demand for our products in this region? This is a question that a business wants to answer when it E-valuates technology needs -Establishes orientation programs -Conducts a market analysis -Develops financial standards

Conducts a market analysis

Which of the following is an ethical issue that a business manager might encounter: -Conflict of interest -Balance of trade -Span of control -Return on investment

Conflict of interest

Before a business owner decides to hire a new employee, s/he must first -Obtain application forms from the government -Consider the demand for the business's product -Ask current employees to increase their workload -Advertise the position in the newspaper

Consider the demand for the business's product

Quarterly, each of the international vice presidents of Smith & Webber completed the company's scorecard track sales, profit, advertising expenses, and other key information. The scorecard is a tool for which of the following management functions: -Planning -Control -Directing -Organizing

Control

What is the management activity that involves comparing what was planned with what actually happened? -Control -Organize - Plan -Direct

Control

Which of the following management functions evaluated an organization's performance and corrects any problems that may exist: -Analyzing -Directing -Controlling -Organizing

Controlling

Which of the following is benefit of a project planning: -Coordinating all of the parts of the project -Asking yourself important questions -Setting an appropriate time frame -Monitoring your project

Coordinating all of the parts of the project

Agile consulting co gives its employees two paid days every quarter to volunteer in the community. This is an example of -Corporate social responsibility -Innovation -Ethical workplace behavior -Transparency

Corporate social responsibility

Before a business takes steps to hire a new employee, it should -Identify the available sources of new employees -Develop a training plan for the new employee -Determine that a new employee is actually needed -Set up a schedule for the new employee

Determine that a new employee is actually needed

A furniture store manager who helps an employee decide when and where products should be delivered performs which management function? -Organizing -Controlling -Staffing -Directing

Directing

What management function involves motivating and encouraging an employee? -Directing -Planning -Organizing -Recruiting

Directing

The scope of control that staff members have over their jobs affects the amount of time that a manager spends -Developing workplace policies -Directing their work activities -Identifying ways to achieve goals -Negotiating employee contracts

Directing their work activities

Established clearly formulated, overall organizational objectives provides a business with -Information about potential risks -Strategies for attaining company goals -Direction for the business's activities -Tactics to use in daily operations

Direction for the business's activities

Which of the following is the first step in developing a work breakdown structure (WBS) for a project: -Ensure that work tasks are being completed in the proper order -Divide the workload into independent work place -Evaluate the quality of completed activities in relation to the project goals -Determine how long it will take to complete each work task

Divide the workload into independent work packages

Which of the following is an activity performed during the close-out phase of a project: -Documenting results -Sequencing tasks -Selecting resources -Setting goals

Documenting results

A global manager is most likely to struggle to recruit and develop the right employees in a different country if s/he -Doesn't understand the job market -Doesn't speak the language -Is not qualified for their job -Is not paying attention to compliance

Doesn't understand the job market

The fisher manufacturing company has been receiving a lot of complaints about product breakage problems with the model 2YZ. Fisher has been working with its parts vendors and production-line personnel to try to determine why the problems are occurring. This is an example of a product-quality issue related to -Distribution -Volume -Durability -Costs

Durability

One of the main purposes of a business plan is to help a new business -Establish objectives -Organize procedures -Set standards -Create policies

Establish objectives

One of the functions of managerial control involves comparing the results of various business activities with the -Established goals -Hiring procedures -Safety regulations -Purchasing methods

Established goals

One of the main reasons why owners develop a business plan before starting a new business is to -Estimate financial needs -Organize production processes -Identify qualified workers -Prepare operating manuals

Estimate financial needs

During what phase of the project life cycle does the project manager activate project controls? -Execution -Planning -Definition -Closing

Execution

The part of the business plan that gives an overview of the entire document is the -Company description -Appendices -Table of contents -Executive summary

Executive summary

Which of the following should be included in a job profile: -Descriptions of coworkers -The hardest parts of the job -Experience needed to do job -The company's mission statement

Experience needed to do the job

What is an important element of all businesses that managers must control? -Incentives -Competitors -Benefits -Finances

Finances

One of the main reasons why a business conducts a market analysis is to -Identify samples -Conduct experiments -Forecasts sales -Observe consumers

Forecast sales

An important part of planning function of management is to determine the business's Sales Profits Wants Goals

Goals

As part of its market analysis, the SVM Company estimates the increases in demand for its products over a set time frame for a particular market segment. The SVM Company is attempting to analyze the market's -Performance -Size -Growth rate -Profitability

Growth rate

The objectives that managers develop for a business to attain are also intended to serve as operating -Regulations -Standards -Guidelines -Requirements

Guidelines

Findley Construction Company has been awarded a major contract to work on a new shopping mall and arena that is being built in the city's business district. Because the project requires special skills and knowledge, Nick, Findley's human-resources manager, will need to acquire new workers to carry out the many tasks associated with the project. Nick is responsible for _________ workers, which is an activity associated with the __________ management function. -Guiding, controlling -Influencing, directing -Hiring, staffing -Training, organizing

Hiring, staffing

Which of the following is a question that should be answered when developing the "lessons learned" document: -What equipment should we use? -How can we improve? -Who are our stakeholders? -What are the risks?

How can we improve?

What is an important question that a manager must consider when hiring a new employee? -How should the workload be distributed? -What is the company's vision? -How will the company compensate this worker? -What are the company's product quality standards?

How will the company compensate this worker?

Businesses realize that it is almost impossible to appeal to all customers which is why most businesses try to -Offer product guarantees -Set marketing goals -Limit distribution channels -Identify market segments

Identify market segments

As a result of reviewing competitors' promotional activities while conducting a competitive analysis, a business might decide to -Revise pricing strategies -Eliminate all advertising -Implement similar activities -Provide additional sales training

Implement similar activities

As a result of conducting a competitive analysis, businesses are often able to determine -The number of employees to hire -In which markets to compete -How the government controls competition -The overall health of the economy

In which markets to compete

A furniture manufacturer has been receiving complaints about the safety of its Model BA2X baby crib. What is the first thing the manufacturer should do? -Offer refunds to the customers -Make style improvements to the crib -Initiate a product recall -Ship the customer another crib

Initiate a product recall

One activity associated with the directing function of management is -Establishing goals -Instructing employees -Determine tasks -Interviewing applicants

Instructing employees

A SWOT analysis revealed that the Sampson Corporation's extensive training program has led to a low employee turnover rate for the company. This is an example of a(n) -Internal threat -Internal strength -External weakness -External opportunity

Internal strength

Why does the pursuit of financing often require a company to develop a detailed management plan? -The company will be better equipped to create the ownership structure -It's impossible to obtain financing without a detailed management plan -Investors prefer highly detailed planning and professional looking reports -Investors care about a company's leadership and management abilities

Investors care about a company's leadership and management abilities

What is one question that a business must answer when identifying a potentially profitable target market? -Does the product have form utility? -Is the market responsive? -What are monthly variable expenses? -What is the reach and frequency of the advertising medium?

Is the market responsive

After the new video game "Rocket Bunny" arrived on store shelves, the team that created it had a meeting to talk about the project. They discussed the project's slow start and how they could have done it better. They also talked about using a wiki to communicate and how they will use wikis again in future projects. The Rocket Bunny team is engaging in a -Lessons learned meeting -Project planning meeting -Project monitoring meeting -Meeting to select the project champion

Lessons learned meeting

Which of the following types of information is essential for creating an organizational structure: -Listing of departments -Salary costs -Supply chain diagram -Sources of capital

Listing of departments

An all-inclusive resort hotel is about to open in a newly developed part of Jamaica. It will be the tallest building on the island. It's target market is 35 to 55 year olds. The resort is right on the water and positioned so that guests have an unimpeded view of the sunset. A number of fast food restaurants have also opened in the area. The resort is moderately priced. What would you suggest as the hotel's competitive advantage? -Easy access to fast food restaurants -Location on the water -The unique height of the hotel -The hotel's target market

Location on the water

The fundament activity associated with the planning function of management involves -Evaluating progress -Looking ahead -Motivating employees -Establishing structures

Looking ahead

Identifying market segments helps a business to develop appropriate -Economic forecasts -Marketing strategies -Organizational records -Leadership styles

Marketing strategies

If a firm discovers a competitor's weakness when it is conducting a competitive analysis, the firm has often uncovered a(n) -Product liability -Internal threat -Ethical disadvantage -Marketplace opportunity

Marketplace opportunity

The new business owner set a goal of selling $50,000 of goods in the first six months. This is an example of a(n)____________ objective -Staffing -Measurable -Inventory -Advertising

Measurable

What directing activity rewarding employees with positive feedback and monetary incentives? -Producing -Supervising -Coordinating -Motivating

Motivating

When the owner of a small company conducts an organizational SWOT analysis, it is important for him/her to -Define the business's mission -Focus on the threats -Develop strategies for improvement -Obtain input from employees

Obtain input from employees

Which of the following is most likely to be included in a company's management plan: -Organizational chart -Manufacturing process -Supply chain -Salary costs

Organizational chart

The primary purpose of developing a work breakdown structure (WBS) for complex projects is to -Monitor human resources and supplies -Document the benefits of the project -Organize the work in logical sequence -Identify potential stakeholders

Organize the work in a logical sequence

Jackie is a manager with the SDP Company and is establishing a systematic way for her department to complete a long-term assignment. What function of management is Jackie carrying out? -Organizing -Leading -Staffing -Controlling

Organizing

An automobile manufacturer initiates a product recall for a group of new sedans that have defective brake pads. This is an example of a quality-management issue related to -Adaptability -Customization -Customer preferences -Product safety

Product safety

Who is usually responsible for planning a project? -Project manager -Project scheduler -Project assistant -Project coordinator

Project manager

What should a manager of a global company do to build relationships among international colleagues? -Avoid using technology to communicate -Provide cultural training for employees -Keep employees largely separated -Increase the focus on risk management

Provide cultural training for employees

A water-filtering company made some changes to its processes that resulted in better tasting water. This is an example of -Quality control -Quality improvement -Opportunity cost -Market development

Quality improvement

Caitlin is the manager for a busy accounting department and has decided not to replace the payroll specialist who recently resigned. She wants Martin, who currently handles the firm's accounts-receivable, and David, the accounts-payable clerk, to jointly take over the payroll-processing responsibilities. She also wants her assistant Fiona to take over some Martin's and David's current tasks. What organizing activity is Caitlin performing? -Training employees -Providing feedback -Establishing goals -Reallocating

Reallocating resources

Which of the following should effective managerial planning do: -Reduce uncertainty -Limit communication -Achieve goals -Provide a chain of command

Reduce uncertainty

One procedure for determining future hiring needs involves analyzing -Sales volume -Merit pay -Job security -Formal training

Sales volume

The Page-Turner Online Bookstore sent a questionnaire to its customers to determine how happy its customers are with its service. Customer's general responses indicate that the bookstore's lead and delivery times have improved a lot in the past three months. What aspect of quality has the bookstore evaluated? -Customization -Durability -Safety -Satisfaction

Satisfaction

When an automobile company markets a van to families and a luxury sports car that appeals to single, working adults, it is engaging in _______ marketing -Segment -Local -Mass -Relationship

Segment

Which of the following factors should a business consider when conducting a comprehensive market analysis: Segment size, competitors and demand Strategy, demand, and frequency Policy, frequency, and segment size Competitors, policy, and reach

Segment size, competitors, and demand

To control various business activities in an effective manner, managers must first -Set appropriate standards -Identify communication channels -Request employee feedback -Initiate corrective action

Set appropriate standards

Which of the following are characteristics of tactical planning: -Short range and vague -Long term and vague -Short range and specific -Long term and specific

Short range and specific

A mission statement should be -Memorable, long, and broad -Short, general, and product-focused -Short, specific, and understandable -Memorable, narrow, and product-focused

Short, specific, and understandable

Businesses identify market segments by dividing consumers into groups that have -Similar characteristics -Financial needs -Inconsistent values -Unusual interests

Similar characteristics

Which of the following is a disadvantage of a narrow span of management: -Less career advancement -Less focus on individual employees -More cost efficiency -Slower communication process

Slower communication process

Why is it important to define your project precisely? -So you can involve other people -So you can create something tangible -So you can achieve your objectives -So you can spend less money

So you can achieve your objectives

Burkhart Manufacturing is implementing a new, company wide computer system. Nadine is in the process of identifying the skills that will be needed to manage the information and maintain the various software applications. What function of management is Nadine focusing on? -Controlling -Staffing -Training -Planning

Staffing

What management function involves identifying qualified candidates to perform the business's work? -Staffing -Leading -Persuading -Controlling

Staffing

A primary purpose of preparing a work breakdown structure for a project is to -Streamline the workload -Set the project goals -Identify the project deliverables -Evaluate the quality of resources

Streamline the workload

Which of the following is an internal factor that impacts management: -Changes in interest rates -Customer satisfaction -The company culture -Supplier relations

The company culture

Which of the following would cause a business to select a talk organizational structure instead of a flat structure: -The company will be managed by four leaders who empower employees to take responsibility for large projects -The company will be managed by a team of three experienced professionals who oversee the activities of three interactive departments -The company will consist of four highly collaborative teams to achieve superior problem-solving at every level -The company will be run by numerous managers with varied levels of management responsibilities

The company will be run by numerous managers with varied levels of management responsibilities

Which of the following is the main purpose of management: -To accomplish the business's goals -To reach a specific level of productivity -To obtain the needed resources -To create a pleasant working atmosphere

To accomplish the business's goals

What is the primary purpose of developing a post-implementation review during the closure phase of a project? -To document necessary changes for future projects -To determine if the deliverables achieved project goals -To formally release all resources from the project -To archive all project documentation

To determine if the deliverables achieved project goals

Why is it important for businesses to analyze the competition on a regular basis? -To determine ways to compete -To eliminate competitors -To understand laws regulating competition -To compete on an ethical basis

To determine ways to compete

Why is it important for a business to select a target market? -To organize exclusive sales territories -To identify the most appropriate vendors -To prepare detailed promotional reports -To develop strategies to appeal to customers

To develop strategies to appeal to customers

Which of the following is the most likely reason that a business might choose to engage in corporate social responsibility: -To improve its image -To cut expenses -To improve customer service -To grow its workforce

To improve its image

Which of the following is an example of a company objective that might be developed by top management: -To improve the collection process -To maintain or increase market share -To maintain the billing cycle -To hold weekly sales meetings

To maintain or increase market share

Why is it important to think ahead about how you will monitor your project? -To practice monitoring the project -To pick the right helpers -To make sure the project's quality doesn't suffer -To guarantee the availability of needed resources

To make sure the project's quality doesn't suffer

Which of the following is a demographic characteristic that businesses often use to identify market segments -Type of household -Style of living -Location of population -Level of personality

Type of household

One of the purposes of developing a business plan before starting a new business is to -Create a safe work environment -Organize the operation -Understand the risks involved -Identify a maintenance system

Understand the risks involved

A manager who takes credit for the work his/her employees perform without giving credit to the person(s) who actually did the work is acting in a(n) -Successful -Truthful -Ethical -Unethical

Unethical

Which of the following is the first step of effective managerial planning: -Developing procedures for activity implementation -Evaluate the quality of various processes -Use a systematic approach to establish objectives -Establish criteria to evaluate strategies

Use a systematic approach to establish objectives

Which of the following is the most effective mission statement: -We own the most well-known popular amusement parks and resort hotels in the world -We create happiness by providing the finest in entertainment for people of all ages, everywhere -We sell toys, clothing, jewelry, houseware, books, movies, and much, much more! -We want to become a $100 billion corporation by the end of the 21st century

We create happiness by providing the finest in entertainment for people of all ages, everywhere

Which of the following questions should effective managerial planning answer: -What do we want to do? -Who will do the work? -Did we accomplish our goals? -How will we monitor the work effort?

What do we want to do?

Isabelle is developing a document that divides a long term project into meaningful subprojects and tasks, which she will use to guide the workflow. Isabelle is developing the -Project status report -Work breakdown structure -Data interchange program -Technical operating system

Work breakdown structure

Trevor needs to determine the procedures that he needs to follow for a specific project work activity. Trevor can locate that information in the -Production schedule -Project's statement of work -Network diagram -Work breakdown structure dictionary

Work breakdown structure dictionary

One way to make discussions about salary and benefits less uncomfortable is to -Use email rather than face to face conversations -Talk about it with the entire staff at once -Prevent employees from responding right away -Discuss compensation often and in advance

Discuss compensation often and in advance

Which if the following is an activity that a business performs when conducting a competitive analysis: -Sets productivity goals -Monitors rivals' marketing strategies -Calculates economic data -Develops selling procedures

Monitors rivals' marketing strategies

Which of the following is a reason why managers develop company objectives: -To communicate with employees -To forecast sales potential -To solve operating problems -To identify business purpose

To identify business purpose

Which of the following is the difference between a job description and a job profile: -A job profile is for internal use -A job description is used for a job posting -A job description has more detail than a job profile -A job profile is positive while a job description is negative

A job description has more detail than a job profile

At Company ABC, managers believe that an on-site gym, monthly office parties, and break rooms that include darts and food all tables are essential to worker productivity, the managers are using the _____________ theory -Scientific management -Management science -Administrative management -Behavioral management

Behavioral management

In which way can a start-up business benefit from writing a business plan? -Asses a new product or promotion -Place a value on the business -Prepare for an expansion -Define managers' roles

Define manager' roles

Businesses often segments their target markets into which of the following three primary areas: -Demographic, productive, rational -Geographic, economic, technological -Demographic, psychographic, geographic -Psychographic, sociological, promotional

Demographic, psychographic, geographic

Age, ethnicity, and income are all factors when developing a target segment based on -Demographics -Geography -Behavior -Psychographics

Demographics

At Company X, employees each put together a small part as it passes them on the assembly line. Rewards are given to employees who work the fastest. Managers frequently observe employees to determine how each job can be done faster. The managers are using the __________ theory. -Behavioral management -Scientific management -Management science -Administrative management

Scientific management

Which of the following is an example of an activity associated with the directing function of management: -A manager coordinates the tasks of a cross-functional work team -Pedro interview several applicants for an open position in the finance department -A manager disciplines an employee for inappropriate behavior in the workplace -Carmen recommends changes to increase outputs on the production line

A manger disciplines an employee for inappropriate behavior in the workplace

Company XYZ has developed a new flavor of ice cream called Hunky Chunky and has selected a target market that consists of boys, ages 7-15, who are living at home with their parents in a household that earns between $30,000 and $60,000 a year. This method of target market selection is based on Socioeconomics Psychographics Geographics Demographics

Demographics

Which of the following should a business consider when developing a project plan to help control costs: -Potential problems -Available publicity -Possible objectives -Advertising expense

Potential problems

When a business conducts a market analysis and identifies territories, determines the possible buyers in the territories, and estimates the buyers' purchases, it is evaluating the -Competitors' market share -Segment's psychographics -Potential media exposure -Area's market potential

Area's market potential

Which of the following would be part of the management function of organization: - Setting company goal - Taking corrective action - Assigning individual workers to specific jobs - Interviewing customers about product preferences

Assigning individual workers to specific jobs

In management. A primary organization activity is -Assigning responsibility -Hiring talented workers -Controlling external conditions -Evaluating job performance

Assigning responsibility

An important part of employee compensation is the -Intangible reward system -Wage garnishment -Benefit package -Discount rate

Benefit package

Which of the following is an activity preformed during the planning phase of a project: -Feasibility analysis -Schedule implementation (execution) -Concept identification -Budget development

Budget development