Business Management 1 Final Exam Study Guide

Organizing can help companies handle issues with __________ so employees know to whom to report and who is responsible for what.

Authority

In which stage of project management is the product delivered?

Closing.

Diana prepares bills and invoices for her company. Her career is in the area of

Corporate finance.

A company has a goal to launch a new product. After setting this goal, company management needs to

Determine the work needed to accomplish it.

Textronics, Inc. manufactures and sells its computer chips in six countries. It employs over 8,000 people worldwide. Which organizational structure makes the most sense for Textronics, Inc.?

Divisional.

The best business career prospects are available to candidates who have

Earned a bachelor's degree.

Which of the following is a career area in business:

Marketing.

Which of the following is an element of any project:

Outcome.

Which of the following documents is drafted in the initiation stage of project management:

Statement of work.

Staffing is important because human resources are

The organization's most valuable assets. Staffing is important because human resources are an organization's most valuable assets. However, they are also an organization's most fragile assets—hardly indestructible! Human resources are usually fairly easy to find; however, everyone has unique talents and experience, so these resources are not interchangeable.

The three common constraints on a project are scope, budget, and

Time.

When the hybrid vehicle was introduced, it was an example of a project that

Used entirely new technology.

Which of the following documents is drafted in the planning stage of project management:

Work breakdown structure.

Jenn has bookkeeping responsibilities at her new job. In what department does she likely work?

Accounting.

Which of the following skills is at the core of most business activities:

Communication skills.

An organization with a wide span of control usually

Has a lack of middle managers.

Taylor works as a public relations manager. His career is in the area of

Marketing communications

Katharine has just been hired as a brand manager at a retail chain. Her career is in the area of

Marketing management.

None of the other managerial functions can be carried out effectively without staffing because

Staffing supplies the human resources needed for management. None of the other managerial functions—planning, organizing, directing, and controlling—can be carried out effectively without staffing. This is because staffing supplies the human resources (people) needed to fulfill the tasks involved in these functions. Organizational communications are not a staffing task. Organizing lays the foundation for staffing—not the other way around. Businesses are not legally required to perform the management functions in a certain order.

Which of the following is a true statement about projects:

They are short-term undertakings.

Every project creates a(n)

deliverable

Professional selling belongs in what career area?

marketing

Completing an employee's insurance and tax paperwork is part of which staffing task?

onboarding

Mitch's boss placed him in charge of shipping at his company. Whenever anyone wants to ship a package, they need his approval and oversight. Mitch has

Authority

Which of the following is a career area in business management:

Business information management

The staffing function is different from the organizing function because staffing is

Continuous. The staffing function is different from the organizing function because staffing is continuous. It's always taking place within the organization, whereas organizing may take place just one time. Staffing is not optional—businesses need human resources to operate. Organizing lays the foundation for staffing. Neither function is more important than the other.

A chain of command must have unity of command, which means that

Employees should only report to one supervisor.

Yabbie's BBQ just hired several new staff members, so it decides to increase the number of managers working at once. This is an example of how

Employees' competence affects organizing decisions.

In which stage of project management does the actual work of the project take place?

Execution

Nick is the CEO of a business. The vice presidents of marketing, product development, finance, and operations all report to him, and they each have their own teams made up of several employees. This is a __________ structure

Functional.

Employees who have supervisory responsibilities for part or all of the business work in

General management.

Which of the following is a benefit of using project management software:

Improved efficiency.

Which of the following is a benefit of the division of labor:

Increased efficiency.

A manager worked to streamline the production process and was able to save the company several thousands of dollars. This is an example of how organizing

Reduces waste and improves efficiency.

Which of the following is a true statement regarding a project champion:

S/He can mobilize the necessary resources to get the project done.

The project manager controls what the project will and will not do, known as the project's

Scope.

Which industry includes brokerage firms and stock exchanges?

Securities and investments.

How can managers coordinate employees' activities

Share organizational charts with them

How does organizing provide a sense of security for employees?

They know exactly what is expected of them.

Jon is always telling Petra what to do, but Petra doesn't know whether or not Jon is her superior. Petra's company needs

To implement the scalar principle.

John has just been hired as a loan officer. His new career is in the area of

banking services.

The key to recruiting is

finding the right number of applicants.

Brianna works for a marketing agency, and she is skilled at graphic design. She spends all of her time creating graphics, rather than working on any other aspects of the marketing campaign. Brianna is

A specialized worker.

When managers are grouping related tasks into departments or teams, they are

Determining the organizational structure.

Which of the following industries exists to protect individuals and businesses from financial losses:

Insurance.

Which of the following is an example of a project that enhanced an existing product:

A software update for your computer. There are many different types of projects and ways to categorize projects. One type of project is a project that enhances existing projects. An example is a software update for your computer, which makes an existing product (your computer) better. The construction of the Empire State Building, a medication that cures a life-threatening illness, and the sequel to your favorite movie are all new projects rather than enhancements to existing projects.

An employee who answers phone calls and manages the office schedule works in

Administrative services.

Larissa tells her employees to spend one-third of their time on sales reports, one-third on answering emails, and one-third on generating new leads. This is an example of which step of the organizing process?

Allocate resources.

When a hurricane interrupted a business's new product development, the project team had a plan for getting things back on track. This is an example of how project management

Allows employees to adapt to risk

Which of the following is a true statement regarding project managers:

Anyone with the right skills can be a project manager.

Projects are different from business operations because business operations

Are permanent

Which of the following tasks would a manager complete when organizing:

Arranging an office space.

Rules and regulations for keeping a project on track are known as

Governance mechanisms. Rules and regulations for keeping a project on track are known as governance mechanisms. Project managers use these mechanisms as benchmarks for assessing the project's progress through the execution and monitoring and controlling stages. These rules and regulations are not referred to as project laws, risk inhibitors, or execution standards.

Jared was just hired for a new job. The employee who interviewed him and took him through the hiring process works in

Human resource management.

Which of the following is an effect of overstaffing:

Inefficiency. When a business is overstaffed, it's wasting money on unnecessary wages, benefits, training, etc. It's inefficient and will begin to lose competitiveness. Understaffing creates poor customer service, exhausted workers, and low morale.

Which of the following is a career area in finance:

Insurance.

Under what circumstances would a company adopt a matrix organizational structure?

It frequently uses cross-functional teams

Employees who look for meaningful clues about what customers want and why they want it work in

Marketing research

Which of the following is a career area in marketing:

Merchandising

Bo's job is to choose and buy clothing for a retail store. His career is in the area of

Merchandising.

Jill's company just took on a new project, and she knows that she needs to decide which staff members will be in charge of each aspect of the project. Jill is

Organizing.

In which stage of project management does risk analysis take place?

Planning.

Staffing is one of the five functions of management, along with

Planning. Staffing is one of the five functions of management, along with planning, organizing, directing, and controlling. Though managers may engage in discussing business matters, maintaining business operations, or fixing problems, these are not identified as functions of management.

Whenever clients arrive at the Skin Solutions Dermatology office, the receptionists struggle to find their records. Clients fill out multiple forms with the same information, and they wait a long time to be seen by a doctor. Skin Solutions is losing a lot of patients quickly. This is an example of how

Poor organizing damages a company's reputation.

Learning new job skills or updating your current job skills is known as

Professional development.

A project is officially authorized to begin by the

Project charter

When a project's scope slowly gets bigger and bigger, it creates a challenge for project managers known as

Project creep