Business Midterm Study Guide
Which of the following is an example of a project that enhanced an existing product:
A software update for your computer
Which of the following describes a divisional organizational structure:
AJK Corporation has a CEO, followed by six vice presidents that manage the company's product lines.
In what way can an existing business benefit from writing a business plan?
Acquire funding for a new idea
Which of the following is a true statement regarding project managers:
Anyone with the right skills can be a project manager.
In which section of the business plan will Elena put extra supporting information?
Appendices
Which component of a business plan contains résumés of key managers?
Appendices
Which of the following is an activity performed during the planning phase of a project:
Budget development
Which of the following is an example of an employee-assistance program:
Career and education planning
During which stage of a project does the manager note what went well and what could be improved?
Closing
In which stage of project management is the product delivered?
Closing
In what way can a start-up business benefit from writing a business plan?
Define managers' roles
In what way might an HR manager be involved in employee benefits?
Determining eligibility and costs
What tends to happen when a business lacks unity of command in its organizational structure?
Efficiency decreases
An HR manager listens to and records an employee grievance.
Employee Relations
An HR manager mediates a conflict between an employee and his supervisor.
Employee Relations
Labor-union negotiations are part of which HR management activity?
Employee relations
Which of the following statements best describes the goal of project management:
Ensuring efficient completion of a project
In which stage of project management does the actual work of the project take place?
Execution
True or false: Companies without an HR department do not participate in HR management activities.
False; in companies without HR departments, other managers and supervisors participate in HR management activities.
Where in a business plan can you find cost estimates and the effect of each cost on the company?
Financial plan
The people who work to produce goods and services are known as
Human Resources
Which of the following is a benefit of using project management software:
Improved efficiency
What is the first stage of the project management process?
Initiation
In which of the following situations would it be important for a successful, existing business to develop a new business plan:
Intending to open additional locations
In which section of his business plan will Paulo discuss each key manager's skills?
Management plan
In which section of a business plan would you find up-to-date industry trends?
Market analysis
In which section of the business plan would you find an examination of competitors' activities?
Market analysis
In which section of the business plan would you find evidence of customer interest in a new product?
Market analysis
In which stage of project management does risk analysis take place?
Planning
Which of the following is a common challenge for project managers
Poorly defined goals
Germaine will discuss his company's seven services in which part of the business plan?
Product(s) offered
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 of Martin's and David's current tasks. What organizing activity is Caitlin performing?
Reallocating resources
What might happen if a business's managers do not put any time and effort into organizing?
Reduced productivity
What is one of the elements of all projects?
Resources
An investor is looking at a business plan but really only wants to look at the financial forecasts. Where should s/he turn to find where the financial plan is located?
Table of contents
What part of a business plan lists all of the document's sections with their page numbers?
Table of contents
Which of the following is a reason that the role of HR management is changing:
There is greater diversity in the workforce.
Which of the following is a true statement about projects:
They are short-term undertakings.
Which of the following is a purpose of an exit interview:
To gain constructive suggestions for improvement
Which of the following is a benefit of organizing:
Tracking, accountability, and growth
A department manager develops an instruction manual for one of the company's job positions.
Training and Development
An HR manager consults with an employee about her continuing education options.
Training and development
True or false: All employees make an impact on a business.
True; all employees make either a positive or negative impact on a business.
Which of the following documents is drafted in the planning stage of project management:
Work breakdown structure
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.
Projects differ from business operations because projects have a definite
beginning and end.
Making sure a company follows laws and regulations describes the HR management activity of
compliance.
The organizing function of management is important to a business because it
defines workplace roles and relationships.
Nadia gives her assistant permission to accept or deny meeting requests for her. Nadia is
delegating authority. coordinating activities.
Coordinating business activities is an important aspect of the organizing function of management because it
establishes clear relationships among the company's resources.
The part of the business plan that gives an overview of the entire document is the
executive summary.
The part of the business plan that discusses where funding for specific projects will come from is called the
financial plan.
An important part of developing a business plan for a new business involves determining the
form of ownership.
Rules and regulations for keeping a project on track are known as
governance mechanisms.
An employee's formal level of authority in a firm directly relates to his/her power to
make decisions.
Efficient resource use is an advantage of the __________ organizational structure.
matrix
Fred wants his company to become the main supplier for a prominent local business. He should write a business plan to
obtain a specific contract or agreement.
While preparing to sell their consignment shop, Erin and Evan should write a business plan to
place a value on the business.
One of the benefits of developing a business plan is that it enables the business owner to identify
possible risks.
Since Alana's company will build a new facility next year, she should write a business plan to
prepare for an expansion.
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.
Successful project management depends on the use of appropriate
technology.
Since Brianna wants to sell a bank or investor on her company's capabilities, she is motivated by the number one reason for writing a business plan, which is
the need for funding.
A job specification is an explanation of
the skills, knowledge, and characteristics required for a job.
Human resources are a company's most important resources because
they control all other company resources. `
The three common constraints on a project are scope, budget, and
time.
Projects are short-term undertakings that create
unique goods or services.
When the hybrid vehicle was introduced, it was an example of a project that
used entirely new technology.
Which of the following discusses how a company is intended to work in the future:
Business plan
Which of the following parts of a business plan includes the history of the business:
Company description
An HR manager negotiates with an insurance carrier to get a good deal for the company.
Compensation and Benefits
An HR manager solves a paperwork snag involving an employee's paycheck.
Compensation and Benefits
A supervisor conducts a workshop on how to properly dispose of a certain chemical.
Compliance
An HR manager makes sure the company is following equal employment opportunity (EEO) laws.
Compliance
What type of divisional structure is most appropriate for a company that sells lumber products to home builders, home-improvement retailers, retail display-case manufacturers, and furniture producers?
Customer type
After a company's training needs are determined, what is the next step in training and development?
Determining what training resources are available
Which of the following business trends affects HR management:
Globalization
Mary is planning to open an educational toy store. She has determined the number of families with children in the area, the average family income, and typical buying patterns. Mary will include this information in which section of her business plan?
Market segment analysis
Madelyn works in the marketing department at Lieber Industries. She often works on projects with employees who work in the product development, finance, and purchasing departments. What type of organizational structure does Lieber Industries have?
Matrix
Which of the following is a compliance issue:
Minimum wage
Which of the following has a direct impact on a manager's span of control:
Number of subordinates
Which of the following is an example of financial information that a start-up company should not include in a business plan intended to attract investors:
Optimistic cash flow projections
Amy is a manager at an advertising agency. She spends much of her time delegating and coordinating work among her employees. This is an example of what function of management?
Organizing
Which of the following is an on-boarding activity:
Orientation
Which of the following is an element of any project:
Outcome
Which of the following is a true statement regarding a project champion:
S/He can mobilize the necessary resources to get the project done.
What is a question that a manager might ask when evaluating the effectiveness of organizing processes?
Should the company be restructured?
A manager conducts job orientation for several new employees.
Staffing
A supervisor negotiates a job offer with a candidate.
Staffing
An HR manager conducts an exit interview with a retiring employee.
Staffing
An HR manager performs background and reference checks on a potential candidate.
Staffing
Which of the following documents is drafted in the initiation stage of project management:
Statement of work
Which of the following workplace-related safety and health issues would most likely be regulated by law:
Storage and disposal of chemicals
Where in a business plan can you find out how the business intends to handle public relations?
Strategy and implementation
Projects are different from business operations because business operations
are permanent.
Before Lynnette takes her new product to a mass audience, she should write a business plan to
assess a new product or promotion.
Three primary factors that affect the organizational structure of a business include interpersonal relationships, tasks, and
authority.
A commission or bonus is an example of a form of
compensation.
Every project creates a(n)
deliverable.
The first task in the HR management activity of staffing is
determining need
The ELG Company is organized by its offerings, which include a skin-care line, a cosmetics line, a hair-care line, and a line of fragrances. This is an example of a __________ organizational structure based on ___________.
divisional, product
Since Justin needs to examine the methods used to reach his company's goals, he wants to write a business plan to
implement a strategic plan.
A small organization might need a(n) __________, whereas a large company might need a __________.
informal organizational structure; formalized, complex structure
The strategy and implementation section of a business plan contains information on how you intend to put your plan into action, your sales strategy, and
information concerning your sales force.
Some general guidelines for creating a successful business plan include making the plan clear and concise, making the plan focused, and making the plan
realistic.
The part of staffing that involves seeking out and attracting qualified potential job candidates is called
recruiting.
The possibility that a project team member might leave during the course of a project is an example of a
risk.
The project manager controls what the project will and will not do, known as the project's
scope.
One reason that businesses use a matrix organizational design is to
share human resources.
When HR management executives participate in a company's long-range planning efforts, they are taking part in
strategic management.
Caroline manages a large group of highly skilled researchers at a corporation. Caroline is most likely to have a(n) __________ span of control.
wide
