Question 1

What is the difference between a goal and a strategy?

Accepted Answer

A goal is an objective that a business hopes and plans to achieve. A strategy is a broad set of organizational plans for implementing the decisions made for achieving organizational goals. A strategy entails the goals that a company sets out to achieve. Therefore, the strategy constitutes the way that the goals can be realized.

Question 2

Identify and discuss five recommendations for companies that wish to grow.

Accepted Answer

First, draft a senior team. A key role of top managers is mentoring and developing those who work for them. Second, cross train managers. Very often, top managers see their role as arbitrating complaints and disputes among middle managers. Not only does this encourage cross-functional decision-making, but it also reduces the work load of senior managers. Next, increase flexibility. One of the key responsibilities of middle managers is to coach and guide those who report to them. Fourth, help managers learn to communicate. Middle managers also need to learn to effectively communicate with their peers. When difficult issues arise, using face-to-face or phone discussions over e-mails can quickly escalate. Fifth, invest early in employees. This is especially important to companies during the growth phase, where there is an expectation that the management team will grow in the near future.

Question 3

When conducting a SWOT analysis of an organization, which question can help management brainstorm for the strengths section of the analysis?

Accepted Answer

A)  What external changes present interesting possibilities? 
B)  What aspect of the organization's vision can be altered? 
C)  What necessary skills do the organization's employees currently lack? 
D)  What does the organization offer that makes it stand out from other organizations? 
E)  What external economic forces can affect the organization's bottom line? 
A)  What external changes present interesting possibilities? 
B)  What aspect of the organization's vision can be altered? 
C)  What necessary skills do the organization's employees currently lack? 
D)  What does the organization offer that makes it stand out from other organizations? 
E)  What external economic forces can affect the organization's bottom line? D

Question 4

Which description defines the planning function of the management process?

Accepted Answer

A)  Guiding and motivating employees to meet organizational objectives 
B)  Discussing how best to arrange an organization's resources into a coherent structure 
C)  Scanning the business environment for threats and opportunities 
D)  Determining what an organization needs to do and how best to get it done 
E)  Monitoring a firm's performance to make sure that it is meeting its goals 
A)  Guiding and motivating employees to meet organizational objectives 
B)  Discussing how best to arrange an organization's resources into a coherent structure 
C)  Scanning the business environment for threats and opportunities 
D)  Determining what an organization needs to do and how best to get it done 
E)  Monitoring a firm's performance to make sure that it is meeting its goals

Question 5

How does a new employee learn acceptable behaviors within the organization?

Accepted Answer

A)  Quality standards 
B)  Crisis management strategies 
C)  Contingency plans 
D)  Operational plans 
E)  Cultural norms 
A)  Quality standards 
B)  Crisis management strategies 
C)  Contingency plans 
D)  Operational plans 
E)  Cultural norms

Question 6

Which type of business constituent has titles such as President and CEO?

Accepted Answer

A)  First-line managers 
B)  Top managers 
C)  Middle managers 
D)  Power brokers 
E)  Stockholders 
A)  First-line managers 
B)  Top managers 
C)  Middle managers 
D)  Power brokers 
E)  Stockholders

Question 7

The marketing manager wants to increase regional sales by 2 percent each quarter over the next year. This is an example of what kind of goal?

Accepted Answer

A)  Long-term 
B)  Intermediate 
C)  Short-term 
D)  Strategic 
E)  Tactical 
A)  Long-term 
B)  Intermediate 
C)  Short-term 
D)  Strategic 
E)  Tactical

Question 8

Which of the following managers depend most on conceptual skills?

Accepted Answer

A)  First-line managers 
B)  Top managers 
C)  Middle managers 
D)  Marketing managers 
E)  Financial managers 
A)  First-line managers 
B)  Top managers 
C)  Middle managers 
D)  Marketing managers 
E)  Financial managers

Question 9

Which of the following would be classified as opportunities for an organization?

Accepted Answer

A)  Government regulation of the organization's services 
B)  Highly unionized workers in the organization's industry 
C)  New competitors 
D)  Stronger demand for the organization's services 
E)  Economy fluctuations 
A)  Government regulation of the organization's services 
B)  Highly unionized workers in the organization's industry 
C)  New competitors 
D)  Stronger demand for the organization's services 
E)  Economy fluctuations

Question 10

When conducting a SWOT analysis of an organization, which question can help management brainstorm for the opportunities section of the analysis?

Accepted Answer

A)  What external changes present interesting possibilities? 
B)  What aspect of the organization's vision can be altered? 
C)  What necessary skills do the organization's employees currently lack? 
D)  What does the organization offer that makes it stand out from other organizations? 
E)  What external economic forces can affect the organization's bottom line? 
A)  What external changes present interesting possibilities? 
B)  What aspect of the organization's vision can be altered? 
C)  What necessary skills do the organization's employees currently lack? 
D)  What does the organization offer that makes it stand out from other organizations? 
E)  What external economic forces can affect the organization's bottom line?

Question 11

SWOT analysis is usually conducted before strategic goals have been established.

Accepted Answer

A) True 
 B)False

Question 12

What skills can a manager utilize to work well with people and make them feel excited about their work?

Accepted Answer

A)  Human relations skills 
B)  Technical skills 
C)  Accounting skills 
D)  Conceptual skills 
E)  Marketing skills 
A)  Human relations skills 
B)  Technical skills 
C)  Accounting skills 
D)  Conceptual skills 
E)  Marketing skills

Question 13

Which level of management sets general policies, formulates strategies, approves all significant decisions, and represents the company in dealings with other firms and with government bodies?

Accepted Answer

A)  Operations managers 
B)  Production managers 
C)  Top managers 
D)  Middle managers 
E)  First-line managers 
A)  Operations managers 
B)  Production managers 
C)  Top managers 
D)  Middle managers 
E)  First-line managers

Question 14

Goal setting helps managers assess performance.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following refers to a person's ability to think in the abstract, to diagnose and analyze different situations, and to see beyond the present situation?

Accepted Answer

A)  Human relations skills 
B)  Decision-making skills 
C)  Conceptual skills 
D)  Production skills 
E)  Technical skills 
A)  Human relations skills 
B)  Decision-making skills 
C)  Conceptual skills 
D)  Production skills 
E)  Technical skills

Question 16

What are the basic steps in decision making?

Accepted Answer

The basic steps are to gather facts, ide

Question 17

How can organizations best deal with emergencies requiring immediate response?

Accepted Answer

A)  Contingency plans 
B)  Operational plans 
C)  Crisis management plans 
D)  Tactical plans 
E)  Cultural flexibility plans 
A)  Contingency plans 
B)  Operational plans 
C)  Crisis management plans 
D)  Tactical plans 
E)  Cultural flexibility plans

Question 18

What type of analysis focuses on external factors?

Accepted Answer

A)  Organizational analysis 
B)  Governmental analysis 
C)  Environmental analysis 
D)  Functional analysis 
E)  Financial analysis 
A)  Organizational analysis 
B)  Governmental analysis 
C)  Environmental analysis 
D)  Functional analysis 
E)  Financial analysis

Question 19

CFO and controller are titles associated with what type of manager?

Accepted Answer

A)  Financial 
B)  Information 
C)  Human resource 
D)  Marketing 
E)  Operations 
A)  Financial 
B)  Information 
C)  Human resource 
D)  Marketing 
E)  Operations

Question 20

Which of the following is TRUE about corporate culture?

Accepted Answer

A)  It can direct employees' efforts toward goals. 
B)  It is usually determined by outside forces. 
C)  It cannot be changed. 
D)  It is easy to change. 
E)  It rarely affects newcomers in an organization. 
A)  It can direct employees' efforts toward goals. 
B)  It is usually determined by outside forces. 
C)  It cannot be changed. 
D)  It is easy to change. 
E)  It rarely affects newcomers in an organization.

What is the difference between a goal and a strategy?

Identify and discuss five recommendations for companies that wish to grow.

When conducting a SWOT analysis of an organization, which question can help management brainstorm for the strengths section of the analysis?

Which description defines the planning function of the management process?

How does a new employee learn acceptable behaviors within the organization?

Which type of business constituent has titles such as President and CEO?

The marketing manager wants to increase regional sales by 2 percent each quarter over the next year. This is an example of what kind of goal?

Which of the following managers depend most on conceptual skills?

Which of the following would be classified as opportunities for an organization?

When conducting a SWOT analysis of an organization, which question can help management brainstorm for the opportunities section of the analysis?

SWOT analysis is usually conducted before strategic goals have been established.

What skills can a manager utilize to work well with people and make them feel excited about their work?

Which level of management sets general policies, formulates strategies, approves all significant decisions, and represents the company in dealings with other firms and with government bodies?

Goal setting helps managers assess performance.

Which of the following refers to a person's ability to think in the abstract, to diagnose and analyze different situations, and to see beyond the present situation?

What are the basic steps in decision making?

How can organizations best deal with emergencies requiring immediate response?

What type of analysis focuses on external factors?

CFO and controller are titles associated with what type of manager?

Which of the following is TRUE about corporate culture?

The U.S. Business Environment

Understanding Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

Understanding the Global Context of Business

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Developing and Pricing Products

Distributing and Promoting Products

Information Technology (IT)for Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

Filters

Exam 5: Managing the Business

What is the difference between a goal and a strategy?

Identify and discuss five recommendations for companies that wish to grow.

When conducting a SWOT analysis of an organization, which question can help management brainstorm for the strengths section of the analysis?

Which description defines the planning function of the management process?

How does a new employee learn acceptable behaviors within the organization?

Which type of business constituent has titles such as President and CEO?

The marketing manager wants to increase regional sales by 2 percent each quarter over the next year. This is an example of what kind of goal?

Which of the following managers depend most on conceptual skills?

Which of the following would be classified as opportunities for an organization?

When conducting a SWOT analysis of an organization, which question can help management brainstorm for the opportunities section of the analysis?

SWOT analysis is usually conducted before strategic goals have been established.

What skills can a manager utilize to work well with people and make them feel excited about their work?

Which level of management sets general policies, formulates strategies, approves all significant decisions, and represents the company in dealings with other firms and with government bodies?

Goal setting helps managers assess performance.

Which of the following refers to a person's ability to think in the abstract, to diagnose and analyze different situations, and to see beyond the present situation?

What are the basic steps in decision making?

How can organizations best deal with emergencies requiring immediate response?

What type of analysis focuses on external factors?

CFO and controller are titles associated with what type of manager?

Which of the following is TRUE about corporate culture?

The U.S. Business Environment

Understanding Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

Understanding the Global Context of Business

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Developing and Pricing Products

Distributing and Promoting Products

Information Technology (IT)for Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

Filters