MGMT 3013 FINAL EXAM QUESTIONS AND ANSWERS
| 2026
Organization - Answers - a group of people who work together to achieve some specific
purpose\
Management is defined as - Answers - The pursuit of organizational goals efficiently
and effectively by, Integrating the work of people through,Planning, organizing, leading,
and controlling the organization's resources
4 principle functions of management - Answers -
Planning,Organizing,Leading,Controlling
Top managers - Answers - Make long-term decisions about the overall direction of the
organization and establish the objectives, policies, and strategies for it
Middle managers - Answers - Implement the policies and plans of the top managers
above them and supervise and coordinate the activities of the first-line managers below
them
First-line managers - Answers - Make short-term operating decisions, directing the daily
tasks of no managerial personnel
Skills managers need - Answers - technical and conceptual,
Technical skills - Answers - The job-specific knowledge needed to perform well in a
specialized field
Conceptual skills - Answers - The ability to think analytically, to visualize an organization
as a whole and understand how the parts work together
Internal stakeholders - Answers - consist of employees, owners, and the board of
directors
External stakeholders - Answers - people or groups in the organization's external
environment that are affected by it
Customers - Answers - those who pay to use an organization's goods or services
Competitors - Answers - people or organizations that compete for customers or services
Supplier - Answers - A person or organization that provides raw materials, services,
equipment, labor or energy to other organizations
, Distributor - Answers - a person or organization that helps another organization sell its
goods and services to customers
Strategic allies - Answers - describes the relationship of two organizations who join
forces to achieve advantages neither can perform as well alone
Clawbacks - Answers - Rescinding the tax breaks when firms don't deliver promised
jobs
Crowdfunding - Answers - raising money for a project or venture by obtaining many
small amounts of money from many people ("the crowd")
Government regulators - Answers - regulatory agencies that establish ground rules
under which organizations may operate
Special interest groups - Answers - groups whose members try to influence specific
issues
Owners - Answers - consist of all those who can claim the organization as their legal
property
Board of directors - Answers - members elected by the stockholders to see that the
company is being run according o their interests
Economic forces - Answers - consist of the general economic conditions and trends -
unemployment, inflation, interest rates, economic growth - that may affect an
organization's performance
Technological forces - Answers - new developments in methods for transforming
resources into goods and services
Sociocultural forces - Answers - Influences and trends originating in a country's, a
society's, or a culture's human relationships and values that may affect an organization
Demographic forces - Answers - influences on an organization arising from changes in
the characteristics of a population, such as age, gender, or ethnic origin
Political-Legal forces - Answers - changes in the way politics shape laws and laws
shape the opportunities for and threats to an organization
International forces - Answers - changes in the economic, political, legal, and
technological global system that may affect an organization
Social responsibility - Answers - manager's duty to take actions that will benefit the
interests of society as well as of the organization
| 2026
Organization - Answers - a group of people who work together to achieve some specific
purpose\
Management is defined as - Answers - The pursuit of organizational goals efficiently
and effectively by, Integrating the work of people through,Planning, organizing, leading,
and controlling the organization's resources
4 principle functions of management - Answers -
Planning,Organizing,Leading,Controlling
Top managers - Answers - Make long-term decisions about the overall direction of the
organization and establish the objectives, policies, and strategies for it
Middle managers - Answers - Implement the policies and plans of the top managers
above them and supervise and coordinate the activities of the first-line managers below
them
First-line managers - Answers - Make short-term operating decisions, directing the daily
tasks of no managerial personnel
Skills managers need - Answers - technical and conceptual,
Technical skills - Answers - The job-specific knowledge needed to perform well in a
specialized field
Conceptual skills - Answers - The ability to think analytically, to visualize an organization
as a whole and understand how the parts work together
Internal stakeholders - Answers - consist of employees, owners, and the board of
directors
External stakeholders - Answers - people or groups in the organization's external
environment that are affected by it
Customers - Answers - those who pay to use an organization's goods or services
Competitors - Answers - people or organizations that compete for customers or services
Supplier - Answers - A person or organization that provides raw materials, services,
equipment, labor or energy to other organizations
, Distributor - Answers - a person or organization that helps another organization sell its
goods and services to customers
Strategic allies - Answers - describes the relationship of two organizations who join
forces to achieve advantages neither can perform as well alone
Clawbacks - Answers - Rescinding the tax breaks when firms don't deliver promised
jobs
Crowdfunding - Answers - raising money for a project or venture by obtaining many
small amounts of money from many people ("the crowd")
Government regulators - Answers - regulatory agencies that establish ground rules
under which organizations may operate
Special interest groups - Answers - groups whose members try to influence specific
issues
Owners - Answers - consist of all those who can claim the organization as their legal
property
Board of directors - Answers - members elected by the stockholders to see that the
company is being run according o their interests
Economic forces - Answers - consist of the general economic conditions and trends -
unemployment, inflation, interest rates, economic growth - that may affect an
organization's performance
Technological forces - Answers - new developments in methods for transforming
resources into goods and services
Sociocultural forces - Answers - Influences and trends originating in a country's, a
society's, or a culture's human relationships and values that may affect an organization
Demographic forces - Answers - influences on an organization arising from changes in
the characteristics of a population, such as age, gender, or ethnic origin
Political-Legal forces - Answers - changes in the way politics shape laws and laws
shape the opportunities for and threats to an organization
International forces - Answers - changes in the economic, political, legal, and
technological global system that may affect an organization
Social responsibility - Answers - manager's duty to take actions that will benefit the
interests of society as well as of the organization
