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MGT Chapter 1 Exam Questions and Answers
100% Pass
Organization - ANSWER ✔✔-A group of people who work together to achieve some specific purpose
Management - ANSWER ✔✔-The pursuit of organizational goals efficiently and effectively by integrating
the work of people through planning, organizing, leading, and controlling the organizations resources
Efficiency - ANSWER ✔✔-The means. The means to attaining the organization's goals. You use resources
to be efficient such as people, money, raw materials and the like wisely and cost-effectively.
Effectiveness - ANSWER ✔✔-The ends. Regards the organization's ends, or goals. To achieve results,
make the right decisions, and to successfully carry them out so that they achieve the organization's goals.
Multiplier Effect - ANSWER ✔✔-The influence on the organization is multiplied far beyond the results
that can be achieved by just one person acting alone.
Payoffs for Studying Management as a Discipline - ANSWER ✔✔-You will understand how to deal with
organizations from the outside, you will understand how to relate to your supervisors, you will
understand how to interact with coworkers, and you will understand how to manage yourself in the
workplace.
Rewards of a Management Practitioner - ANSWER ✔✔-You and your employees can experience a sense
of accomplishment, you can stretch your abilities and magnify your range, you can build a catalog of
successful products or services, and you can become a mentor and help others.
Mentor - ANSWER ✔✔-Experienced person who provided guidance to someone new in the work world.
Created by Grace Amelia © 2025, All Rights Reserved.
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Management Process (Four Management Functions) - ANSWER ✔✔-Planning, organizing, leading and
controlling (POLC).
Planning - ANSWER ✔✔-Setting goals and deciding how to achieve them.
Organizing - ANSWER ✔✔-Defined as arranging tasks, people, and other resources to accomplish the
work.
Leading - ANSWER ✔✔-Defined as motivating, directing, and otherwise influencing people to work hard
to achieve the organization's goals.
Controlling - ANSWER ✔✔-Defined as monitoring performance, comparing it with goals, and taking
corrective action as needed.
Seven Challenges to Being an Exceptional Manager - ANSWER ✔✔-Managing for competitive advantage,
managing for diversity, managing for globalization, managing for information technology, managing for
ethical standards, managing for sustainability, and managing for happiness and meaningfulness.
Competitive Advantage - ANSWER ✔✔-The ability of an organization to produce goods or services more
effectively than competitors do, thereby outperforming them. This means an organization must stay
ahead in four areas: being responsive to customers, innovation, quality, and efficiency.
Innovation - ANSWER ✔✔-Finding ways to deliver new or better goods or services.
Internet - ANSWER ✔✔-The global network of independently operating, but interconnected computers,
linking hundreds of thousands of smaller networks around the world.
E-commerce - ANSWER ✔✔-A.k.a electric commerce. The buying and selling of goods or services over
computer networks.
E-business - ANSWER ✔✔-More important than e-commerce. Uses the internet to facilitate every aspect
of business.
Created by Grace Amelia © 2025, All Rights Reserved.
MGT Chapter 1 Exam Questions and Answers
100% Pass
Organization - ANSWER ✔✔-A group of people who work together to achieve some specific purpose
Management - ANSWER ✔✔-The pursuit of organizational goals efficiently and effectively by integrating
the work of people through planning, organizing, leading, and controlling the organizations resources
Efficiency - ANSWER ✔✔-The means. The means to attaining the organization's goals. You use resources
to be efficient such as people, money, raw materials and the like wisely and cost-effectively.
Effectiveness - ANSWER ✔✔-The ends. Regards the organization's ends, or goals. To achieve results,
make the right decisions, and to successfully carry them out so that they achieve the organization's goals.
Multiplier Effect - ANSWER ✔✔-The influence on the organization is multiplied far beyond the results
that can be achieved by just one person acting alone.
Payoffs for Studying Management as a Discipline - ANSWER ✔✔-You will understand how to deal with
organizations from the outside, you will understand how to relate to your supervisors, you will
understand how to interact with coworkers, and you will understand how to manage yourself in the
workplace.
Rewards of a Management Practitioner - ANSWER ✔✔-You and your employees can experience a sense
of accomplishment, you can stretch your abilities and magnify your range, you can build a catalog of
successful products or services, and you can become a mentor and help others.
Mentor - ANSWER ✔✔-Experienced person who provided guidance to someone new in the work world.
Created by Grace Amelia © 2025, All Rights Reserved.
, 2|Page
Management Process (Four Management Functions) - ANSWER ✔✔-Planning, organizing, leading and
controlling (POLC).
Planning - ANSWER ✔✔-Setting goals and deciding how to achieve them.
Organizing - ANSWER ✔✔-Defined as arranging tasks, people, and other resources to accomplish the
work.
Leading - ANSWER ✔✔-Defined as motivating, directing, and otherwise influencing people to work hard
to achieve the organization's goals.
Controlling - ANSWER ✔✔-Defined as monitoring performance, comparing it with goals, and taking
corrective action as needed.
Seven Challenges to Being an Exceptional Manager - ANSWER ✔✔-Managing for competitive advantage,
managing for diversity, managing for globalization, managing for information technology, managing for
ethical standards, managing for sustainability, and managing for happiness and meaningfulness.
Competitive Advantage - ANSWER ✔✔-The ability of an organization to produce goods or services more
effectively than competitors do, thereby outperforming them. This means an organization must stay
ahead in four areas: being responsive to customers, innovation, quality, and efficiency.
Innovation - ANSWER ✔✔-Finding ways to deliver new or better goods or services.
Internet - ANSWER ✔✔-The global network of independently operating, but interconnected computers,
linking hundreds of thousands of smaller networks around the world.
E-commerce - ANSWER ✔✔-A.k.a electric commerce. The buying and selling of goods or services over
computer networks.
E-business - ANSWER ✔✔-More important than e-commerce. Uses the internet to facilitate every aspect
of business.
Created by Grace Amelia © 2025, All Rights Reserved.
