Business Management: Final Exam
A 16-year old seeking employment is included in
a. the labor force
b. the labor force and participation rate
c both the labor force and participation rate
d. neither - correct answerC
A broad, lasting, and often inspirational view of a company's reason for existing. -
correct answerVision
A business advances its own interests when it becomes involved socially. - correct
answerTrue
A business changing from coal to natural gas violates environmental goals but meets
conservation goals. - correct answerFalse
A business that trains gang members in job-related skills is being socially responsible. -
correct answerTrue
A business which is divided into smaller operating units, and managers who head to the
units have almost total responsibility and authority for operations. - correct
answerDecentralized Organization
A carefully developed overall approach to leading an organization. - correct
answerManagement Strategy
A common set of activities that make up an important part of a manager's job. - correct
answerManagement Role
A computer-based system that stores, organizes, and provides information about a
business. - correct answerManagement Information System
A country's economic growth occurs when
a. population growth exceeds output
b. imports exceed exports
c. capital formation decreases
d. output exceeds population growth - correct answerD
A democratic leader
a. makes all the decisions
b. let each employee decide how work will be done
c. encourages shared decision-making
d. does not make decisions - correct answerC
A difficult situation requiring a solution. - correct answerProblem
,A flexible schedule permits employees to start and leave work early but does not allow
employees to start and leave work late. - correct answerFalse
A formal, published collection of values and rules that reflect the firm's philosophy and
goals. - correct answerCode of Ethics
A franchise is one method of starting a business if a person has limited business
experience. - correct answerTrue
A group of people who cooperate to achieve a common goal is
a. work team
b. department
c. management
d. a quality circle - correct answerA
A list of steps to be followed for performing certain work is the
a. process
b. procedure
c. pace
d. plan - correct answerB
A management strategy is a carefully developed overall approach to leading an
organization. - correct answerTrue
A manager who is knowledgeable about industry trends, competition, and new
technology is likely to influence behavior through
a. expert power
b. identity power
c. position power
d. reward power - correct answerA
A manager who realized that each employee has different background as well as
different attitudes, skills, and needs is demonstrating the human relations skill of
a. communication
b. self-awareness
c. understanding others
d. employee empowerment - correct answerC
A manager who spends most of the time on one management function or is responsible
for a specific part of the company's operations is known as a mid-manager. - correct
answerTrue
A measure of a nation's wealth is its GDP. - correct answerTrue
,A measure of the average change in prices of consumer goods and services. - correct
answerCPI
A medical office is an exmaple of an
a. a goods-producing business
b. a service business
c. an industry
d. a franchise - correct answerB
A mid-manager completes which of the following management functions?
a. planning
b. planning and organizing
c. planning, organizing, and implementing
d. planning, organizing, implementing, and controlling - correct answerD
A mission statement flows of a broad, long-term, and often inspirational vision. - correct
answerTrue
A physically unfit employee is absent more than a fit employee but tends to be more
productive. - correct answerFalse
A problem can be considered solved once a solution has been chosen and
implemented. - correct answerFalse
A problem is a difficult situation requiring a
a. attention
b. investment
c. meeting
d. solution - correct answerD
A procedure that evaluates the work and accomplishment of an employee and provides
feedback on performance. - correct answerPerformance Review
A product's market price is the price at which
a. the producer makes a reasonable profit
b. consumer demand begins to drop
c. the producer sells at a manageable loss
d. the producer can no longer meet costs - correct answerA
A recent study of top managers found that finding and retaining qualified workers was
more important than finance, technology, product innovation, or international business. -
correct answerTrue
A sign or indication of something that appears to be the problem. - correct
answerSymptom
, A sign or indication that something appears to be a problem is
a. an alternative
b. a symptom
c. a solution
d. a problem-solving process - correct answerB
A specific measure that establishes the amount of time needed to complete an activity. -
correct answerTime Standard
A specific measure that establishes the expected amount of work to be completed. -
correct answerQuantity Standard
A successful restaurateur chose to expand the business by selling a franchise to
someone in another city. The buyer is called
a. a franchisee
b. an investor
c. a partner
d. founder - correct answerA
A systematic way to explore the consequences of specific choices using computer
software. - correct answerWhat-If Analysis
A team in which members together are responsible for the work assigned to the team. -
correct answerSelf-Directed Work Team
A total commitment by everyone in an organization to improve the quality of procedures
and products by reducing waste, errors, and defects. - correct answerQuality
Management
A type of power often invested in experienced or well-liked employees is
a position
b. reward
c. expert
d. identity - correct answerD
A widely used financial planning tool is a
a. budget
b. policy
c. standard
d. goal - correct answerA
A written document that describes the nature of the business, its goals and objectives,
and how they will be achieved. - correct answerBusiness Plan
According to Herzberg, pay and fringe benefits, working conditions, and type of
supervision are examples of
A 16-year old seeking employment is included in
a. the labor force
b. the labor force and participation rate
c both the labor force and participation rate
d. neither - correct answerC
A broad, lasting, and often inspirational view of a company's reason for existing. -
correct answerVision
A business advances its own interests when it becomes involved socially. - correct
answerTrue
A business changing from coal to natural gas violates environmental goals but meets
conservation goals. - correct answerFalse
A business that trains gang members in job-related skills is being socially responsible. -
correct answerTrue
A business which is divided into smaller operating units, and managers who head to the
units have almost total responsibility and authority for operations. - correct
answerDecentralized Organization
A carefully developed overall approach to leading an organization. - correct
answerManagement Strategy
A common set of activities that make up an important part of a manager's job. - correct
answerManagement Role
A computer-based system that stores, organizes, and provides information about a
business. - correct answerManagement Information System
A country's economic growth occurs when
a. population growth exceeds output
b. imports exceed exports
c. capital formation decreases
d. output exceeds population growth - correct answerD
A democratic leader
a. makes all the decisions
b. let each employee decide how work will be done
c. encourages shared decision-making
d. does not make decisions - correct answerC
A difficult situation requiring a solution. - correct answerProblem
,A flexible schedule permits employees to start and leave work early but does not allow
employees to start and leave work late. - correct answerFalse
A formal, published collection of values and rules that reflect the firm's philosophy and
goals. - correct answerCode of Ethics
A franchise is one method of starting a business if a person has limited business
experience. - correct answerTrue
A group of people who cooperate to achieve a common goal is
a. work team
b. department
c. management
d. a quality circle - correct answerA
A list of steps to be followed for performing certain work is the
a. process
b. procedure
c. pace
d. plan - correct answerB
A management strategy is a carefully developed overall approach to leading an
organization. - correct answerTrue
A manager who is knowledgeable about industry trends, competition, and new
technology is likely to influence behavior through
a. expert power
b. identity power
c. position power
d. reward power - correct answerA
A manager who realized that each employee has different background as well as
different attitudes, skills, and needs is demonstrating the human relations skill of
a. communication
b. self-awareness
c. understanding others
d. employee empowerment - correct answerC
A manager who spends most of the time on one management function or is responsible
for a specific part of the company's operations is known as a mid-manager. - correct
answerTrue
A measure of a nation's wealth is its GDP. - correct answerTrue
,A measure of the average change in prices of consumer goods and services. - correct
answerCPI
A medical office is an exmaple of an
a. a goods-producing business
b. a service business
c. an industry
d. a franchise - correct answerB
A mid-manager completes which of the following management functions?
a. planning
b. planning and organizing
c. planning, organizing, and implementing
d. planning, organizing, implementing, and controlling - correct answerD
A mission statement flows of a broad, long-term, and often inspirational vision. - correct
answerTrue
A physically unfit employee is absent more than a fit employee but tends to be more
productive. - correct answerFalse
A problem can be considered solved once a solution has been chosen and
implemented. - correct answerFalse
A problem is a difficult situation requiring a
a. attention
b. investment
c. meeting
d. solution - correct answerD
A procedure that evaluates the work and accomplishment of an employee and provides
feedback on performance. - correct answerPerformance Review
A product's market price is the price at which
a. the producer makes a reasonable profit
b. consumer demand begins to drop
c. the producer sells at a manageable loss
d. the producer can no longer meet costs - correct answerA
A recent study of top managers found that finding and retaining qualified workers was
more important than finance, technology, product innovation, or international business. -
correct answerTrue
A sign or indication of something that appears to be the problem. - correct
answerSymptom
, A sign or indication that something appears to be a problem is
a. an alternative
b. a symptom
c. a solution
d. a problem-solving process - correct answerB
A specific measure that establishes the amount of time needed to complete an activity. -
correct answerTime Standard
A specific measure that establishes the expected amount of work to be completed. -
correct answerQuantity Standard
A successful restaurateur chose to expand the business by selling a franchise to
someone in another city. The buyer is called
a. a franchisee
b. an investor
c. a partner
d. founder - correct answerA
A systematic way to explore the consequences of specific choices using computer
software. - correct answerWhat-If Analysis
A team in which members together are responsible for the work assigned to the team. -
correct answerSelf-Directed Work Team
A total commitment by everyone in an organization to improve the quality of procedures
and products by reducing waste, errors, and defects. - correct answerQuality
Management
A type of power often invested in experienced or well-liked employees is
a position
b. reward
c. expert
d. identity - correct answerD
A widely used financial planning tool is a
a. budget
b. policy
c. standard
d. goal - correct answerA
A written document that describes the nature of the business, its goals and objectives,
and how they will be achieved. - correct answerBusiness Plan
According to Herzberg, pay and fringe benefits, working conditions, and type of
supervision are examples of
