MGT Practice questions – Flashcards
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_____ planning identifies alternative courses of action that can be taken if problems occur with the original plan.
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Contingency
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A "no smoking" rule and a sexual harassment policy are examples of ____ that are types of ____ in organizations.
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policies; standing-use plans
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When a manager is asked to justify a new budget proposal on the basis of projected activities rather than as an incremental adjustment to the prior year's budget, this is an example of ___.
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zero-based budgeting.
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One of the expected benefits of participatory planning is ___.
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more commitment to implementation
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When managers use benchmarking in the planning process, they usually try to ___.
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identify best practices used by others.
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in a hierarchy of objectives, plans at lower levels are supposed to act as ____ for accomplishing higher-level plans.
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means
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In addition to providing better focus, good planning offers the benefits of ____.
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improved action orientation.
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From a time management perspective, which manager is likely to be in best control of his or her time? One who _____.
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works on the most important things first.
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A marketing plan in a business firm would most likely deal with _____.
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sales and product distribution.
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The best goals or objectives for planning purposes would have which of the following characteristics?
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Realistic and possible to achieve, while still challenging.
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The planning process isn't complete until ____.
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plans are implemented and results evaluated.
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After objectives and standards are set, what step comes next in the control process?
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Measure results.
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When a soccer coach tells her players at the end of a losing game, "You did good in staying with the game plan," she is using a/an ____ as a measure of performance.
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input standard
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When an automobile manufacturer is careful to purchase only the highest-quality components for use in production, this is an example of an attempt to ensure high performance through ______ control.
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feedforward.
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Management by exception means ____.
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focusing attention where the need for action is greatest.
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A total quality management program is most likely to be associated with ____.
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continuous improvement.
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The _____ chart graphically displays the scheduling of tasks required to complete the project.
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Gantt
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When MBO is done right, who does the review of a team member's performance accomplishments?
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both the team member and team leader.
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A good performance objective is written in such a way that it ____.
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can be easily measured.
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A manager is not living up to the concept of MBO if he or she ____.
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sets performance objectives for subordinates.
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If an organization's top management establishes a target of increasing new hires of minority and female candidates by 15% in the next six months, this is an example of a/an _____standard for control purposes.
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output.
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When a supervisor working alongside of an employee corrects him or her when a mistake is made, this is an example of ______ control.
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concurrent
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In CPM/PERT, "CPM" stands for _____.
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critical path method.
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In a CPM/PERT analysis, the focus is on _____ and the event ____ that link them together with the finished project.
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activities; sequences
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When one team member advises another team member that "your behavior is crossing the line in terms of our expectations for workplace civility," she is exercising a form of ____control over the other's inappropriate behaviors.
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clan
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Among the financial ratios often used for control purposes, Current Assets/Current Liabilities is known as the ___.
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current ratio.
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Which is the best question to ask when starting the strategic management process?
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"What is our mission?"
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The ability of a firm to consistently outperform its rivals is called ____.
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competitive advantage.
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General Electric is a complex conglomerate that owns many firms operating in very different industries. The strategies pursued for each of these units within GE would best be called _____-level strategies.
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business.
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An organization that is downsizing by cutting staff to reduce costs can be described as pursuing a ____ strategy.
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retrenchment
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When you buy music downloads online, the firm selling them to you is engaging in which type of e-business strategy?
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B2C.
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A _____ in the BCG Matrix would have a high market share in a low-growth market.
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question mark
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In Porter's five forces model, which of the following conditions is most favorable from the standpoint of industry attractiveness?
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low bargaining power of suppliers
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if Google's top management were to announce that the firm was going to buy Federal Express, this would indicate a growth strategy of _____.
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diversification
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The alliances that link together firms in supply chain management relationships are example of how businesses try to use _____strategies.
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cooperation
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Among the global strategies that international businesses might pursue, the ____ strategy most directly tries to tailor products to fit local needs and cultures in different countries.
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multidomestic
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When Coke and Pepsi spend millions on ads trying to convince customers that their products are unique, they are pursuing a _____strategy.
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differentiation
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Porter's model of competitive strategies suggests a firm that wants to compete with its rivals in a broad market by selling a very-low-priced product would need to successfully implement a ____ strategy.
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cost leadership
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____are special strengths that an organization has or does exceptionally well and that help it outperform competitors.
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Core competencies
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The two questions asked by Porter to identify the correct competitive strategy for a business or product are: 1-What is the market scope? 2-What is the ____?
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source of competitive advantage
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Which is an example of cooperative strategy?
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strategic alliance.
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An entrepreneur who thrives on uncertainty displays _____.
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high tolerance for ambiguity.
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____ is a personality characteristic common among entrepreneurs.
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Self-confidence
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When a new business is quick to capture a market niche before competitors, this is_____.
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first-mover advantage
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Almost____% of U.S. businesses meet the definition of "small business."
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99
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A small business owner who wants to pass the business to other family members after retirement or death should prepare a ____plan.
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succession
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A common reason new small businesses often fail is____.
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the owner lacks experience and business skills
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A pressing problem faced by a small business in the birth or start-up stage is _____
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gaining acceptance into the marketplace.
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A venture capitalist that receives an ownership share in return for investing in a new business is providing____ financing.
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equity
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In _____financing, the business owner borrows money as loan that must be repaid.
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debt
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If you start a small business and want to avoid losing any more then the original investment, what form of ownership is best?
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limited partnership
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The first element in a good business plan is _____.
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an executive summary
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Trends in U.S. small businesses show _____.
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a growing number owned by minorities.
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A ____protects small business owners from personal liabilities for losses.
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corporation
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____take ownership shares in a new venture in return for start-up funds.
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Angel investors
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_____make social entrepreneurship unique.
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Commitment to solving social problems
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