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BADM TEST 2
| Question | Answer |
|---|---|
| A carefully constructed guide for the person starting a business. | Business plan |
| A group of retired and active business people who volunteer their services to small businesses through the SBA. | Service Corps of Retired Executives (SCORE) |
| A government agency that assists, counsels, and protects the interests of small businesses in the United States. | Small Business Administration (SBA) |
| Money that is invested in small (and sometimes struggling) firms that have the potential to become very successful. | venture capital |
| Group of senior and graduate students in business administration who provide management counseling to small businesses. | small-business institutes (SBIs) |
| A business that is independently owned and operated for profit and is not dominant in its field. | small business |
| A person or organization purchasing a franchise. | franchisee |
| What is the primary reason that so many new businesses fail? | Mismanagement resulting from lack of business know-how |
| Businesses such as flower shops, restaurants, bed and breakfasts, and automobile repair are good candidates for entrepreneurs because they | Have a relatively low initial investment |
| An individual’s desire to create a new business is referred to as | The entrepreneurial spirit |
| What is a common mistake that small-business owners make when their businesses begin growing? | Over-expanding without proper planning |
| The fact that insulin and power steering both originated with individual inventors and small companies is testimony to the power of small businesses as providers of | Capital |
| In her small retail shop, Jocelyn knows most of her best customers by name and knows their preferences in clothing and shoes. This demonstrates which advantage of a small business? | Personal relationship with customers |
| Shonta started a graphic design firm a year ago. Has done well, but it needs a lot more equipment, computers, and employees to continue expanding. Shonta thinks she can get all the money she will need from her bank. What advice might you give to her? | She would consider alternative sources of financing because banks provide only portion of the total capital to small businesses. |
| Volunteers for SCORE are | Retired and active business-people from different industries. |
| An individual or organization granting a license to operate an individually owned business as though it were part of a chain of outlets or stores is a(n) | Franchisor |
| Manju asks for advice opening a new business. She plans to provide tax-related services to individuals and small-business owners in her community. She wants an attractive means of starting/ operating her business with hope of succeeding. What advice? | Consider purchasing a franchise. |
| The process of accomplishing objectives through people. | management |
| The process of establishing an organization’s goals and objectives. | strategic planning |
| Its purpose is to implement a strategy. | tactical plan |
| Its purpose is to outline alternative courses of action. | contingency plan |
| The process of influencing people to work. | leading |
| It is a combination of leading and motivating. | directing |
| A manager who coordinates and supervises the activities of operating employees. | First-Line Management |
| Specific skills needed to work a computer. | technical skills |
| The process of developing a set of goals and committing an organization to them is called | planning |
| Grouping resources and activities to accomplish some goal is called | organizing |
| Acme Houseware established a goal to increase its sales by 20 percent in the next year. When sales show a slight decline, the sales manager takes actions to correct the problem. Which management function is the manager using? | controlling |
| Who is responsible for developing a firm’s mission? | top managers |
| The chief executive officer of Southwest Airlines provides the company with leadership and overall guidance and is responsible for developing its mission and establishing its goals. Which area of management is being used? | Administrative |
| This manager is responsible for facilitating the exchange of products between an organization and its customers or clients. | marketing manager |
| These types of skills allow a manager to see the “big picture” and understand how the various parts of an organization or idea can fit together. | conceptual skills |
| Because a large part of the manager’s day is spent conversing with others, it is important for the managers to have | communication skills |
| Which leadership style is task-oriented, driven, charismatic, and enthusiastic? | Entrepreneurial leadership |
| Which of the following statements is correct about TQM? | Top management must make a strong commitment to a TQM program by treating quality improvement as a top priority. |
| Line of authority from the highest to lowest levels. | Chain of command |
| Two or more people working toward a common goal. | Organization |
| Grouping jobs into manageable units. | Departmentalization |
| Assigns part of the manager’s work to others. | Delegation |
| The power to accomplish an assigned task. | Authority |
| The duty to do a job or perform a task. | Responsibility |
| Combines vertical and horizontal lines of authority. | Matrix structure |
| Charged with the responsibility of developing new products. | Cross-functional team |
| An informal communications network. | Grapevine |
| The process of dividing work to be done by an entire organization into separate parts and assigning the parts to positions within the organization is called | Specialization |
| Who was the first to recognize the power of specialization? | Adam Smith |
| ABC Distributors is reorganizing to better control costs. The company decided to group hospitals, schools, and churches together into one department. Which departmentalization base is the company using? | Customer |
| Older and larger firms that produce and sell a variety of products tend to organize by | Product |
| A supervisor assigned to Wendy, the most proficient employee in the accounting department, a project on cost control that was due in three weeks. For Wendy to be accountable for the project, what must Wendy be given? | Responsibility |
| Many managers are reluctant to delegate. Which one of the following is one of the reasons they are reluctant to do so? | They are so disorganized they simply are not able to plan and assign work |
| A narrow span of management works best when | New problems arise frequently |
| A relatively permanent committee charged with performing some recurring task is called | A standing committee |
| A committee is organized to review applications for scholarships. The group will award two scholarships to recent high school graduates. What type of committee would work best? | Ad hoc committee |
| In order to best handle the grapevine, managers should | Recognize its existence |
Created by:
Edens