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MGMT100 Exam 1
| Question | Answer |
|---|---|
| A business is an organization that strives for a profit by providing goods and services desired by its customers. (T/F) | True |
| Demography is the study of how people use their free time, how people integrate their hobbies and their vocations, and how people make their purchase decisions. (T/F) | False |
| At the equilibrium point, quantity demanded equals quantity supplied. (T/F) | True |
| If the sole proprietorship acquires a legal business name, the owner then has limited liability. (T/F) | False |
| A person who buys a franchise has the same level of control as an entrepreneur who opens his or her own sole proprietorship. (T/F) | False |
| Both Kennedy and LaGuardia Airports have established airport management committees. Why are these structures advantageous? | it make the decision-making process faster |
| The C Corporation is another term for what? | limited liability companies |
| Cooperative increase their members buying power (T/F) | True |
| Cooperative have the same liabilities as partnerships (T/F) | False |
| What is fiscal policy concerned with? | taxation and spending |
| ______ is the legitimate power granted by the organization and acknowledged by the employees. | Authority |
| An S corporation is generally set up to do what? | reduce tax burdens |
| Another name for the informal channel of communication used by the informal organization is what? | the grapevine |
| A type of business entity that provides liability protection but is taxed like a partnership is a what? | S corporation |
| Fred Pittman has invested $10,000 in his son's motorcycle repair shop, but he takes no part in its management. Pittman is a what? | limited partner |
| An S corporation does not make the owners of the corporation personally liable for its debt (T/F) | True |
| An S corporation is taxed like a conventional corporation (T/F) | False |
| _____ personnel have direct authority about product decisions; ______ personnel give expert advice in specialized areas. | Line; staff |
| At your neighborhood Burger King, some employees take and fill orders, others prepare food, a few clean and maintain equipment, and some supervise. This process of dividing work into separate jobs and assigning tasks to workers is called what? | division of labor |
| What is an advantage of a wide span of control? | greater organizational flexibility |
| What does the management activity of organizing do? | determines, groups, and assigns work activities |
| In a typical interview the icebreaking part tends to be about 30 minutes (T/F) | False |
| It is important to apply thought, creativity, and discipline to all the interrelated phases of our lives (T/F) | True |
| In college, students should take selecting a major lightly because they will change the majors and careers at least 6 times (T/F) | False |
| What percent of our workplace success depends on an understanding of other people? | 90% |
| When conflicts occur, try the K-I-N-D technique. Where I stands for what? | Informed |
| Asking for credit for yourself when it is due is an an effective tip to gain empowerment in your life and work (T/F) | True |
| What is the fifth step of the planning process? | Make a Commitment |
| A(n) _______ is a method or process worked out in advance that leads to the achievement of some goal. | plan |
| One rule of the test-taking game is to take short, frequent breaks (T/F) | False |
| Amanda is interested in building her interpersonal skills. She should focus on setting a Goal and acquiring Knowledge (T/F) | False |
| The Occupational Safety and Health Act requires that employers provide health insurance for their employees (T/F) | False |
| In business, an example of a protected class would be the spotted owl, whose habitat loggers and the paper industry may not disturb (T/F) | False |
| The Hawthorne effect is used to describe the individual reaction and not that of the group (T/F) | False |
| Control is the mechanism for making sure the other three managerial functions--planning, organizing, and leadership--are operating smoothly (T/F) | True |
| A company with a demographic employee profile that looks like its customers can often gain a competitive advantage (T/F) | True |
| _____ planning is the creation of long-range, comprehensive objectives and the development of long-term courses of action. | Strategic |
| In 2006, The Home Depot laid off 300 workers in its home office. Even though the workers have left, the same amount of work needs to be done. This sort of company downsizing often leads to what? | job enlargement |
| Leadership is guiding others to achieve specific goals (T/F) | True |
| Salary and fringe benefits is not an example of a job satisfier (T/F) | True |
| Siegel asked for no input from his employees. He used a(n) _____ style to increase Lacoste's sales. | autocratic |
| A union must have more than a million members to be categorized as a national union (T/F) | False |
| The number of national unions has steadily declined since the early 20th century (T/F) | True |
| _____ means giving employees increased autonomy and discretion to make decisions as well as control over the resources needed to make those decisions. | Empowerment |
| Textron Corporation is establishing a legal division. The newly appointed head of the division is organizing, hiring people, and operating the division. This division head is performing a(n) _____ management role. | decisional |
| _____ is the process of hiring, developing, motivating, and evaluating people in order to achieve organizational goals. | Human resource management |
| A falling box injured Beatrice Hix while she was helping to unload a truckload of aquariums for her employer, a pet store operator. She is receiving pay for lost work time due to the work-related injury. _____ paid her for her lost work time. | worker's compensation |
| Nasrallah has been called the most charismatic figure in the Muslim world. He exerts _____ power over his followers. | referent |
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Butterduc
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