Download Management FINAL Review - Fall 2009 Senior Management level of

Management FINAL Review – Fall 2009
Senior Management level of management is usually not involved in a company's day-to-day problems, but
generally sets the direction the company will follow.
Middle Management level of management includes department heads and district sales managers.
When a manager gives guidance to employees to perform their tasks, he or she is said to be performing the
task of leading.
When a manager measures how the business performs financially, he or she is said to be performing the
task of controlling
A manager who provides leadership within the company or interacts with others outside the organization is
said to be working within his or her interpersonal role.
By making changes in policies or resolving conflicts in the workplace, a manager is working within his or her
decision-making role.
Changes that made the Industrial Revolution possible included technology, communication, and
transportation.
Frederick W. Taylor figured out “one best way” to perform a task through time and motion studies.
This process spreads management decisions through the levels in an organization decentralization.
A Theory Y manager is most likely to assume that all workers are content with their work.
A system of management based on involving all employees in a constant process of improving quality and
productivity by improving how they work is known as TQM.
Management theory incorporating Japanese emphasis on collective decision making and concern for
employees with American emphasis on individual responsibility is Theory Z.
In deciding on a possible career, your choice will be influenced by all of the following EXCEPT your past
employers.
A skills résumé is also known as a(n) interest résumé.
The first step in planning a successful career is to assess your interests and abilities.
Management FINAL Review – Fall 2009
When writing a cover letter, it is best to include the full job title, the position you seek, and how you found
out about it in the first paragraph.
General rules to follow in preparing your résumé include focusing on what you have accomplished on the
job or in school.
The combination of the unique qualities that make you who you are is known as your personality.
A code of ethics adopted by a company will most likely include all of the following EXCEPT destruction of the
environments.
Ethical behavior can best be described as behaving honestly.
This law made it illegal to charge different prices to different wholesale customers- Clayton Act of 1914
This law guards against false advertising- Wheeler-Lea Act of 1938
This law can force a manufacturer to recall a product if found to be impure- Federal Food, Drug, and
Cosmetic Act of 1938
Social responsibility is best characterized by using packaging materials that are environmentally friendly and
reduce pollution.
This concept states that producing one good means not producing another- Law of Demand
This concept states that as the price of a good increases, the quantity of the good demanded falls - law of
demand
This concept states that as the price of a good rises, producers are willing to supply more of that good- Law
of Supply
The difference between what a business earns (revenue) and what it spends (costs) is known as profit.
When consumer spending is strong and companies invest in new factories and equipment, the economy is
said to be in a(n) equilibrium phase.
Insurance is an example of a fixed cost.
The idea that individuals, companies, and countries should specialize in what they do best is most closely
associated with comparative advantage.
Management FINAL Review – Fall 2009
Goods and services that are purchased abroad are called imports.
Sales made over the World Wide Web are also known as e-commerce.
An agreement that permits one company to sell another company’s products abroad in return for a
percentage of the company’s revenues is known as a(n) licensing agreement.
Companies can sell their products or services in foreign countries in any of the following ways EXCEPT
creating an embargo to transfer power to the host country.
The largest exporter in the world is the United States.
A good way for companies to minimize the risk associated with decision making is to use dynamic growth
strategies.
When a leader presents group members with a problem situation and asks the group to write down their
ideas rather than saying them aloud, he or she is encouraging creativity through brainwriting.
This idea involves making the lives of consumers, workers, or the community better-Social Values
All of the following are positive aspects of group decision making EXCEPT an individual may dominate and/or
control the group.
In the semi-autocratic management decision style, subordinates may or may not be informed of the
decision.
Managers will most likely use intuitive decision making when any of the following exist EXCEPT several
possible decision options are presented.
In today's global business climate, managers must be able to operate in a world of constant change.
Most management principles are developed first through observation and then drawing conclusions or
deductions about research findings.
Interviewing applicants and training new employees are part of a manager's daily staffing activities.
Management can be ranked in a hierarchy, which groups each management level in order of importance.
Managers communicate within their information-related roles to provide knowledge, news, or advice to
employees.
Management FINAL Review – Fall 2009
As managers are faced with many of the challenges presented by a multicultural workplace, there is a greater
need for sensitivity toward issues.
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The Interstate Commerce forced railroads to publish their rates and forbade them to change rates without
notifying the public.
Meeting and satisfying worker needs is an idea that is best attributed to Abraham Maslow.
The Sherman Antitrust Act made it illegal for companies to create monopolies.
The father of scientific management was Frederick W. Taylor.
Powerful business people, known as captains of industry, created business empires.
Many companies initiate total quality management (TQM) to assure quality products and services.
Talking to people who may be able to offer you job leads, or networking, is perhaps the best way to find out
about a career that interests you.
Most people do best in a career suited to their primary learning styles.
Each time you send out a résumé, you should send a cover letter along with it.
If you have strong work experience, the chronological resume will allow you to display it to full advantage.
The Occupational Outlook Handbook describes thousands of jobs that are available throughout the United
States.
A skills résumé emphasizes your abilities rather than your job experience.
In some cultures gift giving is expected, and failure to present them is considered an insult.
The philosophy of trustee management recognized that owners of businesses had obligations to do more than
just earn profits.
Ethical behavior helps employees gain the trust of the people with whom they work.
Over the years various laws have been enacted that directly relate to the issue of ethics in business.
Management FINAL Review – Fall 2009
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Corporations demonstrate their sense of social responsibility by contributing time and money to charitable,
cultural, and civic organizations.
Submitting a false expense account is an example of employee theft.
Equilibrium price is the price at which supply equals demand.
During the contractionary phase of the business cycle, unemployment rises as companies lay off workers they no
longer need.
When goods are produced based solely on governmental decisions, the economy is said to be a(n) command
economy.
The law of supply and demand determines prices in a market economy.
The breakeven point is the point at which revenue is sufficient to cover all costs.
Economic indicators are data that show how the economy is performing.
Diversification is engaging in a variety of operations.
The balance of trade is the difference between the value of the goods a country exports and the value of the
goods it imports.
The value of one currency in terms of another is the foreign exchange rate.
To promote international trade and limit protectionism, countries create free trade areas.
Managers who work in foreign countries need to be aware of different cultural attitudes.
A foreign intermediary is a wholesaler or agent who markets products for companies that want to do business
abroad.
Managers must make decisions so that their companies can adapt to the latest changes in society, technology,
and the marketplace.
When a manager becomes unable to make the final decision, he or she is said to be indecisive.
A decision that is made on a hunch is said to be a(n) intuitive decision.
Economic and social values most affect decision making.
Good managers know how to encourage creativity.
Management FINAL Review – Fall 2009
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In making decisions, managers must first recognize the importance of timing and not make decisions that are
either too hasty or too delayed.
a.
c.
scientific management
trust
trends
résumé
for-profit business
d.
f.
Theory X
Theory Y
career
nonprofit organization
personality
ethics
code of ethics
intellectual property
social audit
stakeholder
social responsibility
economics
scarcity
breakeven analysis
business cycle
recession
depression
international trade
tariff
quotas
embargo
global economy
free-trade area
.
brainstorming
leading decision-making style
autocratic decision-making style
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accommodating decision-making style
team decision making
brainwriting
What is “intrapreneurship” and why would a company want to promote it within their managers?
List and describe two advances during the Industrial Revolution that changed how businesses delivered
goods and services during the 18th and 19th centuries.
What is the difference between a career and a job?
Explain what ethical dilemmas are and what steps you can take to solve them.
Why is the Great Depression so significant in American economic history?
What does NAFTA stand for? How do businesses benefit from it?
List the six steps to rational decision making and include a brief description of each step.