Business Management Midterm

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The late famed management theorist Peter Drucker is often credited with creating the modern study of management. True

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Technical skills are most important for employees who don’t manage others, while conceptual skills are more important for managers. True

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The Hawthorne studies led to the early conclusion that positive human relations can lead to significantly higher performance. True

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A traditional management style would emphasize a standardization of procedures to maintain stability in the workplace. True

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One problem for new managers is that many of them unrealistically expect to have more freedom to do what they think is best. True

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One new trend in management is that organizations are less hierarchal, and in some cases, bossless. – True

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The degree to which an organization achieves a stated goal refers to _. – Effectiveness

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One of the management duties that managers like the least is _. – Handling paperwork

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A small business manager might find himself or herself being asked to attend events and serve as the face of the company more often than him or her counterpart at a large organization, giving him or her a bigger role as a . – Spokeperson

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In order to serve clients with limited resources, nonprofit managers must focus on . – keeping costs as low as possible

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Which of the following is a characteristic of a traditional management approach? – managers supervise team members’ tasks

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The most recent U.S. census data show that about one-third of all babies born in 2011 were members of minority group. – False

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A political lobbyist for General Motors fills an essential boundary-spanning role. – true

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A joint venture involves a strategic alliance or program by two or more organizations. – true

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Corporate culture plays a key role in creating an organizational climate that enables learning and innovative responses to threats from the external environment, challenging new opportunities or organizational crises – true

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Managers must be careful not to overcommunicate new cultural values; otherwise, employees will get bored – false

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The just-in-time production strategy decreases inventory costs, but most companies are not willing to take on the risk that comes with it. – false

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Which of the following roles is assumed by people and/or departments that link and coordinate the organization with key elements in the external environment? – boundary spanning

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When two or more organizations combine to become one, it is referred to as a(n) _. – merger

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Culture can be defined as . - the set of key values, beliefs, understandings, and norms shared by members of an organization

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The level of corporate culture in which values are so deeply embedded that members are no longer consciously aware of them takes the form of _. – underlying assumptions and beliefs

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A __ is a narrative based on true events that is repeated frequently and shared among organizational employees. – story

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Every manager today needs to think globally because the whole world is a source of business threats and opportunities. – true

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Large international firms typically are called multinational corporations. – true

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The least costly and least risky direct investment is called a greenfield venture. – false

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The goal of the European Union is to create a powerful single-market system for Europe’s millions of consumers. – true

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Different laws and regulations make doing business a challenge for international firms. – true

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Which of the following refers to engaging in the international division of labor so as to obtain the cheapest sources of labor and supplies regardless of country? – outsourcing

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One popular type of partnership in which a company shares costs and risks with another firm is known as _. – a joint venture

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Which of the following is another word for global outsourcing? – offshoring

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The management of business operations in more than one country is conducted by _ managers. – international

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Language, values, religion, and education all describe which of the following dimensions in the international environment? – sociocultural

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A company’s risk of loss of assets, earning power, or managerial control due to politically based events or actions by host governments is referred to as _. – political risk

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Which of the following countries possesses a high-performance orientation? – Taiwan

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Ethics is the code of moral principles and values that governs the behaviors of a person or group with respect to what is right or wrong. – true

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The utilitarian approach to ethical decision making sidesteps debates about what is right, good, or just and bases decisions on prevailing standards of the profession and the larger society, taking the interests of all stakeholders into account. – false

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Corporate social responsibility is management’s obligation to make choices and take actions that will contribute to the welfare and interests of society, not just the organization. – true

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A recent poll found that nearly _ percent of people say that executives make decisions based primarily on advancing their own careers. – 95%

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A situation that arises when all alternative choices or behaviors have been deemed undesirable because of the potentially negative ethical consequences, making it difficult to distinguish right from wrong, is considered _. – ethical dilemma

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The _ approach holds that moral decisions must be based on standards of equity, fairness, and impartiality. – justice

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Which of the following best illustrates the preconventional stage of moral development? - What am I going to get from making this decision?

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Any group or person within or outside the organization that has some type of investment or interest in the organization’s performance and is affected by the organization’s actions is called a(n) . – stakeholder

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Employee disclosure of illegal, unethical, or illegitimate practices on the employer’s part is called . – whistleblowing

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The concept of _ refers to following organizational policies and practices that both enhance the economic success of a company and advance the economic and social conditions of the communities in which the company operates. – conscious capitalism

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When a company tries to portray itself as more environmentally friendly than it actually is, it is engaging in _. – greenwashing

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A _ corporation is a for-profit organization that has a stated purpose of creating a positive impact on society. – benefit

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A goal is a desired future circumstance or condition that the organization attempts to realize. – true

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During the strategy execution phase, operational goals are defined. – false

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Cost leadership is a type of competitive strategy through which an organization seeks to distinguish itself from competitors based on products and services. – false