Management Exam 1 Practice Flashcards

A complete set of Q&A review flashcards covering Foundations of Management, Historical Viewpoints, Stakeholders, Ethics, Sustainability, and International Management for Exam 1.

What are the four primary functions of management?

Planning, Organizing, Leading, and Controlling.

How do top managers differ from middle and first-line managers regarding organizational direction?

Top managers establish long-term organizational direction, whereas middle managers implement policies and plans, and first-line managers direct daily operational tasks.

What major challenges face modern managers according to the study guide?

Managing for competitive advantage, managing information technology, managing diversity, globalization, ethical standards, sustainability, and creating meaningful and productive workplaces.

What were Frederick Taylor's primary contributions to the Classical Viewpoint of management?

He contributed to scientific management and introduced pay systems designed to reward greater productivity.

Which key theorists are associated with the Behavioral Viewpoint of management?

Douglas McGregor and Abraham Maslow (who proposed the hierarchy of human needs).

What is the core principle of the Contingency Viewpoint in management?

Different situations may require different management approaches rather than relying on a single universal method.

Which management pioneer is noted for his views on modern organizations, employees, and the changing workplace?

Peter Drucker.

Who are the internal stakeholders of an organization?

Employees, owners, and the board of directors.

Who are the external stakeholders of an organization?

Customers, suppliers, local communities, distributors, and special interest groups.

What four major external environmental forces affect organizations?

Economic forces, technological forces, sociocultural forces, and political and legal forces.

What are the three levels of moral development?

Preconventional level, conventional level, and postconventional level.

What components constitute the triple bottom line of sustainability and social responsibility?

People, Planet, and Profit.

What are the common reasons why companies expand internationally?

Access to supplies, access to new markets, lower labor costs, access to capital, and avoiding certain trade barriers.

What defines a geocentric approach to management orientation?

Selecting management practices that work effectively in a particular situation, regardless of home-country or foreign-country origin.

What four elements comprise a nation's culture?

Beliefs, values, knowledge, and patterns of behavior.

What is countertrading in international trade?

Bartering goods or services in international transactions.

What modern trade issues are addressed by the United States-Mexico-Canada Agreement (USMCA)?

Digital trade, anti-corruption, and regulatory practices.

What is the purpose of the Foreign Corrupt Practices Act (FCPA)?

To enforce ethical conduct and prevent foreign corruption in international business operations.