Question 1

Which of the following statements about conceptual skills is most correct?

Accepted Answer

Conceptual skills are most important to top managers because they require the ability to think abstractly and see the big picture in order to guide the organization's strategy and direction. Middle managers also require conceptual skills to some extent, but their focus is more on implementing and coordinating specific plans and projects. First-line managers typically have less need for conceptual skills as their role is more focused on day-to-day supervision and operational tasks. Therefore, choice C is the most correct answer.

Question 2

Lynne Smith,chief financial officer for Web Industries,is working on a broad set of organizational plans for implementing the decisions made for achieving organizational goals.Lynne is developing a ________ for Web Industries.

Accepted Answer

Lynne Smith is developing a strategy for Web Industries, which involves a set of plans and actions designed to achieve the company's goals. A mission statement defines the company's purpose, while a function refers to a specific area of the organization's operations. A blueprint typically refers to a set of technical plans or specifications, which may not be relevant in this context.

Question 3

Mary Beth Graham works well with people and makes them feel excited about their work.She has strong ________.

Accepted Answer

Mary Beth's ability to work well with people and make them excited about their work suggests that she has good human relations skills. Technical skills, accounting skills, and conceptual skills are not mentioned in the description and therefore cannot be assumed to apply to Mary Beth.

Question 4

The goals and objectives set by middle managers support the goals and objectives of ________.

Accepted Answer

Middle managers are responsible for implementing the strategies and plans devised by top managers. Therefore, their goals and objectives must align with those of the top managers to ensure the success of the organization as a whole.

Question 5

A secretary's ability to type and an accountant's ability to audit a company's records are examples of ________.

Accepted Answer

Technical skills refer to the specific abilities and knowledge needed to perform a particular task or job. Typing and auditing are technical skills that require specific training and expertise. Motor skills refer to physical abilities, human relations skills refer to the ability to interact with others, and conceptual skills refer to the ability to think abstractly and understand complex ideas.

Question 6

Which of the following best describes a mission statement?

Accepted Answer

A mission statement is a concise statement that communicates an organization's purpose, and how it intends to achieve that purpose within the external environment in which it operates. It often includes the organization's values, goals, and strategies for achieving those goals. Option A describes an objective, which is a specific, measurable target a business hopes to achieve. Option B describes a strategic plan, which outlines the overall direction and priorities of an organization. Option C refers to organizational culture, which encompasses the shared experiences, attitudes, and behaviors of individuals within an organization.

Question 7

________ skills include the special tools,techniques,and skills needed to compete in a global environment.

Accepted Answer

Global management skills are the specific set of tools, techniques, and skills required to compete in the global marketplace. These skills include cross-cultural communication, global strategy development, understanding of international legal and regulatory issues, and knowledge of different business practices across borders. Technical skills refer to the ability to use specific tools and techniques within a particular field, while decision-making and conceptual skills are more general skills applicable to various environments.

Question 8

CFO and controller are titles associated with ________ managers.

Accepted Answer

CFO (Chief Financial Officer) and controller are both titles associated with financial management, specifically overseeing financial operations and reporting.

Question 9

Sometimes a corporation buys and operates multiple businesses in compatible industries as part of its corporate strategy.This strategy is called ________.

Accepted Answer

The answer of Sometimes a corporation buys and operates multiple...

Question 10

Which of the following best describes business strategy?

Accepted Answer

Business strategy is a strategy at the business-unit or product-line level that focuses on improving a firm's competitive position. It involves decision-making about how to allocate resources to achieve specific goals and objectives of the organization. It is different from corporate strategy, which focuses on the overall direction of the organization. Option A is referring to corporate strategy, while option C is referring to operational strategy, and option D is referring to tactical strategy.

Question 11

Which of the following plan and oversee the firm's accounting functions?

Accepted Answer

Financial managers are responsible for overseeing the firm's accounting functions, including financial reporting, budgeting, and managing financial risks. Information managers are responsible for managing the firm's information technology systems, production managers are responsible for overseeing the production processes, and human resource managers are responsible for managing the firm's human resource functions.

Question 12

________ managers work in a variety of areas,including human resources,operations,and marketing.

Accepted Answer

All levels of managers (top, middle, and first-line) can work in various areas such as human resources, operations, and marketing, depending on the organization's structure and needs.

Question 13

The means by which organizations and their managers measure success or failure at every level are referred to as ________.

Accepted Answer

Goals are specific and measurable objectives that organizations set to determine their success or failure. Tactics and strategies are the ways in which organizations achieve their goals, while skills are the abilities and knowledge needed to carry out tactics and strategies. Therefore, goals are the most direct means of measuring success or failure.

Question 14

Which of the following best describes functional strategy?

Accepted Answer

Functional strategy involves managers in specific areas, such as marketing or finance, deciding how best to achieve corporate goals through productivity and efficiency within their respective functions.

Question 15

Amy Madison has been tracking product sales for McCoy Industries.She notices that sales of surgical supplies have fallen off in the past six months and she is considering strategies to reverse this trend.This is an example of the ________ management function.

Accepted Answer

This scenario is an example of the controlling function of management, which involves monitoring performance, comparing it with goals, and taking corrective action as needed. Amy is assessing sales performance and considering strategies to address the decline, which aligns with controlling.

Question 16

Which of the following managers depend most on conceptual skills?

Accepted Answer

Top managers require the most conceptual skills since they are responsible for developing and implementing the organization's strategy, making decisions about the organization's structure, and establishing a long-term vision for the company. They need to be able to think abstractly and make connections between disparate ideas and concepts.

Question 17

The first step in the planning process is determining goals.What is the next step?

Accepted Answer

After determining the goals, the next step is to develop a comprehensive strategy for achieving those goals. This involves analyzing the internal and external factors that may affect the organization's ability to achieve its objectives and developing a plan of action to overcome any obstacles. Only after a strategy is established can the organization begin to develop specific tactics and operational plans for achieving its goals. Developing a mission statement is important, but it typically comes after the goals and strategy have been established.

Question 18

________ management involves an organization's methods for dealing with emergencies.

Accepted Answer

Crisis management involves an organization's methods for dealing with emergencies. This includes identifying potential crises, creating a plan to mitigate the impact of the crisis, and executing that plan in a timely and effective manner. Contingency management typically refers to planning for potential risks or challenges, rather than specifically focusing on emergencies. Behavior management and formative management are not related to emergency preparedness and response.

Question 19

Alice's job doesn't depend on conceptual skills,so she is likely not a ________.

Accepted Answer

Top managers require strong conceptual skills to develop strategies and make decisions that affect the entire organization. If Alice's job doesn't depend on conceptual skills, she is likely not a top manager.

Question 20

Which of the following statements about technical skills is most correct?

Accepted Answer

Technical skills are most important to first-line managers because they are directly involved in the day-to-day operations and need to understand the specific tasks and processes.

Quiz 5: Business Management