Management Flashcards
Which of the following best describes a management team with a Dynast approach?
- Remain at current size. Exit by sale or flotation.
- Remain at current size. Exit by family succession.
- Aim to grow. Exit by sale or flotation.
- Aim to grow. Exit by family succession.
Aim to grow. Exit by family succession.
What type of question is this: ‘How much could you save by switching energy suppliers?’
- Benefit
- Factual
- Implication
- Problem
Benefit
With which category of questions should you commence discussions with a customer?
- Problem
- Factual
- Benefit
- Implication
Factual
It is important to assess the level and quality control that the management have over the business operation. Which one of the following questions would NOT add value to your assessment of operational control?
- What is the balance between your fixed and variable costs
- What return on costs are your business assets generating
- How much funding will your business require in the next 12 months
- How will you achieve a consistent quality production standard within current profitability levels
How much funding will your business require in the next 12 months
It is important to adopt a structured approach when interviewing a customer management team. What sequence of questions types should you endeavour to follow?
- Factual, Problem, Benefit, Implication
- Factual, Problem, Implication, Benefit
- Problem, Probing, Implication, Benefit
- Problem, Implication, Resolution, Benefit
Factual, Problem, Implication, Benefit
RBS has developed a framework for assessing the competence of a Management team. What are the five pillars of this framework?
- Vision & Planning, Business Risk, Business Finance, Managing Risk and People Risk
- Vision & Planning, Business Risk, Business Finance, Managing Risk and Management Goals
- Marketing Skills, Business Risk, Business Finance, Managing Risk and People Risk
- Product Knowledge, Business Risk, Business Finance, Managing People and People Risk
Vision & Planning, Business Risk, Business Finance, Managing Risk and People Risk
Which one of the following objectives best describes a management team with Protectionist business goals?
- Remain at current size and exit by sale or floatation
- Aim to grow and exit by sale or flotation
- Aim to grow and exit by family succession
- Remain at current size and exit by family succession
Remain at current size and exit by sale or floatation
What is the value to the Bank of the Management letter the Auditors provide to business management at the end of the Statutory Audit?
- It incorporates recommendations made by the Auditors that the business management are legally bound to implement
- It includes detailed financial information to support that contained in the published Annual Accounts
- It is a document jointly prepared by the Auditors and the business management team
- It highlights weakness which the Auditors have detected in day to day business processes and procedures
It highlights weakness which the Auditors have detected in day to day business processes and procedures
Which one of the following would normally be a key business strategy during the growth stage of market development?
- Asset reduction
- Business investment
- Cost reduction
- Product refocusing
Business investment
Which are the two broad approaches adopted by the management teams of SME businesses?
- Entrepreneurs and Lifestylers
- Lifestylers and Valuebuilders
- Optimists and Pessimists
- Valuebuilders and Entrepreneurs
Lifestylers and Valuebuilders
Which one of the following is an implication question?
- What are your key success factors?
- Why is your overdraft breaching the approved limit?
- What are the consequences of failing to achieve your projected Gross Margin?
- How do you envisage the business will benefit from agreeing the new terms of trade with your suppliers?
What are the consequences of failing to achieve your projected Gross Margin?
(implications = repercussions)
Which one of the following statements about management styles is correct?
- An autocratic management style is generally less effective than a consensual management style
- Autocratic managers invariably do not listen to the advice of other members of the management team
- There is no single management style that suits all businesses circumstances
- A consensual management style is the most effective style to adopt during difficult trading conditions
There is no single management style that suits all businesses circumstances
Which one of the following is the most common reason cited by smaller businesses for failing to reach their growth potential?
- Lack of successful innovation
- Reluctance to take on new debt
- Preference to maintain small size
- Management team too small and stretched
Management team too small and stretched
