Strategic Business Management Flashcards
A business plan helps entrepreneurs see the risks and responsibilities involved in stating a business.
True
The top managers in a business are involved in planning, but first-level managers such as supervisors are not.
False
SWOT analysis involves both internal and external investigation.
True
Most of the operational planning in a business is the responsibility of middle-level managers and supervisors.
True
A mission statement flows out of broad, long term, and often inspirational vision.
True
Goals should be stated in broad, nonspecific language to make them easier to reach.
False
Typically, goals should not be communicated to employees because it will result in too much pressure to meet the goals.
False
A profit and loss statement shows how much cash (or cash equivalents) enters and leaves a company.
False
A profit and loss statement shows how much cash (or cash equivalents) enters and leaves a company.
False
A Profit and Loss Account shows how much money the business will make after all expenses are taken into consideration
True
The two major types of sales forecast methods are qualitative and quantitative.
True
- The process of planning future business actions and expressing those plans in a formal manner, usually in monetary terms, is called budgeting.
True
Most successful businesses generally prepare their budgets from ‘the top down’. These budgets are tightly controlled by upper management.
False
Higher productivity for any business organization means that its performance is better than its competitors.
True
Use of productivity in the operations function is to continuously track the performance of the operations function over time
True
