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Unit 2 Exam (IB) Flashcards

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1
Q

Sole Proprietorship

A

a business that is owned (and usually operated) by one person.

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2
Q

Unlimited liability

A

a legal concept that holds a business owner personally responsible for all the debts of the business

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3
Q

limited partner

A

a person who invests money in a business but has no management responsibility or liability for losses beyond the amount they invested in the partnership

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4
Q

corporation

A

(sometimes referred to as a regular or a C corporation) an artificial person, created by law, with most of the legal rights of a real person

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5
Q

partnership

A

a voluntary association of two or more persons to act as co-owners of a business for profit

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6
Q

general partner

A

a person who assumes full or shared responsibility for operating a business

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7
Q

stock

A

the shares of ownership of a corporation

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8
Q

open corporation

A

(sometimes referred to as a public corporation) a corporation whose stock can be bought and sold by any individual

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9
Q

domestic corporation

A

a corporation in the state in which it is incorporated

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10
Q

stockholders

A

a person who owns a corporation’s stock

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11
Q

closed corporation

A

(sometimes referred to as a private corporation) a corporation whose stock is owned by relatively few people and is not sold to the general public

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12
Q

foreign corporation

A

a corporation in any state in which it does business except the one in which it is incorporated

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13
Q

alien corporation

A

a corporation chartered by a foreign government and conducting business in the United States

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14
Q

preferred stock

A

stock owned by individuals or firms who usually do not have voting rights but whose claims on dividends are paid before those of common-stock owners

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15
Q

common stock

A

the most basic form of corporate ownership and whose owners may vote on corporate policies

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16
Q

dividend

A

a distribution of earnings to the stockholders of a corporation

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17
Q

S corporation

A

a corporation that is taxed as though it were a partnership

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18
Q

proxy

A

a legal form listing issues to be decided at a stockholders’ meeting and enabling stockholders to transfer their voting rights to some other individual or individuals

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19
Q

board of directors

A

the top governing body of a corporation, the members of which are elected by the stockholders

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20
Q

Corporate officers

A

the chairperson of the board, president, executive vice presidents, corporate secretary, treasurer, and any other top executive appointed by the board of directors

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21
Q

Limited liability

A

a feature of corporate ownership that limits each owner’s financial liability to the amount of money that they have paid for the corporation’s stock

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22
Q

limited liability company (LLC)

A

a form of business ownership that combines the benefits of a corporation and a partnership while avoiding some of the restrictions and disadvantages of those forms of ownership

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23
Q

joint venture

A

an agreement between two or more groups to form a business entity in order to achieve a specific goal or to operate for a specific period of time

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24
Q

not-for-profit corporation

A

(sometimes referred to as nonprofit) a corporation organized to provide a social, educational, religious, or other service rather than to earn a profit

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25
Q

syndicate

A

a temporary association of individuals or firms organized to perform a specific task that requires a large amount of money

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26
Q

merger

A

the combining of two corporations or other business entities to form one business

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27
Q

hostile takeover

A

a situation in which the management and board of directors of a firm targeted for acquisition disapprove of the merger

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28
Q

stockholder

A

a person who owns a corporation’s stock

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29
Q

After many months in business, Horatio decides that there are some negative aspects of having a sole proprietorship. All of the following are negatives except _____.
lack of money

pride of ownership

lack of continuity

unlimited liability

A

pride of ownership

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30
Q

Imelda wants to form a business in the easiest way possible. What form of business should she use?
Corporation

Sole proprietorship

Joint venture

Partnership

A

Sole proprietorship

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31
Q

Karume starts his own business as a sole proprietor. This form of business has the advantage of ____.
guaranteed income since he is the owner

payment of only small dividends to other owners

steady income

the owner keeping all of the profits from the business

A

the owner keeping all of the profits from the business

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32
Q

When Marquesa began her business, she did not have sufficient personal funds to own the businesses she operated so she brought in friends and family members to help with the funding. The businesses she operated were formed with an agreement, but no formal filing was required, and taxes were passed through directly to the business owners. What business form did she use to create these businesses?
Limited liability company (LLC)

Partnership

Corporation

Sole proprietorship

A

Partnership

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33
Q

Felicia and Bernard have decided to go into the quarry business together. They start by writing an agreement that explains the parameters of the business they will own and the responsibilities and roles each of them will have in the business. They have created a(n) ____.
corporate charter

licensing agreement

business plan

article of partnership

A

article of partnership

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34
Q

Ismaya and Aditya have created a business together. The business was Ismaya’s idea and he operates the business day-to-day. Aditya invested money in the business, but he doesn’t have any management responsibilities. The main advantage for Aditya in this arrangement is _____.

he does not pay any taxes on profit earned from the business

he can withdraw his investment in the business at any time

he gets to participate in daily responsibilities of the business

he is only financially liable for the amount he invested in the business

A

he is only financially liable for the amount he invested in the business

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35
Q

Serita and Tyler decide to form a partnership after discussing it for a few days. They have determined that a partnership has all of the following advantages except _____.

unlimited liability

ease of start-up

combined skills and knowledge

better access to money to fund the partnership

A

unlimited liability

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36
Q

Moe, Edita, and Hunter have been operating a business together as partners without a partnership agreement for several years. Hunter unexpectedly passes away, what will most likely become of the partnership?

The partnership will be immediately dissolved.

Moe and Edita will need to find a new partner to take Hunter’s place.

Hunter’s interest will automatically be divided between Moe and Edita.

Moe and Edita will be able to purchase Hunter’s interest from his estate.

A

Moe and Edita will be able to purchase Hunter’s interest from his estate.

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37
Q

A closed corporation is one that _____.

sells stock, but is taxed as if it were a corporation

has stock that can be bought and sold by any individual

has a limited number of stockholders and sales and exchanges of the stock are restricted

does not sell stock

A

has a limited number of stockholders and sales and exchanges of the stock are restricted

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38
Q

How corporations are designated changes depending on where the corporation is doing business. When a corporation is in the state in which it is incorporated it is known as a(n) ____.

alien corporation

domestic corporation

foreign corporation

public corporation

A

domestic corporation

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39
Q

Which of the following forms of business create a double taxation situation?

Sole proprietorship

Corporation

Limited liability company (LLC)

Partnership

A

Corporation

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40
Q

Jadyn wants to form a business that has very little government regulation. He has investigated different forms of business and determined that he will avoid forming a ____ because it is the most heavily regulated by the government.

sole proprietorship

partnership

corporation

syndicate

A

corporation

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41
Q

One of the main advantages of corporations as a form of business is _____, or each owner’s financial liability is equal to the amount of money that they have paid for the corporation’s stock.

the ease of ownership transfer

the right to dividends

limited liability

unlimited liability

A

limited liability

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42
Q

When Mark Kalish and John Berthold formed their company, Envirotech, raising capital and tax implications were their biggest concerns. They wanted to avoid having the company’s earnings taxed twice, but also realized that to expand Envirotech, they would need access to significant capital. Which form of business would meet the requirements for both the tax implication and access to capital for Envirotech?

S corporation

Sole proprietorship

C corporation

Nonprofit corporation

A

S corporation

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43
Q

Jacques and Kelly would like to form a business that gives them protection from liability but is taxed like a partnership. They have investigated S corporations but rejected them as having too many government regulations. They should form a ____.

limited liability company (LLC)

corporation

general partnership

joint venture

A

limited liability company (LLC)

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44
Q

Bongseon and Karim would like to form a corporation to provide string music education to children in their area. They want to form this business as a way to give back to the community and plan to have the children perform concerts in rest homes for older people who are unable to travel. Bongseon and Karim will most likely form a(n) ____.

limited liability company (LLC)

not-for-profit corporation

quasi-government organization

S corporation

A

not-for-profit corporation

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45
Q

A _______ is a partnership formed to operate for a specific time period or to accomplish a specific purpose.

limited partnership

joint venture

limited-liability family partnership

general partnership

A

joint venture

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46
Q

If Citigroup, JPMorgan Chase, KeyCorp, and Deutsche Bank joined together to make an extremely large loan, this association would be referred to as a(n) ____.

acquisition

partnership

syndicate

merger

A

syndicate

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47
Q

If Spotify purchased Pandora, leaving only one company remaining at the conclusion of the purchase, this would be referred to as a(n) ____.

acquisition

syndicate

merger

proxy

A

merger

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48
Q

If Mattel and Hasbro merged, this would be known as a ____.

vertical merger

horizontal merger

sideways merger

conglomerate merger

A

horizontal merger

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49
Q

Which of the following businesses would not be considered a small business?

A manufacturing firm with $17 million in revenue and 95 employees

A real estate development company with $100 million in revenue and 54 employees

A car repair shop with over $250,000 in revenue and eight employees

A wholesale trade company with $1 million in profit and 300 employees

A

A wholesale trade company with $1 million in profit and 300 employees

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50
Q

Small businesses are important to the U.S. economy for all of the following reasons except _____.

that they represent 99.9 percent of all employer firms

pay 40 percent of total U.S. private payroll

they employ about half of all private-sector employees

they have generated 50 percent of net new jobs over the past 20 years

A

they have generated 50 percent of net new jobs over the past 20 years

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51
Q

Frustrated that she was working many hours for someone else, Morgan decided to start her own business. She could work when she wanted to and take a day off as needed instead of having to work on a set schedule. Morgan was likely influenced by ____ when starting her own business.
family background

independence

age

money

A

independence

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52
Q

______ entrepreneurs own 42 percent of all businesses.

Teen

Black

Immigrant

Women

A

Women

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53
Q

Portia knows the customers of her hat shop by name and knows each of their preferences. What small business advantage does this demonstrate?

Ability to adapt to change

Personal relationships with customers

Independence

Simplified record keeping

A

Personal relationships with customers

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54
Q

Sriranjani has a motorcycle and ATV store. Her customers often talk about trikes. Sriranjani orders some Harley-Davidson Trikes for her inventory. Her actions are possible because small businesses _____.

can keep all profits

have simplified record keeping

have the ability to quickly adapt to change

have personal relationships with customers

A

have the ability to quickly adapt to change

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55
Q

Giovanni would like to start his own business, but he has very little savings. Additionally, his family isn’t willing to invest any money into his business because they fear it may fail. Giovanni’s bank is also unwilling to provide a loan that is large enough to start the business. This is an example of which disadvantage of small business?

Inability to adapt to change

Limited potential

Risk of failure

Limited ability to raise capital

A

Limited ability to raise capital

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56
Q

Kushi has collected money from savings, family investments, and bank loans in order to start her own florist shop. She is optimistic that her business will be a success because she loves arranging flowers and receives many likes and comments when she posts her designs online. Kushi asks you, a business major, what advice you have about starting a business. Which of the following is correct information you can share with Kushi?

Small businesses inherently possess the ability to expand.

Starting a small business requires much more than optimism and a good idea.

Entrepreneurs should always adopt a “fast growth” mindset.

Most small businesses generate a profit in their first year of operation.

A

Starting a small business requires much more than optimism and a good idea.

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57
Q

Bhavika has created a business plan as part of an assignment for her entrepreneurship class. Her plan is for a screen-printing business. In the _____ section of the business plan, Bhavika discusses current competition, pricing, and promotion.

Company and Industry

Marketing Plan

Benefits to the Community

Introduction

A

Marketing Plan

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58
Q

Malik must submit a business plan with his loan application. He has just finished the section of the plan that discusses the weaknesses of the business and how he plans to deal with those. Malik has just completed the _____ section.
Company and Industry

Financial Plan

Executive Summary

Critical Risks and Assumptions

A

Critical Risks and Assumptions

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59
Q

The organization chart for a business would appear in which section of the business plan?
Labor Force

Management Team

Executive Summary

Appendix

A

Appendix

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60
Q

Your friend would like to own their own business one day. You have learned a lot about franchises in your business course, so you tell your friend that as a franchisee, they would benefit from _____.

the use of the brand image and design of the business

the fee paid to open the franchise

the well-controlled distribution of products

more capital to expand the business

A

the use of the brand image and design of the business

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61
Q

Suki is discussing franchising with her uncle. He owns and operates a BP franchise. Suki knows from her business courses that her uncle operates a type of franchise in which _____.
a producer licenses distributors to see a given product to retailers

a manufacturer authorizes a number of retail stores to sell a certain brand-name item

a dual-branded franchise is one in which franchisors offer their products together

a franchisor supplies brand names, techniques, or other services rather than a complete product

A

a manufacturer authorizes a number of retail stores to sell a certain brand-name item

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62
Q

The UPS store offers franchises to investors who have a net worth of at least $150,000 and can pay an initial franchise fee of $29,950. The UPS store is considered the _____ and benefits from the arrangement ______.

franchisee; by ensuring that outlets are maintained and operated according to its own standards

franchisor; by having more capital available to expand operations and use for advertising

franchisor; by making use of the business experience of others

franchisee; by starting a business with limited capital

A

franchisor; by having more capital available to expand operations and use for advertising

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63
Q

Elif is a musician who would like to raise money to start her business. She decides to use ____ as a source of financing. To do so, she posts a description about her business and products on a website and invites people to contribute.
a small business investment company (SBIC)

franchising

crowdfunding

venture capital

A

crowdfunding

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64
Q

Haamid has received an investment for his small business from a private individual who invested money in exchange for ownership in Haamid’s company. Haamid likely received the investment from a(n) _______.

small business investment company (SBIC)

bank loan

venture capital firm

angel investor

A

angel investor

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65
Q

Celeste owns a small business and needs some technical help. She contacts a university-based group that provides individual counseling and practical training to owners of small businesses. Celeste contacted ____.
a small-business development center (SBDC)

a small-business institute (SBI)

the Small Business Administration (SBA) local office

the Service Corps of Retired Executives (SCORE)

A

a small-business development center (SBDC)

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66
Q

When Betsy started her business, she knew that if she needed any assistance she could contact _____ and receive help from retired and active businesspeople who volunteer their services to small-business owners.

the Small Business Administration (SBA) local office

a small-business development center (SBDC)

the Service Corps of Retired Executives (SCORE)

a small-business institute (SBI)

A

the Service Corps of Retired Executives (SCORE)

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67
Q

Hwan owns his own accounting firm and has just hired his first two employees. He seeks information from _____ who are senior and graduate students in business administration who provide management counseling to small businesses.

a small-business institute (SBIs)

the Small Business Administration (SBA) local office

the Service Corps of Retired Executives (SCORE)

a small-business development center (SBDC)

A

a small-business institute (SBIs)

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68
Q

Trevon has worked in a manufacturing industry for twenty years. He wants to open his own manufacturing firm and sell his products globally. Trevon thinks his company has a good chance to be successful internationally because he knows _____.

that real-time communications are shrinking business opportunities and he needs to act now

that national economies are becoming more self-reliant

that only one percent of small business in the U.S. currently engage in deliberate exporting

that technology only allows for large corporations to reach global markets

A

that only one percent of small business in the U.S. currently engage in deliberate exporting

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69
Q

Small Business Administration (SBA)

A

a government agency that assists, counsels, and protects the interests of small businesses in the United States

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70
Q

small business

A

an independent business with fewer than 500 employees, depending on its industry

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71
Q

business plan

A

a carefully constructed guide for the person starting a business

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72
Q

Franchising

A

the actual granting of a franchise

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73
Q

franchise

A

a license to operate an individually owned business as though it were part of a chain of outlets or stores

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74
Q

franchisor

A

anindividual or organization granting a franchise

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75
Q

franchisee

A

a person or organization purchasing a franchise

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76
Q

small-business investment companies (SBICs),

A

privately owned firms that provide venture capital to small enterprises that meet their investment stan ards

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77
Q

Small-business institutes (SBIs)

A

groups of senior and graduate students in business administration who provide management counseling to small businesses

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78
Q

venture capital

A

money that is invested in small (and sometimes struggling) firms that have the potential to become successful

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79
Q

Service Corps of Retired Executives (SCORE)

A

a group of businesspeople who volunteer their services to small businesses through the SBA

80
Q

Small-business development centers (SBDCs)

A

university-based groups that provide individual counseling and practical training to owners of small businesses

81
Q

small-business investment companies (SBICs)

A

privately owned firms that provide venture capital to small enterprises that meet their investment standards

82
Q

Management

A

the process of coordinating people and other resources to achieve the goals of an organization

83
Q

Planning

A

establishing organizational goals and deciding how to accomplish them

84
Q

strategic planning process

A

the establishment of an organization’s major goals and objectives and the allocation of resources to achieve them

85
Q

mission

A

a statement of the basic purpose that makes an organization different from others

86
Q

goal

A

an end result that an organization is expected to achieve over a one- to ten-year period

87
Q

Core competencies

A

approaches and processes that a company performs well that may give it an advantage over its competitors

88
Q

SWOT analysis

A

the identification and evaluation of a firm’s strengths, weaknesses, opportunities, and threats

89
Q

objective

A

a specific statement detailing what an organization intends to accomplish over a shorter period of time

90
Q

plan

A

an outline of the actions by which an organization intends to accomplish its goals and objectives

91
Q

tactical plan

A

a smaller-scale plan developed to implement a strategy

92
Q

contingency plan

A

a plan that outlines alternative courses of action that may be taken if an organization’s other plans are disrupted or become ineffective

93
Q

operational plan

A

a type of plan designed to implement tactical plans

94
Q

Organizing

A

the grouping of resources and activities to accomplish some end result in an efficient and effective manner

95
Q

strategic plan

A

an organization’s broadest plan, developed as a guide for major policy setting and decision making

96
Q

directing

A

the combined processes of leading and motivating

97
Q

leading

A

the process of influencing people to work toward a common goal

98
Q

Motivating

A

the process of providing reasons for people to work in the best interests of an organization

99
Q

Controlling

A

the process of evaluating and regulating ongoing activities to ensure that goals are achieved

100
Q

middle manager

A

a manager who implements the strategy and major policies developed by top management

101
Q

top manager

A

an upper-level executive who guides and controls the overall fortunes of an organization

102
Q

first-line manager

A

a manager who coordinates and supervises the activities of operating employees

103
Q

financial manager

A

a manager who is primarily responsible for an organization’s financial resources

104
Q

operations manager

A

a manager who manages the systems that convert resources into goods and services

105
Q

marketing manager

A

a manager who is responsible for facilitating the exchange of products between an organization and its customers or clients

106
Q

human resources manager

A

a person charged with managing an organization’s human resources programs

107
Q

Conceptual skills

A

the ability to think in abstract terms

108
Q

administrative manager

A

a manager who is not associated with any specific functional area but who provides overall administrative guidance and leadership

109
Q

analytic skills

A

the ability to identify problems correctly, generate reasonable alternatives, and select the “best” alternatives to solve problems

110
Q

Technical skills

A

specific skills needed to accomplish a specialized activity

111
Q

Leadership

A

the ability to influence others

112
Q

Interpersonal skills

A

the ability to deal effectively with other people

113
Q

Communication skills

A

the ability to speak, listen, and write effectively

114
Q

Autocratic leadership

A

task-oriented leadership style in which workers are told what to do and how to accomplish it without having a say in the decision-making process

115
Q

Participative leadership

A

leadership style in which all members of a team are involved in identifying essential goals and developing strategies to reach those goals

116
Q

Transactional leadership

A

leadership style that emphasizes structure, performance and productivity, and reward systems

117
Q

Transformational leadership

A

leadership style that focuses on transforming organizations and industries

118
Q

Decision making

A

the act of choosing one alternative from a set of alternatives

119
Q

charismatic leadership

A

personality-dependent leadership style

120
Q

Laissez-faire leadership

A

a hands-off leadership style that provides direction, tools, and resources to employees while delegating responsibility and decision-making authority to them

121
Q

problem

A

the discrepancy between an actual condition and a desired condition

122
Q

Coordinating finances, materials, people, and other resources of an organization to achieve the organization’s goals is a process known as _____.
controlling

management

organizing

planning

A

management

123
Q

Managers at the Powell Corporation are discussing the four main resources of management. While each are important, they agree that _____ is/are an organization’s most important resource.

financial resources

human resources

material resources

information

A

human resources

124
Q

Amazon uses airplanes, trucks, and drones in its operations. These are considered _____ resources for Amazon.

human

material

financial

informational

A

material

125
Q

The ______ resources of Nike include revenues and loans from banks.

material

financial

informational

human

A

financial

126
Q

The primary functions of a manager are _____.

leading, motivating, hiring, and firing

planning, controlling, leading, and motivating

leading, motivating, training, and organizing

controlling, organizing, planning, and leading

A

controlling, organizing, planning, and leading

127
Q

A plan developed to implement tactical plans is known as a(n) ______.

contingency plan

strategic plan

operational plan

mission

A

operational plan

128
Q

Jerome is a general manager for a paper mill. He needs to determine how many employees are needed to operate machines in each area of the mill. Jerome is engaged in which function of management?

Organizing

Planning

Leading

Controlling

A

Organizing

129
Q

After graduation, you are hired as a management trainee for a rental car company. One of your main tasks is to encourage the employees in the office to work toward a goal set by upper management. Which function of management does this describe?

Controlling

Planning

Leading

Organizing

A

Leading

130
Q

As the manager in a production facility, Cherise engages in the management function of controlling. This function includes three steps. Which of the following is not one of the steps in the controlling function?

Taking corrective action

Measuring actual performance and comparing it with the standard

Setting standards against which performance can be compared

Determining who is responsible for creating the standard

A

Determining who is responsible for creating the standard

131
Q

Natalia was reviewing LinkedIn contacts and noticed that in Randy’s profile he said he was a manager responsible for facilitating the exchange of products between his organization and its customers through distribution and advertising. From this she could conclude that Randy is a(n) ______ manager.

administrative

operations

financial

marketing

A

marketing

132
Q

Clara provides overall guidance and leadership for the company where she is employed. She does not provide any specialized function. What type of manager is Clara?

Marketing

Human resources

General

Operations

A

General

133
Q

Roslyn implements strategies and major policies developed by the upper management. Roslyn is a _____.
first-line manager

top manager

general manager

middle manager

A

middle manager

134
Q

A manager with ______ skills can see the big picture of how the various functions within the organization interact.

technical

analytic

interpersonal

conceptual

A

conceptual

135
Q

As a first-line manager, Hugo uses many skills. Sometimes he needs to show his employees how to perform a specific task—like how to make pivot tables in Microsoft Excel. Hugo’s knowledge of pivot tables is an example of his _____.

communication skills

analytic skills

interpersonal skills

technical skills

A

technical skills

136
Q

Lian is the CEO of a local non-profit organization. By all accounts, she is a dynamic leader and excels at building relationships with key stakeholders both inside and outside of the organization. She is very compassionate and a great listener. Lian has effective _____ skills.
communication skills

analytic skills

interpersonal skills

technical skills

A

Interpersonal

137
Q

As the CEO of ViewSource Media, Suzanne makes all final decisions. Anything important must be routed through the hierarchy she has established. Suzanne is a(n) ______ leader.

autocratic

laissez-faire

transformational

participative

A

autocratic

138
Q

Charlie has observed that the jump and play center he manages is suffering long periods without customers. To determine the cause of the problem, he assembles all of the staff to get their input on the matter. Although he will make the ultimate decision regarding how to address the problem, he feels comfortable asking for input from his staff. This leadership style suggests that Charlie is a(n) ______ leader.
participative

transactional

autocratic

charismatic

A

participative

139
Q

Chance is well liked by everyone in his organization. He is able to inspire and motivate people within the organization simply due to his inherent personality. Chance is a _____ leader.

laissez-faire

transformational

charismatic

participative

A

charismatic

140
Q

Huy has a managerial decision to make. The first step they will take is ____.

implement a solution

ask for help

identify an opportunity

generate alternatives

A

identify an opportunity

141
Q

Fernando has identified a problem in the department he manages and has generated alternatives to correct the problem. Next, he will _____.

determine the best alternative

implement the solution

evaluate the decision he made

implement each solution in turn to test how it will work

A

determine the best alternative

142
Q

organization

A

a group of two or more people working together to achieve a common set of goals

143
Q

organization chart

A

a diagram that represents the positions and relationships within an organization

144
Q

job design

A

structuring the tasks and activities required to accomplish a firm’s objectives into specific jobs so as to foster productivity and employee satisfaction

145
Q

chain of command

A

the line of authority that extends from the highest to the lowest levels of an organization

146
Q

job specialization

A

the separation of all organizational activities into distinct tasks and the assignment of different tasks to different people

147
Q

departmentalization

A

the process of grouping jobs into manageable units

148
Q

Job rotation

A

the systematic shifting of employees from one job to another

149
Q

Departmentalization by function

A

grouping jobs that relate to the same organizational activity

150
Q

Departmentalization by product

A

grouping activities related to a particular product or service

151
Q

Departmentalization by customer

A

grouping activities according to the needs of various customer populations

152
Q

Authority

A

the power, within an organization, to accomplish an assigned job or task

153
Q

Delegation

A

assigning part of a manager’s work and power to other workers

154
Q

Departmentalization by location

A

grouping activities according to the defined geographic area in which they are performed

155
Q

Responsibility

A

the duty to do a job or perform a task

156
Q

Accountability

A

the obligation of a worker to accomplish an assigned job or task

157
Q

decentralized organization

A

an organization in which management consciously attempts to spread authority widely across various organization levels

158
Q

span of management (or span of control)

A

the number of workers who report directly to one manager

159
Q

centralized organization

A

an organization that systematically works to concentrate authority at the upper levels of the organization

160
Q

Organizational height

A

the number of layers, or levels, of management in a firm

161
Q

line structure

A

an organizational structure in which the chain of command goes directly from person to person throughout the organization

162
Q

line managers

A

managers who make decisions and give orders to subordinates to achieve the organization’s goals

163
Q

matrix structure

A

an organizational structure that combines vertical and horizontal lines of authority, usually by superimposing product departmentalization on a functionally departmentalized organization

164
Q

cross-functional team

A

a team of individuals with varying specialties, expertise, and skills who are brought together to achieve a common task

165
Q

Staff managers

A

managers who provide support, advice, and expertise to line managers

166
Q

line-and-staff structure

A

an organizational structure that utilizes the chain of command from a line structure in combination with the assistance of staff managers

167
Q

virtual structure

A

an organizational structure in which administration is the primary function, and most other functions are contracted out to other firms

168
Q

team

A

two or more workers collaborating to achieve a shared mission, goal, or work product

169
Q

problem-solving team

A

a team of knowledgeable employees brought together to tackle a specific problem

170
Q

Self-managed teams

A

groups of employees with the authority and skills to manage themselves

171
Q

virtual team

A

a team consisting of members who are geographically dispersed but communicate electronically

172
Q

ad hoc committee

A

a committee created for a specific short-term purpose

173
Q

standing committee

A

a relatively permanent committee charged with performing some recurring task

174
Q

informal organization

A

the pattern of behavior and interaction that stems from personal rather than official relationships

175
Q

informal group

A

a group created by the members themselves to accomplish goals that may or may not be relevant to an organization

176
Q

task force

A

a committee established to investigate a major problem or pending decision

177
Q

grapevine

A

the informal communications network within an organization

178
Q

Seamus works as a sales manager for an apparel company managing a team of salespeople. Seamus’s manager is the VP of sales, and their manager is the CEO of the company. This suggests that _____.

the chain of command in the organization is short

the organization chart includes line and staff members

the chain of command in the organization is unclear

the organization chart is likely outdated

A

the chain of command in the organization is short

179
Q

Serita has just started a new job. She is curious about the positions and relationships within her company, so she looks at the ______ to determine who reports to whom.

advisory positions

chain of command

management plan

organization chart

A

organization chart

180
Q

Dominic is a manager who is working on structuring the tasks and activities required to accomplish his company’s objectives into specific jobs to foster productivity and employee satisfaction. Dominic is looking at _____.

job design

job specialization

job rotation

the organization chart

A

job design

181
Q

Chris owns a large farm with several employees. He has found that his employees are more efficient when one employee plows the field, another employee plants the seed, and a third employee sets up the irrigation system. This is an example of ____.

an assembly line

job specialization

job enlargement

job rotation

A

job specialization

182
Q

Many companies move employees systematically among departments in the organization to alleviate boredom and to provide employees with a better overall view of company goals and procedures. Nicholas LLC has a program in which workers do another worker’s task for the day to acquaint employees with the contributions made by each individual and department to the overall mission of Nicholas LLC. This practice of systematically moving employees is called ______.

job enlargement

job specialization

job rotation

job departmentalization

A

job rotation

183
Q

Ideaz, a new consulting company, has grown rapidly and desires to departmentalize to simplify supervision and facilitate coordination. It will most likely departmentalize by _____.
product

customer

function

location

A

function

184
Q

A large department store is departmentalized by Men’s Clothing, Women’s Clothing, Children’s Clothing, Housewares, Home Furnishings, and Electronics. This store is departmentalized by ______.

location

customer

function

product

A

product

185
Q

Yoplait has decided to departmentalize by product. One disadvantage to using this type of departmentalization is it ______.

may require need for a larger-than-usual administrative staff

may cause duplication of specialized activities

can lead to slow decision making and emphasis of individual departments over the organization as a whole

may require a large administrative staff and elaborate control system to coordinate operations across many locations

A

may cause duplication of specialized activities

186
Q

As an employee at Applebee’s, Prakash has a duty to do a job or perform a task. This is called ____.

responsibility

obligation

authority

accountability

A

responsibility

187
Q

Alejandro is a runner for a sports ticketing business in Las Vegas. His duties normally include picking up sports merchandise from the warehouse and delivering it to the stores in addition to receiving ticket orders and delivering the tickets to customers at the hotels on The Strip. Alejandro was given permission by the office manager to sign credit-card receipts when making purchases. Alejandro has been given the ______ to use the business credit card.

responsibility

authority

duty

accountability

A

authority

188
Q

Cretia has a narrow span of management. Which of the following is likely true?

The employees on Cretia’s team have a high level of competence in their jobs.

Cretia’s employees require a high level of interaction with her.

Cretia’s employees encounter very few new problems.

Cretia’s company has standard operating procedures for employees to follow.

A

Cretia’s employees require a high level of interaction with her.

189
Q

As a new manager at Oatly, Jenn learns that the organization is considered tall. Jenn knows from her business classes that this means Oatly _____.

has standard operating procedures

managers likely have narrow spans of management

has lower administrative costs than a flat organization

managers may perform more administrative duties than in a flat organization

A

managers likely have narrow spans of management

190
Q

When considering how to organize the structure of the new organization, a CEO must consider the disadvantages of each type of structure. One of the disadvantages of a line structure for an organization is ____.

controlling the quality of work

confusion about reporting protocols

conflict between line and staff managers

managers are responsible for a wide range of activities and, therefore, must have vast knowledge about all of these activities

A

managers are responsible for a wide range of activities and, therefore, must have vast knowledge about all of these activities

191
Q

The matrix structure has many advantages, but the most obvious one is ____.

decreased operating costs

improved motivation

added flexibility

increased conflict

A

added flexibility

192
Q

Asher, a sales representative; Hubert, an engineer; Kito, an accountant; and Betsy, a human resource specialist, are placed in a group to devise new uses and marketing schemes for one of the company’s existing products. This would be considered a ____.

cross-functional team

task force

self-managed team

special project team

A

cross-functional team

193
Q

Aoibhe is part of a team at work. Her role on the team is to push the team toward achieving their goals and objectives. Aoibhe’s role on the team is a _____.

dual role

socioemotional role

task-specialist role

nonparticipant role

A

task-specialist role

194
Q

Freeman Consulting has a(n) ____ committee comprised of managers from various departments in charge of evaluating the performance of the employees every year.

task force

ad hoc

permanent

standing

A

standing

195
Q

Sydney, general counsel for Franklin, Inc., and Friedrich, a securities expert with the company, have been appointed to a(n) _____ to investigate the pending merger of their company with Huang Industries.

standing committee

network committee

ad hoc committee

task force

A

task force

196
Q

Give Like a Mother, a charity in your town, has its own bowling league formed by employees with teams drawn from different departments within the company. It also has ad hoc committees and task forces to accomplish the goals of the organization. The ad hoc committees and task forces are _______ groups, whereas the bowling teams are _______ groups within the organization.

informal; formal

staff; line

line; staff

formal; informal

A

formal; informal

197
Q

Stefan, a manager for a large company, overheard employees gossiping about him during lunch. He immediately sent emails to all employees with newly enacted rules against rumors, gossip, and discussions about the company’s financial situation, management, and other company matters. Stefan is _____.

attempting to use the grapevine as a managerial tool

going to fail in his attempt to eliminate the company grapevine

going to succeed in eliminating the company grapevine

trying to support employee’s freedom of speech rights

A

going to fail in his attempt to eliminate the company grapevine

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