Archive for January 2021

Cash flow to creditors is defined as:

Cash flow to creditors is defined as:



A. interest paid minus net new borrowing

B. interest paid plus net new borrowing

C. operating cash flow minus net capital spendings minus the change in net working capital

D. dividends paid plus net new borrowing

E. Cash from assets plus net new equity



Answer: A. interest paid plus new net borrowing


Which of the following statement is true?

Which of the following statement is true?



A. All of the major stock exchanges are U.S. based

B. The NYSE was created by the National Association of Securities Dealers in the early 1930s

C. The Chicago Stock Exchange is a dealer market

D. OTC markets have a physical trading floor generally located in either NYC or Chicago.

E. The primary purpose of the NYSE it to match buyers with sellers.



Answer: E. The primary purpose of the NYSE it to match buyers with sellers.


Probably the least effective means of aligning management goals with shareholder interests is:

Probably the least effective means of aligning management goals with shareholder interests is:



A. the potential for a proxy fight by an unhappy segment of shareholders

B. basing all management bonuses on performance goals

C. holding management salaries steady while increasing stock option grants

D. the threat of a takeover of the firm

E. automatically increasing management salaries on an annual basis



Answer: E. automatically increasing management salaries on an annual basis


An agency issue is most apt to develop when:

An agency issue is most apt to develop when:



A. a firm encounters a period of stagnant growth

B. a firm downsizes

C. the control of a firm is separated from the firm's ownership

D. the firm's owner is also its key manager

E. a firm is structured as a general partnership



Answer: C. the control of a firm is separated from the firm's ownership


The Sarbanes-Oxly Act:

The Sarbanes-Oxly Act:



A. requires the corporate officers to personally attest that the financial statements are a fair representation of the company's financial results

B. requires all corporations to fully disclose its financial dealing to the general public

C. places the responsibility for a firm's financial statements solely on the chief financial officer

D. requires that the board of directors be solely responsible for the firm's financial dealings

E. places total responsibility for the financial statements of a firm on the auditor who certifies the statements



Answer: A. requires the corporate officers to personally attest that the financial statements are a fair representation of the company's financial results


The primary goal of financial management it to maximize:

The primary goal of financial management it to maximize:



A. current profits

B. market share

C. current dividends

D. the market value of existing stock

E. revenue growth



Answer: D. the market value of existing stock

A limited liability corporation (LLC):

A limited liability corporation (LLC):



A. is a hybrid between a sole proprietorship and a partnership

B. prefers its profits be taxed as personal income to its owners

C. that meets the IRS criteria to be an LLC will be taxed like a corporation

D. provides limited liability for some, but not all, of its owners

E. cannot be created for profession service firms, such as accountants and attorneys



Answer: B. prefers its profits to be taxed as personal income to its owners

Corporate shareholders:

Corporate shareholders:



A. are proportionately liable for the firm's debts

B. are protected from all financial losses

C. have the ability to change the corporation's bylaws

D. receive tax-free distributions since all profits are taxed at the corporate level

E. have basically no control over the actual corporation



Answer: C. have the ability to change the corporation's bylaws

One advantage of the corporate form of organization is the:

One advantage of the corporate form of organization is the:



A. taxation of the corporate profits

B. unlimited liability for its shareholders

C. double taxation of profits

D. ability to raise larger sums of equity capital than other organizational forms

E. ease of formation compared to other organizational firms



Answer: D. ability to raise larger sums of equity capital than other organizational forms

Which one of the following is an advantage of being a limited partner?

Which one of the following is an advantage of being a limited partner?



A. nontaxable share of any profits

B. control over the daily operations of the firm

C. losses limited to capital invested

D. unlimited profits without risk of incurring a loss

E. active market for ownership interest



Answer: C. losses limited to capital invested

Which one of the following is a capital structure decision?

Which one of the following is a capital structure decision?



A. determining the optimal inventory level

B. establishing the preferred debt-equity level

C. selecting new equipment to purchase

D. setting the terms of sale for credit sales

E. determine when suppliers should be paid



Answer: B. establishing the preferred debt-equity level

Capital Budgeting includes the evaluation of which of the following?

Capital Budgeting includes the evaluation of which of the following?



A. size of future cash flows only

B. size and timing of future cash flows only

C. timing and risk of future cash flows only

D. risk and size of future cash flows only

E. size, timing, and risk of future cash flows



Answer: E. size, timing, and risk of future cash flows

When conducting a financial analysis of a firm, financial analysts:

When conducting a financial analysis of a firm, financial analysts:



A. cannot use accounting information as it is historical

B. rely solely on accounting information

C. frequently use accounting information

D. ignore accounting information but do use marketing information

E. assume the future will be a repeat of the past as reflected in firm's accounting reports



Answer: C. frequently use accounting information

The shareholders of W Markets would benefit if the firm were to be acquired by Better Foods. However, W Markets' board of directors rejects the acquisition offer. This is an example of:

The shareholders of W Markets would benefit if the firm were to be acquired by Better Foods. However, W Markets' board of directors rejects the acquisition offer. This is an example of:



A. a corporate takeover

B. a capital structure issue

C. a working capital decision

D. an agency conflict

E. a compensation issue



Answer: D. an agency conflict

Will and Bill both encore sunshine, water, and surfboards. Thus the two friends decided to create a business together renting surfboards, paddle boats, ad inflatable devices in CA. Will and Bill will equally share in the decision making and in the business profits or losses. Which type of business did they create if they both have full personal liability for the firm's debts?

Will and Bill both encore sunshine, water, and surfboards. Thus the two friends decided to create a business together renting surfboards, paddle boats, ad inflatable devices in CA. Will and Bill will equally share in the decision making and in the business profits or losses. Which type of business did they create if they both have full personal liability for the firm's debts?



A. sole proprietorship

B. limited partnership

C. corporation

D. joint stock company

E. general partnership



Answer: E. general partnership

Margie opened a used bookstore and it both the 100 percent owner and the store's manager. Which type of business entity does Margie own if she is personally liable for all the store's debts?

Margie opened a used bookstore and it both the 100 percent owner and the store's manager. Which type of business entity does Margie own if she is personally liable for all the store's debts?



A. sole proprietorship

B. limited partnership

C. corporation

D. joint stock company

E. general partnership



Answer: A. Sole proprietorship

The Bailey Wildlife Fund was created to act as a protector of wolves, grizzly bears, and other predatory animals. It works with landowners to prevent or reduce predator problems. The non profit organization asks landowners to suggest plans that can be implemented to prevent predators from attacking their herds, and then the Fund pays to implement those that offer the most universal benefit. The landowners are part of the _____ component of the Fund's specific environment.

The Bailey Wildlife Fund was created to act as a protector of wolves, grizzly bears, and other predatory animals. It works with landowners to prevent or reduce predator problems. The non profit organization asks landowners to suggest plans that can be implemented to prevent predators from attacking their herds, and then the Fund pays to implement those that offer the most universal benefit. The landowners are part of the _____ component of the Fund's specific environment.



a.competitor

b.industry regulation

c.supplier

d.customer

e.political/legal



Answer: D

Laura Childs found a charming old cottage in which to set up her herbal business and tea house, but the bathroom was not big enough for a wheelchair. Lawrence Li wanted to set up a paintball alley in an old factory but there was no ramp entrance. Many other small business owners have found how expensive it is to comply with Americans with Disabilities Act regulations in new businesses. This federal law is an example of a component of the _____ environment.

Laura Childs found a charming old cottage in which to set up her herbal business and tea house, but the bathroom was not big enough for a wheelchair. Lawrence Li wanted to set up a paintball alley in an old factory but there was no ramp entrance. Many other small business owners have found how expensive it is to comply with Americans with Disabilities Act regulations in new businesses. This federal law is an example of a component of the _____ environment.



a.technological

b.sociocultural

c.economic

d.demographic

e.political/legal



Answer: E

Many urban areas have installed roadside cameras to record motorists running red lights and give tickets to those whose cars are photographed racing through the intersections. This attempt to save lives by getting people to drive more safely reflects a change in the __________ components of the general environment.

Many urban areas have installed roadside cameras to record motorists running red lights and give tickets to those whose cars are photographed racing through the intersections. This attempt to save lives by getting people to drive more safely reflects a change in the __________ components of the general environment.



a.technological and political/legal

b.social and political/legal

c.economic and sociocultural

d.political/legal and demographic

e.demographic and political/legal



Answer: A

The popularity of natural, organic supermarkets such as Whole Foods Markets has negatively impacted the sales at Kroger, Albertsons, and Safeway supermarkets. The negative impact on sales was due to changes in the ______ environment.

The popularity of natural, organic supermarkets such as Whole Foods Markets has negatively impacted the sales at Kroger, Albertsons, and Safeway supermarkets. The negative impact on sales was due to changes in the ______ environment.



a.technological

b.sociocultural

c.economic

d.demographic

e.political



Answer: B

When Hurricane Katrina pounded her way through the Gulf Coast, Orleans Parish, La., and Harrison County, Miss., were among the areas hardest hit. The counties, which are home to New Orleans and Biloxi, Miss., respectively, also share other traits. Data from the U.S. Census Bureau show that with median household incomes of about $31,000, they lag the national average of $44,684 by 44 percent. The _____ environments in those counties will influence the general environment of businesses that try to locate there.

When Hurricane Katrina pounded her way through the Gulf Coast, Orleans Parish, La., and Harrison County, Miss., were among the areas hardest hit. The counties, which are home to New Orleans and Biloxi, Miss., respectively, also share other traits. Data from the U.S. Census Bureau show that with median household incomes of about $31,000, they lag the national average of $44,684 by 44 percent. The _____ environments in those counties will influence the general environment of businesses that try to locate there.



a.technological 

b.sociocultural

c.economic 

d.demographic

e.political/legal



Answer: B

Ten years ago, upper- and middle-class Chinese enjoyed various forms of hard liquor such as brandy, gin, and bourbon. Today, these same Chinese classes are ordering wine rather than hard liquor. This is an example of a change in the __________ component of the general environment of a distiller.

Ten years ago, upper- and middle-class Chinese enjoyed various forms of hard liquor such as brandy, gin, and bourbon. Today, these same Chinese classes are ordering wine rather than hard liquor. This is an example of a change in the __________ component of the general environment of a distiller.



a.technological

b.sociocultural

c.economic

d.competitive

e.geographic



Answer: B

Managers often prefer to use business confidence indices:

Managers often prefer to use business confidence indices:



a.to identify sociocultural trends

b.as predictors of future economic activity when making business decisions

c.which are based on intuition and experience

d.to encourage customers to make long-term buying decisions

e.to improve consumer confidence forecasts



Answer: B

Home networking is predicted to be the wave of the future. Microprocessors can be used to run up to85 different appliances and such in the average home. You will be able to set a program to record a television show, check to see if you turned off your curling iron, turn on and off lights, and do hundreds of other similar tasks from wherever you happen to be. This change in the _____ environment will influence all kinds of businesses from appliance manufacturers to security systems.

Home networking is predicted to be the wave of the future. Microprocessors can be used to run up to85 different appliances and such in the average home. You will be able to set a program to record a television show, check to see if you turned off your curling iron, turn on and off lights, and do hundreds of other similar tasks from wherever you happen to be. This change in the _____ environment will influence all kinds of businesses from appliance manufacturers to security systems.



a.technological

b.social

c.economic

d.cultural

e.politica



Answer: A

A CEO who is considering opening a manufacturing business in the Dominican Republic would need to know that the country contains about 2.6 million laborers and has a 17 percent unemployment rate. Its unemployment rate would be part of the expanding business's _____ environment.

A CEO who is considering opening a manufacturing business in the Dominican Republic would need to know that the country contains about 2.6 million laborers and has a 17 percent unemployment rate. Its unemployment rate would be part of the expanding business's _____ environment.



a.technological

b.social

c.economic

d.cultural

e.politica



Answer: C

White Castle is a fast-food restaurant chain that is famous for its small, square hamburgers. Which of the following would be a component of its general environment?

White Castle is a fast-food restaurant chain that is famous for its small, square hamburgers. Which of the following would be a component of its general environment?



a.meat processing companies that provide its ground beef

b.consumers who will drive miles out of their way to eat a White Castle burger

c.boycotts by the Chicago organization of People for the Ethical Treatment of Animals(PETA)

d.local zoning laws that designate the appropriate distance from the street for a White Castlerestaurant to be located

e.inflation



Answer: E

Which of the following is a component of a local newspaper's general environment and will indirectly influence how it does business?

Which of the following is a component of a local newspaper's general environment and will indirectly influence how it does business?


a.an Internet-based newspaper that carries local news

b.lobbyists for the local airport

c.a local advocacy group demanding the newspaper not print ads for fur coats

d.a trend toward less leisure time

e.its supplier of paper



Answer: D

Changes in any sector of the general environment:

Changes in any sector of the general environment:



a.will typically not impact most organizations b.tend to slow down how quickly an organization moves through the environmental cycle

c.inhibit the innovation process

d.influence customers first and then suppliers

e.will eventually affect most organizations



Answer: E

Legislation concerning the disposal of biological wastes, the development of more sophisticated imaging machines, and longer patient life spans would all be part of the __________ for a public hospital.

Legislation concerning the disposal of biological wastes, the development of more sophisticated imaging machines, and longer patient life spans would all be part of the __________ for a public hospital.



a.internal environment

b.specific environment

c.sociocultural environment

d.general environment

e.environmental differentiation



Answer: D

Imagine that a Venezuelan appliance manufacturer wants to export its refrigerators to Guatemala. Theknowledge that the distribution of income within Guatemala is highly unequal and about 75 percent of the population is below the poverty line would be a(n) __________ component in the manufacturer'sgeneral environment.

Imagine that a Venezuelan appliance manufacturer wants to export its refrigerators to Guatemala. Theknowledge that the distribution of income within Guatemala is highly unequal and about 75 percent of the population is below the poverty line would be a(n) __________ component in the manufacturer'sgeneral environment.



a.technological 

b.sociocultural

c.economic

d.political/legal

e.demographic



Answer: C

What are the two types of external organizational environments?

What are the two types of external organizational environments?



a.general and specific

b.public and private

c.global and the national

d.organizational and the interpersonal

e.market-specific and the product-specific



Answer: A

In a very strong economy, where the demand for qualified job applicants exceeds the supply, the environmental characteristic of __________ is likely to be particularly salient for many companies.

In a very strong economy, where the demand for qualified job applicants exceeds the supply, the environmental characteristic of __________ is likely to be particularly salient for many companies.



a.environmental complexity

b.environmental change

c.resource scarcity

d.environmental uncertainty

e.environmental risk



Answer: C

A company facing a simple environment would:

A company facing a simple environment would:



a.most likely be in the first stage of the environmental cycle

b.exhibit proof of the punctuated equilibrium theory

c.be unable to succeed due to lack of innovation

d.be influenced only by factors in its specific environment

e.have few external factors in the environment that affect



Answer: E

According to the __________, companies go through long, simple periods of environmental stability,followed by short, complex periods of dynamic, fundamental environmental change, finishing with areturn to environmental stability.

According to the __________, companies go through long, simple periods of environmental stability,followed by short, complex periods of dynamic, fundamental environmental change, finishing with areturn to environmental stability.



a.environmental change theory

b.theory of environmental dynamics

c.punctuated equilibrium theory

d.theory of resource scarcity

e.environmental cycle


Answer: C

George, who owns a small grocery store, has a reputation in the community as a tough manager. Many customers have heard George yell at his employees because he feels that workers today are lazy, lack ambition, and hate to work. George is a(n) ____ manager.

George, who owns a small grocery store, has a reputation in the community as a tough manager. Many customers have heard George yell at his employees because he feels that workers today are lazy, lack ambition, and hate to work. George is a(n) ____ manager.



1) Theory Z

2) hierarchy

3) Theory X

4) accountable

5) Theory Y



Answer: 3) Theory X

Maslow's hierarchy of human needs included ______.

Maslow's hierarchy of human needs included ______.



1) physiological, financial, love, esteem, self-actualization

2) financial, love, friends, self-actualization

3) food and shelter, companionship, ego, self-actualization

4) physiological, safety, love, esteem, self-actualization

5) physiological, financial, love, empowerment,



Answer: 4) physiological, safety, love, esteem, self-actualization

Pablo, a construction manager with employees working in Puerto Rico, is having a hard time with employee turnover. While speaking with his human resources manager, Avery, he says he does not understand why the workers come to work late, take longer lunches, and yet still punch out at five o'clock. He feels they should want to work to get the country back on its feet and do what it takes to get the job done. Based on this example, Pablo is most likely a(n) ________ manager.

Pablo, a construction manager with employees working in Puerto Rico, is having a hard time with employee turnover. While speaking with his human resources manager, Avery, he says he does not understand why the workers come to work late, take longer lunches, and yet still punch out at five o'clock. He feels they should want to work to get the country back on its feet and do what it takes to get the job done. Based on this example, Pablo is most likely a(n) ________ manager.



Answer: ethnocentric

Victor works for a company that highly values performance-oriented traits, such as achieving a certain level of sales and increasing market share by a certain percentage. In analyzing this aspect of Victor's company, Geert Hofstede would examine the company's ________ dimension.

Victor works for a company that highly values performance-oriented traits, such as achieving a certain level of sales and increasing market share by a certain percentage. In analyzing this aspect of Victor's company, Geert Hofstede would examine the company's ________ dimension.



Answer: assertiveness


Victor works for a company that highly values performance-oriented traits, such as achieving a certain level of sales and increasing market share by a certain percentage. In analyzing this aspect of Victor's company, Geert Hofstede would examine the company's ________ dimension.

Victor works for a company that highly values performance-oriented traits, such as achieving a certain level of sales and increasing market share by a certain percentage. In analyzing this aspect of Victor's company, Geert Hofstede would examine the company's ________ dimension.



Answer: assertiveness


Pietro, the vice president of marketing, is talking to Ryan, a sales manager in a foreign office, about several local situations that Ryan's reps are facing in their territory. Pietro tells Ryan that he believes there are differences and similarities between home and foreign personnel and practices, and that Ryan should use whatever techniques are most effective. Pietro is a(n) ________ manager.

Pietro, the vice president of marketing, is talking to Ryan, a sales manager in a foreign office, about several local situations that Ryan's reps are facing in their territory. Pietro tells Ryan that he believes there are differences and similarities between home and foreign personnel and practices, and that Ryan should use whatever techniques are most effective. Pietro is a(n) ________ manager.



Answer: geocentric


A nation's culture is

A nation's culture is



Answer: the shared set of beliefs, values, knowledge, and patterns of behavior common to its people.


Monochronic time is a

Monochronic time is a



Answer: preference for doing one thing at a time.


Shrimpers in South Louisiana have accused China of selling shrimp in the United States at a lower price than U.S. suppliers. The goal of the Chinese, they argue, is to drive down the price of U.S. shrimp. The U.S. shrimpers are accusing the Chinese of

Shrimpers in South Louisiana have accused China of selling shrimp in the United States at a lower price than U.S. suppliers. The goal of the Chinese, they argue, is to drive down the price of U.S. shrimp. The U.S. shrimpers are accusing the Chinese of



Answer: dumping.


The United States uses government regulations, such as tariffs, embargoes, and import quotas, to limit the import of goods and services and to protect U.S. industries against foreign competition. ________ is the use of these regulations.

The United States uses government regulations, such as tariffs, embargoes, and import quotas, to limit the import of goods and services and to protect U.S. industries against foreign competition. ________ is the use of these regulations.



Answer: Trade protectionism


Hayley, from California, arrived in Saudi Arabia and immediately noticed that the way Saudi men treat women is vastly different than the way men in the United States treat women. Hayley was feeling uncomfortable and disoriented because she was experiencing

Hayley, from California, arrived in Saudi Arabia and immediately noticed that the way Saudi men treat women is vastly different than the way men in the United States treat women. Hayley was feeling uncomfortable and disoriented because she was experiencing



Answer: culture shock.


Which forces are part of the macroenvironment?

Which forces are part of the macroenvironment?



Answer: Economic, technological, sociocultural, demographic, political-legal, and international


Arielle, a successful banker and educator, has decided to retire, but she is very interested in staying involved with a company "that cares." So when asked to serve on its board of directors, she gladly accepted the invitation. As a member of the board, Arielle will be involved with the organization's

Arielle, a successful banker and educator, has decided to retire, but she is very interested in staying involved with a company "that cares." So when asked to serve on its board of directors, she gladly accepted the invitation. As a member of the board, Arielle will be involved with the organization's



Answer: overall strategic goals and approval of major decisions.


Rosemarie and Dominique, owners of Sugarplum Coffee and Pastry Shop, are concerned because Panera Bread is opening a new store just one mile from their shop. Rosemarie and Dominique know that Panera will be offering similar products; therefore, Panera Bread will be a(n) ________ of Rosemarie and Dominique.

Rosemarie and Dominique, owners of Sugarplum Coffee and Pastry Shop, are concerned because Panera Bread is opening a new store just one mile from their shop. Rosemarie and Dominique know that Panera will be offering similar products; therefore, Panera Bread will be a(n) ________ of Rosemarie and Dominique.



Answer: competitor


When a food distributor considers changing the products it markets in the southern states because of an increasing percentage of customers from Central and South America, it is examining the ____ forces at work in the southern United States.

When a food distributor considers changing the products it markets in the southern states because of an increasing percentage of customers from Central and South America, it is examining the ____ forces at work in the southern United States.



Answer: demographic


Ethics are defined as

Ethics are defined as



Answer: standards of right and wrong that influence behavior.


Mackenzie, a successful store manager, leads her employees by encouraging them and showing that she genuinely believes in them. She also encourages group and team efforts. Mackenzie manages at Kohlberg's _____ level of personal moral development.

Mackenzie, a successful store manager, leads her employees by encouraging them and showing that she genuinely believes in them. She also encourages group and team efforts. Mackenzie manages at Kohlberg's _____ level of personal moral development.



Answer: conventional


Consider the following situation: Local livestock farmers could allow the runoff of manure nutrients into a stream that feeds a local lake because polluting the stream helps farmers in the short term. However, farmers will act ethically in the short run to avoid harming others in the long run because doing so is also in the farmer's best long-term interests. This type of thinking reflects the _____ approach to deciding ethical dilemmas.

Consider the following situation: Local livestock farmers could allow the runoff of manure nutrients into a stream that feeds a local lake because polluting the stream helps farmers in the short term. However, farmers will act ethically in the short run to avoid harming others in the long run because doing so is also in the farmer's best long-term interests. This type of thinking reflects the _____ approach to deciding ethical dilemmas.



Answer: individual


To increase profitability, top management of a national retailer needs to decide if it will close several stores. Management knows that by closing the locations, it will save the company millions of dollars and benefit many stockholder groups and individuals. The benefits of closing the stores outweigh the benefits of keeping them open. Keeping the stores open would be advantageous for many fewer people than closing the stores. This logic is an example of the ___ approach to deciding ethical dilemmas.

To increase profitability, top management of a national retailer needs to decide if it will close several stores. Management knows that by closing the locations, it will save the company millions of dollars and benefit many stockholder groups and individuals. The benefits of closing the stores outweigh the benefits of keeping them open. Keeping the stores open would be advantageous for many fewer people than closing the stores. This logic is an example of the ___ approach to deciding ethical dilemmas.



Answer: utilitarian

Jose, a lobbyist who represents the oil industry, is meeting with several members of Congress to try to exert political influence by contributing funds to the lawmakers' election campaigns. Jose also is involved in a letter-writing campaign to promote his cause. Jose is working on behalf of a

Jose, a lobbyist who represents the oil industry, is meeting with several members of Congress to try to exert political influence by contributing funds to the lawmakers' election campaigns. Jose also is involved in a letter-writing campaign to promote his cause. Jose is working on behalf of a



Answer: special-interest group.

A computer manufacturer is seeking to cut costs by designing an inventory system that reduces the number of finished products in stock due to overproduction and to set in place a production schedule that better matches customers' orders. These plans are an example of ____ in action.

A computer manufacturer is seeking to cut costs by designing an inventory system that reduces the number of finished products in stock due to overproduction and to set in place a production schedule that better matches customers' orders. These plans are an example of ____ in action.



Answer: operations management

Luka, who owns a small breakfast and salad bar, has a reputation in the community as a tough manager. Many customers have heard Luka yell at his employees because he feels that workers today are lazy, lack ambition, and hate to work. Luka is a(n) ____ manager.

Luka, who owns a small breakfast and salad bar, has a reputation in the community as a tough manager. Many customers have heard Luka yell at his employees because he feels that workers today are lazy, lack ambition, and hate to work. Luka is a(n) ____ manager.



Answer: Theory X

______ suggested that organizations should be operated as "communities," with managers and subordinates working together in harmony. For example, in a publishing company run as a community, editors, editorial assistants, and publishers would work together to determine which books should be published.

______ suggested that organizations should be operated as "communities," with managers and subordinates working together in harmony. For example, in a publishing company run as a community, editors, editorial assistants, and publishers would work together to determine which books should be published.



Answer: Mary Parker Follett

For years Print and Copy, a copier machine supplier, enjoyed strong sales and a huge share of the copier market, far ahead of its nearest competitor. However, over the years, Print and Copy seldom asked customers for feedback. So when some of Print and Copy's competition responded to customers' needs and started offering copiers with new features (such as wireless printing from laptop and tablet computers), Print and Copy lost much of its market share. Print and Copy's system is best described as

For years Print and Copy, a copier machine supplier, enjoyed strong sales and a huge share of the copier market, far ahead of its nearest competitor. However, over the years, Print and Copy seldom asked customers for feedback. So when some of Print and Copy's competition responded to customers' needs and started offering copiers with new features (such as wireless printing from laptop and tablet computers), Print and Copy lost much of its market share. Print and Copy's system is best described as



Answer: closed.

Within his company, Vernon has set up a system with inputs, outputs, transformation processes, and feedback. He utilizes a management style that varies according to the individual and environmental situation, with a strategy for minimizing errors by managing each stage of production. Vernon is utilizing a _______ perspective.

Within his company, Vernon has set up a system with inputs, outputs, transformation processes, and feedback. He utilizes a management style that varies according to the individual and environmental situation, with a strategy for minimizing errors by managing each stage of production. Vernon is utilizing a _______ perspective.



Answer: contemporary

Sari, a movie theater manager, recently implemented a policy stating that workers who are willing to work a double shift on Friday or Saturday nights will earn a bonus on top of their regular pay. What is Sari implementing?

Sari, a movie theater manager, recently implemented a policy stating that workers who are willing to work a double shift on Friday or Saturday nights will earn a bonus on top of their regular pay. What is Sari implementing?



Answer: sliding pay scale

Hugo Munsterberg is known as

Hugo Munsterberg is known as



Answer: the father of industrial psychology.

The Ryan family had a fire that destroyed their home. Various departments of a restoration company, from the initial cleanup crew to the assistance with the Ryan family moving back in, worked together to achieve this goal. All of the company's interrelated parts working together to accomplish a goal (in this case, the restoration of the Ryan home) is an example of a(n)

The Ryan family had a fire that destroyed their home. Various departments of a restoration company, from the initial cleanup crew to the assistance with the Ryan family moving back in, worked together to achieve this goal. All of the company's interrelated parts working together to accomplish a goal (in this case, the restoration of the Ryan home) is an example of a(n)



Answer: system.

Noah's Ark is a successful child care center. It focuses on actively developing, finding, and communicating new knowledge to its employees so that workers can modify their behavior to reflect this new knowledge. Noah's Ark is an example of a(n) _______ organization.

Noah's Ark is a successful child care center. It focuses on actively developing, finding, and communicating new knowledge to its employees so that workers can modify their behavior to reflect this new knowledge. Noah's Ark is an example of a(n) _______ organization.



Answer: learning

The management of Omega Manufacturing is implementing a plan to minimize production mistakes by allowing teams that work in each area of the production facility to develop a plan and then monitor their area to ensure the reduction of errors. The managers are engaging in

The management of Omega Manufacturing is implementing a plan to minimize production mistakes by allowing teams that work in each area of the production facility to develop a plan and then monitor their area to ensure the reduction of errors. The managers are engaging in


Answer: quality control.

Rochelle, the CEO of a Fortune 500 company, met with business leaders from the local community. Afterwards, she spent time informally answering their questions about the company. In answering these questions, which managerial role was Rochelle playing?

Rochelle, the CEO of a Fortune 500 company, met with business leaders from the local community. Afterwards, she spent time informally answering their questions about the company. In answering these questions, which managerial role was Rochelle playing?



Answer: leadership figurehead

When Clay, a general manager of a national retailer, moved to a different store in his company that was having difficulty, he knew that sales were low and after talking to his employees, he found morale was also low. At first Clay thought attitudes were poor due to low sales, but after working closely with employees, he realized that the poor attitudes were actually the cause of poor sales. Clay was able to discover the cause of the problem by utilizing ________ skills.

When Clay, a general manager of a national retailer, moved to a different store in his company that was having difficulty, he knew that sales were low and after talking to his employees, he found morale was also low. At first Clay thought attitudes were poor due to low sales, but after working closely with employees, he realized that the poor attitudes were actually the cause of poor sales. Clay was able to discover the cause of the problem by utilizing ________ skills.



Answer: conceptual

To maintain a competitive advantage, the top management of a national furniture store made the decision to increase employee training, add rewards that motivate employees, and look at improving procedures related to disciplining workers. These decisions are made by managers who play a ________ role.

To maintain a competitive advantage, the top management of a national furniture store made the decision to increase employee training, add rewards that motivate employees, and look at improving procedures related to disciplining workers. These decisions are made by managers who play a ________ role.



Answer: leadership

The city fire department offers its services to any individual within its city limits, so even Ken, who is driving through the city on vacation, received assistance with a car fire. The fire department is an example of a ________organization.

The city fire department offers its services to any individual within its city limits, so even Ken, who is driving through the city on vacation, received assistance with a car fire. The fire department is an example of a ________organization.



Answer: commonweal

What do technical skills consist of?

What do technical skills consist of?



Answer: job-specific knowledge needed to perform well in a specialized field

You work as the sales manager for a company that sells paper supplies to businesses of all sizes. Because the profit margins are razor-thin, you need to ensure that you are getting the very best prices on all paper supplies from the manufacturers. When reviewing the quarterly profit statement, you realize that your costs are higher than they should be, and you trace the higher costs back to an employee who has been lax about getting competitive bids to ensure the lowest prices. When you conduct your research to determine the reason for the higher costs, and take action to bring those costs back down, in which of the key management processes are you taking part?

You work as the sales manager for a company that sells paper supplies to businesses of all sizes. Because the profit margins are razor-thin, you need to ensure that you are getting the very best prices on all paper supplies from the manufacturers. When reviewing the quarterly profit statement, you realize that your costs are higher than they should be, and you trace the higher costs back to an employee who has been lax about getting competitive bids to ensure the lowest prices. When you conduct your research to determine the reason for the higher costs, and take action to bring those costs back down, in which of the key management processes are you taking part?



Answer: controlling

When building a new residential development or mall, a national real estate organization typically does not remove many trees, basing its decision on the belief that natural resources are limited and the company must not compromise the ability of future generations to meet its own needs. To which philosophy is the company adhering

When building a new residential development or mall, a national real estate organization typically does not remove many trees, basing its decision on the belief that natural resources are limited and the company must not compromise the ability of future generations to meet its own needs. To which philosophy is the company adhering



Answer: sustainability

Justin, a college student, has become very interested in helping his community, so he is volunteering in a neighborhood improvement organization. This type of organization is an example of a(n) ________ organization.

Justin, a college student, has become very interested in helping his community, so he is volunteering in a neighborhood improvement organization. This type of organization is an example of a(n) ________ organization.



Answer: mutual-benefit

Conceptual skills consist of the

Conceptual skills consist of the



Answer: ability to think analytically, to visualize an organization as a whole, and to understand how the parts work together.Correct

At times, customers have an unexpected need and require certain departments, such as production, to change their schedule to meet the demands of the sales department. When Shannon, the vice president of marketing, inspires the production team to put in the extra effort, she is playing a(n) ________ role.

At times, customers have an unexpected need and require certain departments, such as production, to change their schedule to meet the demands of the sales department. When Shannon, the vice president of marketing, inspires the production team to put in the extra effort, she is playing a(n) ________ role.



Answer: leadership

Edgar is a chef and the kitchen manager in an upscale restaurant. He is very knowledgeable in both the culinary and restaurant management fields. Because he possesses these technical skills, Edgar can be considered a(n) ________ worker.

Edgar is a chef and the kitchen manager in an upscale restaurant. He is very knowledgeable in both the culinary and restaurant management fields. Because he possesses these technical skills, Edgar can be considered a(n) ________ worker.



Answer: knowledge

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