MGT 420 Exam 3 Complete Study Guide (Questions and Answers) | Brand New Version

MGT 420 Exam 3 Complete Study Guide (Questions and Answers) | Brand New Version 1. Define performance management - ANSWER The process through which managers ensure that employees' activities and outputs contribute to the organization's goals. 2. A change in direction in response to a small failure is called a ______. -retrenchment -failure -pivot -redirection - ANSWER -pivot 3. An entrepreneur who conducts market tests to get early feedback and acquire important learning and information is demonstrating ______. -lack of ability -inattention -exploratory experimentation -uncertainty - ANSWER -exploratory experimentation 4. An entrepreneur who takes unreasonable actions due to a lack of clarity about future events most likely suffers from ______. -deviance -lack of ability -uncertainty -inattention - ANSWER - uncertainty 5. A child has a higher fear of failure if ______. -the parents spank the child -the child is punished for failing -a sibling is better at something first -they are not the first-born in their family - ANSWER - the child is punished for failing 6. What is the name given to the process of building a business with very little, or no, funding? seed startup bootstrapping zero funding skeleton funding - ANSWER -bootstrapping 7. Jose is opening a small restaurant. On weekends, he works with his cousin to construct the tables, chairs, and counters that will go into the restaurant. What is the name given to the result of these efforts? family ownership sweat equity owner labor labor equity - ANSWER - sweat equity 8. Failure as a result of the wrong procedures being set up in the organization so communication breaks down among employees and things begin to fall through the cracks is known as ______. -uncertainty -lack of ability -deviance -process inadequacy - ANSWER -process inadequacy 9. Once you establish the extent of your fear of failure, which of the following would be a good step toward coping with it? -Reframe goals so they are harder to achieve. -Stop being goal-oriented -Reframe goals so that they are more achievable. -Keep your goals exactly the same - ANSWER -Reframe goals so that they are more achievable 10. In the context of experimentation, what is another way to think about the word failure? -controlled research -bad failures -calculated risk -intentional iteration - ANSWER -intentional iteration 11. In the context of grit, the commitment to long-term goals through purposeful deliberate practice is called ______. -conscientiousness -excellence -resilience -perseverance - ANSWER -perseverance 12. Which of the following describes a blame-free environment? -an environment where everyone in the business is comfortable admitting mistakes and learning from them -an environment where blame is always directed at the entrepreneur rather than the employee -an environment where mistakes are not acknowledged or discussed - an environment where entrepreneurs can never be blamed - ANSWER -an environment where everyone in the business is comfortable admitting mistakes and learning from them 13. Lee just lost a major client. The next day, she made a list of potential new clients and started calling them to set up an introductory meeting. Which of the following characteristics is associated with this action? -learning -adaptation -resilience -