MGMT Exam 4 Version 1 Questions With Well Detailed Correct Answers.

power - correct answers a person's capacity to influence the behavior and attitudes of others organizational power - correct answers a person's ability to satisfy or deny satisfaction of another's need, based on a formal contractual relationship between an organization and the individual personal power - correct answers a person's ability to satisfy or deny satisfaction of another's need, based on an interpersonal relationship between individuals or on his or her personal characteristics legitimate power - correct answers the influence that comes from a person's formal position in an organization and the authority that accompanies that position management control - correct answers includes all activities an organization undertakes to ensure that its actions lead to achievement of its objectives management control system - correct answers a planned, ordered scheme of management control that allows managers to readily assess where the firm actually is at a point in time relative to where it wants or expects to be internal controls - correct answers processes that are developed to provide assurance that an organization reaches its objectives relating to operational efficiency, accuracy of financial reporting, and regulatory compliance performance standards - correct answers the first step in the control process; targets set by management against which actual performance is compared at a future date organizational control - correct answers a broad-based form of control that guides all organizational activities and oversees the overall functioning of the whole firm bureaucratic control - correct answersattempts to control the firm's overall functioning through formal, mechanistic structural arrangements; sometimes called hierarchical control, tall/centralized clan control - correct answersinformal and organic structure, self control, informal group norms, reward system focused on group performance, extensive employee input, flat/decentralized operations control - correct answersregulates one or more individual operating systems within an organization preliminary (feed forward or steering) control - correct answersmonitors deviations in the quality and quantity of the firm's resources to try to prevent deviations before they enter the system; its focus is on inputs to the product or service production process screening (yes/no or concurrent) control - correct answersregulates operations to ensure that they are consistent with objectives; the focus is on the transformation process that converts inputs into outputs statistical process control (SPC) - correct answersanother form of screening control which employs "control charts" to continuously track performance variation over time feedback (post-action) - correct answersmonitors the firm's outputs, the results of the transformation process budgeting - correct answersthe principal means of controlling the availability and cost of financial resources budgets - correct answersformal, written plans for future operations in financial terms operating budgeting - correct answersshort-term, sales and revenue budget, expense budget, profit budget, including having sufficient cash on hand to cover daily financial obligations such as routine purchases and payroll capital budgeting - correct answersconcerned with the intermediate and long-term control of capital acquisitions such as plant and equipment top down budgeting - correct answerstop managers establish budgets and hand them down to middle and lower-level managers for review and implementation bottom up budgeting - correct answersflows up from lower levels of an organization for review by top management and involves those more directly engaged in the actual tasks covered by the budget negotiated budgeting - correct answersinvolves a degree of give and take between upper and lower levels of management to develop the most appropriate form of budgetary control for a given situation zero based budgeting (ZBB) - correct answersa method of budgeting in which managers thoroughly reevaluate organizational activities to determine their true level of importance strategic control - correct answersensures that the organization effectively understands and responds to the realities of its environments balance sheet - correct answersa snapshot of the organization's financial position at a given moment; indicates what the firm owns and what proportion of its assets are financed with its own or borrowed money income statement - correct answersshows the profitability of an organization over a period of time and helps managers focus on the organization's overall revenues (from sales and investments) and the costs incurred in generating those revenues ratio analysis - correct answersmanagers take information from the two financial statements (balance sheets and income statements) so that they can measure the company's efficiency, profitability, and sources of finances relative to those of other organizations financial audit - correct answersa periodic and comprehensive examination of a firm's financial records nonfinancial controls - correct answersprovide a company with a method to measure nonfinancial performance such as ethics and compliance activities as well as those related to sustainability balanced scorecard - correct answersa management control system customized for a company's industry, technology, mission, and strategy triple bottom line approach - correct answersfocuses on the social, environmental, and economic impact of a company's operations equally and simultaneously; also known as people, planet, profit communication - correct answersthe process through which information and meaning are transferred from one person to another sender - correct answersthe person who wishes to relay or share particular information and meaning, and initiates the communication process encoding - correct answersthe process of transforming information into understandable symbols, typically spoken or written words or gestures channel - correct answersthe medium or method used to transmit the intended information and meaning receiver - correct answersthe person to whom the information and meaning are sent decoding - correct answersthe process of interpreting and attaching personal meaning to the message feedback - correct answersthe receiver's response to the sender's communication noise - correct answersanything acting as an information filter, such as knowledge, attitudes, and other factors, that interferes with the message being communicated effectively verbal or oral communication - correct answerswords spoken through various channels to convey information and meaning written communication - correct answersinformation and meaning transferred as recorded words, such as memos, reports, and email nonverbal communication - correct answersinformation conveyed by actions and behaviors rather than by spoken or written words body language - correct answersthe broad range of body motions and behaviors, from facial expressions to the distance one person stands from another, that send messages to a receiver listening - correct answersaccurately receiving and understanding information channel richness - correct answersa channel's ability to transmit information, including the ability to handle multiple cues simultaneously, encourage feedback, and focus personally on the receiver perception - correct answersthe process through which we receive, filter, organize, interpret, and attach meaning to information taken in from the environment distortion - correct answersa deviation between the sent message and the received message perceptual selection - correct answersthe choosing of stimuli from the environment for further processing; also known as filtering or screening perceptual organization - correct answersthe natural and essential process of organizing, interpreting, and attaching value to the selected stimuli upward communication - correct answerscommunication flowing from lower to higher levels of the organization, such as progress reports, suggestions, inquiries, and grievances downward communication - correct answersthe traditional flow of information from upper organizational levels to lower levels, such as job directions, assignment of tasks, performance feedback, and information concerning the organization's goals horizontal communication - correct answersthe exchange of information among individuals on the same organizational level, either across or within departments diagonal communication - correct answersthe flow of information, often in matrix structures, between individuals from different units and organizational levels grapevine - correct answersinformal communication channels, found in virtually all organizations gossip chain - correct answersthe spreading of information by one person to many others cluster chain - correct answersan exchange in which one person or a selected few share information with only a few others semantics - correct answersthe different uses and meanings of words, often influencing the effectiveness of a message information overload - correct answersthe condition of having too much information to process reward power - correct answersorganizational power that stems from a person's ability to bestow rewards