Test bank for Fundamentals of Management Quiz Chapters 1-5 exam newest 2026/2027 complete questions and correct verified answers

1. Roles a Manager Plays: 1. Interpersonal (be a leader) 2. Liaison (representative) 3. Informational (spokesperson) 4. Decisional (act as an entrepreneur) 5. Negotiator 2. Levels of Management: Senior (General Managers), Middle (Functional Managers), Lower (Operative) 3. 4 Functional Areas of Management: Marketing, Finance, Human Resource, Operations and Pro- duction. 4. For Profit Organizations: measures success by how much money, revenue comes from sales, all paid employees 5. Non Profit Organizations: donations, grants, volunteers and paid employees 6. Classical (Authoritarian) Management: job/task oriented 7. Scientific Method (Classical Management): each step of manufacturing, who does the job faster, redesign job and train others 8. Frederick Taylor: Father of Scientific Method 9. Gilbreath: time and motion studies 10. Henry Gant: process flow-schedule things 11. Administrative Theory (Classical Management): specialization focus on people Max Weber and bureaucracy Chester Bernard and Grapevine 12. Behavioral (Participative) Management: focus on people to determine what is the best way to manage Mayo and treat people well and focus on needs = increase in performance Abraham Maslov and hierarchy of needs Douglass McGregor and Theory X&Y 13. Management Science (MIS): use of math to aid decision making 14. Integrative Perspective (MIS): systems theory of flow charts combine everything Sociotechnical theory - get people and technology working together Contingency theory- best approach according to situation 15. Internal Environment: includes factors that attect its performance within the organization itself group of people who work together for a common purpose 16. Mission: purpose or reason for being 17. culture: consists of values, beliefs, and assumptions about what is appropriate behavior in an organization 1 / 6 Test bank for Fundamentals of Management Quiz Chapters 1-5 exam newest 2026/2027 complete questions and correct verified answers 18. resources: human, financial, physical, informational 19. structure: organize people to eflciently use resources to achieve organization's mission 20. Systems process/ technology: inputs, transformation of inputs, outputs and feedback 21. quality: customers determine quality by comparing a product's actual functioning to their requirements 22. customer value: perceived benefit of a product, used by customers, to determine whether to buy the product 23. Total Quality Management: process that involves everyone in an organization focusing on the cus- tomer to continually improve product value 24. Organizational Culture: Key values and principles that leaders preach and practice artifacts stories slogans symbols rituals ceremonies 25. 3 levels of culture: behavior, values and beliefs, assumptions 26. Symbolic Leaders: articulate a vision for an organization and reinforce the culture through slogans, symbols, and ceremonies, manage and merge cultures 27. Learning Organizations: culture that values sharing knowledge so as to adapt to the changing envi- ronment and continuously improve 28. External Environment: factors outside the organizational boundaries that attect its performance customers, competition, suppliers, labor force, shareholders, society, technology, economy, government 29. Environmental scanning: searching the environment for important events/issues that might attect firm 30. ethics: standards of right and wrong that attempt to influence behavior, Legal Ethical Standards is the floor- foreign corrupt practices act 31. Four Way Test: Method to ensure ethical behavior; 1. is it the truth? 2. Is it fair to all concerned? 3. Will it build goodwill and better friendship? 4. Will it be beneficial to all concerned 32. stakeholders and ethical behaviors: try to create a win-win situation for all relevant stakeholders so that everyone wins 33. Social Responsibility and Sustainability: conscious ettort to operate in a manner that creates a win-win 2 / 6 Test bank for Fundamentals of Management Quiz Chapters 1-5 exam newest 2026/2027 complete questions and correct verified answers 34. Levels of Corporate Social Responsibility: Legal focuses on maximum profits while obeying laws Ethical focuses on profitability and going beyond the law Benevolent focus on profitability and helping society 35. Sustainability: meeting the needs of the present without compromising the ability of future generations 36. Triple Bottom Line: profitability, CSR, Environment 37. Domestic Business: conduct business in one country 38. International Business: based primarily in one country but transacts business in other countries; import/export 39. Multinational Business: has ownership in operations in two or more countries 40. Subsidiary: company owned and controlled by another company, making up a combined company Unilever u/l USA u/l Portugal u/l SA 41. Transnational/ Global Corporation: treats market as one market, world as its market 42. Ethnocentrism: regards their own ethnic group or culture as superior to others, can be corporations too 43. Trade Barriers: protect some domestic corporations; taritts on imported goods 44. Non Tariff Barriers: Quotas, dumping, subsidies, embargo, regulations 45. World Trade Organization (WTO): exists to promote free trade; writes rules of free trade, resolves disputes between countries 46. Trade Agreement: same rules between countries 47. Exchange Rates: need to be aware for profits, when it E.R. is most favorable 48. Standard of Living: level of wealth, comfort, material goods, and necessities available to certain socioe- conomic class 49. Import: domestic firm buys product from foreign firms 50. Export: domestic firm sells product to foreign firm 51. Licensing: giving someone else the right to use some knowledge for a fee 52. Franchising: licenses entire business to the franchisee for a fee and loyalties 53. Contracting: company has a foreign firm manufacture the products that it sell as its own 54. Strategic Alliance: an agreement to share resources that does not necessarily involve creating a new