LATEST CTE Exam Review- Business Mgt Latest Update 2023 A+ Latest Upload Question And Answers

The controlling function of management involves - correctanswers-Evaluating and possible revising previous decisions The first step in management, and perhaps the most important management function is: - correctanswers-Planning Which of the following activities is not involved in the business decision making process? - correctanswers-Pension In the long-term planning process, increased profits, growth, and market share are typical of... - correctanswers-Strategic Objectives Which statement about budgets is TRUE? - correctanswers--Budgets must be followed exactly as planned -A budget guarantees a certain amount of profit -Budgets state what will happen rather than what is expected to happen -Budgets can help in controlling a business (correct answer) Planning tools include such items as... - correctanswers-budgets, schedules, and policies what is the most valuable resources used in organizing function to accomplish strategic goals. - correctanswers-labor What is the type of organization in which all major planning and decision-making is done by a group of top managers in the business? - correctanswers-centralized Developing and using charts to show lines of authority is a part of what management function? - correctanswers-organizing The process of influencing people to direct their efforts toward the achievement of particular objectives is termed - correctanswers-leadership Sharing authority with workers and asking subordinates for input in decision making is characteristic of - correctanswers-a democratic leadership style Which type of leader/manager exercises the greatest amount of authority? - correctanswers-autocratic flexible work schedule - correctanswers-Allow workers to set their own work hours within limits set by the organization Cross training workers is important to employees because it - correctanswers-prepares workers to be more productive The act of comparing actual results against expected performance within a predetermined time is... - correctanswers-controlling When standards are not being met, managers should find ways to correct problems. Which of the following is NOT a good alternative action? - correctanswers-increase current production The control of technique used by managers who visit the work place to discover first hand how operations are being maintained is a way to... - correctanswers-evaluate performance expectations Which type of management assumes people are basically lazy and have to be threatened before they will work? - correctanswers-Theory X Which type of management assumes that people are creative and responsible and will work hard under the proper conditions. - correctanswers-Theory Y Why are financial statements so important? - correctanswers-They summarize liquidity, value, and trends A financial statement that shows the profit of loss of a business for a particular period of time is - correctanswers-an income statement Efficient and skillful financial management is critical to company survival and contributes to the company's... - correctanswers-profits A technique used to determine the level of production at which total revenues from selling products equal total expenses in incurred in making is - correctanswers-break even analysis What measures the value of currency in world markets? - correctanswers-exchange rates If a small business is unable to obtain a loan from at least two banks, the business is eligible to apply for.. - correctanswers-a small business administration loan Which term is used for investors who specialize in finding small firms that offer potential for rapid growth and high returns? - correctanswers-venture capitalists American consumers benefit from international trade by getting.. - correctanswers-more product choices and lower prices Given that television advertising reaches a broad audience and can be seen and heard, why is it not the media used by most companies? - correctanswers-it's very expensive The US Auto Industry is an excellent example of... - correctanswers-oligopoly (a few companies dominate an industry) Which of the following survey questions is LEAST likely to be addressed by marketing research? - correctanswers-What raw materials should be used? The process of moving goods from the place of manufacture to the place of purchase is called.... - correctanswers-transporting The process of dividing markets into groups that have similar characteristics is called... - correctanswers-market segmentation Promotion includes all of the following EXCEPT... - correctanswers-product development Which branch of economics is concerned mainly with the overall economy? - correctanswers-macroeconomics Today, business is becoming driven by the wants and needs of... - correctanswers- customers When the GDP declines for two consecutive quarters, the economy is said to be experiencing a... - correctanswers-recession Why is knowledge of economics important for business managers? - correctanswers- Because the state of the economy will dictate the type of decisions they will make. What is human resource management? - correctanswers-the process of planning, staffing, training, developing, appraising, and maintaining and organization's personal needs. What is the process of teaching employees the procedures and techniques for doing their job efficiently? - correctanswers-training Bill Perkins, a selection specialist for Supreme Yogurt Company, is using a semi- structured interview with Donna Delgado. In this relaxed atmosphere, he asks Donna to tell him her age and religion. Bill's actions are... - correctanswers-illegal Which of the following is NOT a typical role of human resources management? - correctanswers-preparing financial statements What is the term which describes locating and attracting qualified job applicants? - correctanswers-recruitment The intent of the Civil Rights Act of 1964 is to... - correctanswers-secure equal employment opportunities Paying workers equally for jobs with similar requirements is known as... - correctanswers-comparable worth All of the following are electronic/non-electronic methods used by management to communicate with employees EXCEPT - correctanswers-invoices If one partner makes a contract that isn't profitable for the partnership, the other partners... - correctanswers-are bound by the contract When a owner of a corporation dies... - correctanswers-the life of the corporation is not affected In most states, starting a sole proprietorship is usually... - correctanswers-quite easy If a company goes bankrupt, who is repaid first when the assets are sold? - correctanswers-secured creditors A visual representation of a company's employees and management, and their lines of authority is known as.... - correctanswers-an organization chart If a US and Japanese automobile company pool their resources to manufacture a car and divide responsibilities and profits, it would probably be organized as a... - correctanswers-joint venture One way to maximize personal and professional output is by effective use of a(n).. - correctanswers-day planner Computers do not make decisions for managers but instead are most useful as... - correctanswers-a tool for storing and manipulating data Employees who launch and manage a new business venture independently are called... - correctanswers-entrepreneurs Which of the following terms is used to describe the standards that govern business behavior? - correctanswers-business ethics A society's beliefs, attitudes, values, and behavior is called its - correctanswers-cultures A company can promote ethical behavior by rewarding those who report misconduct taking place in the company. People who call attention to illegal or unethical practices are commonly called... - correctanswers-whistle blowers Businesses that fail to take responsibility for product safety may face... - correctanswers- costly lawsuits