WGU C483 - Principles of Management Final Exam Questions and Answers Latest Updated 2024/2025 (Graded A+)

WGU C483 - Principles of Management Final Exam Questions and Answers Latest Updated 2024/2025 (Graded A+) Accountability - Correct answer The expectation that employees will perform a job, take corrective action when necessary, and report upward on the status and quality of their performance 3. Accounting audits - Correct answer Procedures used to verify accounting reports and statements 4. Acquisition - Correct answer One firm buying another 5. Activity-based costing (ABC) - Correct answer A method of cost accounting designed to identify streams of activity and then to allocate costs across particular business processes according to the amount of time employees devote to particular activities WGU C483 - Principles of Management Final Exam Questions and Answers Latest Updated 2024/2025, Grade A+ pg. 2 6. Adapters - Correct answer Companies that take the current industry structure and its evolution as givens, and choose where to compete 7. Adverse impact - Correct answer When a seemingly neutral employment practice has a disproportionately negative effect on a protected group 8. Advertising support model - Correct answer Charging fees to advertise on a site 9. Affective conflict - Correct answer Emotional disagreement directed toward other people 10. Affiliate model - Correct answer Charging fees to direct site visitors to other companies' sites 11. Affirmative action - Correct answer Special efforts to recruit and hire qualified members of groups that have been discriminated against in the past 12. After-action review - Correct answer A frank and open-minded discussion of four basic questions aimed at continuous improvement pg. 3 13. Alderfer's ERG theory - Correct answer A human needs theory postulating that people have three basic sets of needs that can operate simultaneously (Existence, Relatedness and Growth) 14. Arbitration - Correct answer The use of a neutral third party to resolve a labor dispute 15. Assessment center - Correct answer A managerial performance test in which candidates participate in a variety of exercises and situations 16. Assets - Correct answer The values of the various items the corporation owns 17. Authentic leadership - Correct answer A style in which the leader is true to himself or herself while leading 18. Authority - Correct answer The legitimate right to make decisions and to tell other people what to do pg. 4 19. Autocratic leadership - Correct answer A form of leadership in which the leader makes decisions on his or her own and then announces those decisions to the group 20. Autonomous work groups - Correct answer Groups that control decisions about and execution of a complete range of tasks 21. Avoidance - Correct answer A reaction to conflict that involves ignoring the problem by doing nothing at all or deemphasizing the disagreement 22. Balanced scorecard - Correct answer Control system combining four sets of performance measures: financial, customer, business process, and learning and growth 23. Balance sheet - Correct answer A report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equity 24. Barriers to entry - Correct answer Conditions that prevent new companies from entering an industry pg. 5 25. Behavioral approach - Correct answer A leadership perspective that attempts to identify what good leaders do—that is, what behaviors they exhibit 26. Benchmarking - Correct answer The process of comparing an organization's practices and technologies with those of other companies 27. Bootlegging - Correct answer Informal work on projects, other than those officially assigned, of employees' own choosing and initiative 28. Boundaryless organization - Correct answer Organization in which there are no barriers to information flow 29. Boundary-spanning - Correct answer Interacting with people in other groups, thus creating linkages between groups 30. Bounded rationality - Correct answer A less-than-perfect form of rationality in which decision makers cannot be perfectly rational because decisions are complex and complete information is unavailable or cannot be fully processed pg. 6 31. Brainstorming - Correct answer A process in which group members generate as many ideas about a problem as they can; criticism is withheld until all ideas have been proposed 32. Broker - Correct answer A person who assembles and coordinates participants in a network 33. Budgeting - Correct answer The process of investigating what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences; also called budgetary controlling 34. Buffering - Correct answer Creating supplies of excess resources in case of unpredictable needs 35. Bureaucratic control - Correct answer The use of rules, regulations, and authority to guide performance 36. Business accelerators - Correct answer Organization that provides support and advice to help young businesses grow pg. 7 37. Business ethics - Correct answer The moral principles and standards that guide behavior in the world of business 38. Business incubators - Correct answer Protected environments for new, small businesses 39. Business plan - Correct answer A formal planning step that focuses on the entire venture and describes all the elements involved in starting it 40. Business strategy - Correct answer The major actions by which a business competes in a particular industry or market 41. Cafeteria benefit program - Correct answer An employee benefit program in which employees choose from a menu of options to create a benefit package tailored to their needs 42. Carbon footprint - Correct answer The output of carbon dioxide and other greenhouses gases pg. 8 43. Caux Principles - Correct answer Ethical principles established by international executives based in Caux, Switzerland, in collaboration with business leaders from Japan, Europe, and the United States 44. Centralized organization - Correct answer An organization in which high-level executives make most decisions and pass them down to lower levels for implementation 45. Certainty - Correct answer The state that exists when decision makers have accurate and comprehensive information 46. Charismatic leader - Correct answer A person who is dominant, selfconfident, convinced of the moral righteousness of his or her beliefs, and able to arouse a sense of excitement and adventure in followers 47. Chief information officer (CIO) - Correct answer Executive in charge of information technology strategy and development 48. Clan control - Correct answer Control based on the norms, values, shared goals, and trust among group members