MEJO 424 Midterm EXAM Questions AND Correct Answers
____ are used to compare firms to their own financial history, to other
companies, ot to industry averages? - ✔✔Financial ratios
agenda setting - ✔✔develops action priorities for accomplishing goals
and plans
algorithm - ✔✔A sequence of instructions that solves a problem via
computer
balanced scoreboard - ✔✔-a balanced scorecard is a control system
that translates an organization's vision, mission, and strategy into
specific, quantifiable goals and to monitor the organization's
performance in terms of these goals
-examines performance in four areas. Financial analysis, the most
traditionally used performance indicator, includes assessments of
measures such as operating costs and return-on-investment.
Customer analysis looks at customer satisfaction and retention.
Internal analysis looks at production and innovation, measuring
performance in terms of maximizing profit from current products and
following indicators for future productivity. Finally, learning and
growth analysis explores the effectiveness of management in terms of
measures of employee satisfaction and retention and information
system performance
,barriers to entry - ✔✔obstacles new sellers must overcome before
they can enter a particular market
Break even analysis - ✔✔All companies operating for profit must
know how much revenue they need to break even
How many advertising units does a tv station need to sell to cover all
expenses and earn a profit?
Fixed costs represent fixed inputs such as buildings, land and
equipment
Variable costs, such as the cost of labor, programming material and
supplies always change over time.
Budgeting - ✔✔Managers need budgeting in order to achieve
established financial goals and objectives
All managers usually participate in the budgeting process
Setting priorities and goals in individual departments
Capital budgeting is defined as the long-range planning, evaluation,
and selecting of projects covering more than one fiscal cycle
The executive managers should explain to the department heads
what areas of their proposed budgets are being cut or modified
Successful budgets contain a degree of flexibility
Budgeting is usually ___ process in which managers project
anticipated revenues and expenditures - ✔✔an annual
,business ethics - ✔✔is applied ethics that focuses on real-world
situations and the context and environment in which transactions
occur
Business models - ✔✔Advertising
Business to consumer
Subscriptions
Consumer to consumer
Freemium
Caroucci found that "five ways organizations needlessly provoke good
people to make unethical choices" are the following. - ✔✔-People feel
psychologically unsafe to speak up.
-Excessive pressure to reach unrealistic performance targets
compromises people's choices.
-When individuals face conflicting goals, they feel a sense of
unfairness and compromise their reasoning.
-Only talking about ethics when there is a scandal.
-When there is no positive example available, individuals react
instead of choosing ethical decisions.
, Categories of Managerial Roles: Informational, Interpersonal, and
Decisional - ✔✔Interpersonal Managerial Roles: figurehead, leader,
liaison
Figurehead: Perform formal duties like greeting visitors and signing
contracts and other legal documents
Leader: Motivate, train, counsel, communicate, and direct
subordinates
Liaison: Maintain and manage information links inside and outside the
organization
Decisional Managerial Roles: entrepreneur, disturbance handler,
resource allocator, negotiator
Chapter 1 Geisler (The Challenges and Joys of Management—a Reality
Check) - ✔✔Top 5 challenges for bosses
-Managers disappoint people every day.
Criticism of people's work.
Limited promotions
Scheduling issues
Still try to "please everyone"
Don't write off people as whiners or malcontents when they complain
to you.
Don't sidestep by sugarcoating bad news or dodging tough
conversations.
Building trust with staff is paramount.
____ are used to compare firms to their own financial history, to other
companies, ot to industry averages? - ✔✔Financial ratios
agenda setting - ✔✔develops action priorities for accomplishing goals
and plans
algorithm - ✔✔A sequence of instructions that solves a problem via
computer
balanced scoreboard - ✔✔-a balanced scorecard is a control system
that translates an organization's vision, mission, and strategy into
specific, quantifiable goals and to monitor the organization's
performance in terms of these goals
-examines performance in four areas. Financial analysis, the most
traditionally used performance indicator, includes assessments of
measures such as operating costs and return-on-investment.
Customer analysis looks at customer satisfaction and retention.
Internal analysis looks at production and innovation, measuring
performance in terms of maximizing profit from current products and
following indicators for future productivity. Finally, learning and
growth analysis explores the effectiveness of management in terms of
measures of employee satisfaction and retention and information
system performance
,barriers to entry - ✔✔obstacles new sellers must overcome before
they can enter a particular market
Break even analysis - ✔✔All companies operating for profit must
know how much revenue they need to break even
How many advertising units does a tv station need to sell to cover all
expenses and earn a profit?
Fixed costs represent fixed inputs such as buildings, land and
equipment
Variable costs, such as the cost of labor, programming material and
supplies always change over time.
Budgeting - ✔✔Managers need budgeting in order to achieve
established financial goals and objectives
All managers usually participate in the budgeting process
Setting priorities and goals in individual departments
Capital budgeting is defined as the long-range planning, evaluation,
and selecting of projects covering more than one fiscal cycle
The executive managers should explain to the department heads
what areas of their proposed budgets are being cut or modified
Successful budgets contain a degree of flexibility
Budgeting is usually ___ process in which managers project
anticipated revenues and expenditures - ✔✔an annual
,business ethics - ✔✔is applied ethics that focuses on real-world
situations and the context and environment in which transactions
occur
Business models - ✔✔Advertising
Business to consumer
Subscriptions
Consumer to consumer
Freemium
Caroucci found that "five ways organizations needlessly provoke good
people to make unethical choices" are the following. - ✔✔-People feel
psychologically unsafe to speak up.
-Excessive pressure to reach unrealistic performance targets
compromises people's choices.
-When individuals face conflicting goals, they feel a sense of
unfairness and compromise their reasoning.
-Only talking about ethics when there is a scandal.
-When there is no positive example available, individuals react
instead of choosing ethical decisions.
, Categories of Managerial Roles: Informational, Interpersonal, and
Decisional - ✔✔Interpersonal Managerial Roles: figurehead, leader,
liaison
Figurehead: Perform formal duties like greeting visitors and signing
contracts and other legal documents
Leader: Motivate, train, counsel, communicate, and direct
subordinates
Liaison: Maintain and manage information links inside and outside the
organization
Decisional Managerial Roles: entrepreneur, disturbance handler,
resource allocator, negotiator
Chapter 1 Geisler (The Challenges and Joys of Management—a Reality
Check) - ✔✔Top 5 challenges for bosses
-Managers disappoint people every day.
Criticism of people's work.
Limited promotions
Scheduling issues
Still try to "please everyone"
Don't write off people as whiners or malcontents when they complain
to you.
Don't sidestep by sugarcoating bad news or dodging tough
conversations.
Building trust with staff is paramount.
