ADM 1100 FINAL EXAM QUESTIONS AND
CORRECT ANSWERS
business - CORRECT ANSWERS all profit-seeking activities and enterprises that provide
goods and services necessary to an economic system.
profits - CORRECT ANSWERS rewards for businesspeople who take the risks involved to
offer goods and services to customers
not-for-profit organizations - CORRECT ANSWERS organizations whose primary aims are
public service, not returning a profit to its owners.
management - CORRECT ANSWERS the process of achieving organizational goals through
people and other resources
neo-liberalism - CORRECT ANSWERS A strategy for economic development that calls for
free markets, balanced budgets, privatization, free trade, and minimal government intervention
in the economy.
top management - CORRECT ANSWERS Strategic. Develop long-range strategic plans for
the organization. Inspire executives and employees to achieve their vision for the company's
future.
middle management - CORRECT ANSWERS Specialization coordination. Focus on specific
operations, products, or customer groups within an organization. Responsible for developing
detailed plans and procedures to implement the firm's strategic plans.
,supervisory management - CORRECT ANSWERS Mobilization. Implement the plans
developed by middle managers. Responsible for non-manager employees. Motivate workers to
accomplish daily, weekly, and monthly goals.
planning - CORRECT ANSWERS the process of looking forward to future events and
conditions and deciding on the course of action for achieving organizational goals.
organizing - CORRECT ANSWERS the process of blending human and material resources
through a formal structure of tasks and authority: arranging work, dividing tasks among
employees, and coordinating them to ensure plans are carried out and goals are met.
directing - CORRECT ANSWERS guiding and motivating employees to accomplish
organizational goals
controlling - CORRECT ANSWERS the function of assessing an organization's performance
against its goals.
vision - CORRECT ANSWERS the ability to perceive marketplace needs and what an
organization must do to satisfy them.
deontological ethic standards - CORRECT ANSWERS doing good for the sake of doing good
consequentialist ethic standards - CORRECT ANSWERS whether something is good based
on the consequences of the act
utilitarianist ethic standard - CORRECT ANSWERS An ethical system stating that the
greatest good for the greatest number should be the overriding concern of decision makers
,mission statement - CORRECT ANSWERS a written description of an organization's overall
business purpose and aims.
SWOT analysis - CORRECT ANSWERS [Word] is short for "Strengths, Weaknesses,
Opportunities, and Threats." By assessing all four factors one by one, a firm can then develop
the best strategies for gaining a competitive advantage.
objectives - CORRECT ANSWERS the targets that managers use to plan for the
organization's hoped-for performance. They can relate to such areas as new-product
development, sales, customer service growth, environmental and social responsability and
employee satisfaction.
decision-making - CORRECT ANSWERS the process of seeing a problem or opportunity,
assessing the possible solutions, selecting and carrying out the best-suited plan, and assessing
the results.
programmed decision - CORRECT ANSWERS involves simple, common, and frequently-
occurring problems that already have solutions
non-programmed decision - CORRECT ANSWERS involves a complex and unique problem
or opportunity with important results for the organization
leadership - CORRECT ANSWERS the ability to direct or inspire people to reach goals
empowerment - CORRECT ANSWERS giving employees shared authority, responsability,
and decision-making with their managers.
autocratic leadership - CORRECT ANSWERS Leader-centred; make decisions on own
without consulting employees.
, democratic leadership - CORRECT ANSWERS Involves employees in decisions, delegate
assignments, and ask them for suggestions.
free-rein leadership - CORRECT ANSWERS Involves minimal supervision; leave most
decisions to employees.
corporate culture - CORRECT ANSWERS an organization's collection of principles, beliefs,
and values.
organization - CORRECT ANSWERS A structured group of people working together to
achieve common goals
departmentalization - CORRECT ANSWERS The process of dividing work activities into
units within the organization.
product departmentalization - CORRECT ANSWERS Organized based on the goods and
services a company offers.
geographical departmentalization - CORRECT ANSWERS Organized by geographical
regions within a country or, for a multinational firm, by region throughout the world.
customer departmentalization - CORRECT ANSWERS Organized by the different types of
customers the organization serves.
functional departmentalization - CORRECT ANSWERS Organized by business functions
such as finance, marketing, human resources, and production.
CORRECT ANSWERS
business - CORRECT ANSWERS all profit-seeking activities and enterprises that provide
goods and services necessary to an economic system.
profits - CORRECT ANSWERS rewards for businesspeople who take the risks involved to
offer goods and services to customers
not-for-profit organizations - CORRECT ANSWERS organizations whose primary aims are
public service, not returning a profit to its owners.
management - CORRECT ANSWERS the process of achieving organizational goals through
people and other resources
neo-liberalism - CORRECT ANSWERS A strategy for economic development that calls for
free markets, balanced budgets, privatization, free trade, and minimal government intervention
in the economy.
top management - CORRECT ANSWERS Strategic. Develop long-range strategic plans for
the organization. Inspire executives and employees to achieve their vision for the company's
future.
middle management - CORRECT ANSWERS Specialization coordination. Focus on specific
operations, products, or customer groups within an organization. Responsible for developing
detailed plans and procedures to implement the firm's strategic plans.
,supervisory management - CORRECT ANSWERS Mobilization. Implement the plans
developed by middle managers. Responsible for non-manager employees. Motivate workers to
accomplish daily, weekly, and monthly goals.
planning - CORRECT ANSWERS the process of looking forward to future events and
conditions and deciding on the course of action for achieving organizational goals.
organizing - CORRECT ANSWERS the process of blending human and material resources
through a formal structure of tasks and authority: arranging work, dividing tasks among
employees, and coordinating them to ensure plans are carried out and goals are met.
directing - CORRECT ANSWERS guiding and motivating employees to accomplish
organizational goals
controlling - CORRECT ANSWERS the function of assessing an organization's performance
against its goals.
vision - CORRECT ANSWERS the ability to perceive marketplace needs and what an
organization must do to satisfy them.
deontological ethic standards - CORRECT ANSWERS doing good for the sake of doing good
consequentialist ethic standards - CORRECT ANSWERS whether something is good based
on the consequences of the act
utilitarianist ethic standard - CORRECT ANSWERS An ethical system stating that the
greatest good for the greatest number should be the overriding concern of decision makers
,mission statement - CORRECT ANSWERS a written description of an organization's overall
business purpose and aims.
SWOT analysis - CORRECT ANSWERS [Word] is short for "Strengths, Weaknesses,
Opportunities, and Threats." By assessing all four factors one by one, a firm can then develop
the best strategies for gaining a competitive advantage.
objectives - CORRECT ANSWERS the targets that managers use to plan for the
organization's hoped-for performance. They can relate to such areas as new-product
development, sales, customer service growth, environmental and social responsability and
employee satisfaction.
decision-making - CORRECT ANSWERS the process of seeing a problem or opportunity,
assessing the possible solutions, selecting and carrying out the best-suited plan, and assessing
the results.
programmed decision - CORRECT ANSWERS involves simple, common, and frequently-
occurring problems that already have solutions
non-programmed decision - CORRECT ANSWERS involves a complex and unique problem
or opportunity with important results for the organization
leadership - CORRECT ANSWERS the ability to direct or inspire people to reach goals
empowerment - CORRECT ANSWERS giving employees shared authority, responsability,
and decision-making with their managers.
autocratic leadership - CORRECT ANSWERS Leader-centred; make decisions on own
without consulting employees.
, democratic leadership - CORRECT ANSWERS Involves employees in decisions, delegate
assignments, and ask them for suggestions.
free-rein leadership - CORRECT ANSWERS Involves minimal supervision; leave most
decisions to employees.
corporate culture - CORRECT ANSWERS an organization's collection of principles, beliefs,
and values.
organization - CORRECT ANSWERS A structured group of people working together to
achieve common goals
departmentalization - CORRECT ANSWERS The process of dividing work activities into
units within the organization.
product departmentalization - CORRECT ANSWERS Organized based on the goods and
services a company offers.
geographical departmentalization - CORRECT ANSWERS Organized by geographical
regions within a country or, for a multinational firm, by region throughout the world.
customer departmentalization - CORRECT ANSWERS Organized by the different types of
customers the organization serves.
functional departmentalization - CORRECT ANSWERS Organized by business functions
such as finance, marketing, human resources, and production.
