Management Fundamentals EXAM #1 Questions With Correct Answers Success Guaranteed Pass.

Effectiveness - correct answer to achieve organizational goals Efficiency - correct answer to achieve goals with minimal waste of resources - that is to make the best possible use of money, time, materials and people Top-Level Managers - correct answer Establish high performance standards, support cooperation and trust and create corporate purpose and ambition Middle-Level Managers - correct answer Linking Knowledge and Skills across the units, manage short-term purpose vs. long-term ambition, and develop individuals and support their activities Frontline Managers - correct answer Attracting and developing resources, creating and pursuing new growth opportunities for business, managing continuous Improvement within the unit Team Leaders - correct answer Structuring teams and defining their purpose, find resources and remove obstacles for team, develop team members skills so they become self-managing Planning - correct answer Specifying goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals Organizing - correct answer Assembling and coordinating the human, Financial, physical, informational and other resources needed to achieve goals Leading - correct answer Stimulating people to be high performers, motivating and communicating Controlling - correct answer Monitoring performance and making Necessary changes in a timely manner Technical Skill - correct answer Ability to perform a specialized task that requires a process Conceptual Skill - correct answer Ability to identify and resolve problems Interpersonal - correct answer Ability to work well and communicate with others Classical Approach - correct answer1 best way, foundation for management Theory, and worker is a tool that's replaceable Behavioral Approach - correct answer Theory X-lazy Theory Y-motivated, interpersonal relationships / group dynamics, and hard to predict Behavior Quantitative Approach - correct answer More efficiency, mathematical models, simulation, forecasting, inventory modeling and many aspects of management cannot be expressed Open-Systems - correct answer Organizations affected by and in turn affect their external environments Inputs - correct answer Raw materials, Human Resources, energy, Financial Resources, information and equipment Outputs - correct answer Goods and services Macroenvironment - correct answerLaws and regulations, economy, technology, demographics and social values Competitive Environment - correct answerRivals, new competitors, customers, substitute services or products suppliers Ethics - correct answerMoral principles and standards that guide the behavior of an individual or group Ethics Issue - correct answerSituation where an individual must choose among actions that will be evaluated as morally right or wrong Business Ethics - correct answerMoral principles and standards that guide behavior in the world of business Moral Philosophy - correct answerPrinciples, rules and values people use to decide what is right and wrong Universalism System - correct answerAll people should uphold certain values that Society needs to function Egoism System - correct answerIndividual self-interest is the actual motive of all conscious action Utilitarianism System - correct answerSeeks the greatest good for the greatest number of people Relativism System - correct answerBasis ethical behavior on opinions and behaviors on relevant other people Virtue Ethics - correct answerMoral comes from what a mature person with "good" moral character would deem right Danger Signs - correct answer Emphasis on short-term revenues over long-term considerations, failure to establish code of ethics, "Quick Fix" solutions to problems, unwillingness to take ethical stand that may impose Financial costs, and use of ethics as a legal issue or public relations tool Code of Ethics - correct answer Addresses subjects such as employee conduct, community, environment shareholders, customers, suppliers, contractors, political activity and Technology