Business Management 1 Final Exam Study Guide With Correct Answers

Staffing is one of the five functions of management, along with - Answer Planning. Staffing is one of the five functions of management, along with planning, organizing, directing, and controlling. Though managers may engage in discussing business matters, maintaining business operations, or fixing problems, these are not identified as functions of management. None of the other managerial functions can be carried out effectively without staffing because - Answer Staffing supplies the human resources needed for management. None of the other managerial functions—planning, organizing, directing, and controlling—can be carried out effectively without staffing. This is because staffing supplies the human resources (people) needed to fulfill the tasks involved in these functions. Organizational communications are not a staffing task. Organizing lays the foundation for staffing—not the other way around. Businesses are not legally required to perform the management functions in a certain order. Which of the following is an effect of overstaffing: - Answer Inefficiency. When a business is overstaffed, it's wasting money on unnecessary wages, benefits, training, etc. It's inefficient and will begin to lose competitiveness. Understaffing creates poor customer service, exhausted workers, and low morale. Staffing is important because human resources are - Answer The organization's most valuable assets. Staffing is important because human resources are an organization's most valuable assets. However, they are also an organization's most fragile assets—hardly indestructible! Human resources are usually fairly easy to find; however, everyone has unique talents and experience, so these resources are not interchangeable. The staffing function is different from the organizing function because staffing is - Answer Continuous. The staffing function is different from the organizing function because staffing is continuous. It's always taking place within the organization, whereas organizing may take place just one time. Staffing is not optional—businesses need human resources to operate. Organizing lays the foundation for staffing. Neither function is more important than the other. The key to recruiting is - Answer finding the right number of applicants. Completing an employee's insurance and tax paperwork is part of which staffing task? - Answer onboarding Which of the following is a career area in business: - Answer Marketing. Which of the following is a career area in business management: - Answer Business information management An employee who answers phone calls and manages the office schedule works in - Answer Administrative services. Employees who have supervisory responsibilities for part or all of the business work in - Answer General management. Jared was just hired for a new job. The employee who interviewed him and took him through the hiring process works in - Answer Human resource management. Which of the following is a career area in finance: - Answer Insurance. Jenn has bookkeeping responsibilities at her new job. In what department does she likely work? - Answer Accounting. John has just been hired as a loan officer. His new career is in the area of - Answer banking services. Diana prepares bills and invoices for her company. Her career is in the area of - Answer Corporate finance. Which of the following industries exists to protect individuals and businesses from financial losses: - Answer Insurance. Which industry includes brokerage firms and stock exchanges? - Answer Securities and investments. Which of the following is a career area in marketing: - Answer Merchandising Taylor works as a public relations manager. His career is in the area of - Answer Marketing communications Katharine has just been hired as a brand manager at a retail chain. Her career is in the area of - Answer Marketing management. Employees who look for meaningful clues about what customers want and why they want it work in - Answer Marketing research Bo's job is to choose and buy clothing for a retail store. His career is in the area of - Answer Merchandising. Professional selling belongs in what career area? - Answer marketing The best business career prospects are available to candidates who have - Answer Earned a bachelor's degree. Learning new job skills or updating your current job skills is known as - Answer Professional development.