MGM101 Test #1 UPDATED ACTUAL
Exam Questions and CORRECT Answers
Manager - CORRECT ANSWER - are responsible for making decisions under conditions
of uncertainty about the allocation of scarce resources towards achieving the organization's
strategic objectives
Six Critical Success Factors - CORRECT ANSWER - - Achieving Financial Performance
- Meet Customers' Needs
- Deliver Quality (relative to price)
- Promote Innovation
- Gain Employee Commitment
- Building Distinctive Competitive Advantage
Four Functions of Management (Henri Fayol) - CORRECT ANSWER - - Planning
- Organizing
- Leading
- Controlling
Why is Studying Management Important? - CORRECT ANSWER - a business depends on
a quality manager
First-line Managers - CORRECT ANSWER - manage the work of non-managerial
employees who typically are involved with producing the organization's products or servicing the
organization's customers
Middle Managers - CORRECT ANSWER - manage the work of first-line managers and
can be found between the lowest and top levels of the organization
, Top Managers - CORRECT ANSWER - are responsible for making organization-wide
decisions and establishing plans and goals that affect the entire organization
Organization - CORRECT ANSWER - a deliberate arrangement of people who act
together to accomplish some specific purpose
3 Common Characteristics of Organizations - CORRECT ANSWER - 1. has a distinct
purpose typically expressed through goals the organization hopes to accomplish
2. is composed of people
3. develop a deliberate structure withing which members do their work
Management - CORRECT ANSWER - coordinating work activities with and through other
people so that activities are completed efficiently and effectively
Efficiency - CORRECT ANSWER - refers to getting the most output from the least
amount of inputs
Effectiveness - CORRECT ANSWER - completing activities so that organizational goals
are achieved
Planning - CORRECT ANSWER - defining goals, establishing strategy, and developing
plans to coordinate activities
Organizing - CORRECT ANSWER - determining what needs to be done, how it will be
done, and who is to do it
Leading - CORRECT ANSWER - directing and motivating all involved parties and
resolving conflicts
Controlling - CORRECT ANSWER - monitoring activities to ensure they are being
accomplished as planned
Exam Questions and CORRECT Answers
Manager - CORRECT ANSWER - are responsible for making decisions under conditions
of uncertainty about the allocation of scarce resources towards achieving the organization's
strategic objectives
Six Critical Success Factors - CORRECT ANSWER - - Achieving Financial Performance
- Meet Customers' Needs
- Deliver Quality (relative to price)
- Promote Innovation
- Gain Employee Commitment
- Building Distinctive Competitive Advantage
Four Functions of Management (Henri Fayol) - CORRECT ANSWER - - Planning
- Organizing
- Leading
- Controlling
Why is Studying Management Important? - CORRECT ANSWER - a business depends on
a quality manager
First-line Managers - CORRECT ANSWER - manage the work of non-managerial
employees who typically are involved with producing the organization's products or servicing the
organization's customers
Middle Managers - CORRECT ANSWER - manage the work of first-line managers and
can be found between the lowest and top levels of the organization
, Top Managers - CORRECT ANSWER - are responsible for making organization-wide
decisions and establishing plans and goals that affect the entire organization
Organization - CORRECT ANSWER - a deliberate arrangement of people who act
together to accomplish some specific purpose
3 Common Characteristics of Organizations - CORRECT ANSWER - 1. has a distinct
purpose typically expressed through goals the organization hopes to accomplish
2. is composed of people
3. develop a deliberate structure withing which members do their work
Management - CORRECT ANSWER - coordinating work activities with and through other
people so that activities are completed efficiently and effectively
Efficiency - CORRECT ANSWER - refers to getting the most output from the least
amount of inputs
Effectiveness - CORRECT ANSWER - completing activities so that organizational goals
are achieved
Planning - CORRECT ANSWER - defining goals, establishing strategy, and developing
plans to coordinate activities
Organizing - CORRECT ANSWER - determining what needs to be done, how it will be
done, and who is to do it
Leading - CORRECT ANSWER - directing and motivating all involved parties and
resolving conflicts
Controlling - CORRECT ANSWER - monitoring activities to ensure they are being
accomplished as planned
