Finance Flashcards

Management test 1

Donna, vice president of finance, and Bob, vice president of human resources, are ____ managers. functional
Gregson Production is keenly aware of the need to daily strive to produce goods and services more effectively than its competitors. Therefore, to achieve this standard, Gregson’s management strives to ____. maintain quality and efficiency
Lower-level managers typically make less than $10 million in their lifetime, but they do earn fairly good incomes compared with most workers.(T,F) True
When building a new residential development or mall, a national real estate organization typically does not remove many trees, basing its decision on the belief that natural resources are limited, and we need to not compromise the ability of future generations to meet their own needs. This management philosophy is known as ___. sustainability
New York Times columnist Thomas Friedman noted that globalization has leveled the competitive playing fields between industrial and emerging-market countries. This phenomenon proposes that ____. the world is flat
The owners of a local restaurant routinely try to develop new menu items and seek better ways of helping their customers; this is an example of ___. innovation
Robert is a district manager who oversees several store managers in a national chain of restaurants. Robert reports directly to the vice president of stores and marketing, a member of top management. Robert is a middle manager.(T,F) True
When Greg meets regularly with his workers to provide encouraging words so that they work hard to achieve the company’s goals, he is engaged in the management function of controlling.(T,F) False
Efficiency and effectiveness means to use resources—people, money, raw materials, and the like—wisely and cost effectively.(T,F) False
The management functions are sometimes called the six management parts.(T,F) False
Mintzberg proposed that managers utilize written communication more than verbal communication.(T,F) False
Mintzberg concluded that managers play three broad types of roles: interpersonal, analytical, and critical.(T,F) False
When Paul, a new restaurant owner, is determining which products to offer on his menu, he is involved in the management function of planning.(T,F) True
Within her company, Maria utilizes a management style that varies according to the individual and environmental situation, with a strategy for minimizing errors by managing each stage of production. She has also set up a system with inputs, outputs, transformation processes, and feedback. Maria’s management perspective is best described as _____. Contemporary
The human relations movement was based on increasing sales by utilizing improved marketing and customer service techniques with customers.(T,F) False
Ann is the owner of a family-owned grocery store. The culture and belief of Ann and the previous owners, her grandfather and father, is to hire good people you believe in and then trust them with responsibility so that they grow into valuable employees. Ann and the previous owners are an example of ___ managers. Theory Y
Abraham Maslow’s listing of physiological, safety, love, esteem, and self-actualization needs, and his belief that some of these needs must be satisfied before others, was proposed in his _________. hierarchy of human needs
Behavioral science includes the fields of psychology, marketing, accounting, and geology.(T,F) False
Quantitative management emphasizes the use of accounting to provide the needed internal controls related to inventory.(T,F) False
Don feels that inefficiency is the cause of increased costs in his production facility. Therefore, he is interested in making improvements in his factory by utilizing all components of a system, which include design, inputs, production processes, outputs, sales, and feedback.(T,F) False
Managers in a plumbing company have been having problems with employees starting cliques. To develop more of a team culture, the CEO suggested utilizing Mary Parker Follett’s belief: companies should _____. operate as a community, with employees working in harmony
Max Weber believed that a company that is a bureaucracy never achieves a competitive advantage because it is inefficient and is plagued with management problems.(T,F) False
Sofia, a restaurant manager, has been observing and analyzing the work process of each task because she would like to increase the productivity of employees in the restaurant. This is an example of ____ management. Scientific
The macroenvironment, which includes sociocultural, demographic, political-legal and international forces, cannot easily be controlled by organizations.(T,F) True
While setting up their corporation, Ming and Jie implement a system of governing their organization so that the interests of corporate owners and other stakeholders are protected. This is an example of a _____. Corporate governance
The system of governing a company so that the interests of corporate owners and other stakeholders are protected is known as corporate governance.(T,F) True
The notion that corporations are expected to go above and beyond following the law and making a profit to help society known is ____. corporate social responsibility
Tom, the CEO of a large landscaping company, has been studying an article in a business publication that instructs managers how to increase profits through boosting worker efficiency. This is the aim of corporate social responsibility, which states that it is the responsibility of corporations to be profitable even if the other goals in the community are not met.(T,F) False
Having some clients who are less knowledgeable about investing and seem to be more trusting of their firm, the management of a financial advising organization has decided to use cash from newer investors to pay off older ones. The actions of management are an example of ____. a Ponzi Scheme
The board of directors are elected by the employees.(T,F) False
Paul and Anna Jones are wealthy entrepreneurs who are very interested in helping children who have been abused. Their goal is to donate a percentage of their company profits to helping these children. The Jones’s actions are an example of _____. Philanthropy
A distributor is a person or an organization that helps another company sell its goods and services to customers. Distributors are considered external stakeholders.(T,F) True
When individuals or groups are in the process of purchasing a company, this action is known as being a stakeholder.(T,F) False
The shared set of beliefs, values, knowledge, and patterns of behavior common to its people is a nation’s _____. culture
International Fabric buys products for its customers from over 30 countries. The retailer is an example of a company that ____. imports
The American research committee that promoted one world government and one world economy was known as the GLOBE project.(T,F) False
Luis, the owner of a shoe factory in Panama, is unhappy due to a tax that the U.S. government has implemented on shoes exported there to protect U.S. shoe companies. This is an example of a tariff.(T,F) True
The United States has prohibited the import of products from Iran due to the political situation in that nation. This ban is an example of a(n) ____. Embargo
A multinational corporation is a(n) ____. business firm with operations in several countries
In discussing Americans as global citizens, Keith Reinhard from the nonprofit group Business for Diplomatic Action said, “Globally, Americans are viewed by the world as quiet humanitarians striving for equality and accord.”(T,F) False
Franchising allows restaurants internationally to pay a fee plus a percentage of the profits in return for using a company’s name and assistance with management, marketing, and the training of managers and nonmanagement employees.(T,F) True
Dave’s Furniture in South Carolina produces high-quality furniture and ships its products to customers in over 40 countries. This is an example of ____. Exporting
Maquiladoras are manufacturing plants allowed to operate in Mexico with special privileges in return for employing Mexican citizens.(T,F) True
Management scholar Henry Mintzberg found that in their workday, managers ____. have work that is characterized by fragmentation, brevity, and variety
Sally has a high-paying management position with a Fortune 500 company, but she is tired of working for corporate America. So Sally has decided to start a business, and she knows she will be successful as an entrepreneur because entrepreneurs typically ___. have a high need for achievement
The work time for most managers typically consists of long periods during the day that are uninterrupted.(T,F) False
One of the easier components of management is time and task management.(T,F) False
One of challenges of management is that problems and scenarios are seldom similar, so managers are not able to use past products and accomplishments as indicators of future success.(T,F) False
Over the last 10 years, business crime has all but disappeared, thanks to technological oversight.(False) False
Shoshanna, the regional manager of a global sales organization, gives freedom to the sales representatives on the amount spent on gifts for prospective Asian and European customers. Shoshanna is managing for ____. Ethical Standards
The belief that quality stemmed from “constancy of purpose,” and that managers should stress teamwork, be helpful rather than simply give orders, and make employees feel comfortable about asking questions was proposed by _____. W. Edwards Fleming
Susan, a movie theater manager, has observed that as workers feel some company policies are not fair, the employees have not been working as hard as in the past. This reduction in effort is known as ____. soldiering
A-Plus Manufacturing has a policy of using statistical sampling to locate errors by testing just some (rather than all) of the items in a particular production run. This strategy of minimizing errors is known as synergy.(T,F) False
That organizations should be operated as “communities,” with managers and subordinates working together in harmony, is one of the proposals of ____. Mary Parker Follet
Sal, a production manager, knows that some of his employees are upset with the new corporate policy, and as a result, are participating in soldiering. To eliminate soldiering Sal can ___. carefully select workers according to their abilities and give workers training
A problem with the classical viewpoint is that it does not consider overall company and global problems and goals.(T,F) False
The beliefs that there are few really new ideas and that true is better than new are two of the foundational principles of ___. Evidence based management
After returning home from a trade show, Mr. Jones, the president of a manufacturing company, spoke to his employees in a production meeting about a new approach that should increase their production bonus by improving their performance. To do so, Mr. Jones discussed a goal of “zero defects.” This is an example of ____. quality assurance
The father of scientific management is _____. Frederick Taylor
Don, the owner of a fishing business, attended an entrepreneurship workshop that discussed the triple bottom line, which measures an organization’s ____ performance. social, environmental, and financial

Leave a Reply

Your email address will not be published. Required fields are marked *