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BUS 10 Midterm #2

When comparing small businesses to their larger competitors, it is clear that:
small firms often can offer more personalized customer services than big firms.
Which of the following U.S. issues does entrepreneurship most directly affect?
The ability to create jobs for others
One of the hurdles small businesses face when deciding to export is:
financing is often difficult to find.
Entrepreneurs seeking financial support from bankers and potential investors should:
create a detailed business plan to help the bankers and investors understand why this business will succeed.
Which of the following sources of investment is the least likely type available to entrepreneurs?
Venture capitalists
Small businesses must seek advice from outside experts. In order to put together official documents such as leases, contracts, and partnership agreements, it is important to seek the advice of _________.
an attorney
Business owners who prefer to maintain their businesses at a manageable size are called:
micropreneurs
Using the analogy of boulders vs. sand for filling a hole, the textbook points out that:
small businesses can serve niche markets that larger firms do not serve well.
According to SBA guidelines, a manufacturing firm with 1,000 employees:
may be classified as a small business depending upon the size of other firms in the industry.
Small business employees:
often find more job satisfaction than their counterparts in big business.
Entrepreneurs looking for a business that gives them the best opportunity to get rich should consider starting a business in:
the manufacturing sector
Entrepreneurs applying for a bank loan should realize that bankers will:
expect the entrepreneur to provide a business plan.
Effective entrepreneurial teams combine:
creativity with marketing and production experience.
Enterprise zones and investor visas are examples of:
government programs that encourage economic growth through entrepreneurship.
Intrapreneurs make use of __________ to develop and launch new products and generate new profits.
their employer’s existing human, financial, and physical resources
Supervisory managers spend most of their time on:
technical and human relations skills.
A __________ analysis is used to help companies evaluate their internal strengths and weaknesses, and develop an awareness of external threats and opportunities.
SWOT
__________ is the art of utilizing organizational resources to accomplish goals at work.
Management
__________ planning determines the major goals of an organization and lays the foundation for obtaining and using resources to achieve those goals.
Strategic
__________ planning prepares alternative courses of action that may be used if the primary plans are not achieving objectives.
Contingency
The __________ style of leadership is characterized by making managerial decisions without consulting others.
autocratic
In traditional organizations, ____________ involves giving explicit instructions to workers, telling them what to do to meet the goals and objectives of the organization.
directing
___________ skills involve a manager’s ability to picture the organization as a whole and the relationship among its various parts.
conceptual
__________ is the management function that involves determining whether an organization is progressing toward its goals, rewarding employees for doing a good job, and taking corrective action when they are not.
Controlling
As firms make greater use of empowerment and teams, managers will find that they:
will need to provide the teams with detailed instructions to give them a clear sense of direction.
Which of the following activities is part of the organizing function of management?
Giving front-line workers additional resources needed to provide faster and better service to customers
Because economic and competitive environments frequently change, organizations should:
develop contingency plans.
Which of the following goals best describes today’s view of the organizing function? Organizing today focuses on:
designing the organization around the customer.
One difference between managers and leaders is that:
mangers work to achieve stability while leaders embrace change.
The revolution in management that is currently underway suggests that the most effective managers of the future will:
emphasize team work.
Which of the following is a clear performance standard?
Decrease the number of products rejected due to manufacturing defects by 10% over the next 6 months.
When managers determine that an organization is not making sufficient progress toward achieving its goals and objectives and they develop corrective measures, they are involved in:
controlling
Which of the following was created as a solution to the temporary nature of the matrix structure?
Cross-functional self-managed teams
Which of the following is considered to be an advantage of functional departmentalization?
Employee skills can be developed in depth
_____________ refers to companies headquartered abroad who elect to bring production and manufacturing to domestic subsidiaries.
insourcing
Line-and-staff organizations work well in organizations with:
a relatively unchanging environment.
The ____________ of a business firm is the system that details lines of authority, responsibility, and position, similar to the structure on organization charts.
formal organization
The line of authority that moves from the top of a hierarchy to the lowest level is called the:
chain of command.
The optimum number of subordinates a manager can supervise is referred to as the:
span of control
Cross-functional self-managed teams work best when _______________.
leadership is shared
Which of the following is true of cross-functional teams?
Cross-functional teams work best when the voice of the customer is brought into the organization
One advantage of a bureaucratic organization is that:
employees know they are expected to follow the rules and regulations.
The informal organization of a business is probably best suited to:
create a feeling of camaraderie among employees and encourage teamwork.
In an inverted organization, the job of management is to:
assist and support front-line people.
Which of the following statements most closely identifies the problem with adopting Fayol’s principles of organization design for contemporary businesses?
The rule making that developed from these principles created organizations that didn’t respond quickly to customer needs
Which of the following correctly identifies the explanation behind the unity of command principle of management?
Workers can become frustrated and confused if they have more than one boss
Fayol believed that decision-making authority should remain in the hands of top management:
in small organizations, but should be delegated to middle and first-line managers in large organizations.
Douglas Pick began making and selling ear plugs out of his home near the University of Southern California. According to the Spotlight on Small Business box titled, “When Your Workers Work for Someone Else”:
When organizing your business, you might creatively consider the outsourcing of certain functions of the business, such as the production function.
In the Making Ethical Decisions box, titled, “Safety versus Profit”, which of the following statements best forms the theme of this passage?
The corporate culture you create as you begin your service will last a long time. Your workers will adopt your values.
For an inverted organization to be effective, it requires:
better educated, better trained, and better paid employees.
___________ is a set of international standards for quality management and quality assurance.
ISO 9000
With the __________ inventory control system, producers hold only the amount of materials and parts that they need for a short period of time – sometimes just a few hours.
just-in-time (JIT)
In ___________, materials are physically or chemically changed to produce a product.
process manufacturing
The purpose of a PERT network is:
to monitor the progress of a multi-step project during its development.
__________ is the physical arrangement of resources in the production process.
Facility layout
In a PERT network, the sequence of tasks that takes the longest to complete is called the:
critical path
Production management is the traditional term used to describe all the activities managers do to help their firms create:
goods
Today manufacturers are relying more heavily on:
one or two suppliers because firms share so much information.
A big advantage of computer integrated manufacturing software is that it:
makes it possible to custom-design products to meet the needs of small markets with very little increase in cost.
Reviewing the PERT Network below: If it takes 1, 2, or 3 weeks for each activity (represented by a box) to be completed, the critical path is represented by:
the path that begins with “Start” continues with one box labeled with No. 2, proceeds with all boxes labeled with No. 3, and concludes with “Finish”.
A just-in-time inventory system usually reduces costs for:
the producer, but not its suppliers.
Which of the following statements best describes the distinction between production management and operations management? Production management involves:
activities managers perform to help create goods while operations management is a broader term that involves the activities involved in producing services as well as goods.
A benefit of CAD (Computer Aided Design) and CAM (Computer Assisted Manufacturing) is:
it permits customization without a significant increase in price.
A basic characteristic of flexible manufacturing is that it:
uses machines designed to perform multiple tasks so they can be used to produce a variety of products.
Which of the following would be most helpful to a production manager who wanted to determine the minimum time required to complete a proposed project?
PERT (program evaluation and review technique)
To strengthen its manufacturing base in the future, U.S. will have to:
continue to innovate.
A firm that is certified as meeting both ISO 9000 and ISO 14000 standards has demonstrated:
world-class management of both quality and environmental standards.

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