Business Concepts - Chapter 6

_____ make decisions about the use of an organization's resources and are concerned with planning, organizing, directing, and controlling the organization's activities.

• A) Managers
• B) Shareholders
• C) Creditors
• D) Consumers
• E) Suppliers

If a manager is concerned about doing the work with the least cost and waste possible, then his or her primary managerial concern is

• A) efficiency.
• B) effectiveness.
• C) delegation.
• D) hiring.
• E) expertise.

Hiring people to carry out the work of an organization is known as

• A) factoring.
• B) bartering.
• C) staffing.
• D) controlling.
• E) directing.

Managers need adequate _____ resources to pay for essential activities.

• A) human
• B) intangible
• C) financial
• D) non-renewable
• E) biological

To earn a profit, managers must acquire, coordinate, and control all of the following resources EXCEPT

• A) competitive products.
• B) people.
• C) services.
• D) money.
• E) raw materials and equipment.

Determining an organization's objectives and deciding how to accomplish them, a management function, is known as

• A) planning.
• B) nearshoring.
• C) staffing.
• D) crowdsourcing.
• E) factoring.

Megan manages an online clothing store. She must determine what her company's warehouses and distributing facilities need and which type of automation can maximize order efficiency. What major phase of the planning process does this example describe?

• A) data gathering
• B) event forecasting
• C) objective setting
• D) action taking
• E) option selecting

A declaration of an organization's fundamental purpose and basic philosophy is known as a(n)

• A) protocol.
• B) mission.
• C) referendum.
• D) agenda.
• E) target.

Carrie started her own catering business. She created a website for her business, which states that her purpose is to provide her customers with delicious food at a fair price. This declares her

• A) protocol.
• B) mission.
• C) referendum.
• D) agenda.
• E) target.

Which of these basic questions will be answered by a well-developed mission statement?

• A) Who are our customers?
• B) How do we expand our business?
• C) How do we acquire customers?
• D) Who are our competitors?
• E) What products do we sell?