Intro to Business Chapter 7 and 8 Review

In a business with a centralized organization, each employee helps make long-range business plans.

• True

• False

Smaller companies often have an informal organizational structure.

• True

• False

The four functions of management are organizing, financing, directing, and controlling.

• True

• False

Businesses that have an informal organization structure are usually divided into departments.

• True

• False

Top-level managers decide on the goals and objectives for a business, and middle-level managers carry out these decisions.

• True

• False

Leading involves obtaining and coordinating resources so that a business can achieve its goals.

• True

• False

Controlling is the process of creating goals and objectives as well as the strategies to meet them.

• True

• False

Middle managers are the link between top-level managers and first-line managers.

• True

• False

Even though managers usually have more responsibility than employees who are not managers, managers usually don't get the blame when things go wrong.

• True

• False

Managers must be able to communicate effectively with the people they supervise and with other managers.

• True

• False