QUIZ#1 PRINCIPLES OF MANAGEMENT

is the process of planning, organizing, leading, and controlling human and other resources towards the effective achievement of organizational goals

• a. Management

• b. Entrepreneurial Management

• c. Principles of Management

• d. Business

is a goal-directed, deliberately-structured group of people working together to provide specific good and services.

• a. Objective

• b. Organization

• c. Mission

• d. Vision

Management

  - Focus on maximizing organizations’ financial performance

  - The dominant approach in the past century

• a. Financial Bottom Line (FBL)

• b. Triple Bottom Line (TBL)

• c. Social and Ecological Thought (SET)

• d. None of the selection

Management

  - Focus on maximizing financial performance via sustainable development

    (________ refers to financial, social, and ecological well-being)

  - Dominant approach over past twenty years

• a. Financial Bottom Line (FBL)

• b. Triple Bottom Line (TBL)

• c. Social and Ecological Thought (SET)

• d. None of the selection

Management

  - Focus on socio-ecological well-being ahead of maximizing financial

  - Poised to become dominant approach in future (especially among Millennials)

• a. Financial Bottom Line (FBL)

• b. Triple Bottom Line (TBL)

• c. Social and Ecological Thought (SET)

• d. None of the selection

refers to an economic system based on rewarding entrepreneurs for profitably combining resources in ways that create valued goods and services.

• a. Democratic

• b. Communism

• c. Socialism

• d. Capitalism

uses the tools of mathematics, statistics, and other quantitative techniques to inform management planning, decision-making, and problem solving (e.g., break-even analysis; forecasting projections, inventory-modeling, linear programming)

• a. Contingency theory

• b. Bounded rationality

• c. Management science

• d. Systems approach

Suggests that the best way to manage a specific organization depends on, and is determined by, identifying the optimal fit between its structure, culture, environment, technology, and strategy.

• a. Contingency theory

• b. Systems approach

• c. Bounded rationality

• d. Management science

Is a written document that describes the key features, action, structure, and proposed new organization that is designed to take advantage of an entrepreneurial opportunity.

• a. Operational Plan

• b. Financial Plan

• c. Marketing Plan

• d. Business Plan

Four steps of entrepreneurial process that Even among prize-winning plans, only 30% are put into action (maybe due to a better idea, or lack of entrepreneurial qualities or financing)

• a. Identify an opportunity

• b. Test the idea

• c. Take action

• d. Develop a plan