Chapter 6 - Managing the Business Enterprise

Top managers at Cortland are involved in the planning process, and they have just finished setting goals for the company. What should they do next?

• Develop plans to achieve the goals

• Determine whether a gap exists between the company's current situation and its desired situation

• Assess the effectiveness of the plan before proceeding further

• Implement the plans that are necessary to reach the goals that have been set

• None of these

The management process which involves interactions between managers and their subordinates is

• leading.

• planning.

• controlling.

• organizing the jobs.

• decision making.

Controlling involves:

• monitoring expenses and revenues to ensure that the company is profitable.

• reviewing data to ensure that employees are doing what they are supposed to do.

• reviewing all financial and productivity data to ensure that the company is achieving its goals.

• monitoring the firm's performance and acting to bring it in line with the firm's goals.

• ensuring that all policies and procedures are followed within a company.

The portion of a manager's job concerned with mobilizing the necessary resources to complete a particular task is which of the following?

• Planning

• Organizing

• Leading

• Controlling

• Executing

The portion of a manager's job concerned with guiding and motivating employees to meet the firm's objectives is called

• planning.

• organizing.

• supervising.

• controlling.

• leading.

What is the difference between management efficiency and management effectiveness?

• Management efficiency focuses on doing things right, while management effectiveness is about doing the right things.

• Management efficiency is about setting goals, whereas management effectiveness is about achieving them.

• Management efficiency involves long-term planning, while management effectiveness deals with short-term results.

• Management efficiency is concerned with resource allocation, whereas management effectiveness focuses on team motivation.

Define the term management.

• The process of dealing with or controlling things or people.

• A type of financial investment.

• A form of entertainment.

• A style of cooking.

Why is planning important?

• It helps in setting objectives.

• It ensures efficient use of resources.

• It provides direction and reduces risks.

• All of the above.

Who are those managers responsible for a firm's overall performance and for developing long-range plans for the company?

• Executives

• Middle managers

• Top managers

• Supervisors

• Corporate officers

Who are those managers responsible for supervising the work of employees?

• Middle managers

• First-line managers

• Top managers

• Operations managers

• Floor managers