WorksheetsUnderstanding the Management Process (Chapter 6)
Total questions: 60
Worksheet time: 30mins
The term management is defined as,
coordinating people and resources to achieve the goals of an organization.
directly influencing, guiding, supervising, and/or motivating individuals to help them fulfill their obligations to the organization in order to maximize the organization’s profits.
instilling in people the general desire or willingness to do something and/or accomplish a specific task.
the action of leading a group of people or an organization.
Managers and/or the executives of a business/organization are tasked with coordinating a complex list of resources to produce goods and services. These are the tangible, physical resources of an organization.
financial resources
human resources
information resources
material resources
This is the resource in which the people/employees of an organization can be found/categorized.
financial resources
human resources
information resources
material resources
The funds used to meet the obligations of a business/organization to investors and/or creditors can be found/categorized as,
financial resources
human resources
information resources
material resources
This business resource includes knowledge about competitors and changes to an industry and/or field of business.
financial resources
human resources
information resources
material resources
This is often referred to as the “first” management function. It includes establishing the organizational goals of a business and deciding how to accomplish them.
controlling
leadership and motivation
organizing
planning
When establishing the organizational goals of a company, most organizations refer to the,
business plan’s executive summary
customer profile of the industry/field
mission statement
personal memoirs of the founder/owner/chief executive
This is the broadest of all the plans utilized in an organization as it usually takes 5 or more years to implement. It involves establishing an organization’s goals and objectives and allocating resources to achieve them.
contingency plan
operational plan
strategic plan
tactical plan
The possible impediments to achieving the goals and objectives of an organization include,
sales and costs
company growth
customer satisfaction
employee morale
all of those listed
When using the SWOT strategy to identify and evaluate a firm’s progress toward achieving its goals and objectives, the “S” (strengths), refers to,
conditions or barriers that may prevent the firm from reaching its objectives
conditions that could benefit an organization
favorable characteristics/core competencies of a business
internal limitations a company faces in developing or implementing plans
When using the SWOT strategy to identify and evaluate a firm’s progress toward achieving its goals and objectives, the “W” (weaknesses), refers to,
conditions or barriers that may prevent the firm from reaching its objectives
conditions that could benefit an organization
favorable characteristics/core competencies of a business
internal limitations a company faces in developing or implementing plans
When using the SWOT strategy to identify and evaluate a firm’s progress toward achieving its goals and objectives, the “O” (opportunities), refers to,
conditions or barriers that may prevent the firm from reaching its objectives
conditions that could benefit an organization
favorable characteristics/core competencies of a business
internal limitations a company faces in developing or implementing plans
When using the SWOT strategy to identify and evaluate a firm’s progress toward achieving its goals and objectives, the “T” (threats), refers to,
conditions or barriers that may prevent the firm from reaching its objectives
conditions that could benefit organization
favorable characteristics/core competencies of a business
internal limitations a company faces in developing or implementing plans
In addition to strategic plans, most organizations employ narrower plans. This is the term for a smaller scale plan developed to implement a strategy. It is more limited in scope, usually taking one to three years to achieve, which permits the plan to be changed more easily.
contingency plan
operational plan
strategic plan
tactical plan
This is the plan which is designed to implement the strategies and goals of the more limited (1 to 3 year) plans of an organization.
contingency plan
operational plan
strategic plan
tactical plan
This is the plan which outlines alternative courses of action that may be taken if other plans are disrupted for reasons which may include, but are not limited to, natural disasters, criminal or ethical misconduct, political instability, or other unexpected events.
contingency plan
operational plan
strategic plan
tactical plan
This is the function of a manager/business executive which focuses on the grouping of resources and activities to accomplish some result in an efficient and effective manner.
controlling
leadership and motivation
organizing
planning
This is the term/action of management which involves the process of influencing people to work toward a common goal.
directing
influencing
leading
motivating
This is the term/action of management which involves the process of providing reasons for people to work in the best interests of an organization.
directing
influencing
leading
motivating
In many businesses/organizations, managers are classified according to their,
level within an organization [a]
seniority within the company [b]
area of management [c]
undergraduate and/or graduate degree specialization [d]
both a and c
In many businesses/organizations, management is depicted as a three-story structure with each level of the structure corresponding to one of the three general levels of management which are most often labeled,
chief executives, executives, and supervisors
chief executives, operational directors, and supervisors
presidents, vice presidents, and chief operating officers
top managers, middle managers, and first-line managers
These are the upper-level executives who guide and control the organization’s fortunes and mission. They are generally responsible for developing the organization’s mission and determining the firm’s strategy.
first-line managers
middle managers
operational managers
top management
This is the largest group of managers in most organizations. They implement the strategy and major policies developed by the management team above them in the organization’s hierarchy.
first-line managers
middle management
operational managers
top management
These are the managers who coordinate and supervise the activities of the operating employees. They spend most of their time working with and motivating their employees, answering questions, and solving day-to-day problems.
first-line management
middle management
operational managers
top managers
The organizational structure of a business/company can also be divided into areas of management specialization. These managers are responsible for recording/tracking the organization’s funds as well as keeping detailed and accurate records of the organization’s monetary accounts which would include the debts and profits of the organization.
administrative managers
financial managers
human resources managers
marketing managers
operation managers
The organizational structure of a business/company can also be divided into areas of management specialization. These people manage the systems that convert resources into goods and services.
administrative managers
financial managers
human resources managers
marketing managers
operation managers
The organizational structure of a business/company can also be divided into areas of management specialization. These are the people who facilitate the exchange of products between an organization and its customers or clients. Specific areas of focus may include advertising, promotion, sales, and distribution.
administrative managers
financial managers
human resources managers
marketing managers
operation managers
The organizational structure of a business/company can also be divided into areas of management specialization. These are the people who manage people, design systems for hiring, training, and evaluating the performance of employees, and ensure that the organization follows government regulations concerning employment practices.
administrative managers
financial managers
human resources managers
marketing managers
operation managers
The organizational structure of a business/company can also be divided into areas of management specialization. These are the people who provide administrative guidance and leadership to other managers in the organizational hierarchy as well as the operating employees of the company/business.
administrative managers
financial managers
human resources managers
marketing managers
operation managers
Leadership is often defined as the ability to influence others. Formal leaders are defined as those individuals who,
have legitimate power of their position [a]
have no authority in an organization, but who may or may not exert their influence in support of the organization [b]
have authority within an organization to influence others to work toward an organization’s objectives [c]
both a and c
all of those listed
Leadership is often defined as the ability to influence others. Informal leaders are defined as those individuals who,
have legitimate power of their position [a]
have no authority in an organization, but who may or may not exert their influence in support of the organization [b]
have authority within an organization to influence others to work toward an organization’s objectives [c]
both a and c
all of those listed
Today, management of product/service quality is a high priority in many organizations due to,
foreign competition [a]
more demanding customers who have the ability to comparison shop [b]
poor financial performance resulting from reduced market shares and higher costs [c]
both a and c
all of those listed
Total quality management (TQM) is the coordination of efforts directed at,
continuous quality improvement
improving customer satisfaction
improving employee participation
strengthening supplier partnerships
all of those listed
The process of evaluating products, processes, or management practices of another organization for the purpose of improving quality in your business, company, and/or organization is referred to as,
benchmarking
competitor research
quality assessment
quality assurance
Many factors influence the effectiveness of a TQM program, but one of the most crucial is,
top management must make a strong commitment to a TQM program by treating quality improvement as a top priority and give it frequent attention [a]
that customers and clients must accurately and truthfully report their experiences and/or assessment of the products and/or services of the business being monitored via the TQM program [b]
management must coordinate the specific elements of a TQM program so that they work in harmony with each other [c]
both a and c
all of those listed
This is a detailed road map that outlines your financial goals and the spending, financing, saving, and investing steps that will allow you to achieve those goals.
benchmarking
business plan
FICO plan
financial plan
These are things you might have that can be very rapidly converted to cash without a risk of significant loss.
fixed assets
liquid assets
net worth
rebalancing
Today, the estimated cost of having a child and putting that child through college is,
$100,000
$250,000
$400,000
$600,000
Typically, a higher annual income is connected to,
education [a]
investments made early in life [b]
specialized training [c]
both a and c
all of those listed
In the realm of financial planning, money management involves,
establishing a plan for your finances in the event of a natural, political, or economic disaster
establishing the percentage of the overall wealth you will invest in the stock market
making decisions about how much cash or liquid assets to keep in reserve and how much to invest in less liquid assets, such as real estate (buildings and land)
tracking the flow of cash in and out of your bank account
The most common investment types to include in your investment portfolio are,
bonds [a]
mutual funds [b]
stocks [c]
both a and c
all of those listed
It is important to have a personal financial plan because,
if you, unfortunately, declare bankruptcy the bank will need a copy for the court proceedings
it becomes a roadmap that serves as a detailed guide to help you achieve your goals
it can prevent you from making uniformed investments in the stock market
the bank will need a copy of your financial plan if you seek a personal or business loan
This practice is critical in financial planning,
communicating your financial plan to your family [a]
investing at least 25% of your annual income in the stock market [b]
keeping good records [c]
both a and c
all of those listed
In personal finance, an investment is defined as,
a certificate that represents pieces of ownership in a company
getting a loan from your brokerage firm and using the money from the loan to buy more securities
something that you acquire with the goal of making money
the act of conducting a financial transaction that has substantial risk of losing value but also holds the expectation of a significant gain or other major value
A stock is defined as,
a certificate that represents pieces of ownership in a company
a promissory note, or a promise to repay a certain amount of money at a point in the future
paper documents issued by a corporation indicating ownership that have the highest degrees of risk
people who own a stake in a company
A bond is defined as,
a promissory note, or a promise to repay a certain amount of money at a point in the future
bonds issued by a large corporation
bonds issued by corporations with the highest degrees of risk
bonds issued by the federal government to fund projects (such as to buy mortgages to encourage home ownership)
A corporate bond is defined as,
a promissory note, or a promise to repay a certain amount of money at a point in the future
bonds issued by a large corporation
bonds issued by corporations with the highest degrees of risk
bonds issued by the federal government to fund projects (such as to buy mortgages to encourage home ownership)
A junk bond is defined as,
a promissory note, or a promise to repay a certain amount of money at a point in the future
bonds issued by a large corporation
bonds issued by corporations with the highest degrees of risk
bonds issued by the federal government to fund projects (such as to buy mortgages to encourage home ownership)
The U.S. Treasury department issues treasury bonds to,
finance the debt of the United States government
raise money during times of war to help fund the conflict
raise money to bail-out major industries/corporations in financial distress
raise money to send to foreign nations
Cash distributed to company shareholders/investors are known as,
bonds
dividends
shares
stocks
The term given to a market that is trending downward.
bear market
bull market
liability
net worth
The process of forecasting future expenses and income.
assets
budgeting
equity
liabilities
Things we own, such as cars and motorcycles.
assets
equity
investments
net worth
Things that we own, or our debt.
assets
equity
liabilities
net worth
The difference between the value of the things we own and the things that we owe.
equity
income
interest
net worth
The financial term for ownership.
assets
equity
income
interest
The money coming in through wages earned, allowance, or other sources.
income
income taxes
investments
payment terms
The money owed to the government on earned income.
income taxes
interest
investments
payment terms
The rent on money you borrow.
assets
equity
interest
liabilities
The specific information about the interest rates the lender will charge you and the time period for paying back a loan.
equity
income
liabilities
payment terms
