What do organizations like the SBA and the TSBDC do?

They provide grants, training, and other resources for small businesses

What does the VRIO analysis help managers determine about a firm's resources and capabilities?

Whether they can be a source of competitive advantage

What does SWOT stand for?

Strengths, Weaknesses, Opportunities, Threats

How do individuals in societies with low individualism (high collectivism) view success?

As a reflection of their group's view and support

What does the macro environment primarily consist of?

Factors common to all businesses.

How did you feel about the decision making exercise?

It was worthwhile and genuinely helped me process through a decision

Which is NOT a factor considered when defining small businesses in the United States?

By their location in specific geographic regions.

The Hawthorne studies showed that

work motivation includes: pay, relationships, meaning, interests, attitudes

What does the Uppsala model suggest about internationalization?

Firms gradually commit more resources as they learn about specific markets.

Why do firms engage in strategic analysis? (8.1)

To understand their competitive environment.

Which of the following describe a shortcoming of Taylor's work?

He thought of workers as machine tools rather than as human beings.

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Mid-Term Practice Quiz

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Questions 87

Answers

1
When group members choose not to voice their concerns/objections to keep the peace and not annoy or antagonize others.
Groupthink
Brainstorming
Critical thinking
Satisficing
2
the tendency to select the first acceptable solution without engaging in additional effort to identify the best solution
Groupthink
Confirmation bias
Bounded rationality
Satisficing
3
What made a high level of trade and economic activity possible for the ancient Sumerians?
The introduction of writing
Government support
Bartering
Roads and infrastructure
4
What do organizations like the SBA and the TSBDC do?
They track start up activity provide a public index for reference
They audit small businesses to ensure they are following local business law
They are angel investors who provide entrepreneurs generous funding
They provide grants, training, and other resources for small businesses
5
Supervisor receives direction from the managers above them and passes that information down to their immediate employees
Scalar Chain
Esprit de corps
Ethics
Unity of command
6
When Sylvia finds the product output is below the projected target & takes the corrective actions to remedy the crisis.
resource allocator.
liaison.
disturbance handler.
spokesperson.
7
The Romans' contribution to management was
standardization.
the idea of incentives.
information sharing and analysis.
the concept of span of control.
8
Obstacles that hinder a new firm's entry into an industry are called:
barriers to entry
threats
startup costs
last mover disadvantages
9
What does the VRIO analysis help managers determine about a firm's resources and capabilities?
Whether they can be a source of competitive advantage
Their impact on global markets
Their quantity and cost-effectiveness
Their relevance to industry regulations
10
Michael is known for his ability to understand peoples' emotions. Michael can be rated high on which of these elements?
Self-regulation
Self-awareness
Empathy
Social skills
11
Which of the following is not a type of entrepreneur mentioned in the text?
Intrapreneur
Growth-oriented entrepreneur
Solopreneur
Multipreneur
12
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
Sales, Workforce, Opportunities, Targets
Strengths, Weaknesses, Obstacles, Threats
Success, Wisdom, Objectives, Trends
13
3BL (Triple Bottom Line) relates to which of the 3-Ps?
Product, price, and place
People, profit, and promotion
Profit, people, and planet
Product, profit, and people
14
Which term best describe mental shortcuts?
Emotional intelligence
Bounded rationality
Heuristics
Nonprogrammed decisions
15
How do individuals in societies with low individualism (high collectivism) view success?
As a reflection of their group's view and support
As irrelevant to their social group
Based on personal achievements
As a threat to the group
16
According to Mintzberg, which of the following role is interpersonal?
Liaison
Resource Allocator
Disturbance Handler
Monitor
17
What is the primary drawback of licensing and franchising as entry methods?
High capital requirements
No access to foreign markets
Limited revenue potential
Lack of control
18
Which of the following is NOT one of Porter's Five Forces in the model?
Buyer Power.
Supplier Loyalty.
Threat of New Entrants.
Threat of Substitutes.
19
Environmental scanning requires managers to be vigilant about changes in:
business indicators
the policy manual
political cycles
the organizational chart
20
What does the macro environment primarily consist of?
Factors unique to individual firms.
International trade regulations.
Factors common to all businesses.
Elements controlled directly by a firm.
21
How did you feel about the decision making exercise?
It was worthwhile and genuinely helped me process through a decision
kinda seemed like a waste of time or mindless "busy work"
Absolutely HATED it!
Indifferent - didn't love it but didn't hate it
22
When one assumes that all people within a culture act, think, and behave the same way, they are engaging in
ethnocentricism
cultural stereotyping
irrational thinking
discrimination
23
______ are preferred means of behavior used to obtain one's goals.
Normative ethics
Instrumental values
Terminal values
Ethical dilemmas
24
In high power distance societies, how do subordinates typically view authority figures?
As equals
With skepticism
With respect and obedience
As unimportant
25
Which is NOT a factor considered when defining small businesses in the United States?
By the number of years they have been in business.
By their location in specific geographic regions.
By their total annual revenue.
By the number of employees they have.
26
In Bill Gross's TED Talk he showed how the single most important factor in whether or not a start up succeeds is:
Business Plan
Timing
Funding
Idea
27
What is the most common size category for established small businesses in terms of the number of employees?
5-9 employees
1-4 employees
10-19 employees
20-49 employees
28
Olamede passes information to his faculty and staff about new policies through memos and emails, he is acting as a
disseminator.
negotiator.
resource allocator.
monitor.
29
Which of the following is an element of government and political forces?
Ethics
Taxation
Health, food, stress
New production forces
30
Which of these funding sources would a "Shark" from Shark Tank be considered?
Angel investor
Guardian investor
Halo investor
Savior investor
31
The Hawthorne studies showed that
work motivation includes: pay, relationships, meaning, interests, attitudes
sample size did not matter if the observations were collected at random.
the wage was insignificant to the workers.
focus on the actual work life of the workers did not matter.
32
Which of these describes a belief that corporations have a social responsibility beyond pure profit?
CSR / ESG
ethical behavior
sustainability
discretionary responsibility
33
Decisions that are repeated over time and for which an existing set of rules can be developed to guide the process are
Programmed Decisions
Nonprogrammed Decisions
Bounded rationality
Emotional intelligence
34
Decision making is limited with incomplete information & our capacity to process all the information, this is known as
Nonprogrammed decisions
Escalation of commitment
Bounded rationality
Emotional intelligence
35
Which is NOT a category of the managerial roles?
Interpersonal
Exceptional
Informational
Decisional
36
What does the Uppsala model suggest about internationalization?
Firms gradually commit more resources as they learn about specific markets.
Firms should build production facilities in overseas markets first.
Companies should enter foreign markets aggressively.
Born globals are the only successful approach.
37
Why do firms engage in strategic analysis? (8.1)
To control external forces.
To understand their competitive environment.
To operate in isolation.
To eliminate internal factors.
38
Why can small businesses respond fairly quickly to changing economic conditions?
A simpler company structure
Extensive financial resources
Due to advanced technology
Because of large corporate backing
39
Buying a house can be described as which of these?
Heuristics-driven decision
Low-involvement decision
Programmed decision
Nonprogrammed decision
40
Which business-level competitive strategy focuses on offering products/services at a lower price than competitors?
Cost Leadership
Focus
Integration
Differentiation
41
In this role, managers seek to improve their businesses, adapt to market conditions, & react to opportunities presented.
negotiator
figurehead
entrepreneur
liaison
42
Which invention during the Italian Renaissance allowed the emergence of new knowledge to spread throughout Europe?
Clay coins
Printing press
Bartering
Span of control
43
Which of the following represents an "ends justifies means" for the greatest good for the greatest number?
Rights
Utilitarianism
Universalism
Justice
44
We discussed in class that many companies are now hiring based on ________ instead of education or direct experience.
Notoriety
Network Connections
Culture Fit
Mentorship
45
The extent to which trade and investments, information/cultural ideas, and political cooperation flow between countries
International Management
Global Mindset
International Markets
Globalization
46
A formal statement concerning ethics and social issues which communicates to employees what the company stands for is a:
mission statement
vision statement
code of conduct
code of ethics
47
Which of the following describe a shortcoming of Taylor's work?
He focused on group incentives instead of individual incentives.
Taylor made friends with employees and unions but not management.
He thought of workers as machine tools rather than as human beings.
He focused on strategy and implementation instead of management systems.
48
Follett says in _______, neither side gets everything it wants and can just obtain a result that each can agree to.
integration
dominance
avoidance
compromise
49
Who is known as the father of scientific management?
Max Weber
Elton Mayo
Henry Fayol
Frederick Taylor
50
We talked about AI being used in business as a recent ethical issue. Why is this?
All of the above
Undermines Free Will
Biased data = Biased Algorithms/Outcomes
Threatens Rights & Privacy
51
Which country is credited for the birth of Management as a field of study?
Italy
The United States
The United Kingdom
Greece
52
Choices/decision-making processes and moral principles/values that govern our behaviors regarding what is right & wrong
Rights
Corporate culture
Justice
Ethics
53
Which of the following use teams to combine vertical with horizontal structures?
Geographic structure
Matrix structure
Functional structure
Virtual structure
54
Organization focuses on results, competition, achievement, and getting the job done
Clan Culture
Hierarchy Culture
Adhocracy Culture
Market Culture
55
What does the "V" stand for in VRIO analysis?
Variable
Value
Valid
Velocity
56
When we pay more attention to info that agrees with our beliefs and not information that is contrary to our beliefs
Time pressures
Confirmation bias
Conditions of uncertainty
Escalation of commitment
57
Which of these holds that people set their own moral standards for judging their actions, based on self-interest?
Ethical Relativism
Justice
Utilitarianism
Universalism
58
Which environmental forces include different generations' values, beliefs, attitudes, customs/traditions, habits, etc.
Technological
Economic
Sociocultural
Natural disaster and human induced environmental problems
59
What is the primary goal of cross-cultural training?
To encourage employees to ignore cultural differences.
To increase cultural diversity within organizations.
To enhance employees' cultural intelligence.
To eliminate cultural differences in the workplace.
60
Workers need merely to be unconcerned with an order to follow it due to natural tendency to follow authority?
Scalar Chain
Esprit de corps
Zone of indifference
Unity of command
61
In Simon Sinek's TED Talk, he referenced the Golden Circle and emphasized that it's not WHAT you do, it's __________?
HOW you do it
WHO you do it with
WHERE you do it
WHY you do it
62
________ intentionally takes on the role of critic.
The devil's advocate
Brainstorming
Groupthink
Heuristics
63
What is foreign direct investment (FDI) in international business?
Exporting products to foreign markets
Licensing proprietary technology
Joint business activities between companies
Acquiring a local company or building facilities in another country
64
Which of the following represents a duty-based approach, and considers the welfare and risks of all parties.
Utilitarianism
Universalism
Ethical Relativism
Rights
65
Which entry approach involves sending a company's product to an international market and filling orders?
Exporting
Franchising
Foreign Direct Investment (FDI)
Licensing
66
For managers, ___skills refer to having the ability to use the tools, procedures, and techniques of their special areas.
conceptual
technical
executive
human relations
67
What is the key difference between entrepreneurship and small-business management?
Small-business owners focus on innovation.
Entrepreneurs take more significant financial risks.
Small-business owners prefer long-term planning.
Entrepreneurs aim to stay small.
68
Which organization is a major source for tracking U.S. entrepreneurial growth activity?
U.S. Small Business Administration
Minority Business Development Agency
Kauffman Index of Entrepreneurship
U.S. Census Bureau
69
________ are desired goals, objectives, or end states that individuals wish to pursue.
Ethical dilemmas
Terminal values
Normative ethics
Instrumental values
70
How does the GLOBE project differ from Hofstede's framework?
It was developed in the 1960s.
It involves fewer researchers and countries.
It categorizes countries into clusters based on cultural characteristics.
It focuses on fewer cultural dimensions.
71
______ organizational structures are for environments that range from stable and simple to low-moderate uncertainty.
Network
Mechanistic
Organic
Virtual
72
What is the role of small businesses in the U.S. economy?
They are most prevalent in the agriculture sector.
They employ over 90% of the private sector workforce.
They are primarily involved in manufacturing.
They account for the majority of economic output.
73
What does a firm's micro environment primarily consist of?
External market forces.
Global economic conditions.
Entities directly connected to the firm.
Factors beyond the firm's control.
74
Which are at the top of the hierarchy and are responsible for the entire organization and its strategic direction?
Middle managers
Final consumers
Executive managers
First-line managers
75
The McKinsey 7-S Model outlines how Strategy, Structure, Systems, Skills, Staff, and Style combine to influence ________
Longe-Range Planning
Code of Ethics
Share Values
Quarterly Goals
76
Which is organized by departments and expertise areas, such as R&D, production, accounting, marketing, & human resources
Functional structure
Matrix structure
Virtual structure
Geographic structure
77
The tendency to remain committed to poor decision, even when doing so leads to increasingly negative outcomes refers to
emotional intelligence.
interpersonal conflict.
personal bias.
escalation of commitment.
78
Which of the following represents the first step in any decision-making process?
Evaluate the effectiveness of selected alternative
Recognize that a decision needs to be made.
Generate multiple alternatives.
Select an alternative.
79
What has been the trend in business ownership rates among entrepreneurs?
Business ownership rates increased, hit a peak in 2014, and then decreased
Business ownership rates have consistently increased.
Business ownership rates have fluctuated with no clear trend.
Business ownership rates have consistently declined.
80
Elizabeth does windshield installation, and that is her only task on the assembly line. This is an example of
soldiering.
unity of command.
span of control.
division of labor.
81
In the context of Porter's model, what does "Threat of Substitutes" refer to?
The balance of power between suppliers and buyers.
The possibility of new firms entering the industry.
Rivalry among existing firms.
The availability of alternative products or services.
82
What trait was viewed positively by all clusters, irrespective of national culture, according to the GLOBE project?
Being funny
Being honest
Being direct
Being independent
83
Kotter studied a number of successful general managers over a 5 year period and found that they spend most of their time
by themselves.
giving orders.
drawing up plans.
with others.
84
Which of the following is an element of economic forces?
Competitors and supply chain
Health, food, stress
Ethics
Earthquakes and Landslides
85
Organization focuses on relationships, team building, commitment, development, engagement, mentoring, coaching, etc.
Adhocracy Culture
Hierarchy Culture
Market Culture
Clan Culture
86
What do political factors in PESTEL analysis include?
Changing market trends.
Technological advancements.
Customer demographics.
Labor regulations.
87
This level in the heirarchy needs to be equally skilled in conceptual, human, and technical areas.
Middle Managers
Executive Managers
Rank and File Employees
CEOs

Mid-Term Practice Quiz Flashcards | StudBud