Question 1

If you want all your stores to only accept returns with receipts, this would be an example of a(n)

Accepted Answer

A)   procedure.
B)   industry standard.
C)   rule.
D)   policy.
E)   certified procedure.F) A) and B)
G) C) and D)

Question 2

Imagine that you are a manager of a local clothing store with the responsibility for four employees. Outline a detailed plan for how you would implement MBO to increase overall store revenue by 10 percent by the end of the year.

Accepted Answer

The four-step process of MBO is as follo...

Question 3

A ________ is a single-use plan encompassing a variety of projects or activities.

Accepted Answer

A)   program
B)   rule
C)   policy
D)   project
E)   procedureF) B) and E)
G) A) and B)

Question 4

How would you describe Amazon's commitment to continuous evolution?

Accepted Answer

A)   It is one of their value statements.
B)   It is their vision statement.
C)   It is their mission statement.
D)   It is their strategy or strategic plan.
E)   It is their business model.F) C) and D)
G) B) and D)

Question 5

Super Sandwiches trains its employees to always put the sandwich condiments on the sandwich in the same order. The company is also known for treating its employees well and enjoys some of the lowest employee turnover in the industry. As a result, it is one of three companies being featured in a 20-minute piece on a national newscast to discuss this honor. Identify the types of standing plans and single-use plans. Discuss how Super Sandwiches might apply a standing plan and a single-use plan. Include examples in your response. (That is, make all your examples relevant to a sandwich shop.)

Accepted Answer

Standing plans are plans developed for a...

Question 6

An organization's ________ expresses the need the firm will fill, the operations of the business, its components and functions, and the expected revenues and expenses.

Accepted Answer

A)   mentoring plan
B)   code of ethics
C)   risk statement
D)   business model
E)   code of businessF) C) and D)
G) A) and B)

Question 7

If you are tasked with writing employee schedules and to-do lists for managers, what level of planning are you involved in?

Accepted Answer

A)   strategic planning
B)   operational planning
C)   delegation planning
D)   human resource planning
E)   tactical planningF) A) and C)
G) B) and E)

Question 8

A business model outlines what customer needs the company will satisfy, the operations of the business, the company components and functions, and the projected revenue and expenses.

Accepted Answer

A) True 
 B)False

Question 9

The production plant for Ruby Manufacturing has been located in the same place for over 100 years. The company has just completed its new factory that includes its new corporate offices. The planning required for moving Ruby into a new facility is a single-use plan.

Accepted Answer

A) True 
 B)False

Question 10

A mission statement expresses the

Accepted Answer

A)   expected profitability of an organization.
B)   purpose of an organization.
C)   code of ethics.
D)   market for the product.
E)   types of employees needed.F) B) and E)
G) None of the above

Question 11

Which of the following is not a step in the process of management by objectives (MBO) ?

Accepted Answer

A)   Managers determine each employee's strengths and weaknesses.
B)   Managers and employees jointly set objectives for the employee.
C)   Managers develop action plans.
D)   Managers and employees periodically review the employee's performance.
E)   The manager makes a performance appraisal and rewards the employee according to results.F) A) and E)
G) B) and D)

Question 12

Based on planning and strategic management principles, which of the following start-up companies has the LEAST potential to have a competitive advantage, to be profitable, and to grow?

Accepted Answer

A)   a cat-sitting service, where you take care of people's cats when they are on vacation; you decide to advertise your services on Craigslist and the local newspaper
B)   a "companionship" service for elderly people who live alone because their children are busy working full-time jobs; working adults say such a service would be extremely valuable
C)   the only farm within a 100-mile radius that offers its customers organic beef and organic dairy products such as eggs and milk; no other local company offers these products
D)   a portrait-painting service by a talented artist who is known for his ability to make all men look handsome and all women look beautiful; very few other artists in the local area have this talent
E)   an enrichment program for children that hires talented people and sends each of them to a different school each day of the week; a web-based app helps the manager keep track of all the employees' schedules and locationsF) C) and D)
G) A) and E)

Question 13

Francis, the plant manager, is interested in increasing the facility's productivity by utilizing MBO so that his managers and their employees are more focused on objectives. This month Francis asked his managers to concentrate on the two first steps of MBO, which are

Accepted Answer

A)   for managers to develop an action plan and to give employees a performance appraisal.
B)   for employees to develop an action plan and to study the competition.
C)   to periodically review performance and to develop an action plan.
D)   to review each employee's performance and to set an action plan based on performance.
E)   to jointly set objectives with their employees and to have managers develop action plans.F) A) and D)
G) All of the above

Question 14

What type of planning is completed by middle managers?

Accepted Answer

A)   writing a belief statement
B)   developing a goals pact
C)   producing a code of ethics
D)   tactical planning
E)   management pledgingF) C) and D)
G) A) and E)

Question 15

You plan to open a new business. Before you can approach the small-business loan center, you will have to have a strong plan. Write a one-paragraph business model description for a business of your choice.

Accepted Answer

A business model outlines the need the f...

Question 16

Which of the following is a tactical goal?

Accepted Answer

A)   By the end of this fiscal year, we will achieve a 10 percent cost reduction in our office expenses.
B)   Within two years, we will enter into a strategic alliance with a company that is able to effectively market and sell our products in China, India, and other emerging economies.
C)   This company has a policy of conducting a background and credit check on all job applicants.
D)   Smoking on the factory floor is strictly prohibited; anyone caught smoking in company facilities will be disciplined immediately.
E)   As a company, we are committed to increasing our online presence through social media.F) B) and E)
G) None of the above

Question 17

When Amazon says, "we want to be Earth's most customer-centric company," it is stating its code of ethics.

Accepted Answer

A) True 
 B)False

Question 18

Research suggests that when writing out a plan to achieve your biggest goals, it is important to

Accepted Answer

A)   focus on broad rather than specific goals.
B)   identify your options and track your progress.
C)   make a general plan, which embeds your intentions firmly in your memory.
D)   keep plans and goals private.
E)   avoid specific goals because it increases stress.F) All of the above
G) B) and C)

Question 19

The planning/control cycle has two control steps: (1)  control the direction by comparing results with the plan and (2)  control the direction by taking corrective action in two ways-namely, by

Accepted Answer

A)   receiving feedback, and, if needed, making new plans.
B)   researching ways to plan better and increasing profits.
C)   increasing organization synergy and diversity.
D)   correcting deviations in the plan being carried out or improving future plans.
E)   improving future plans, and, if needed, cutting costs.F) B) and E)
G) A) and E)

Question 20

Management by objectives (MBO)  and goal cascading will NOT work without an effective

Accepted Answer

A)   technology component.
B)   contingency plan.
C)   bonus-based compensation plan.
D)   goal-setting process.
E)   layer of middle management.F) A) and C)
G) A) and B)

Exam 5: Planning: the Foundation of Successful Management

A ________ is a single-use plan encompassing a variety of projects or activities.

Correct Answer
verified

How would you describe Amazon's commitment to continuous evolution?

Correct Answer
verified

A business model outlines what customer needs the company will satisfy, the operations of the business, the company components and functions, and the projected revenue and expenses.

Correct Answer
verified

An organization's ________ expresses the need the firm will fill, the operations of the business, its components and functions, and the expected revenues and expenses.

Correct Answer
verified

A mission statement expresses the

Correct Answer
verified

The planning/control cycle has two control steps: (1) control the direction by comparing results with the plan and (2) control the direction by taking corrective action in two ways-namely, by

Correct Answer
verified

Francis, the plant manager, is interested in increasing the facility's productivity by utilizing MBO so that his managers and their employees are more focused on objectives. This month Francis asked his managers to concentrate on the two first steps of MBO, which are

Correct Answer
verified

When Amazon says, "we want to be Earth's most customer-centric company," it is stating its code of ethics.

Correct Answer
verified

Based on planning and strategic management principles, which of the following start-up companies has the LEAST potential to have a competitive advantage, to be profitable, and to grow?

Correct Answer
verified

Research suggests that when writing out a plan to achieve your biggest goals, it is important to

Correct Answer
verified

Which of the following is not a step in the process of management by objectives (MBO) ?

Correct Answer
verified

If you are tasked with writing employee schedules and to-do lists for managers, what level of planning are you involved in?

Correct Answer
verified

Imagine that you are a manager of a local clothing store with the responsibility for four employees. Outline a detailed plan for how you would implement MBO to increase overall store revenue by 10 percent by the end of the year.

Correct Answer
verified
The four-step process of MBO is as follo...
View Answer

If you want all your stores to only accept returns with receipts, this would be an example of a(n)

Correct Answer
verified

Which of the following is a tactical goal?

Correct Answer
verified

Correct Answer
verified
Standing plans are plans developed for a...
View Answer

The production plant for Ruby Manufacturing has been located in the same place for over 100 years. The company has just completed its new factory that includes its new corporate offices. The planning required for moving Ruby into a new facility is a single-use plan.

Correct Answer
verified

Management by objectives (MBO) and goal cascading will NOT work without an effective

Correct Answer
verified

What type of planning is completed by middle managers?

Correct Answer
verified

You plan to open a new business. Before you can approach the small-business loan center, you will have to have a strong plan. Write a one-paragraph business model description for a business of your choice.

Correct Answer
verified
A business model outlines the need the f...
View Answer

Exam 5: Planning: the Foundation of Successful Management

A ________ is a single-use plan encompassing a variety of projects or activities.

Correct AnswerverifiedShow Answer

How would you describe Amazon's commitment to continuous evolution?

Correct AnswerverifiedShow Answer

A business model outlines what customer needs the company will satisfy, the operations of the business, the company components and functions, and the projected revenue and expenses.

Correct AnswerverifiedShow Answer

An organization's ________ expresses the need the firm will fill, the operations of the business, its components and functions, and the expected revenues and expenses.

Correct AnswerverifiedShow Answer

A mission statement expresses the

Correct AnswerverifiedShow Answer

The planning/control cycle has two control steps: (1) control the direction by comparing results with the plan and (2) control the direction by taking corrective action in two ways-namely, by

Correct AnswerverifiedShow Answer

Francis, the plant manager, is interested in increasing the facility's productivity by utilizing MBO so that his managers and their employees are more focused on objectives. This month Francis asked his managers to concentrate on the two first steps of MBO, which are

Correct AnswerverifiedShow Answer

When Amazon says, "we want to be Earth's most customer-centric company," it is stating its code of ethics.

Correct AnswerverifiedShow Answer

Based on planning and strategic management principles, which of the following start-up companies has the LEAST potential to have a competitive advantage, to be profitable, and to grow?

Correct AnswerverifiedShow Answer

Research suggests that when writing out a plan to achieve your biggest goals, it is important to

Correct AnswerverifiedShow Answer

Which of the following is not a step in the process of management by objectives (MBO) ?

Correct AnswerverifiedShow Answer

If you are tasked with writing employee schedules and to-do lists for managers, what level of planning are you involved in?

Correct AnswerverifiedShow Answer

Imagine that you are a manager of a local clothing store with the responsibility for four employees. Outline a detailed plan for how you would implement MBO to increase overall store revenue by 10 percent by the end of the year.

Correct AnswerverifiedThe four-step process of MBO is as follo...View AnswerShow Answer

If you want all your stores to only accept returns with receipts, this would be an example of a(n)

Correct AnswerverifiedShow Answer

Which of the following is a tactical goal?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedStanding plans are plans developed for a...View AnswerShow Answer

The production plant for Ruby Manufacturing has been located in the same place for over 100 years. The company has just completed its new factory that includes its new corporate offices. The planning required for moving Ruby into a new facility is a single-use plan.

Correct AnswerverifiedShow Answer

Management by objectives (MBO) and goal cascading will NOT work without an effective

Correct AnswerverifiedShow Answer

What type of planning is completed by middle managers?

Correct AnswerverifiedShow Answer

You plan to open a new business. Before you can approach the small-business loan center, you will have to have a strong plan. Write a one-paragraph business model description for a business of your choice.

Correct AnswerverifiedA business model outlines the need the f...View AnswerShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The four-step process of MBO is as follo...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Standing plans are plans developed for a...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A business model outlines the need the f...
View Answer