1. Which event triggered the recent recession that began in 2008?
A Renters were unable to find available housing.
B Consumers were unwilling to purchase electronic equipment.
C Businesses were unable to make loan payments.
D Homeowners were unable to make mortgage payments.
2. Of the approaches to pursuing international markets, developing a ________ involves the greatest commitment and risk.
A foreign subsidiary
B franchise
C strategic alliance
D joint venture
3. Which of the following defines a problem in the decision-making process?
A something that causes irritation
B a discrepancy between the ideal and the practical
C something that calls for attention
D a discrepancy between what exists and what the decision maker desires to exist
4. One advantage of group decision making is that it usually provides ________ than individual decision making.
A more ethical decisions
B faster decisions
C less confusion
D more information
5. A company with a differentiation strategy focuses on making its products or services ________.
A affordable
B similar to its competitors
C unique and special
D familiar
6. Franchising is used widely by ________.
A restaurant chains
B accounting firms
C universities
D electric power companies
7. The argument against social responsibility that states that pursuing goals other than making profits diverts a company away from its primary goal of making profits is known as ________.
A possession of resources
B dilution of purpose
C lack of skills
D too much power
8. Which of the following is a basic definition of ethics?
A principles that define right and wrong
B principles that define standards of decency
C laws that define legal and illegal
D rules that define good and evil
9. Which of the following is a drawback to seeking diverse views in decision making?
A more time consuming
B less time consuming
C less reliable decision
D easier decision-making process
10. A banker opts for short-term gain despite indications that his decision might not pay off in the long run. Which error or bias is the banker guilty of?
A immediate gratification
B representation
C selective perception bias
D overconfidence
11. The primary job of a manager is to ________.
A tackle tasks that are too difficult for nonmanagerial employees
B make decisions that help an organization grow
C coordinate between organization leaders and ordinary employees
D direct and oversee the work of others
12. Companies that are well managed can prosper during difficult economic times by depending on ________.
A a loyal customer base
B government bailouts
C filing for bankruptcy
D raising prices
13. ________ are important because they provide the standards against which all organizational accomplishments are measured
A Goals
B Models
C Rules
D Guidelines
14. Which kind of culture most affects the way managers plan?
A A weak organizational culture gives managers the freedom to make their own decisions.
B A strong organizational culture gives managers the freedom to make their own decisions independent of organizational values.
C A weak organizational culture helps guide the way managers plan.
D A strong organizational culture helps guide the way managers plan.
15. ________ can cause people in a group to fail to express their true opinions.
A Group imbalance
B Ambiguous responsibility
C Pressure to conform
D Years of experience
16. Another term for efficiency is ________.
A making sure things get done
B doing things at the right time
C doing the right things
D doing things right
17. A mission statement includes identification of an organization's ________.
A assets and resources
B purpose and basic philosophy
C strengths and weaknesses
D resources and strengths
18. SWOT analysis identifies and analyzes an organization's ________.
A strategy for competing in the market
B strengths, weaknesses, opportunities, and threats
C long-term goals
D human resource assets
19. A company whose goal is to retain its ideal size and market share is employing which kind of strategy?
A growth
B renewal
C stability
D noncorporate
20. Planning gives organizations direction that primarily helps them ________.
A improve morale of all employees
B improve their image in the business community
C improve morale of middle managers
D improve teamwork and coordinate activities
21. The first step in the six-step strategic management process is to ________.
A analyze the organization's strengths and weaknesses
B identify the organization's mission
C analyze the opportunities the organization has
D identify strategies to reach the organization's goals
22. A manager is determining what kind of new computers she should purchase for her department. She has made a list of five different computer models for consideration. Which stage of the decision-making process is this?
A selection of an alternative
B identification of decision criteria
C analysis of alternatives
D development of alternatives
23. Managers hire contingent workers because they are ________ than permanent workers.
A less costly
B more productive
C more flexible
D more loyal
24. Competitive advantages for a high-prestige, premium coffee franchise like Starbucks are likely to include all of the following EXCEPT ________.
A well-trained employees
B lowest prices
C high quality
D pleasant venues
25. Which of the following is a key difference between managerial and nonmanagerial employees?
A Nonmanagerial employees have less formal education.
B Managerial employees receive higher pay compensation.
C Nonmanagerial employees do not oversee the work of others.
D Managerial employees work longer hours