Managers tend to have a short-term perspective (daily operations), leaders tend to have a long-term perspective (stratigic goals 2-5 years). (Points : 2)
True
False
2. S.M.A.R.T. goals are Specific, Measurable, Attainable, Realistic, and Timely. (Points : 2)
True
False
3. Which of these are the 4 P'S of the Marketing Mix? (Points : 2)
Participation, Privatization, Principles and Planning
Promotion, Participation, Production and Pricing
Product, Price, Promotion and Place
Payment, Placement, Production and Planning
4. Which types of power are most effective? (Points : 2)
Coercive and Referent
Expert and Referent
Reward and Expert
Legitimate and Reward
Expert and Reward
5. A sub-group of people or firms that share characteristic(s) and have product needs in common is called a: (Points : 2)
market segment
psychographic group
customer base
client profile
6. Break-even analysis determines the needed sales volume to be reached in order to cover all costs, and before any profits are realized. (Points : 2)
True
False
7. Coercive is defined as an employee acts out of fear of repercussions if they do not comply. (Points : 2)
True
False
8. Which letters of the SWOT are usually external? (Points : 2)
Opportunities and Threats
Weaknesses and Threats
Opportunities and Strengths
Strengths and Threats
9. Profits peak at the _____ stage of the product life cycle model. (Points : 2)
advancing stage
growth stage
maturity stage
exit stage
10. Maslow's Hierarchy of Needs specifies that this stage of the hierarchy reflects humans greatest need: (Points : 2)
self-esteem
self-awareness
safety needs
self-actualization
11. Effective managers define __________ as the process of influencing others to achieve group or organizational goals. (Points : 2)
management
leadership
interpersonal influence
supervision
12. Reward involves the legitimate authority someone has to control others and resources based on their title/position in the company (Points : 2)
True
False
13. Each agent for the business can legally bind the firm as well as the other agents to contracts, even without the other agents' knowledge or consent. Each agent is taxed as an individual based on distributed share of profit from the business. (Points : 2)
LLC
501-C3 Non-Profit Corporation
C Corporation
S Corporation
Sole Proprietorship
Partnership
14. Match the appropriate business form to the legal/tax implications. This is the least regulated form of business ownership. Control and liability lies with the proprietor. (Points : 2)
LLC
S Corporation
501-C3 Non-Profit Corporation
C Corporation
Partnership
Sole Proprietorship
15. __________ is defined as the management function concerned with assigning tasks, grouping tasks into departments, and allocation resources to departments. (Points : 2)
Management
Planning
Organizing
Controlling
16. The most notable provision of this corporation is that it serves as a conduit for its net income, passing all of its profits or losses through to the individual shareholders, which means that its income is taxed only once at the individual tax rate. (Points : 2)
C Corporation
S Corporation
501-C3 Non-Profit Corporation
LLC
Partnership
Sole Proprietorship
17. First-line managers are the only managers who do not supervise other managers. (Points : 2)
True
False
18. First-line managers are responsible for setting objectives consistent with organizational goals and planning and implementing subunit strategies for achieving these objectives. (Points : 2)
True
False
19. What does "Place" mean in the 4 P's of the marketing mix? (Points : 2)
Place refers to distribution, inventory and assortment
Place refers to customer location.
Place refers to the product or service "place" in the pricing structure.
Place refers to the transportation used to convey the product or service.
20. __________ is defined as the management function concerned with monitoring employees' activities, keeping the organization on track toward its goals, and making corrections as needed. (Points : 2)
Management
Planning
Organizing
Controlling