23SP BUSN 110 - Introduction to Accounting - Week 4 Quiz 2 ECONOMICS & FAINANCE LATEST EDITION 2024/25 ALL 100% CORRECT GUARANTEED GRADE A+

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A _____ is a formal document that states an organization's purpose and reason for existing and describes its basic philosophy. corporate manifesto mission statement vision company proclamation ... principle of existence mission statement Explanation: A mission statement is a concise explanation of the organization's reason for existence. It describes the organization's purpose and its overall intention. The mission statement supports the vision and serves to communicate purpose and direction to employees, customers, vendors and other stakeholders. _____ are individual investors or groups of experienced investors who provide funding for start-up businesses. Angel investors Entrepreneurial capitalists Opportunity entrepreneurs Equity entrepreneurs Venture entrepreneurs Angel investors Explanation: Angel investors are individual investors or groups of experienced investors who provide financing for start-up businesses by investing their own money, often referred to as "seed capital". Which of the following is a trend that is changing the face of entrepreneurship and small business ownership? stagnant demographics entrepreneurial diversity decreased use of overseas bundling an increase in the number of corporate mergers and acquisitions all of the above entrepreneurial diversity Amex Inc. is a worldwide company that specializes in high growth industries. It acts as a global marketer for small manufacturers of medical products, telecommunications products, and data management products. Amex Inc. is an example of a(n): business trade union export management company domestic channel member commission house broker export trading company export management company Explanation: An export management company can be regarded as a business entity that is charged with the responsibility of marketing the goods and services of manufacturers to importers of foreign origins. This fits the description of Amex Inc. described above. We can see here that this institution is a global marketer for small manufacturers. It picks the products from the manufacturers and markets the same to importers that are in other countries. Export management companies also have the responsibility of researching the market on an international level and also representing the company in business gatherings. Such a company as described above ships the product and manages other aspects of the exportation process such as documentation. The export company acts as a sales agent. The managerial hierarchy is also called the: managerial continuum management pyramid control continuum management matrix span of management management pyramid Explanation: Managerial hierarchy (also called the management pyramid) is defined by the levels of management within an organization. Generally, the management structure has three levels: top, middle, and supervisory management. Human resource management is the process of _____ people in order to achieve organizational goals. hiring developing motivating evaluating doing all of the above doing all of the above Which of the following is NOT a commonly used method for departmentalizing a firm? by customer by product by function by managerial level by geography by managerial level Small Business Investment Companies (SBICs): are licensed by the SBA are privately owned and management investment companies own to earn revenue from their investments in small businesses provide long-term financing for small businesses are accurately described by all of the above are accurately described by all of the above Explanation: A small business investment company (SBIC) is a type of privately-owned investment company that is licensed by the Small Business Administration (SBA). The three basic roles of management are: informational, educational, and operational educational, operational, and intrapersonal interpersonal, decisional, and informational decisional, operational, and interpersonal interpersonal, intrapersonal, and informational interpersonal, decisional, and informational Explanation: If you are appointed as a manger in any company or for any project, you need to have several skills to achieve the goals. According to Henry Mintzberg there are 10 different roles relevant to a manger. The roles are classified into three categories: Informational Management Roles Decisional Management Roles Interpersonal Management Roles Two co-workers at Nortel came up with an idea for renting software over the Internet. Nortel's top management liked the idea and set up a special division called Channelware devoted to taking the idea and making a new product. The establishment of a new company and assigning the employees in the division the task of making an idea a reality requires which management function? Organizing Controlling Communicating Planning Leadership Organizing Explanation: Organizing includes appointing errands, gathering undertakings into divisions, assigning authority, and apportioning assets across the association. _____ is a permanent organization structure that combines functional and product departmentalization. A functional organization Subordinated management A cartel A matrix structure A committee structure A matrix structure Explanation: A matrix structure is one in which functional and product departmentalization is seen. So, Option A is correct. An organic organizational structure follows a flat reporting structure, and all employees are free to participate in decision-making. The management activity of organizing. determines, groups, and assigns work activities plans and monitors strategy implementation determines goals, strategies, and tactics results in a more productive workforce due to increased levels of compensation compares expected performances with actual performances determines, groups, and assigns work activities Explanation: The Management activity of organizing determines work activities, Groups work activities into departments and assigns work activities. A clothing wholesaler that buys most of its inventory from manufacturers in the Caribbean should have a _____ plan in the event a hurricane demolishes the manufacturing facility of one of its principal suppliers. contingency hierarchical functionally-oriented supply-demand nonprogrammed contingency Explanation: A clothing wholesaler who buys most of its inventory from manufacturers in the Caribbean should have a contingency plan in the event a hurricane demolishes the manufacturing facility of one of its principal suppliers. _____ is the process of negotiating labor agreements between union members and management. Aggregated participation Mediation Arbitration Conciliation Collective bargaining Collective bargaining Explanation: Collective bargaining is the process in which working people, through their unions, negotiate contracts with their employers to determine their terms of employment, including pay, benefits, hours, leave, job health and safety policies, ways to balance work and family, and more. Manila Water, the provider of the water and sewerage services in the capital of the Philippines has purchased the government owned water and sewerage system for the entire country. It promises to make the nation's water and sewerage system run as efficiently and profitably as the one it operates in Manila. The development, maintenance, and allocation of resources to achieve its goal will require: processing organizing leadership planning controlling planning Which of the following benefits do unions almost never stress in an organizing campaign? higher pay better working conditions more job satisfaction grievance procedures job security more job satisfaction Explanation: The answer is "more job satisfaction" as unions are aware that the need for employees are changing, employees now need more satisfied job with less work and great power. One way to ease the burden of managing a business is to hire an outside consultant. Which of the following is an example of an outside consultant that might be useful to a small interior design company? a company to mail its brochures to building contractors within a 200 mile area an advertising company to design its ad in the local newspaper a certified public accountant to manage its money an attorney who is well-versed in small business law all of the above all of the above Work group cohesiveness can benefit the organization by doing all of the following EXCEPT: increased productivity enhanced worker self-image because of group success decreased resistance to change reduced employee turnover reduced employee absenteeism decreased resistance to change Explanation: When links bind individuals of a social group to one another and to the group as a whole, cohesiveness (also known as group cohesion and social cohesion) develops. Despite having many different aspects, cohesiveness may be divided into four key parts: social ties, task relations, perceived unity, and emotions. Cohesion within the workplace may help the company by lowering employee absenteeism, lowering employee turnover, improving worker self-image due to collective accomplishment, and increasing productivity. All of the following are examples of disadvantages associated with the ownership of a small business EXCEPT: burdensome government regulations fund-raising difficulty being your own boss extreme personal commitment being your own boss Explanation: ➢ When you are the owner of your own business you have an adva [Show More]

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