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business
foundations of business

Questions and Answers of Foundations of Business

Divide into teams and write a mission statement for one of the following types of businesses:Food service, restaurant Banking Airline Auto repair Cabinet manufacturing Over the past few years, an
Given that consulting firms are always trying to fill positions for their clients and to meet their own recruitment needs, it is little wonder that employment postings are a popular area on their
Explore one of these areas in more detail by comparing postings from each firm’s site. For instance, if “global business opportunities” appears to be a popular area of management consulting,
Judging from the articles and notices posted, what are the current areas of activities of one of these firms?Most large companies call on a management consulting firm for a variety of services,
Explore each of the following websites:Accenture: www.accenture.com BearingPoint (formerly KPMG Consulting):www.bearingpoint.com Cap Gemini Ernst & Young: www.capgemini.com Visit the text website for
What are some advantages and disadvantages of the management practices at Student Advantage?Student Advantage LLC, based in Boston, provides college students at over a thousand U.S. campuses with
In terms of the management process (shown in Figure 6.2), how does Ray Sozzi control the planning function?Student Advantage LLC, based in Boston, provides college students at over a thousand U.S.
How would you describe Ray Sozzi’s leadership style?Student Advantage LLC, based in Boston, provides college students at over a thousand U.S. campuses with credit cards that give them discounts in
Because a large part of a manager’s day is spent conversing with others, it is important for the manager to havea. written skills.b. people skills.c. idea skills.d. oral communication skills.e.
Which one of the following statements is correct about TQM?a. Top management must make a strong commitment to a TQM program by treating quality improvement as a top priority.b. Employees should be
Effective managers do not engage in which of the following behaviors?a. They believe in themselves.b. They are constantly studying the competition when solving a problem.c. They clarify situations
These types of skills allow a manager to see the“big picture” and understand how the various parts of an organization or idea can fit together:a. Interpersonal skillsb. Conceptual skillsc.
This manager is responsible for facilitating the exchange of products between an organization and its customers or clients.a. Human resources managerb. Marketing managerc. Materials managerd.
Establishing a structure to carry out plans is calleda. organizing.b. directing.c. leading.d. planning.e. influencing.
The chief executive officer of Southwest Airlines provides the company with leadership and overall guidance and is responsible for developing its mission and establishing its goals.Which area of
Acme Houseware established a goal to increase its sales by 20 percent in the next year. To ensure that the firm reaches its goal, the sales reports are monitored on a weekly basis. When sales show a
Who is responsible for developing a firm’s mission?a. Top managersb. First-level managersc. Operations managersd. Middle managerse. Supervisors
The process of developing a set of goals and committing an organization to them is calleda. organizing.b. planning.c. optimizing.d. controlling.e. directing.
T F Implementation of a decision requires time, planning, preparation of personnel, and evaluation of results.Multiple-Choice Questions
T F Brainstorming is a common technique used to generate alternatives in solving problems.
T F Top managers rely on technical skills more than managers at other levels.
T F A democratic leader makes all the decisions and tells subordinates what to do.
T F An organization’s mission is the means by which it fulfills its purpose.
T F Optimization is the process for balancing conflicting goals.
T F Measuring actual performance is the first step in the control process.
T F Operational plans aimed at increasing sales would include specific advertising activities.
T F As managers carry out their functions, the first step is to control, the second to organize, and the third to plan.
T F Developing self-managed work teams is a way to increase employee participation and to improve quality in the workplace.
It is needed to work a computer.a. decisional roleb. directingc. first-line managerd. total quality management (TQM)e. laissez-faire leaderf. leadership g. leading h. management i. strategic planning
A vast amount of time is spent motivating employees.
A distribution handler settles a strike is an example.
This person delegates authority.
It is a process of influencing people to work.
A combination of leading and motivating is the essence of this process.
The ability to influence others is what it is about.
It is a process of establishing an organization’s goals and objectives.
Its purpose is to implement a strategy.
It is the process of accomplishing objectives through people.
Why is education and experience necessary?
What types of skills are needed to be an effective manager?
Which one is best?
Which of the three managerial roles would you be using if you needed to(a) give a press conference,(b) develop a budget, or (c)motivate employees?
What is management?
Summarize what it takes to become a successful manager today.
Describe how organizations benefit from total quality management.
Discuss the steps in the managerial decision-making process.
Explain the different types of leadership.
Identify the key management skills and the managerial roles.
Define what management is.
If you were writing the executive summary of Finagle A Bagel’s business plan to show to lenders, what key points would you stress?Finagle A Bagel, a fast-growing small business co-owned by Alan
Although opening new stores is costly, the copresidents have chosen not to raise money through an IPO. Do you agree with this decision? Discuss the advantages and disadvantages.Finagle A Bagel, a
Do you agree with Finagle A Bagel’s plan to franchise its fresh-food concept and brand name? Support your answer.Finagle A Bagel, a fast-growing small business co-owned by Alan Litchman and Laura
Why would Finagle A Bagel maintain a business-tocustomer(B2C) website even though it is not yet set up to process online orders from individuals?Finagle A Bagel, a fast-growing small business
Using your findings, write a report that includes the following:a. A profile of a successful small-business ownerb. A comparison of your personal characteristics with the profile of the successful
Interview several small-business owners. Ask them to describe the characteristics they think are necessary for being a successful entrepreneur.Many people dream of opening and operating their own
Use the resources of the library or the Internet to establish what a successful entrepreneur’s profile is and to determine whether your personal characteristics fit that profile.Internet addresses
Present your business plan to the class.A business plan is a written statement that documents the nature of a business and how that business intends to achieve its goals. Although entrepreneurs
Using the resources of the library or the Internet and/or interviews with business owners, write a business plan incorporating the information in Table 5.4.A business plan is a written statement that
Working in a team of four students, identify a company in your community that would benefit from using a business plan, or create a scenario in which a hypothetical entrepreneur wants to start a
What service would you like to see improved? How?Perhaps the most challenging difficulty for small businesses is operating with scarce resources, especially people and money.To provide information
What sources of funding are there?Perhaps the most challenging difficulty for small businesses is operating with scarce resources, especially people and money.To provide information and point
Describe the various services provided by the SBA site.Perhaps the most challenging difficulty for small businesses is operating with scarce resources, especially people and money.To provide
Newbury Comics was started without a formal business plan. If you were writing its plan today, what critical risks and assumptions would you examine—and why?The two college students who started
This chapter cites three disadvantages of small business.Based on what you know of Newbury Comics, which of these is likely to be the biggest problem in the coming years?The two college students who
This chapter cites five advantages of small business.Which of these seems to apply to the owners’ experience with Newbury Comics?The two college students who started Newbury Comics have become
Manju Iyer asks for your advice in opening a new business. She plans to provide taxrelated services to individuals and smallbusiness owners in her community. Of course, she wants an attractive means
An individual or organization granting a license to operate an individually owned business as though it were part of a chain of outlets or stores is a(n)a. franchise.b. franchisor.c. franchisee.d.
Volunteers for SCORE area. mostly university business professors.b. active franchisors from large corporations.c. generally either lawyers or accountants.d. graduate business students working on
Your friend, Shonta, started a graphic design firm about a year ago. The business has done well, but it needs a lot more equipment, computers, and employees to continue expanding. Shonta does not see
In her small retail shop, Jocelyn knows most of her best customers by name and knows their preferences in clothing and shoes. This demonstrates which advantage of a small business?a. Ability to adapt
The fact that insulin and power steering both originated with individual inventors and small companies is testimony to the power of small businesses as providers ofa. employment.b. competition.c.
What is a common mistake that small-business owners make when their businesses begin growing?a. They sell more goods and services.b. They put too much money in advertising.c. They move beyond their
An individual’s desire to create a new business is referred to asa. the entrepreneurial spirit.b. the desire for ownership.c. self-determination.d. self-evaluation.e. the laissez-faire spirit.
Businesses such as flower shops, restaurants, bed and breakfasts, and automobile repair are good candidates for entrepreneurs because theya. do not require any skills.b. are the most likely to
What is the primary reason that so many new businesses fail?a. Owner does not work hard enoughb. Mismanagement resulting from lack of business know-howc. Low employee quality for new businessesd.
T F International trade will become more important to small-business owners in the new century.
T F An agreement between two franchisees in which the two franchisees offer their products together is called double franchising.
T F The purchaser of a franchise is called the franchisor.
T F A small-business investment company (SBIC)is a government agency that provides venture capital to small enterprises.
T F SCORE is a group of business executives offering their services to small businesses for a fee.
T F Economically, the U.S. government is not concerned with whether or not small businesses make it.
T F Small firms have traditionally added more than their proportional share of new jobs to the economy.
T F Small businesses are generally managed by professional managers.
T F The various types of businesses attracting small business are generally grouped into service industries, distribution industries, and financial industries.
T F The SBA has defined a small business as one independently owned, operated for profit, and not dominant in its field.
___________ An individual or organization granting a franchise.a. venture capitalb. franchiseec. joint ventured. Small Business Institutes (SBIs)e. SCOREf. small business g. franchise h. strategic
___________ The actual granting of a franchise.
___________ A license to operate an individually owned business as though it were a part of a chain of outlets or stores.
___________ A person or organization purchasing a franchise.
___________ A business that is independently owned and operated for profit and is not dominant in its field.
___________ Group of senior and graduate students in business administration who provide management counseling to small businesses.
___________ Money that is invested in small (and sometimes struggling) firms that have the potential to become very successful.
___________ A government agency that assists, counsels, and protects the interests of small businesses in the United States.
___________ A group of business people who volunteer their services to small businesses through the SBA.
___________ A carefully constructed guide for the person starting a business.
Why does the SBA concentrate on providing management and financial assistance to small business?
Identify six ways in which the SBA provides management assistance to small businesses.
Which two areas of business generally attract the most small business? Why are these areas attractive to small businesses?
Analyze the growth of franchising and franchising’s advantages and disadvantages.
Appraise the concept and types of franchising.

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