MIE 201 Test 2 - Questions and Answers

MIE 201 Test 2 - Questions and Answers A(n) _________ summarizes an anticipated company project, including the project's objectives and strategies for accomplishing those objectives. A. business plan B. financial plan C. marketing plan D. operations plan E. business incubator Compared with starting a new business, buying an existing business has both advantages and disadvantages. One of the disadvantages of buying an existing business is ________. A. a purchased existing business comes with proven products or services B. a purchased healthy business comes with an established customer base C. an established business comes with functioning systems D. financing an existing business is much easier E. the potential for a considerable amount of financing Which one of the following statements is NOT an accurate reflection of the definition and functions of a business plan? A. Business plans can provide a reality check to judge whether the business is feasible. B. A business plan guides company operations and outlines a strategy. C. Business plans are written soon after the company is launched, when the company is seeking funding, and when it is up and running. D. A business plan summarizes a proposed business venture and communicates the company's goals. E. Business plans can help persuade lenders and investors to finance the business. The ________ section of a business plan explains the purpose of the business and what it hopes to accomplish. A. start-up schedule B. mission and objectives C. major risk factors D. company overview E. operations plan Which of the following leader roles involves offering direction to employees, establishing relationships, and acting as a representative for people both internally and externally? A. Informational role B. Interpersonal role C. Administrative role D. Technical role E. Decisional role Performing the decisional role, managers ________. A. tend to excel at fostering relationships with many people B. risk getting away from day-to-day work C. rely on subordinates to collect, analyze, and summarize information D. spend a fair amount of time gathering information E. decide about setting product prices and selecting employees The informational roles of managers include all of the following EXCEPT which one? A. Managers rely on subordinates to collect, analyze, and summarize information. B. In order to fulfill informational role, managers risk getting away from day-to-day work. C. Managers spend a reasonable amount of time collecting information. D. Managers use technology to keep in touch with information related to their business. E. Effective managers tend to excel at fostering relationships with many people. __________ focuses on establishing strategies and objectives for a company and proposing the best ways to achieve them. A. Controlling B. Organizing C. Coaching D. Planning E. Leading A ____________ is a declaration of why a company exists and what it intends to achieve for consumers and stakeholders. A. vision statement B. mission statement C. SWOT analysis D. value statement E. goal statement A _____________ is a succinct expression of the philosophies that influence a corporation's decisions and actions. A. SWOT analysis B. goal statement C. vision statement D. mission statement E. value statement All of the following are interrelated steps of the "strategic planning process" EXCEPT which one? A. Developing action plans B. Performing a SWOT analysis C. Analyzing the competition D. Networking with people within and outside the organization E. Defining theorganization’s mission,vision, and values Assessment of anorganization’s strengths and weaknesses relative to the opportunities and threats it faces is included in which of the strategic planning processes? A. Developing forecasts B. Analyzing the competition C. Performing a SWOT analysis D. Developing action plans E. Defining the organization's mission, vision, and values A short expression of what the business aims to be is known as a(n) ________. A. mission statement B. goal C. objective D. vision statement E. values statement