BBA*350*301 FINAL EXAM QUESTIONS WITH
ANSWERS
What are the 5 management functions?
1. Planning (goal setting)
2. Organizing (tasks, structures, resources)
3. Staffing (employees)
4. Implementing (3 management styles: authoritative, democratic, or mixed)
5. Controlling (meeting standards)
TRUE OR FALSE: Managers must address the concern of keeping stock levels as low as possible
without sacrificing performance or service in regard to inventory.
True
Devin is a manager at Walmart. He usually is the one to make the major decisions and closely
monitors the work of his employees to be sure that it is being done correctly. Devin is using what
management style?
Authoritative Management
TRUE OR FALSE: Allocating resources is part of the organizing management function.
True
TRUE OR FALSE: one strategy a business can use to encourage faster payment is to establish credit
policies that allow increase the amount of time your customer has to pay, from 30 days to 60 days.
False (not a strategy)
What is an example of a human risk that may affect store owners?
Shoplifting
TRUE OR FALSE: A basic strategy for dealing with risk is to not assume the risk.
False
TRUE OR FALSE: A machine called an electronic credit authorizer checks to see if a customer's credit
card is valid.
True
What type of business insurance covers a company's legal responsibility for the harm it may cause to
others as a result of what it and its employees do or fail to do in its business operations?
Liability Insurance
TRUE OR FALSE: One step that should be taken in a risk assessment is to prioritize risks by the impact
they will have on your business.
True
Which kind of chart shows who reports to whom in the company?
Organization Chart
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