MGT 300 Exam 1 || SCORED A+
Management correct answers the process of effectively and efficiently planning, organizing,
leading, and controlling the activities of employees in combination with other resources to
achieve organizational objectives
What are the 4 functions of management correct answers Planning, Organizing, Leading,
Controlling
Planning correct answers the process of setting goals and determining the actions necessary
to attain them
What function is considered the foundation of management? correct answers Planning
Organizing correct answers the management function of determining the resources and
activities required to achieve the organization's objectives and combining them to create a
formal structure, assigning responsibility, and delegating authority to carry out assignments
Leading correct answers utilizing influence to motivate employees to achieve goals
Controlling correct answers the process of determining the ways and means of following-up
to ensure that actual performance is leading to goal attainment
What are the 5 basic steps of controlling? correct answers 1. Setting performance standards
(goals)
2. Determining methods for measuring performance
3. Measuring actual performance
4. Comparing performance with established standards (goals)
5. Taking corrective action when necessary to bring actual performance in line with the
standard
What are the two key factors of managerial performance? correct answers Effectiveness and
efficiency
Effectiveness correct answers a manager's ability to set and achieve goals
Efficiency correct answers a manager's ability to achieve goals through the minimal use of
necessary resources
Universality of Management correct answers The functions of management must be
performed by managers in all types of organizations, in all cultures of the world.
Management is universal in that it includes a systematic body of knowledge comprising
principles, guidelines, and other components of management theory
How are management levels determined? correct answers the number of employees, the
activities performed, and the managers' titles
Non-managerial employees may also include high skill level employees like engineers
correct answers True
,What are the 3 primary functions most organizations are built around? correct answers 1.
Operations: production, manufacturing, or the generation of service
2. Marketing: distribution, promotion, sales
3. Finance: acquisition and use of funds, budgeting
What are some of the support functions of an organization? correct answers human resources,
maintenance, research and development, legal, purchasing, and community relations
What are the two types of managers? correct answers Functional and general
Functional manager correct answers responsible for any one primary or support function,
such as production or human resources
General manager correct answers oversee a total operating unit, including all the functional
(primary and support) activities of the unit
What are the 3 types of managerial skills? correct answers 1. Conceptual skills
2. Technical skills
3. Human relations skills
Conceptual Skills correct answers the mental ability needed to acquire, analyze, and interpret
information received from various sources and to make complex decisions
Technical Skills correct answers the ability to use the knowledge, tools, and techniques of a
specific discipline or field, such as engineering, accounting, production, nursing, or sales
Human Relation Skills correct answers effective communication, conflict handling, trust
building, listening, and supporting behaviors necessary to lead, motivate, and get along with
subordinates, peers, bosses, and even outsiders
Who identified the 10 top roles in management? correct answers Henry Mintzberg
What are the 3 categories of managerial roles? correct answers Interpersonal, informational,
decisional
Interpersonal Roles correct answers involve working directly with other people, such as
subordinates, superiors, peers, or people outside the organization.
Informational Roles correct answers require a manager to receive important information and
disseminate it among the appropriate people (stakeholders)
Decisional Roles correct answers involve making decisions that affect people (e.g.,
employees and customers)
Globalization correct answers the opening of markets to competitors throughout the world
Technology correct answers accomplishing work "using technical processes, methods, or
knowledge.
, Corporate Downsizing correct answers A popular technique designed to eliminate layers of
hierarchy and reduce the number of employees in general and managers in particular
Empowerment correct answers Is the process of granting employees authority to make key
decisions within their enlarged areas of responsibility.
Management theories were resurrected during what time period? correct answers The
Renaissance
The Industrial Revolution correct answers one of the fastest and greatest periods of change
and growth in world history
Feudal System correct answers was best adapted to rural and agrarian production, included
serfs submitting to their lords and being bound to the land, but they could not be sold
Guild System correct answers in this system, clear-cut differences among master craftsmen,
journeymen, and apprentices existed
What is considered the forerunner of modern human resource management? correct answers
The Guild System
What was once the most common form of production systems? correct answers Cottage
systems
Cottage System correct answers Work was performed in the homes of workers in rural or
semi rural areas. An independent merchant capitalist would pay the master craftsman for the
actual production in their simple thatched cottages
What 3 factors of production were emphasized during the industrial revolution? correct
answers new production system, a new economic doctrine, and a new factory system which
all were created through quantity input
What new production system advanced the industrial revolution? correct answers coal driven
steam engine
"Let manufacturers be free to make what they please, and let them be free to trade when they
please." correct answers laissez-faire (Adam Smith)
Who is considered the world's first economist/wrote "The Wealth of Nations"? correct
answers Adam Smith
What are the 4 key points of the laissez faire system of economy? correct answers 1.
government should not interfere with economic affairs
2. if entrepreneurs were left alone to pursue their own self-interest, they would be guided by
an "invisible hand" that would cause them to act in "the interest of the whole society."
3. Natural laws, such as the law of supply and demand, would also regulate economic
activities to the greater benefit of society
4. a mutual interest existed among workers, who worked harder for more money, and owners,
who benefited from the profits derived from the increased production.
