Business Acumen Assessment Questions
And Answers Latest Top Score.
What is Management? - correct answer. Management is the process of achieveving
organizational obhectives through people and other resources. The managers job is to
combine human and technical resources in the best way possible to achieve the
companys goals.
How do the jobs of top managers, middle managers, and supervisory managers differ? -
correct answer. Top managers develop long-range plans, set a direction for their
organization, and inspire all employees to achieve the companys vision. Middle
managers focus on specific operations, products, or customers. They develop
procedures to implement the companys strategic plans. Supervisory managers interact
dierectly with nonmanagerial employees who produce and sell the companys goods and
services. They are responsible for implementing the plans developed by middle
managers and motivating workers to accomplish daily, weekly and monthly goals.
What is the relationship between the manager's planning and controlling functions? -
correct answer. The basic purpose of controlling is to assess the success of the
planning function. Controlling also provides feedback for future rounds of planning.
What is the structure of the finance function at a typical company? - correct answer.
The person in charge of the finance function of a company has the title of chief financial
officer (CFO) and generally reports directly to the company's chief executive officer.
Reporting to the CFO are the treasurer, the controller, and the vice president for
financial management.
,What is meant by a vision for the company? - correct answer. A vision serves as the
target for a companys actions, helping direct the company toward opportunities and
differentiating it from its competitors.
Why is it important for a top executive to set high ethical standards? - correct answer.
High ethical standards often result in a stable workforce, job satisfaction, and customer
loyalty.
Outline the planning process. - correct answer. Some plans are very broad and long
range, focusing on key organizational objectives; others are more detailed and specify
how particular objectives will be achieved. from the mission statement to objectives to
specific plans, each phase must fit into a comprehensive planning framework.
Describe the purpose of tactical planning. - correct answer. The purpose of tactical
planning is to determine which short term activites should be implemented to
accomplish the companys overall strategy.
Compare the kinds of plans made by top managers and middle managers. How does
their focus differ? - correct answer. Top managers focus on long-range, strategic
plans. In contrast, middle-level managers focus on short-term tactical planning.
what is the purpose of a mission statement? - correct answer. A mission statement is
a written explanation of a companys purpose, the reason it exists, the customers it will
serve, and how it is different from competitors. A mission statement guides the actions
of company managers and employees.
Which of a company's characteristics does a SWOT analysis compare? - correct
answer. A SWOT analysis determines a companys strengths, weaknesses,
opportunities, and threats relative to its competitors.
How do managers use objectives? - correct answer. Objectives set guideposts by
which managers define the organizations desired performance in such areas as new-
product development, sales, customer service and employee satisfaction.
Distinguish between programmed and nonprogrammed decisions. - correct answer.
Programmed decisions, such as reordering office suppies, are simple and happen
frequently, so procesures for them can streamline the process. Nonprogrammed
decisions, such as entering a new market or developing a new product, require more
individual evalutation.
What are the steps in the deicsion making process? - correct answer. The decision-
making steps are recognition of a problem or opportunity, development of alternatives,
evaluation of alternatives, selection and implementation of the chosen alternative, and
follow-up to determine effectiveness of the decisions.
, How is leadership defined? - correct answer. Leadership means directing or inspiring
people to attain certain organizational goals. Effective leaders share several traits, such
as empathy, self-awareness, and objectivity in dealing with others. Leaders also use the
power of their jobs, expertise, and experience to influence others.
Identify the styles of leadership as they appear along a continuum of greater or lesser
employee participation. - correct answer. At one end of the continuum, autocratic
leaders make decisions without consulting employees. In the miffle of the continuum,
democratic leaders ask employees for suggestions and encourage participation. At the
other end of the continuum, free-rein leaders leave most decisions to their employees.
What is the relationship between leadership style and corporate culture? - correct
answer. The best leadership style to adopt often depends on the organizations
corporate culture and its system of principles, beliefs, and values. Managerial
philosophies, communications networks, and workplace enviornments and practices all
influence corporate culture.
How do managers reinforce corporate culture? - correct answer. Managers use
symbols, rituals, ceremonies, and stories to reinforce corporate culture.
What is the purpose of an organization chart? - correct answer. An organization chart
is a visual representation of a companys structure that illustrates job positions and
functions.
What are the five major forms of departmentalization? - correct answer. Product
departmentalization organizes units by the different goods and services a company
offers. Geographical departmentalization organizes units by geographical regions.
Customer departmentalization organizes units by different types of customers.
Functional departmentalization organizes units by business activites such as finance,
marketing, human resources, and production. Process departmentalization organizes
units by the steps or work processes it takes to complete production or provide a
service.
What does a span of management mean? - correct answer. The span of
management, or span of control, is the number of employees a manager supervises.
Define microeconomics and macroeconomics. - correct answer. Microeconomics is
the study of economic behavior among individual consumers, families, and businesses.
Macroeconomics is the study of a nations overall economic issues and how an
economic system maintains and allocates its resources.
Explain demand and supply curves. - correct answer. A demand curve is a graph of
the amount of a product that buyers will purchase at different prices. A supply curve
shows the relationship between different prices and the quantities that sellers will offer
for sale, regardless of demand.
