30 Questions
What is one of the key functions of management according to the text?
Establishing goals of the enterprise and developing plans
Which type of managers need technical skills according to the text?
Both top-level and lower-level managers
Why are conceptual skills important for managers according to the text?
Concepts differentiate success and failure in business
What is an essential interpersonal skill mentioned in the text for business success?
Relating well with people and showing compassion
Which characteristic is NOT mentioned as a key function of management in the text?
Focusing solely on maximizing profits for stockholders
Why do managers need diagnostic skills according to the text?
To evaluate, identify, and solve enterprise problems
According to Joseph Massie, how does he define management?
A process by which a cooperative group directs actions towards common goals
From an economist's point of view, what are the factors of production?
Management, land, labor, and capital
What is one of the intended learning outcomes related to managing the enterprise?
Identifying opportunities and challenges for entrepreneurs
What is NOT one of the factors of production according to the text?
Technology
Why is risk management important in business?
To minimize potential negative impacts on business objectives
What does the text suggest is a characteristic of successful management?
Demonstrating integrity in business activities
How can business risks like fire and natural calamities be minimized?
Implementing proper safety equipment
What is the essence of Theory Z?
High level of employee participation in decision-making
What is the purpose of a risk and insurance program for entrepreneurs?
To eliminate non-criminal business risks
Which type of risk is commonly addressed through fire insurance?
Natural calamities
What are some measures businesses can take to reduce risks related to fire?
Installing fire alarms and sprinkler systems
Why is it important for entrepreneurs to have a risk and insurance program?
To eliminate or minimize risks beyond their control
What type of skills are needed to prevent situations from getting worse?
Analytic skills
According to Peter Drucker, what is Management By Objectives (MBO) based on?
Teamwork and team results
Who is referred to as the 'father of scientific management'?
Frederick Taylor
What was the original objective of the Hawthorne Studies conducted by Elton Mayo?
Determine the effect of environment on productivity
In scientific management, what did Frederick Taylor suggest each job should be broken down into?
Separate tasks
What did the Hawthorne studies by Elton Mayo reveal about motivation?
Human factors are as important as pay rates
What are the factors most frequently associated with satisfaction according to Herzberg?
Achievement, recognition, responsibility, advancement, growth
Which theory integrates the features of Japanese and American firms considered most suitable for American business?
Theory Z
What is an exclusive feature of Japanese corporations?
Lifetime employment
What is one of the features of American firms mentioned in the text?
Rapid promotion
Who is the author of Theory Z as mentioned in the text?
Professor William Ouchi
What did Professor Ouchi study in the 1970s according to the text?
Characteristics of Japanese and American enterprises
This quiz covers the identification of opportunities and challenges faced by entrepreneurs in achieving business objectives, preparing students to create opportunities within a business environment. It also focuses on developing skills to participate proactively in the dynamic world of business.
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