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Questions and Answers
Which term describes the process by which a person exerts influence over others and inspires, motivates, and directs their activities?
Which term describes the process by which a person exerts influence over others and inspires, motivates, and directs their activities?
What type of control is demonstrated when a law firm reviews all résumés electronically and assesses candidates through several interviews to ensure the right clerk is selected for an opening?
What type of control is demonstrated when a law firm reviews all résumés electronically and assesses candidates through several interviews to ensure the right clerk is selected for an opening?
What should managers do once they have measured actual performance?
What should managers do once they have measured actual performance?
What term describes the movement of an organization away from its present state toward a desired future state?
What term describes the movement of an organization away from its present state toward a desired future state?
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What is the time horizon of a company's annual budget?
What is the time horizon of a company's annual budget?
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What type of control is demonstrated when a coffee shop uses an online system to engage customers and asks them to rate their experience with smiley, neutral, or sad face emojis after each transaction?
What type of control is demonstrated when a coffee shop uses an online system to engage customers and asks them to rate their experience with smiley, neutral, or sad face emojis after each transaction?
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What is the term for a company's operating profit divided by its sales revenues?
What is the term for a company's operating profit divided by its sales revenues?
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What type of ratio results when the organization's net income figure is divided by the total assets figure for the organization?
What type of ratio results when the organization's net income figure is divided by the total assets figure for the organization?
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What do managers measure when evaluating the degree to which they use debt or equity to finance ongoing operations?
What do managers measure when evaluating the degree to which they use debt or equity to finance ongoing operations?
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In Management by Objectives (MBO), what do managers typically do in relation to setting goals for subordinates?
In Management by Objectives (MBO), what do managers typically do in relation to setting goals for subordinates?
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What type of control is demonstrated when a company's operating profit is divided by its sales revenues?
What type of control is demonstrated when a company's operating profit is divided by its sales revenues?
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What type of ratio results when the organization's net income figure is divided by the total assets figure for the organization?
What type of ratio results when the organization's net income figure is divided by the total assets figure for the organization?
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What is the term for a company's movement away from its present state toward a desired future state?
What is the term for a company's movement away from its present state toward a desired future state?
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In Management by Objectives (MBO), what do managers typically do in relation to setting goals for subordinates?
In Management by Objectives (MBO), what do managers typically do in relation to setting goals for subordinates?
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What type of control is demonstrated when a law firm reviews all résumés electronically and assesses candidates through several interviews to ensure the right clerk is selected for an opening?
What type of control is demonstrated when a law firm reviews all résumés electronically and assesses candidates through several interviews to ensure the right clerk is selected for an opening?
Signup and view all the answers
Which type of control is demonstrated when a law firm reviews all résumés electronically and assesses candidates through several interviews to ensure the right clerk is selected for an opening?
Which type of control is demonstrated when a law firm reviews all résumés electronically and assesses candidates through several interviews to ensure the right clerk is selected for an opening?
Signup and view all the answers
What term describes the movement of an organization away from its present state toward a desired future state?
What term describes the movement of an organization away from its present state toward a desired future state?
Signup and view all the answers
What should managers do once they have measured actual performance?
What should managers do once they have measured actual performance?
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What type of ratio results when the organization's net income figure is divided by the total assets figure for the organization?
What type of ratio results when the organization's net income figure is divided by the total assets figure for the organization?
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What term describes the process by which a person exerts influence over others and inspires, motivates, and directs their activities?
What term describes the process by which a person exerts influence over others and inspires, motivates, and directs their activities?
Signup and view all the answers
Study Notes
Key Concepts in Management
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Influence and Leadership: The process of exerting influence over others to inspire, motivate, and direct activities is termed leadership.
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Selection Control: A law firm demonstrating control through electronic résumé reviews and multiple candidate interviews is employing selection control, ensuring the right hiring decisions are made based on systematic evaluation.
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Performance Measurement: Once managers have measured actual performance, they should analyze the results, compare them against set goals, and identify areas for improvement.
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Organizational Change: The movement of an organization towards a desired future state from its current status is described as organizational transformation or change management.
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Annual Budget Time Horizon: The time horizon for a company's annual budget typically spans one year, outlining financial plans for the upcoming fiscal cycle.
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Customer Engagement Control: A coffee shop using an online system to gather customer feedback through emoji ratings after transactions exemplifies feedback control, aimed at enhancing customer experience.
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Operating Profit Margin: The term for a company's operating profit divided by its sales revenues is known as the operating profit margin, indicating profitability relative to sales.
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Return on Assets (ROA): The ratio of the organization's net income divided by total assets is called Return on Assets (ROA), reflecting the efficiency in using assets to generate profits.
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Debt vs. Equity Financing Evaluation: Managers assess the degree to which they use debt or equity financing when evaluating the organization’s financial leverage.
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Management by Objectives (MBO): In MBO, managers typically collaborate with subordinates to set specific, measurable goals, aligning them with overall organizational objectives.
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Profit Control: The type of control demonstrated by dividing a company's operating profit by its sales revenues is further associated with profitability analysis.
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Change Management: Reinforcing the earlier point, the movement away from the current state to a desired future state in an organization is consistently referred to as organizational change.
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Selection Control Reiteration: The law firm's electronic résumé review and interview process also reaffirms selection control practices in human resource management.
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Financial Performance Ratio: The same net income-to-total assets ratio, confirming as Return on Assets (ROA), indicates financial health and operational effectiveness.
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Leadership Definition Reiteration: Leadership is fundamentally about influencing and guiding others toward achieving common goals through effective motivation and direction.
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Description
Test your understanding of management principles with this multiple-choice quiz. Covering topics such as leadership, control systems, and selection processes, this quiz will help you prepare for your management exam.
