Small Business Management Test
Bank
Course Introduction
Small Business Management provides students with a comprehensive understanding of how to start, operate, and grow a small business successfully. The course covers key topics such as entrepreneurial mindset, business planning, financing, marketing strategies, legal considerations, and human resource management tailored to small enterprises. Students will analyze case studies, develop business plans, and engage in practical activities designed to equip them with the skills and knowledge necessary to address challenges unique to small businesses and to capitalize on emerging opportunities in various industries.
Recommended Textbook
Modern Management Concepts and Skills 12th Edition by Samuel C. Certo
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Page 2
Chapter 1: Introducing Modern Management: Concepts and Skills
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Sample Questions
Q1) An organization that wants to retain an employee may need to assist that employee's spouse in his or her career development as well.
A)True
B)False
Answer: True
Q2) The exploration stage occurs at the beginning of a career and is characterized by self-analysis and the exploration of different types of available jobs.
A)True
B)False
Answer: True
Q3) In an organization, task-related activities include ________.
A) empowering others to solve problems
B) consulting when making decisions
C) providing recognition for achievements and contributions
D) encouraging innovative thinking
E) short-term planning
Answer: E
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Page 3
Chapter 2: Managing: History and Current Thinking
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Q1) One of the phases of the Hawthorne studies was the relay assembly test room experiments. The experimenters believed that if they studied productivity long enough, under different working conditions, they would discover the working conditions that maximized production. Thus, these experiments originally had a ________ orientation.
A) comprehensive management
B) scientific management
C) behavioral management
D) contingency management
E) system management
Answer: B
Q2) The ultimate objective of the human relations approach is to ________.
A) find "one best way" of managing people in an organization
B) analyze the impact of environmental factors on worker behavior
C) increase production by analyzing mathematical models of human behavior
D) develop workers' job skills and reduce the movements necessary for them to accomplish a task
E) study the interaction of workers in organizations to enhance organizational success
Answer: E
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Chapter 3: Corporate Social Responsibility, Ethics, and Sustainability
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Sample Questions
Q1) Controlling in the area of social responsibility does not entail assessments or measurements.
A)True
B)False
Answer: False
Q2) A whistle-blower is an employee who performs quality reviews within an organization and reports flaws in the processes.
A)True
B)False
Answer: False
Q3) Name two federal agencies that enforce social responsibility legislation and explain their primary roles.
Answer: Equal Employment Opportunity Commission: Investigates and conciliates employment discrimination complaints that are based on race, sex, or creed
Environmental Protection Agency: Formulates and enforces environmental standards in such areas as water, air, and noise pollution. The students may discuss any two of the seven agencies mentioned in the text.
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Page 5
Chapter 4: Management and Diversity
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Sample Questions
Q1) The ________ approach teaches employees the norms and practices of another culture to prepare them to interact with people from that culture effectively.
A) culture-specific
B) multicultural
C) golden rule
D) assimilation
E) righting-the-wrongs
Q2) As the only female copywriters in a team of twenty-three, Shania and Taylor are always a part of client meetings and public company occasions. This is an instance of
A) tokenism
B) stereotyping
C) prejudicing
D) ethnocentrism
E) polycentrism
Q3) Gender-role stereotypes are negative perceptions of women based on what society believes are appropriate behaviors for them.
A)True
B)False
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Page 6
Chapter 5: Managing in the Global Arena
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Sample Questions
Q1) STL began as a manufacturer and retailer of customized apparel and accessories. Customers could choose their specifications online, and STL would produce and deliver the products to customers' homes. Initially, its market was limited to the U.S., but the company has begun to receive enquiries from overseas customers from many other countries. However, STL does not have the financial resources or the confidence to set up operations in other countries. Which methods could the CEO use to meet this overseas demand, taking into account the company's weaknesses?
Q2) If a company in the United States allows a company in England to use its brand name for a fee, the company is said to have entered into a(n) ________.
A) license agreement
B) direct investing agreement
C) venture agreement
D) export agreement
E) import agreement
Q3) A multinational corporation is a company that is primarily based in one country but has continuing transactions in other countries.
A)True
B)False
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Chapter 6: Management and Entrepreneurship
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Sample Questions
Q1) Explain the fundamentals of entrepreneurship.
Q2) Jerry starts his own business even when he is advised by family and friends that it is not a suitable opportunity. His friends feel that the market is uncertain and new entry at this juncture is inadvisable. Jerry soon realizes that his friends were right and he should have taken their advice. In spite of himself, he is forced to admit that the market situation is such that it would take more than a good entrepreneur to survive. This is an example of ________.
A) exploitation
B) anchoring
C) information bias
D) illusion of control
E) reactance
Q3) ________ are firms that raise money from investors and then use this money to make investments in new firms.
A) Angel investors
B) Venture capitalists
C) Banking institutions
D) Entrepreneurs
E) Insurance companies
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Page 8
Chapter 7: Principles of Planning
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Sample Questions
Q1) Which of the following is the last step in the management by objectives (MBO) process?
A) review performance objectives
B) evaluate performance
C) give rewards
D) monitor progress
E) set performance goals
Q2) Which of the following is an accurate statement in reference to management by objectives (MBO)?
A) Rewards are given to workers independent from their objective attainment.
B) Managers and workers meet to agree on worker objectives.
C) Managers and workers do not meet to monitor progress.
D) Managers set objectives for workers without their input.
E) Rewards are given on the basis of the manager's effort .
Q3) Describe the steps in the planning process.
Q4) How can managers increase the quality of their objectives?
Q5) What is planning? What are the advantages and potential disadvantages of planning?
Q6) Explain the management by objectives approach (MBO) and explain the three basic parts included in most MBO programs.
Page 9
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Chapter 8: Making Decisions
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Sample Questions
Q1) What are the orientations of weak decision makers?
Q2) ________ refers to the departure from rational theory that produces suboptimal decisions.
A) Uncertainty
B) Satisficing
C) Dogmatism
D) Bias
E) Bounded rationality
Q3) ________ refers to the fact that managers are constrained in terms of time, computational power, and knowledge when making decisions.
A) Intuition
B) Unrealistic optimism
C) Bounded rationality
D) Rational ignorance
E) Cognitive bias
Q4) What are the disadvantages of group decision-making?
Q5) Discuss the advantages of group decision-making.
Q6) Most organizational decisions are made under conditions of complete certainty.
A)True
B)False
Page 10
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Chapter 9: Strategic Planning: Strategies, Tactics, and Competitive Dynamics
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Q1) Managers only perform environmental analysis to help them understand what is happening outside their organization.
A)True
B)False
Q2) ________, the fourth step of the strategic management process, is putting formulated strategies into action.
A) Strategy implementation
B) Environmental analysis
C) Strategic control
D) Strategy formulation
E) Strategic feedback
Q3) Lobbying efforts by interest groups and progress on the passage of laws are examples of the ________ component of the general environment.
A) social
B) political
C) legal
D) technological
E) international
Q4) Compare and contrast strategic and tactical planning.
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Chapter 10: Plans and Planning Tools
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Q1) Explain the Delphi method and outline the steps that are employed by this method.
Q2) Compile a list of a few situations where plans can fail.
Q3) Which of the following is true regarding the maturity stage of the product life cycle?
A) product sales continue to climb
B) competitors enter the market
C) sales are typically due to population growth
D) the product is replaced by a competing product
E) sales are just beginning to build
Q4) What is a plan? Describe the four major dimensions of plans?
Q5) The ________ method predicts future sales by analyzing the historical relationship between sales and time.
A) moving average
B) regression
C) salesforce estimation
D) Delphi
E) product stages
Q6) Explain the critical path of the program evaluation and review technique (PERT).
Q7) Explain the qualitative methods of sales forecasting.
Page 12
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Chapter 11: Fundamentals of Organizing
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Sample Questions
Q1) Which of the following is a disadvantage of division of labor?
A) It makes the work more difficult.
B) It makes work more time-consuming and inefficient.
C) It can result in workers getting bored of their work.
D) It prevents workers from specializing at a task.
E) It requires workers to know about the entire process and not just one task.
Q2) Which of the following is a disadvantage of departmentalizing by matrix?
A) It results in duplication of effort.
B) It can be confusing for employees.
C) It does not allow firms to maintain flexibility.
D) It does not allow firms to pool resources for short term projects.
E) It results in a bureaucratic organization.
Q3) Describe what is meant by the term "division of labor." Also explain the advantages and disadvantages associated with division of labor.
Q4) Define the concepts of vertical dimensioning, scalar relationships, and unity of command and explain how they are related.
Q5) What is meant by the horizontal dimensioning of an organization? Also explain the terms departments, departmentalizing, and list the various modes of departmentalizing and organization.
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Chapter 12: Responsibility, Authority, and Delegation
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Q1) ABC insurance company hired a manager for their operations team. The manager divided the job activities among his team members by examining the management system objectives, designating appropriate activities that must be performed to reach those objectives, designing specific jobs by grouping similar activities, and making specific individuals responsible for performing those jobs. Which method is the manager using to divide job activities?
A) functional similarity
B) overlapping responsibility chart
C) process control
D) centralization
E) Robert's Rules of Order
Q2) The three steps in the delegation process are ________.
A) create accountability, promote acceptance, and facilitate performance
B) assign specific duties, grant authority, and create responsibility
C) assign responsibility, create accountability, and assign specific duties
D) create responsibility, grant authority, and promote acceptance
E) assign specific duties, create responsibility, and promote acceptance
Q3) Explain the outcomes that are possible when two or more employees are uncertain as to who is responsible for a particular task.
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Chapter 13: Human Resource Management
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Sample Questions
Q1) Which of the following statements is true of lectures as a training method?
A) Lectures involve even exchange of information between instructors and trainees by way of discussions and debates.
B) Lectures are disadvantaged by their inability to expose trainees to a substantial amount of information within a given time period.
C) The nature of the lecture situation makes it of minimal value in promoting attitudinal or behavioral change.
D) Instructors can handle the wide diversity of ability, attitude, and interest that may prevail among the trainees by way of lectures.
E) A lecture format provides opportunities for practice, reinforcement, knowledge of results, and overlearning.
Q2) ________ is examining human resources for qualities relevant to performing available jobs.
A) Selection
B) Orientation
C) Testing
D) Induction
E) Training
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Chapter 14: Organizational Change: Stress, Conflict, and Virtuality
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Sample Questions
Q1) Structural change emphasizes increasing organizational effectiveness by changing controls that influence organization members during the performance of their jobs.
A)True
B)False
Q2) Which of the following alternative work arrangements is characterized by the least amount of mobility?
A) hotelling
B) tethered in the office
C) home based
D) occasional telecommuting
E) working out of a car
Q3) A change agent is an environmental factor that acts as a moderator for organizational changes.
A)True
B)False
Q4) Clarifying and defining jobs in an organization is an example of a people change.
A)True
B)False
Page 16
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Chapter 15: Influencing and Communication
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Q1) Employee A passes information to everyone else on the grapevine. This pattern is known as the ________ grapevine.
A) gossip
B) cluster
C) single-strand
D) probability
E) serial
Q2) The process of guiding the activities of organization members in appropriate directions is called controlling.
A)True
B)False
Q3) Mark is the CEO of a leading FMCG company. He wants to encourage greater upward communication in the organization. What are some of the ways in which he can do this?
Q4) Lateral organizational communication relates primarily to the direction and control of employees.
A)True
B)False
Q5) Explain how interpersonal communication works.
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Chapter 16: Leadership
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Sample Questions
Q1) In servant leadership, leaders view their primary role as helping their followers.
A)True
B)False
Q2) Being tough-minded and structured are characteristics associated with managers rather than emerging leaders.
A)True
B)False
Q3) Explain the difference between a leader and a manager.
Q4) According to Tannenbaum and Schmidt, managers who sell decisions can be called subordinate-centered.
A)True
B)False
Q5) An inexperienced man has just been hired as a salesperson in a men's clothing store. According to the life cycle theory, a low-task/high-relationship style of leadership should be maintained to effectively manage this person.
A)True
B)False
Q6) Explain the Vroom-Yetton-Jago Model of leadership.
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Chapter 17: Motivation
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Q1) Henry Robert's phenomenal contribution to the project he was working on was recognized by his boss. Appreciating Robert's achievements, his boss promoted him to the position of a team leader for their upcoming project and vested upon him the responsibility of heading a team of 15 members. In accordance with Maslow's hierarchy of needs, which of the following needs of Robert's has been satisfied under the given circumstance?
A) social need
B) physiological need
C) esteem need
D) psychological need
E) security need
Q2) The theory based on the concept that individuals compare their inputs and outcomes with their co-workers to determine if they are being treated fairly is ________.
A) expectancy theory
B) ERG theory
C) equity theory of motivation
D) Porter-Lawler theory of motivation
E) acquired needs theory
Q3) List the categories of needs identified by Alderfer in his ERG theory.
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Chapter 18: Groups and Teams
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Q1) According to ______, the feedback on the functioning of the informal group can give managers ideas about how to modify the formal group so as to increase the probability that informal group members will achieve the satisfaction and growth they desire.
A) Bernard Bass
B) the sociometric framework
C) Maslow's heirarchy
D) Homans model
E) the group communication framework
Q2) The ideal number of committee members for most tasks seems to be from 15 to 20.
A)True
B)False
Q3) Once the interest or concern that caused an interest group to form has been eliminated, the group tends to disband.
A)True
B)False
Q4) The larger the organization, the greater the probability that it will use committees on a regular basis.
A)True
B)False
Page 20
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Chapter 19: Managing Organization Culture
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Q1) Edwin is starting his new job as an executive with a publishing firm. Which of the following statements would be an indication that his new company has a hierarchy culture?
A) Edwin's supervisor constantly emphasizes on the need for innovation during the orientation session.
B) Edwin is told that he will have to perform duties that might be significantly different from those mentioned in his job description.
C) Edwin learns that the firm has no formal set rules or procedures within the workplace that he is expected to follow.
D) Edwin's new firm's CEO stresses on the need to achieve coordination and organization within the firm in his welcome speech.
E) Edwin's new firm is characterized by flexibility and discretion, coupled with a strong external focus.
Q2) Write a short note on the importance of organization culture.
Q3) What can managers do to increase the probability that ethics training influences organization members to act ethically over time?
Q4) What are the functions of organization culture?
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Chapter 20: Encouraging Creativity and Innovation
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Q1) According to the time-pressure/creativity matrix, people who feel as if they are on autopilot ________.
A) focus on one activity for a significant part of the day because they are undisturbed or protected
B) believe that they are doing important work and report feeling positively challenged by and involved in the work
C) show creative thinking that is equally oriented toward identifying problems and generating or exploring ideas
D) receive little encouragement from senior management to be creative
E) tend to collaborate with one person rather than with a group
Q2) Which of the following is the most widely known award in the United States that recognizes those organizations that produce exceptionally high-quality products and services?
A) the Deming Award
B) the Shingo Prize
C) the President's Quality Award
D) Goethals Medal
E) the Malcolm Baldrige National Quality Award
Q3) Provide a brief note on the time-pressure/creativity matrix.
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Page 22
Chapter 21: Controlling, Information, and Technology
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Q1) What are the challenges faced by executives in managing the IS workforce?
Q2) In management terms, information refers to ________.
A) a collection of facts or statistics
B) the skill set of the employees carrying out a particular organizational function
C) the set of conclusions derived from the analysis of data that relate to the operation of an organization
D) a collection of numbers, characters, images or other outputs from devices that gather physical quantities and symbols
E) raw, unorganized representations of individual facts and/or figures
Q3) Which of the following is NOT a factor that determines the value of information?
A) information timeliness
B) information quality
C) information cost
D) information quantity
E) information appropriateness
Q4) Measuring performance is the first step in the controlling process.
A)True
B)False
Q5) Describe the six steps necessary to operate an IS properly.
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Chapter 22: Production and Control
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Q1) The process used to manufacture beer is a product-oriented, high-volume, and low-variety process. This can be called a(n) ________ process.
A) cyclical
B) job-shop
C) repetitive
D) assembly-line
E) continuous
Q2) A manufacturing company that produces plastic products creates a plan that outlines the different ways of managing the transformation process. The plan contains detailed information about aspects such as the handling of materials, operation of the assembly line, labor used in production, and the like. This plan of action is called a(n) ________ strategy.
A) process
B) product
C) development
D) layout
E) capacity
Q3) What is productivity and how is it important to organizations?
Q4) Briefly explain the concept of strategies, systems, and processes.
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