Chapter 5
The average size of an SBA-guaranteed business loan is approximately
$300,000
Belinda is in charge of both accounting and investments and all of the employees involved with these functions at her firm. Belinda is a(n) ____ manage
financial
In a furniture factory, one worker cuts the wood according to the design, another glues the furniture together, and another stains and finishes the furniture. This is an example of
job specialization
Nancy works for Northrop Grumman Corporation. She is assigned to a group of employees who work on solving quality issues the company is facing. Nancy participates in a(n)
TQM
The ____ structure is considered the simplest and the oldest form of organizational structure.
Line
Teenage entrepreneurship is growing especially in the _____ industry
Tech
Implementing a decision requires time, planning, and
Combination of alternatives.
The number of layers, or levels, in a firm is referred to as the firm's
Organizational Structure
When a manufacturer like ExxonMobil refines crude oil, that corporation is using a(n) ____ process
Analytical
The investment decisions of many traders on Wall Street in the early 2000s led to the downfall of several investment companies, demonstrating that employee goals were not aligned with company goals. This indicates a failure of which basic managerial function
controlling
The SBA places special emphasis on aid to
minority-owned businesses
As Riley Jones, manager of Dillard’s, hands out customer questionnaires to get a better idea of customers' needs as well as their concerns, she is exercising which facet of total quality management (TQM)?
Customer Satisfaction
When you encounter an organization where employees are quite intense, focused, and determined to win, you have encountered an organization with a(n) ___ culture.
Mercenary
An Illinois-based firm crushes materials to make gravel, its only product. The gravel company has
Few or minimal production process
During the design planning stage for its new appliances, Torr, Inc. needs to determine how many different product variations there will be. This is the same as determining the
product line
In the early days of franchise agreements, franchising was used primarily for automobile dealerships and
service stations
A plan that outlines alternative courses of action is called a(n) ____ plan.
Contingent
A firm organized on the basis of retail customers and wholesale customers utilizes the concept of departmentalization by
Product
The examination of work in process for the purpose of controlling quality is called
inspection
Workers at the pharmaceutical company, Eli Lilly are less likely to become bored or dissatisfied with their jobs because Eli Lilly practices
Job Rotation
Approximately how many businesses are there in the United States
28.8 million
When all employees are exceedingly clear about what is expected from them, guidelines for task completion are clear and understood, and rules and regulations in fulfilling their duties are clearly defined, it is likely the ____ leadership style is in place.
Autocratic
Airo Corporation has a traditional structure. It wants to change to a project structure that will allow more interaction among functional groups. Which structure would you suggest?
Matrix
BM satisfies consumers' needs for powerful, easy-to-use laptop computers by converting assorted software routines, hardware devices, and miscellaneous parts into personal computers. By doing this, IBM is creating
Form utility
Devon has owned his own business for five years but is having trouble accounting for the business assets. He has read about the SBA SCORE Association and would like to have a SCORE volunteer mentor him. Which of the following most accurately explains the services and purpose of SCORE?
SCORE personnel provide services to small businesses through the SBA