Devry MGT303 midterm exam

1. (TCO 1) Which of the following correctly lists all of the basic management functions? (Points : 5)Planning and decision making, organizing, leading, and controllingPlanning, decision making, organizing, and controllingPlanning and decision making, leading, and organizingDecision making, controlling, leading, and coordinatingManaging, leading, directing, staffing, and evaluating2. (TCO 2) The degree to which an organization is impacted by or involved in businesses in other countries refers to its (Points : 5)political/legal environment.economic dimension.sociocultural dimension.general environment.3. (TCO 3) Many counties and municipalities across the United States have passed laws requiring no smoking in bars and restaurants. Owners who pressure bartenders and waiters to sell to people who are smoking in order to keep profits high are taking a(n)_____ stance toward social responsibility. (Points : 5)reactiveaccommodativeproactiveobstructionistparticipative4. (TCO 4) Which of the following is usually the first type of international business in which a company gets involved? (Points : 5)Licensing strategyJoint ventureImporting/exporting strategyDirect investmentGlobal sourcing5. (TCO 5) When dealing with the strategic planning for an organization, the _____ is the single most important individual in the planning process. (Points : 5)chief executive officerchief legal counselhead of planning task forcechief financial officervice president of planning6. (TCO 6) Identify the statement that is TRUE when comparing large and small businesses. (Points : 5)Big businesses outnumber small businesses by a wide margin.Tax policies favor medium-sized businesses.Small businesses show consistently lower financial performance than big businesses.Business success creates jobs regardless of size.Small business formations are on the decline, but the rate for big businesses is increasing.7. (TCO 1) What are the functions of a manager? If you had to pick one as being the most important function, which would it be and why? (Points : 10)8. (TCO 2) Explain the differences among mergers, acquisitions, and alliances. (Points : 10)9. (TCO 3) How is an individual’s ethics determined? Explain. (Points : 10)10. (TCO 4) What are the connections between GATT and the WTO? Explain the role of the WTO. (Points : 10)11. (TCO 7) Briefly describe the behavioral model of organizational design. (Points : 10)12. (TCO 4) Identify and describe three different ways that a firm can go global. (Points : 15)13. (TCO 5) What are the differences between strategy formulation and strategy implementation? (Points : 15)14. (TCO 6) Describe three major important roles of entrepreneurship in the American economy. (Points : 15)15. (TCO 7) In what ways are virtual and learning organizations different from the typical organization? (Points : 15)