Exam 2

Question 1

Sherman Anti-Trust Act

Answer 1

no monopolies or restraint of trade

Question 2

Federal Sentencing Commission

Answer 2

sets guidelines (standards and procedures) for ethical behavior

Question 3

Environmental Protection Agency (EPA)

Answer 3

protects environment (apart of this is the super fund agency—identify toxic waste sites)

Question 4

Sarbanes-Oxley Act (SOX)

Answer 4

Security Trading and Accounting Practices, Code of Ethics, Validity of financial statements, documentation and monitoring, and anonymous reporting

Question 5

Quid Pro Quo

Answer 5

offering sexual favors in exchange for job security or promotion

Question 6

Hostile Environment

Answer 6

hassled-degraded, flirting, sexual comments, obscene jokes, pictures

Question 7

EEOC-Equal Employment Opportunity Commission

Answer 7

prohibits discrimination while hiring and in promotion practices

Question 8

Americans with Disability Act (ADA)

Answer 8

protect people with disabilities

Question 9

Equal Pay Act

Answer 9

equal pay for equal work (gender)

Question 10

Wagner Act

Answer 10

the right to join unions

Question 11

Wage and Hour Law

Answer 11

minimum wages and maximum hours

Question 12

Family and medical leave act

Answer 12

paid medical leave

Question 13

Social Security Act

Answer 13

provides old age and disability benefits

Question 14

OSHA- Occupational Safety and Health Administration

Answer 14

provides worker safety

Question 15

FDA

Answer 15

truthful labeling

Question 16

CPSC-Consumer Product Safety Commission

Answer 16

recall of defective products

Question 17

NTSA- National Traffic and Safety Act

Answer 17

standards for motor vehicles and recalls

Question 18

Wheeler Lea Act

Answer 18

no false advertising

Question 19

Social Audits

Answer 19

Systematic evaluation of how well a firm is meeting its ethics and social responsibility goals

Question 20

What are the 4 functions of management?

Answer 20

POLC, planning, organizing, leading, and controlling

Question 21

Which level of management uses conceptual skills?

Answer 21

TOP because grasp big picture of organization and relationship between various parts

Question 22

Which level of management uses human skills?

Answer 22

EVERY level, ability to work with and through people

Question 23

Which level of management uses technical skills?

Answer 23

supervisory, expertise in a functional area or department

Question 24

What are the 4 different types of planning?

Answer 24

strategic, tactical, operational, and contingency

Question 25

What is strategic planning and which level of management uses this?

Answer 25

sets the overall direction, goals, and strategies, done by TOP management, long term around 5 years.

Question 26

What is tactical planning and which level of management uses this?

Answer 26

implements strategic plan, policies, and procedures, done by MIDDLE management, lasts around 1 year.

Question 27

What is operational planning and which level of management uses this?

Answer 27

apply plans to daily, weekly, or monthly operations, done by SUPERVISORY management

Question 28

What is contingency planning and which level of management uses this?

Answer 28

back up plan for any unexpected events, EVERY level

Question 29

What are the 6 steps for strategic planning?

Answer 29

1. Mission Statement 2. Access competitive position (SWOT) strength, weaknesses, opportunities, and threats 3. Setting Goals (SMART) specific, measurable, achievable, relevant, and time frame 4. Create strategies 5. Implement strategies 6. Evaluate results

Question 30

In the organization chart, who is the chain of command?

Answer 30

authority/responsibility relationships OR who reports to whom

Question 31

In the organization chart, what is the span of management?

Answer 31

number of employees manager can supervise (fairly narrow—few people or fairly wide—large group of people)

Question 32

In the organization chart, what are the levels of management or hierarchy?

Answer 32

levels in chart or hierarchy, flat structure has very FEW levels versus tall structure has MANY levels

Question 33

In the organization chart, what is the division of labor or specialization?

Answer 33

takes entire labor force divide it up into smaller groups or more specialized groups, lets each employee do what they do best

Question 34

What is centralization?

Answer 34

the power is kept at the TOP level

Question 35

What is decentralization?

Answer 35

the power is delegated to lower levels, lower levels are empowered or given the power to make decisions

Question 36

What are the 4 different types of departmentalization?

Answer 36

functional, geographic, customer, and product

Question 37

What is functional departmentalization?

Answer 37

areas of business like management, finance, accounting, etc.

Question 38

What is geographic departmentalization?

Answer 38

different locations, north, south, east, etc.

Question 39

What is product/service departmentalization?

Answer 39

different product lines or diverse products, like tobacco and beverages

Question 40

What is customer departmentalization?

Answer 40

different customer groups, ex: residential phone service and business phone service

Question 41

What are the 3 different leading styles?

Answer 41

autocratic, democratic, and free rein

Question 42

What is autocratic leading style?

Answer 42

make decisions on their own without consulting | others, dictatorship

Question 43

What is democratic leading style?

Answer 43

allow subordinates to participate in decision | making, involves employees in decisions

Question 44

What is free rein style?

Answer 44

set objectives and let employees decide how to | accomplish-minimal supervision

Question 45

What are the steps in the controlling process?

Answer 45

Set performance standard Measure actual performance Compare standard and actual Take action if needed

Question 46

Management by exception

Answer 46

Only address significant deviations from the | standard