Intro to Business Final Exam

What is the primary role of a manager in a business setting?

• To provide financial support

• To administer all or parts of a business

• To handle legal issues only

• To manage customer service exclusively

Which of the following is NOT listed as a main function of management?

• Planning

• Organizing

• Budgeting

• Controlling

What does business management education primarily help an individual understand?

• Basic management functions and theories

• Marketing strategies only

• Information technology applications

• Human resource laws

According to what you learned this week, what can be the consequence for managers if tasks and goals are not completed?

• They are promoted

• They receive a bonus

• They are held accountable

• They are given fewer tasks

Why do many people choose a career in business management?

• It offers a chance to travel extensively

• It provides experience in all aspects of business

• It requires minimal education

• It focuses only on financial management

What is the primary purpose of planning in business management?

• To reduce employee turnover

• To facilitate progress by setting detailed plans and making decisions

• To increase product prices

• To decrease marketing efforts

Which of the following is NOT listed as a benefit of planning?

• Reduces the risk of uncertainties

• Promotes innovative ideas

• Increases financial expenses

• Improves resource utilization

What is the first step in the Decision-Making Process according to the text?

• Gather Information

• Identify the Problem

• Evaluate your Decision

• Consider all Options

What role does a Vision Statement play in business planning?

• Describes the company's reason for existing

• Provides a detailed financial plan

• Offers an inspirational direction for future planning

• Lists the company's current shareholders

Which statement best describes the purpose of a Mission Statement?

• It is a detailed financial report

• It describes the company's reason for existing now

• It provides historical data of the company

• It outlines future technological advancements