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Test Bank for Business Law and Corporate
Regulation: Questions &
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Gantt Chart - answersA simple bar chart that lists project tasks vertically against the project's time frame, listed horizontally. Herzberg's Motivation-Hygiene Theory - answersA need theory that distinguishes between motivator needs (related to the nature of the work itself) and hygiene needs (related to the physical and psychological context in which the work is performed) and proposes that motivator needs must be met for motivation and job satisfaction to be high. Project Life Cycle - answersThe series of phases that a project passes through from its initiation to its closure. Initiation, Planning, Execution, Monitoring, Closure/Lessons Learned. Tuckman's Model - answersForming, Storming, Norming, Performing Project Management - answersLeading, Managing, Organising, Planning, Resourcing, Securing. Challenges of Project Management - answersThreats, Risk Analysis Threats - answersCurrent and emerging external factors that may challenge the company's performance. Risk Analysis - answersIdentifying hazards, evaluating the nature and severity of risks associated with the hazards (risk assessment), ranking risks (comparative risk analysis), using this and other information to determine options and make decisions about reducing or eliminating risks (risk management), and communicating information about risks to decision makers and the public (risk communication). SWOT - answersAnalysis of internal factors. Strength, Weakness, Opportunities, Threats. Cost-Benefit Analysis (CBA) - answersApproach to determining the financial impact of an organization's activities and programs on profitability, through a process of data or calculation comparing value created against the cost of creating that value. Payback Period = Total Cost of Investment ÷ Estimated Annual Revenue.
Stakeholders - answersAll the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address. Goals - answersThe broad, long-term accomplishments an organization wishes to attain. Deliverables - answersTangible or intangible products of work that must be provided to someone else. Project Scope - answersThe work performed to deliver a product, service, or result with the specified features and functions. Project Proposal - answersDocumentation written at the beginning of a project; kicks off the initiation phase by influencing and persuading the company to move forward with the project. Project Feasibility - answersThe first two phases in a project (concept and development) that focus on planning. Work Breakdown Structure - answersThe hierarchy of project tasks, subtasks, and work packages. Product Breakdown Structure - answersA hierarchical structure reflecting a product's components and deliverables. SMART - answersSpecific, Measurable, Attainable, Realistic, Timely Leadership Skills - answersThe ability to use one's knowledge and competencies to accomplish a set of goals and objectives. PERT - answersProgram Evaluation and Review Technique Vision - answersAn encompassing explanation of why the organization exists and where it's trying to head. Mission - answersA short, specific written statement of the reason a business exists and what it wants to achieve. Values - answersA brief articulation of the principles that guide a company's decisions and behaviors. Public Sector - answersThe part of an economy that is controlled by the government e.g. local councils, NHS, police. Private Sector - answersThe part of the national economy that is not under direct government control e.g. Asda, Wetherspoons.
Listen and Communicate, Adopt Processes, Recognise Interdependence, Work Co- Operatively, Acknowledge Potential Conflicts. Data Protection Act 2018 - answersLegislation which protects individuals from unreasonable use of their personal data. Updated in 2018 to encompass all the new requirements of the General Data Protection Regulation. General Data Protection Regulation (GDPR) - answersProposed set of regulations adopted by the European Union to protect Internet users from clandestine tracking and unauthorized personal data usage. Confidentiality - answersThe act of holding information in confidence, not to be released to unauthorized individuals. Security of Information - answersWhen information is stored there is always a threat of that information being stolen. Retention of Data - answersDeleting records that you no longer need, or are not proportionate to retain any longer, is an essential part of a good records management system. Data Subject - answersThe individual about whom information is being processed, such as the patient at a medical facility, the employee of a company or the customer of a retail store. Data Controller - answersThe person in charge of the data in an organisation. Data Processor - answersAn individual or organization, often a third-party outsourcing service, that processes data on behalf of the data controller. Cyber Security - answersMeasures taken to protect a computer or computer system against unauthorized access or attack. The Health and Safety at Work Act 1974 - answersSets out the duties and responsibilities of both employers and employees for health and safety in the workplace. Workplace Regulations 1992 - answersStipulate general requirements on accommodation standards for nearly all workplaces. Display Screen Equipment Regulations 1992 - answersProvides protection for employees working with VDUs and PCs. Gives guidance on the length of time spent working at VDUs and advice on provision on equipment. The Provision and Use of Workplace Equipment Regulations 1998 - answersIt regulates the standards of safety for equipment used in work environments. Its obligations apply to both employers and employees.
RIDDOR - answersReporting of Injuries Diseases and Dangerous Occurances Regulations. People are responsible for reporting any occurances in which people might be injured or have a 'near miss'. Accident and Incident Reporting - answersAll incidents, no matter how minor, should be reported to your supervisor. Risk Assessments - answersThe assessment of the probability that a person will behave violently, often accompanied by suggestions for how to reduce the likelihood of violent conduct. Whistleblowing - answersReporting others' ethics violations to management or legal authorities. Equality Act 2010 - answersProtects people from discrimination in the workplace and in wider society. It sets out the different ways in which it is unlawful to treat someone. 9 protected characteristics. Employment Rights Act 1996 - answersAn Act to consolidate enactments relating to employment rights. The Employment Rights Act 1996 (c18) is a United Kingdom Act of Parliament passed by the Conservative government to codify existing law on individual rights in UK labour law. Employment Relations Act 2004 - answersAn Act of the Parliament of the United Kingdom which amended UK law regarding trade union membership and industrial action. Discrimination - answersBehaving differently, usually unfairly, toward the members of a group. Direct Discrimination - answersWhen someone is treated unfavourably because of a personal characteristic protected by the law. Indirect Discrimination - answersOccurs when treating everybody the same way disadvantages someone because of a personal characteristic. Harassment - answersUnwanted remarks or actions that cause a person emotional or physical harm. Victimisation - answersThe process of being victimised or becoming a victim. Protected Characteristics - answersAge Disability Gender Reassignment Marriage and Civil Partnership
Structural Change - answersA system-wide organisation development involving a major restructuring of the organisation or instituting programs such as quality of work life. System Change - answersWhen at least two organisations make a change in the manner by which they manage or handle a situation. Transformational Change - answersChange in which the organization moves to a radically different, and sometimes unknown, future state. Inflation - answersA continuous rise in the price of goods and services. Interest Rates - answersThe cost of borrowing money. Unemployment - answersMeasures the number of people who are able to work, but do not have a job during a period of time. Customer Trends - answersCustomer trends are developed patterns in customers' behaviours, attitudes and values. Government Policy - answersThe central ideas or principles that guide government in its work, including the kind of laws it passes. Legislation Changes - answersChanges or additions to government policies and regulations. Risk Management - answersA strategy to offset business risks. Supply Chain - answersConsists of all parties involved, directly or indirectly, in obtaining raw materials or a product. Costs - answersAn amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something. Supply - answersThe amount of goods available. Demand - answersConsumer willingness and ability to buy products. Growth - answersIncrease in size of an organisation or business. Which scenario shows an employee working in the Business Financial Management and Accounting pathway? - answersArturo creates a report showing the company's expenditures for the quarter. Astrid has always enjoyed working with others, especially as part of a team. She studied graphic design and marketing in college and is now ready to start her career. She knows that she would like a position in the Business, Management, and Administrative
career cluster, specifically in the Marketing pathway. Which company would be the best for Astrid to send her resumé to? - answersA large pharmaceutical company Who would be best suited to analyze budgets, create reports, explain information to others, and handle internal company procedures and finances? - answersBusiness Analyst Which employee in the Business, Management, and Administration career cluster would most likely work in a cubicle? - answersAccountant Franklin reviews financial data of a company to ensure accurate and complete information. Which job title does he most likely have? - answersAuditor Which career professional is not part of the Business, Management, and Administration career cluster? - answersMathematics Instructor Which best compares and contrasts Management and Marketing? - answersBoth careers plan for the advancement of the company; however, Marketing focuses on potential customers. Which applicant would be best suited for an operation research analyst? - answersapplicant 2 Which career professional would be considered part of the Human Resources pathway of the Business, Management, and Administration career cluster? - answersLabor Relations Specialist Frannie is the head of the Human Resources department at her company. During the course of a day she speaks with many different people at different companies to obtain information that will help her do her job. Which companies would Frannie most likely work with on a daily basis? - answersan HMO healthcare provider Suri is graduating from college soon and has been contemplating her career choices. She is graduating with a bachelor's degree in Graphic Design and worked as an intern at a company that promotes concerts. Her strengths include creativity, working well as part of a team, and strong verbal and written communication. Which would be the best fit for Suri? - answersAdvertising Which task would best be performed by a worker in Accounting? - answersmonitoring employees' salary information Monique has held several different positions while attending high school. She has worked in retail sales, as a server at a restaurant, and also as a phone-in customer support representative for a technical company. Which career pathway in the Business,
Which career pathway describes the two main aspects of the Business, Management, and Administration career cluster? - answersManagement and Administration Marta is interviewing candidates for a position in the Human Resources department at her company. She is deciding who to interview by going through resumés and looking at the subject areas in which each candidate studied. Which of the four candidates would be the best choice for Marta to interview? - answersMarisol, who studied communications and business Which analyst position analyzes information using mathematical models to help business managers make decisions? - answersOperations Research Analyst If a person wants to work from home in the Business, Management and Administrative careers, what is required? - answersproper technology to keep the person connected Eduardo would like to find a job in the Marketing pathway of the Business, Management, and Administration career cluster. He attended his local community college and earned his associate's degree. Which career choice is available to Eduardo given his highest level of education? - answersSales Representative Most managers have a true office with a door that closes them off from the rest of the employees in the office. Which is a disadvantage to the manager as a result of this environment? - answersthe inability to observe employees closely Lars and Shelia work together in an office. Lars makes copies of documents for Shelia, handles phone calls, and files reports. Shelia deals with customers daily, tracking and documenting their money. Which best describes the pathways of Lars and Shelia? - answersLars is in the Administration and Information Support pathway, and Shelia is in the Business Financial Management and Accounting pathway. Kenneth just finished cooking school. He is opening his own bakery. How would Kenneth be classified, and what other businessperson would most likely help him keep track of his profits? - answersKenneth is a entrepreneur, and he would hire a financial officer. A person who is skilled at performing calculations, has math skills for advanced analysis, and has organizational skills would be best suited to work as - answersA credit analyst. Louisa works in Marketing. She works with several different areas of the company that employs her. Which task does Louisa have others perform? - answerstraining other employees how to use a computer Which career is best suited for people who have a high school diploma? - answersadministration and information support
Which scenario shows an employee working in the Business Financial Management and Accounting pathway? - answersArturo creates a report showing the company's expenditures for the quarter. Astrid has always enjoyed working with others, especially as part of a team. She studied graphic design and marketing in college and is now ready to start her career. She knows that she would like a position in the Business, Management, and Administrative career cluster, specifically in the Marketing pathway. Which company would be the best for Astrid to send her resumé to? - answersA large pharmaceutical company Who would be best suited to analyze budgets, create reports, explain information to others, and handle internal company procedures and finances? - answersBusiness Analyst Which employee in the Business, Management, and Administration career cluster would most likely work in a cubicle? - answersAccountant Franklin reviews financial data of a company to ensure accurate and complete information. Which job title does he most likely have? - answersAuditor Which career professional is not part of the Business, Management, and Administration career cluster? - answersMathematics Instructor Which best compares and contrasts Management and Marketing? - answersBoth careers plan for the advancement of the company; however, Marketing focuses on potential customers. Which applicant would be best suited for an operation research analyst? - answersapplicant 2 Which career professional would be considered part of the Human Resources pathway of the Business, Management, and Administration career cluster? - answersLabor Relations Specialist Frannie is the head of the Human Resources department at her company. During the course of a day she speaks with many different people at different companies to obtain information that will help her do her job. Which companies would Frannie most likely work with on a daily basis? - answersan HMO healthcare provider Suri is graduating from college soon and has been contemplating her career choices. She is graduating with a bachelor's degree in Graphic Design and worked as an intern at a company that promotes concerts. Her strengths include creativity, working well as part of a team, and strong verbal and written communication. Which would be the best fit for Suri? - answersAdvertising
Which management career often requires a master's degree? - answerschief executives Which tasks would be performed by someone in an Administration and Information Support career? - answersanswering telephone calls and filing paperwork Which career pathway describes the two main aspects of the Business, Management, and Administration career cluster? - answersManagement and Administration Marta is interviewing candidates for a position in the Human Resources department at her company. She is deciding who to interview by going through resumés and looking at the subject areas in which each candidate studied. Which of the four candidates would be the best choice for Marta to interview? - answersMarisol, who studied communications and business Which analyst position analyzes information using mathematical models to help business managers make decisions? - answersOperations Research Analyst If a person wants to work from home in the Business, Management and Administrative careers, what is required? - answersproper technology to keep the person connected Eduardo would like to find a job in the Marketing pathway of the Business, Management, and Administration career cluster. He attended his local community college and earned his associate's degree. Which career choice is available to Eduardo given his highest level of education? - answersSales Representative Most managers have a true office with a door that closes them off from the rest of the employees in the office. Which is a disadvantage to the manager as a result of this environment? - answersthe inability to observe employees closely Lars and Shelia work together in an office. Lars makes copies of documents for Shelia, handles phone calls, and files reports. Shelia deals with customers daily, tracking and documenting their money. Which best describes the pathways of Lars and Shelia? - answersLars is in the Administration and Information Support pathway, and Shelia is in the Business Financial Management and Accounting pathway. Kenneth just finished cooking school. He is opening his own bakery. How would Kenneth be classified, and what other businessperson would most likely help him keep track of his profits? - answersKenneth is a entrepreneur, and he would hire a financial officer. A person who is skilled at performing calculations, has math skills for advanced analysis, and has organizational skills would be best suited to work as - answersA credit analyst.
Louisa works in Marketing. She works with several different areas of the company that employs her. Which task does Louisa have others perform? - answerstraining other employees how to use a computer Which career is best suited for people who have a high school diploma? - answersadministration and information support organizational structure refers to the totality of firms organization - answersfalse a manger receives a bonus because the national operating subsidiary, that she is in charge of, exceeds its performance target. this is an example of an incentive - answerstrue a centralized organization allows managers to respond to environmental changes more quickly than in a centralized organization - answerstrue the choice between centralization and decentralization is not absolute - answerstrue beyond the initial functional division of the organization, further horizontal differentiation may be required if the firm significantly diversifies its product offering, which takes the firm into different business areas - answerstrue in a world wide area structure each area tends to be a self contained largely autonomous entity with its own set of value creation activities - answerstrue in a worldwide product divisional structure each division is self contained largely autonomous entity with full responsibility for its own value creation activities - answerstrue the worldwide product division structure facilitates local responsiveness - answersfalse it is is difficult to ascertain accountability in the global matrix structure - answerstrue the need for coordination between units is greatest win frills pursuing a localization strategy - answersfalse direct contact between subunit managers is the simplest integrating mechanism - answerstrue a knowledge network is a network for transmitting information within an organization that is based on formal organizational structure - answersfalse bureaucratic control involves personal contact with subordinates - answersfalse the basic principle behind incentive system is to ensure that the incentive scheme for an individual employee is liked to an output target that he or she has some control over and can influence - answerstrue
the _____ tends to be adopted by firms with a low level of diversification whose domestic structures are based on functions - answersworldwide area structure a ____ tends to be adopted by firms that are reasonably diversified and originally had domestic structures based on product divisions - answersworldwide product division structure In a _____ individual managers belong to two hierarchies and have two bosses - answersclassic matrix structure the need for coordination is high in - answersfirms trying to profit from location and experience curve economies. in a _____ all roles are viewed as integrating roles - answersglobal matrix structure ____ is a type of control that tends to be most widely used in small firms - answerspersonal control in a company using ____ employees tend to control their own behavior, which reduces the need for direct supervision - answerscultural controls ______ can be defined as the amount of time top management must devote to monitoring and evaluating subunits performance - answersthe costs of control Firms pursuing a global standardization strategy must cope with a higher level of ____ and this raises their cost of control - answersperformance ambiguity which of the following is more difficult for a leader - answersto change an established organizational culture firms pursuing a ____ have a low need for coordination between subunits - answerslocalization strategy firms pursuing a ____ are more centralized than enterprises pursuing a localization or international strategy - answersglobal standardization strategy because of inertia forces ____ is often no change - answersincremental change to unfreeze the established culture of organizations, the company - answersmust take bold steps such as shaking up the management structure in order to implement change organizational structure includes several elements. Which of the following is one of them? - answersthe establishment of integrating mechanisms to coordinate the activities of subunits
which of the following terms refers to the metrics used to measure the performance of subunits and make judgements about how well managers are running those subunits? - answerscontrol systems historically, Unilever measured the performance of national operating subsidiary companies according to profitability. In this example, profitability is a ____ - answerscontrol system The manner in which decisions are made and work is performed within the organization is known as the firm's: - answersprocesses the norms and values systems that are shared among the employees of a company are referred to as - answersorganizational culture a firms ____ determines where in its hierarchy the decision making power is concentrated - answersvertical differentiation What is horizontal differentiation - answersthe formal division of the organization into subunits integration mechanisms are - answersmechanisms for coordinating subunits which of the following is an argument favoring centralization - answersit can avoid the duplication of activities which of the following is an argument favoring decentralization - answersit permits greater flexibility Centralization - answerscan give top level managers the means to bring about needed major organizational changes by concentrating power and authority in one individual or management team A firm that needs greater flexibility should choose _____ for its decision-making. - answersdecentralization Centralization and Decentralization differ because - answerscentralization ensures that decisions are consistent with organizational objectives, while decentralization can result in decisions at variance with organizational goals which of the following decisions is typically centralized at a firms headquarters - answersoverall firm strategy the emphasis on local responsiveness in firms pursuing a localization strategy creates strong pressures for - answersdecentralizing operating decisions to foreign subsidiaries
____ refers to giving a person in each subunit responsibility for coordinating with another subunit on a regular basis - answersliaison roles a ____ is valuable because It can be used as a nonbureaucratic conduit for information flows within a multinational enterprise - answersknowledge network which control system is most widely used by small firms - answerspersonal control through a system of rules and procedures that directs the actions of subunits is - answersbureaucratic control ___ control is achieved by comparing actual performance against targets and intervening selectively to take corrective action - answersoutput There is low interdependence, performance ambiguity, and costs of control in firms pursuing a(n): - answerslocalization strategy which of the following is true of a strong corporate culture - answersalmost all managers share a relatively consistent set of values and norms that have a clear impact on the way work is performed firms pursuing a ____ attempt to create value by transferring core competencies from home to foreign subsidiaries - answersinternational strategy Firms pursuing a global standardization strategy: - answershave a high need for coordination and cultural controls. a firm that operates with matrix type structures in which both product divisions and geographic areas have significant influence would use which of the following strategies - answerstransnational strategy Firms pursuing a transnational strategy: - answershave a very high need for cultural controls. which of the following is an effective strategy for implementing organizational change - answersrefreeze the organizational structure ____ refers to the location of decision making responsibilities within a structure - answersvertical differentiation what type of control system uses a system of rules and procedures that directs the actions of subunits - answersbureaucratic controls which of the following is a potential drawback of the world wide area structure - answersthis structure makes it difficult to realize location and experience curve economies
the establishment of integrating mechanisms that coordinates subunits is a dimension of
- answersorganizational structure in firm A, each division is self contained, largely autonomous entity with full responsibility for its own value creation activities. what type of structure does Firm A employ? - answersworldwide product division structure in the ___ philosophy Is that responsibility for operating decisions pertaining to a particular product should be shared by the product division and the various areas of the firm - answersclassic global matrix structure when the need for integration is very high, firms may - answersinstitue a matrix structure in which all roles are viewed as integrating roles ____ is achieved by comparing actual performance against targets and intervening selectively to take corrective action - answersoutput controls ____ exists when the causes of a subunits poor performance are not clear - answersperformance ambiguity ____ are the metrics used to measure the performance of subunits and make judgements about how well managers are running those subunits - answerscontrol systems which of the following is a disadvantage of a world wide area structure - answersthe fragmentation of the organization that makes its difficult to realize location and experience curve economies Requisites of an obligation - answersPassive and active subject, Prestation, Efficient cause, Demand Right of the creditor enforceable against a debtor - answersReal right, Natural right, Moral right, Personal right Civil obligation example - answersX obliges himself to pay Y P10,000 on October 30,
Specific performance may not be possible - answersA, a painter, obliges himself to paint the portrait of B on April 9, 2009. Source of obligations - answersA rule of conduct, just and obligatory, promulgated by legitimate authorities for common good. Juridical necessity to give, do, or not do - answersCivil obligation, Natural obligation, Moral obligation, Social obligation
