Business High School
First-mover advantage refers to the strategic advantage achieved by the first company that occupies a market segment. In order for a company to gain first-mover advantage it must be the first company to enter a market or at least be the first company to gain competitive advantage in that market.
Unidice is the first company to gain competitive advantage in the data system market because its processing speed is much higher than its competitors.
Sometimes you don't need to be the first one to enter a market, but you need to be the first one to do things right. For example, Microsoft introduced the Surface tablet almost a decade before Apple introduced the iPad, but Apple did it right, therefore Apple gained first mover advantage.
The internal monthly magazine and blog at the cosmetics firm Mary Kay serve as ________ for employees; the magazine and blog are outlets for not only selling advice but also company-wide recognition of individual salespeople’s accomplishments.
The internal monthly magazine and blog at the cosmetics firm Mary Kay serve as non-financial rewards for employees; the magazine and blog are outlets for not only selling advice but also company-wide recognition of individual salespeople’s accomplishments.
Non-financial incentives empower and involve employees in respects that money could not. Non-financial incentives are the kind of benefits that do not make up the salary of an employee. They generally have little or no cash for the venture, but still have considerable weight.
Non-monetary validation can be extremely motivational and help build trust and happiness sentiments. Rewards for promoting and improving workers ' success and achieving the Company's financial and efficiency targets.
The main difference between storage warehouses and distribution warehouses is that storage warehouses are relatively small, specialized facilities used to store one particular type of good for short periods while distribution warehouses are large facilities used to store a wide variety of goods for longer periods of time.
Storage warehouses are used to store items for short periods of time while distribution warehouses are much bigger facilities that are used to gather and redistribute products.
Distribution warehouses are usually very big and can store a lot of products, while storage warehouses are usually a big facility that is divided into smaller units, each smaller unit serves as a storage warehouse. Storage warehouses are used to store more specific items while distribution warehouses can handle different types of goods.
The management of Log Cabin Inc. allows employees to participate in decision making, maintains transparency of certain business information, and encourages the development of self-managed teams. In this scenario, what is Log Cabin implementing?
Management by objectives
Management by objective, also called management by result, allow employees' to participate in decision making with a focus on achieving set business results. Management by objective is result oriented.
The management staff at Doc's Motorcycles believes the company has a social responsibility to its community. They believe that the company can have the greatest impact in this area through cash contributions to local nonprofit organizations. This is an example of ____________.
This way of thinking is characteristic of corporate philanthropy. Corporate philanthropy occurs when a corporation or a business promotes the welfare of others through donations. This is the behaviour that the management staff at Doc's Motorcycles engages in, as they believe that they can make a good impact by financially contributing to local nonprofit organizations. This behaviour can benefit a business in several ways. It increases employee engagement and generates business value. It can also improve the reputation of a business.
This is an example of management responsibility to broader stakeholders.
Generally management responds only to shareholders, the company's owners. They are mainly concern about profits. By shown social responsibility, the management staff at Docs's Motorcycles are showing they look after beyond shareholder interests, and that is known as responsibility toward stakeholders
In a trust, an estate, or other property or money, is given to a person or institution to manage. True False
i would say true
a trust fund is given to a person or lawyer
an estate has an estate manager
most property is owned by a person or the bank
and the same with money is owned by a company or bank
Which NIMS Management Characteristic includes developing and issuing assignments, plans, procedures, and protocols to accomplish tasks? A. Manageable Span of Control
B. Comprehensive Resource Management
C. Modular Organization
D. Management by Objectives
Management by objectives includes developing and issuing assignments, plans, procedures and the protocols to accomplish the tasks.
Answer: Option D
NIMS stands for National Incident Management System. NIMS is responsible for providing nation wide frame work and the approach to enable the government at all the levels which are the Federal, state and the local level of Government.
Among the Management characteristic of the NIMS, Management by objectives is responsible for developing the assignments. Along with this it also issues the assignments which are made to achieve certain important tasks. It makes plans and the protocols which are the rules and regulations required to accomplish the tasks. These are done with the help of proper procedures and it has to be followed.
NIMS Management Characteristic includes developing and issuing assignments, plans, procedures helps management by Objectives.
What is National Incident Management System?
This is a body put together by American government to help management incident such as disaster including natural.
There are several characteristic that helps to ensure efficient running of the system to accomplish the necessary objective and goal.
Therefore, NIMS Management characteristic includes developing and issuing assignments, plans, procedures helps management by Objectives.
Learn more on disaster management here,
The social costs of unemployment are combine with the loss of goods and services and negative governmental impacts that include increases in costs for welfare services and decreases in ______________.
The social costs of unemployment are combine with the loss of goods and services and negative governmental impacts that include increases in costs for welfare services and decreases in access to social amenities and infrastructures
Unemployment has social impact on citizens involved ranging from contributions of government policies which has direct effect on the economy such as inflation, furthermore, decrease in assessing social amenities als has its contribution which enables the increment in different social vices
If the price of coffee increases by 50% and the quantity demanded falls by 10%, then what is the price elasticity of demand for coffee? a) 5
The demand is the total quantity of goods and services that consumers are willing and ready to purchase at all possible prices.
The price of a product is one of the many factors that affect its demand. There exists an inverse relationship between the quantity demanded of a product and its price. The quantity demanded of product increases as the price falls and vice versa. So changes in the price will affect the quantity consumers will buy.
However, the extent to which a change in price of a product affects its quantity is the focus of price elasticity of demand. It measures the degree of responsiveness of quantity demand to a unit change in price.
It is calculated as % change in quantity demanded / % change in price.
So let us apply this formula to this question; the price elasticity of demand
= 10%/50%= 1/5
The Business Auto Coverage Form is intended for which of the following businesses? Select all that apply. a. Owned private passenger autos
b. Mobile equipment registered to drive on public roads
c. Automatic coverage for physical damage to trailers
d. Automobiles owned by employees used for business purposes
A) Owned private passenger autos
B) Mobile equipment registered to drive on public roads
D) Automobiles owned by employees used for business purposes
Business Auto Coverage Form is used to cover a company's autos, trucks, trailers, semitrailers and mobile equipment that are owned or used by the company.
It also covers vehicles that are not owned by the company but are used by the company's employees while doing business related activities, e.g. automobiles owned by employees and used for business activities.
It only covers mobile equipment that is registered to drive on public roads, e.g. cranes, drills, shovels, tractors, etc.
Most group Disability Income contracts are offered on a/an: A. Contributory basis
B. Noncontributory basis
C. Nonoccupational basis
D. Occupational basis
Answer is option C, i.e. Nonoccupational Basis.
When an injury is caused due to accidents while in the occupational role, then many organizations provide for the contract that is also considered as a form of insurance to cover the loss of the injury, that has resulted as a result of an occupational accident. These insurance are commonly known as Disability Income contracts or disability insurance. These are sanctioned to a person who has lost his/her occupation due to the injury caused in the accident while at work. Hence, the answer is option C.
With respect to market segmentation, the 80-20 principle has been applied to segmenting markets based on
This principle is based on the idea of Vilfredo Pareto, an Italian economist that stated 80% of the results are concentrated in 20% of the activities executed. In Business, this idea is extrapolated as 80% of results come from 20% of the clients.
Which of the following is not a proven strategy for reducing thinking errors in the workplace?A. Use of evidence and informationB. Decision supportC. Management memos and policiesD. Bias awarenessE. Reflection and discussion
Answer: Management memos and policies.
Management memos and policies sometimes may seem unfair or tedious to the employees when they may not actually be that way in reality, which is a form of thinking error.
Thinking error is a wrong pattern of interpreting things/events by an individual which in most cases turns out not to be true.
To avoid thinking errors information and motives should be passed across in a more clearer manner.
Which is most likely to be a long run adjustment or a firm that manufactures golf carts on an assembly line basis? (a) an increase in the amount of steel the firm buys
(b) a reduction in the number of shifts of workers from three to two
(c) a change in the production managers of the assembly line
(d) a change from the production of golf carts to motorcycles
(d) a change from the production of golf carts to motorcycles
In the long run, a manufacturing entity should be considering options that will increase their profitability. To be more profitable , the firm must increase its output and its market share. A firm manufacturing golf carts should diversify into sectors that provide broader markets.
From the option provided, a firm manufacturing golf carts is most likely adjust to the production of motorcycles in the long run. Golf carts are used in golf clubs only to transport golfers and their equipment. They have a restricted market, unlike motorcycles, which can be used by a bigger percentage of the population. Adjusting to motorcycles presents an opportunity for potential growth in market share and profitability.
Determine whether each of the following is covered by microeconomics or macroeconomics. a. What price to charge for an automobile b. Measuring the impact of tax policies on total consumer spending in the economy
c. A household’s decision regarding how much to work each week
d. Designing a government policy to increase total employment
Determine whether each of the following is covered by microeconomics or macroeconomics.
a. What price to charge for an automobile : this is covered by microeconomics because it determines the demand and the supply of the sales of automobile
b. Measuring the impact of tax policies on total consumer spending in the
economy : This is covered by a macroeconomics because it has to do with a long term policy, there are so many things that would be employed to measure the impact of such policies over time
c. A household’s decision regarding how much to work each week: This is covered by a microeconomics because it has to do with applying opportunity forgone which makes the decision of the highest priority on top of list
d. Designing a government policy to increase total employment: It involves macroeconomics because of the volume and time impactation
Which group of colonies relied more on fisheries, commerce, and shipping than farming?
Colonies of Massachusetts, Rhode Island, Connecticut and New Hampshire generally known as New England Colonies
A tax rate on a building with a $530,000 taxable value is 4.5 mills per thousand dollars of assessed valuation. What is the annual tax liability? A: $23,850
A tax liability by definition is basically known as debt owed by a corporation or an individual to a tax authority like the Internal Revenue Service(IRS). To solve this question, set it up like this;
If $1,000 pays 4.5mills in taxable value, then 530,000 would pay how much?
If $1000 = 4.5
then tax liability on $530,000 would be= (530,000 *4.5) / 1,000
= 2,385,000/ 1000
Which of the following graphs best illustrates how the force between fragments from the fission of a uranium nucleus varies as the fragments move away from each other?
Force by separation graph (y by x)
As decrease force, will increase separation - exponential
When close together (little separation --> will have high repulsive force)
The radioactive particles left behind after a larger nuclear nucleus undertakes nuclear fission are nucleic fission products.
Generally, by dividing into two smaller nuclear nuclei together with a few neutrons, the heat release energy (kinetic nuclear energy), and the Gamma rays a large nucleus like the fission of uranium.
When the multiple currencies feature is enabled, which currency is used as the basis for all currency conversion rates?A. corporate currencyB. record currencyC. active currencyD. personal currency
Answer and Explanation:
A. corporate currency
The second largest share of an individual’s consumption expenditure is for nondurable goods (such as food and clothing) at approximately _____ percent. a. 9
consumption expenditure is the expenditure directly incurred by the households for the purchase of goods and services.
approximately 29% which is the second largest share of an individual’s consumption expenditure is for nondurable goods.
The banking panic of 1907 and the resulting cash shortage led to the formation of the: A. Federal Reserve System.B. Comptroller of the Currency.C. Gold standard for currency, and the establishment of gold repository at Fort Knox.D. FDIC.
The banking panic of 1907 and the resulting cash shortage led to the formation of the Comptroller of the Currency.
The Office of the Comptroller of the Currency (OCC), established by National Currency Act of 1863 serves to supervise, regulate and charter all national banks, thrift institutions and all the other federally licensed branches in US. The current Comptroller of the Currency is Joseph Otting.
The banking panic of 1907 has been a main motivation in creating the 3rd central banking system in 1907–1913. This was initiated by failed speculation that led to bankruptcy of 2 brokerage firms.
The public started to panic that the trust and banking industries were experiencing liquidity crunches and had the currencies only to meet short-term or immediate obligations. This caused bank runs and set off the financial panic of 1907 nationwide and it lasted for months.
Unidice, An Information Technology Firm, Recently Installed A New Data System That Provides Seamless? ›
Unidice, an information technology firm, recently installed a new data system that provides seamless access to data. This data system has a higher storage capacity and processing speed than other data systems available in the market.Is the influence of managers most clearly seen according to Mintzberg in the figurehead role? ›
The influence of managers is most clearly seen, according to Mintzberg, in the leader role. Formal authority vests them with great potential power. Leadership determines, in large part, how much power they will realize.Which of the following statements is true regarding transactional and transformational leadership? ›
Which of the following statements is true regarding transactional and transformational leadership? Studies show that transformational leadership is much more effective on average than transactional leadership.Which of the following is defined as getting work done through others? ›
management. Defined as getting work done through others.What are the four 4 decisional managerial roles developed by Mintzberg? ›
The three types of managerial roles are interpersonal, informational, and decisional. Interpersonal roles are focused on people and human interactions. Informational roles are focused on dealing with information. Decisional roles are centered around making decisions.What are three important characteristics of transactional and transformational leadership? ›
Transactional Leadership. Transactional leadership is primarily based on processes and control, and requires a strict management structure. Transformational leadership, on the other hand, focuses on inspiring others to follow, and it requires a high degree of coordination, communication, and cooperation.Which is better transactional and transformational leadership? ›
Neither approach is “better” than the other, and, despite the clear differences, the two are not mutually exclusive. A blended approach often works best because both leadership styles work, but they work best in in different situations, depending on the desired outcomes and on the leader.What is the role of leadership in the organization transactional vs transformational? ›
A transformational leadership style creates a vision and inspires subordinates to strive beyond required expectations, whereas transactional leadership focuses more on extrinsic motivation for the performance of job tasks (39,44).What are the 4 principles of management? ›
Originally identified by Henri Fayol as five elements, there are now four commonly accepted functions of management that encompass these necessary skills: planning, organizing, leading, and controlling.
The most common mistakes for managers are usually focused around delegation; either a manager is delegating too much or not enough. A manager who fails to delegate will become overloaded and fail to move the business forward.What makes a great leader boss? ›
Good bosses are honest, self-aware, open-minded and committed to their team's professional development. Good bosses recognize their limitations and freely delegate tasks to others with specific skills and experience. Bad bosses lack self-awareness, which can hurt their companies' performance.What are the 3 roles of a manager? ›
Managerial Roles: Interpersonal, Informational, and Decisional Roles.What are the 5 roles of a manager? ›
At the most fundamental level, management is a discipline that consists of a set of five general functions: planning, organizing, staffing, leading and controlling. These five functions are part of a body of practices and theories on how to be a successful manager.What are the 3 strategic decision-making approaches by Henry Mintzberg? ›
According to Henry Mintzberg, the three most typical approaches, or mode of strategic decision making are entrepreneurial, adaptive and planning.What are the 10 responsibilities of a manager? ›
- Goal-setting responsibilities. ...
- Training and development. ...
- Administrative tasks. ...
- Team and individual organization. ...
- Communication. ...
- Time management.
Leadership: A good manager needs to lead the members of the team in an effective way. It is the responsibility of manager to define the goals and assign tasks to the various members of the team. A manager can direct the team in the right path and help them achieve the goals.Which employee is the best example of a functional manager? ›
A functional manager is in charge of a specific business unit or section, such as Finance or Sales. Here are some examples of functional managers: Customer service manager. Sales manager.What are the 4 elements of transformational leadership? ›
There are four factors to transformational leadership, (also known as the "four I's"): idealized influence, inspirational motivation, intellectual stimulation, and individual consideration. Each factor will be discussed to help managers use this approach in the workplace.What are the three goals of transformational leadership? ›
Accordingly, leaders have three levers to adjust in order to make goals more attainable: opportunities, control, and support.
Good leaders possess self-awareness, garner credibility, focus on relationship-building, have a bias for action, exhibit humility, empower others, stay authentic, present themselves as constant and consistent, become role models and are fully present.Why transformational leadership is more effective? ›
A transformational leadership style inspires employees to strive beyond required expectations to work toward a shared vision, whereas transactional leadership focuses more on extrinsic motivation for the performance of specific job tasks. Learning to balance these styles can help leaders reach their full potential.Which leadership style is the best? ›
1. Authoritative Leadership. The authoritative leader knows the mission, is confident in working toward it, and empowers team members to take charge just as she is. The authoritative leader uses vision to drive strategy and encourages team members to use their strengths and emerge as leaders themselves.What are transformational and transactional leadership styles on employee performance? ›
Transformational leaders challenge employees to change their ways of working to be more innovative when faced with challenge. Transactional leaders however, maintain the same situation and meet challenges by increasing the efficiency of existing work processes (Bass &Avolio, 1990).How can a transactional leader become a transformational leader? ›
- Idealized influence.
- Inspirational motivation.
- Individualized consideration.
- Intellectual stimulation.
An organization with transformational leadership has more energetic, energy, commitment and trust. Transformational Leadership is the potential skill to influence on the behavior of others. It is the capacity to influence a group towards the realization of a goal.What are the 7 effective principles of management? ›
7 key quality management principles—customer focus, leadership, engagement of people, process approach, improvement, evidence-based decision making and relationship management.What is POLC in management? ›
In summary, the P-O-L-C functions of planning, organizing, leading, and controlling are widely considered to be the best means of describing the manager's job. Managers perform these essential functions despite tremendous changes in their environment and the tools they use to perform their roles.What are the 14 principle of management? ›
- Division of Work. Assign each employee a task that they can become proficient at. ...
- Authority. ...
- Discipline. ...
- Unity of Command. ...
- Unity of Direction. ...
- Collective Interest Over Individual Interest. ...
- Remuneration. ...
- Forgetting to set clear goals and expectations. ...
- Micromanaging and not delegating responsibility. ...
- Resisting change. ...
- Failing to acknowledge employees' hard work. ...
- Setting a bad example. ...
- Lacking communication with the team. ...
- Not incorporating feedback.
- Not Communicating. ...
- Talking, Not Listening. ...
- Wasting Time in Meetings. ...
- Being Invisible to Your Team. ...
- Ignoring Your People's Career Development.
- Multiplying tasks.
- Being unresponsive.
- Failing to acknowledge emotions.
- Not giving reasoning.
- Acting contradictory.
- Eating first.
- Not contributing in times of need.
- Taking credit instead of giving.
- Focus on people. People are at the forefront of any business, both the organization's workforce and the people it serves. ...
- Open communication. ...
- Creativity and openness to change. ...
- Willingness to learn. ...
- Passion for work. ...
- Organization. ...
- Focus on goals and results. ...
- Strong leadership.
- Communicates clear vision.
- Sets performance expectations.
- Provides feedback.
- Recognize efforts.
- Gets to know employees.
- Makes work fun.
According to a 2022 Gallup poll, some of the most important factors that employees consider when choosing a job include pay and benefits, work-life balance, an opportunity to use skills and abilities, job security, office safety policies, and diversity within the workplace.Which managerial role is the figurehead? ›
The Figurehead represents the organization, as well as motivates the team to achieve goals. For people, this managerial role is a source of power and authority. Examples: Managers in the figurehead role attend social event where they promote their company.What are the role of a manager according to prof Mintzberg? ›
The ten roles as per Mintzberg (1973) are: “figurehead, leader, liaison, monitor, disseminator, spokesperson, entrepreneur, disturbance handler, resource allocator, and negotiator”.What do the roles of manager as figurehead refers to? ›
Figurehead. This role refers to your responsibility as a manager to perform tasks related to social, symbolic or legal matters. In these situations, you are not making decisions but serving as a representative of the organization. As a figurehead, you also aim to inspire your team to complete goals and tasks.What does Mintzberg say about management? ›
Mintzberg recommends breaking down management roles and responsibilities and organizing the workplace to simplify complex concepts. This helps streamline companies for efficiency, improves employee engagement and allows each team member to develop their own skills.What are the 3 types of managerial roles? ›
A role is a set of behavioral expectations, or a set of activities that a person is expected to perform. Managers' roles fall into three basic categories: informational roles, interpersonal roles, and decisional roles.
Managerial Roles: Interpersonal, Informational, and Decisional Roles.What are the four types of managerial roles? ›
The four most common types of managers are top-level managers, middle managers, first-line managers, and team leaders. These roles vary not only in their day-to-day responsibilities, but also in their broader function in the organization and the types of employees they manage.What are the 5 P's of strategic management? ›
Examples of figurehead roles include: The representation of a company in an employee's wedding or funeral. The figurehead will indicate that he presents his organization in an employee's situation. The figurehead also motivates employees to do impeccable work and awards those who make an effort to improve their work.What is an example of a figurehead leader? ›
A figurehead conducts social, legal and ceremonial responsibilities and uses these as opportunities to motivate members of the institution. Examples of the figurehead managerial role include a senator at a ground breaking ceremony with a golden shovel or a senior executive attending the family wedding of an employee.What are the three interpersonal roles of managers a figurehead leader and liaison? ›
The three roles within this category are figurehead, leader and liaison. Managers must act as figureheads because of their formal authority and symbolic position representing the organisation. As leaders, managers have to consider the needs of an organisation and those of the individuals they manage and work with.What is figurehead vs leader management? ›
The Figurehead: performs ceremonial duties. Examples: greeting visiting dignitaries, attending an employee's wedding, taking an important customer to lunch. The Leader: responsibility for the work of subordinates, motivating and encouraging employees, exercising their formal authority.What are the three interpersonal roles including being a figurehead leader and? ›
The three main interpersonal roles for managers are figurehead, leader, and liaison.What makes a good manager? ›
Summary. Good managers are great communicators, active listeners, and amazing supporters. The good news is, these are traits you can learn. From learning to delegate to aligning your team's work with greater company goals, we'll show the 10 qualities the best manager's share, and actionable tips on how to develop them.What are the skills and roles of a manager? ›
Managers must interact with individuals both inside and outside the organization. Within the interpersonal role were three sub-roles: figurehead, leader, and liaison. In the figurehead sub-role, a manager is the official representative of the organization or department—giving awards, hosting parties, signing documents.