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Multiple Choice Questions:
1. Which term best describes a statement that specifies what business the organization is in and what its primary areas of emphasis are?
A) vision statement B) mission statement C) values statement D) strategic statement
2. Which statement speaks to the ethics of an organization and what it believes in?
A) vision statement B) mission statement C) values statement D) strategic statement
3. The statement, Our gas generators will have a 95% reliability rating after two years of use is an example of which of the following attributes of planning?
A) goals B) policies C) objectives D) strategies
4. Which term best describes the series of steps that will be taken or tasks that will be completed to accomplish an objective?
A) procedures B) policies C) rules D) regulations
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5. If sales in an organization were to dramatically drop and remain below projections, what type of plan would be best to identify an alternative course of action that can be implemented to correct the downfall?
A) strategic plan B) tactical plan C) contingency plan D) production plan
6. How does a standing plan differ from a single use plan?
A) Standing plans focus on the short term and single use plans on the long term. B) Standing plans are for emergencies; single use plans are for routine use. C) Standing plans are used over and over again for situations with little change;
single use plans are used once for unique situations. D) Standing plans focus on administration; single use focus on operations.
7. Which tool is used in strategic planning to assess an organizations internal strengths and weaknesses and external opportunities and threats?
A) PEST analysis B) needs assessment C) balanced scorecard D) SWOT analysis
8. Which are the most common planning constraints?
A) policies, procedures and rules B) resources, materials and equipment C) scope, resources and organizational policies D) time, money and people
9. What is the primary purpose of creating an operating budget?
A) To show how organizational resources will be used B) To highlight costs that are out of control C) To document the production process D) To achieve a balance between revenues and expenses
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10. What benefit is derived from having first level managers create budgets?
A) They are more realistic when created by managers closest to the work. B) They are more simplistic than if senior management created them. C) They can be easily created by carrying over previous years results. D) They are less likely to add slack to budgets so they will be easy to meet.
11. What does SWOT stand for?
A) Strategy, Weakness, Opportunities, Treaties B) Strengths, Weakness, Options, Threats C) Strengths, Weakness, Opportunities, Threats D) Strategy, Weakness, Options, Treaties
12. Which of the following best describes the difference between a corporate vision and corporate values?
A) a vision is a concrete plan for the future and values are corporate ethical standards
B) a vision is a look at what a corporation might be like in the distant future and values are corporate ethical standards
C) a vision is a standard of ethics and values plan for the distant future D) a vision is a statement of the primary emphasis of a corporation and values are
key points that a company will strive for in the distant future
13. What does the acronym SMART stand for?
A) supervision, maintenance, attainable, relevant, tertiary B) specific, measurable, attainable, readable, time-oriented C) supervision, measurable, attainable, relevant, tertiary D) specific, measurable, attainable, relevant, time-oriented
14. Natasha wrote the following goal for her television sales team: The Blue Team will sell 30 televisions. How should she improve the wording of this goal?
A) add a time outcome B) add specific information, such as the number of sales C) add a sales goal that is more relevant to her team D) add information that is measurable
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15. Jesse wrote the following goal for his training team: The training team will conduct five
new training sessions by the end of the quarter. How should he improve the wording of this goal?
A) add a time outcome B) add specific information, such as the number of trainings C) add a goal that is more relevant to his team D) add information that is measurable
16. Lorraine believes her company copies form too often, so she created a goal to implement a policy of electronically scanning forms. Which of the following did Lorraine do right in her goal setting?
A) identified an area for improvement B) consulted with others C) watched out for limitations D) assessed the strengths and weaknesses of her department
17. What is the first step in the planning process?
A) develop a master plan B) identify numbers and dates C) provide explanations to all D) review currency of plans
18. Vernons supervisor has just implemented a high priority plan to develop a new line of soap products. The project will be completed within three months. What type of plan is this?
A) long-range standing plan B) short-range standing plan C) long-range single-use plan D) short-range single-use plan
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19. Tiffany has directed her warehouse team to complete the annual inventory audit in the next ten working days. What type of plan is this?
A) long-range standing plan B) short-range standing plan C) long-range single-use plan D) short-range single-use plan
20. Which of the following is an example of a functional plan?
A) strategic plan B) production plan C) long-range plan D) contingency plan
21. Which of the following statements about planning is true?
A) Planning enables a manager or an organization to actively affect rather than passively accept the future.
B) Planning allows the manager to manage the organization without the aid of others.
C) More often than not, planning has negative side effects on managerial performance.
D) Developing a plan forces managers to think about what has happened in the past.
22. Which of the following is a benefit of planning?
A) Planning allows for input from throughout the organization, which improves the quality of the plans.
B) Involvement in the planning process enhances the overall understanding of the organizations direction.
C) Planning has positive effects on managerial performance. D) All of these statements are true of planning
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23. Which of the following best identifies when contingency plans are needed?
A) in rapidly changing situations B) in unchanging environments C) when the firm has inadequate capital D) when employees are stressed
24. Which term best describes general guides to action that constrain or direct objective attainment?
A) procedures B) rules C) policies D) objectives
25. What is Amazon.coms statement expressing its desired to build a place where people can come to find and discover anything they might want to buy online called?
A) vision statement B) goal statement C) mission statement D) rationale statement
26. Agile Consultant, Inc.s written statement which says, Agile exists to provide its clients with exemplary service, to help them achieve their goals, and to use our success to make the city of Las Vegas a better place to live. is an example of which of the following?
A) vision statement B) goal statement C) mission statement D) rationale statement
27. Which of the following best describes a systematic process for analyzing and determining needs or gaps between current and desired conditions?
A) SWOT analysis B) needs assessment C) PEST analysis D) organizational analysis
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28. Which of the following best describes a graphical network model that depicts a projects tasks and the relationships between those tasks?
A) project plan B) Gannt chart C) PERT chart D) project chart
29. For what two distinct purposes is a budget used for?
A) planning and staffing B) planning and controlling C) controlling and leading D) organizing and planning
30. Which of the following budgeting methods relies on results from a prior periods as a reference and increases or decreases them based on internal and external conditions?
A) incremental budgeting B) master budgeting C) zero based budgeting D) cash flow budgeting
31. Which of the following properly defines a master budget?
A) A detailed plan showing how cash resources will be acquired and used. B) A detailed schedule showing the expected sales for a budget period. C) A detailed schedule showing materials, overhead, and labor for a budget period. D) A number of separate but interdependent budgets that formally lay out the
companys sales, products, and financial goals.
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True/false Questions:
1. Supervisors should deviate from corporate policy when necessary.
A) True B) False
2. A mission statement typically specifies what business a firm is in and what its primary areas of emphasis are.
A) True B) False
3. You must create plans before you can develop goals or objectives.
A) True B) False
4. A company policy is a public commitment to employees, suppliers, customers, and the community.
A) True B) False
5. Employees who are involved in setting goals are more likely to be committed to success in reaching the goal.
A) True B) False
6. Goals should be directly connected to the organizations mission and strategy.
A) True B) False
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7. The best way to ensure a goal is achieved correctly is to discourage risk-taking and
creative efforts.
A) True B) False
8. As a manager, it is important that you provide periodic feedback to employees on their progress in achieving goals.
A) True B) False
9. In the planning process, after you develop a master plan, your next step is to develop supporting plans.
A) True B) False
10. A short-range plan tends to last between two and five years.
A) True B) False
11. A standing plan is used only once.
A) True B) False
12. A good way to evaluate your plan is to ask questions related to the question stems who, what, when, where, why, and how.
A) True B) False
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13. Planning is the process of deciding which objective to pursue during a future time period and how to achieve those objectives.
A) True B) False
14. The primary management function is controlling.
A) True B) False
15. A formal plan is a written, documented plan developed through an identifiable process.
A) True B) False
16. Sales and marketing plans, production plans, financial plans, and personnel plans are examples of functional plans.
A) True B) False
17. A short-range plan generally covers a time period between one to three years.
A) True B) False
18. Long-range planning is primarily carried out at the top levels of the organization.
A) True B) False
19. Contingency plans are essentially long-range plans.
A) True B) False
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20. Policies are specific, definite actions to be taken in a given situation.
A) True B) False
21. A procedure is a series of related steps or tasks expressed in chronological order for a specific purpose.
A) True B) False
22. SMART goals are specific, measurable, attainable, relevant, and time-oriented.
A) True B) False
23. A standard is the measure, or basis of judging performance of a product or service, machine, individual, or organizational unit.
A) True B) False
24. A PERT chart is a simple bar chart that depicts project tasks against a calendar.
A) True B) False
25. A formal, written, and approved document that managers and controls the execution of a project is a project plan.
A) True B) False
26. Face to face meetings can be detrimental to the planning process.
A) True B) False
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27. The best resource management tool to facilitated planning is budget.
A) True B) False
28. The budget period for zero based budgeting is typically two to three years.
A) True B) False
29. A sales budget is a detailed schedule showing the expected sales for a budget period.
A) True B) False
30. After a cash budget is prepared, the budgeted income statement and the budgeted balance sheet can be prepared.
A) True B) False
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Short Answer questions:
1. Which levels of management are responsible for what areas of planning?
2. What does a companys master plan consist of?
3. Which four categories do objectives for organizations normally fall?
4. Accurately define the five attributes of SMART goals.
5. What are the steps of the planning process?
6. What elements make up a master budget?
