Which of the following refers to all of the factors outside the organization that may affect the managers’ actions? Selected Answer: external environment Correct Answer: external environment Question 23 2 out of 2 points Commonly used demographic characteristics include things like the age, gender, and income of the people and social groups who make up a society. Selected Answer: Tru e Correct Answer: Tru e Question 24 2 out of 2 points What term describes institutions such as governments, social cause organizations, and religious groups that cannot retain earnings over expenses, do not have equity
interests, and cannot be bought or sold? Selected Answer: Nonprofit organizations Correct Answer: Nonprofit organizations Question 25 2 out of 2 points Which of the following is NOT a basic tenet of capitalism as set forth in The Wealth of Nations? Selected Answer: All rights of ownership are assigned to the government, the church, and a wealthy few. Correct Answer: All rights of ownership are assigned to the government, the church, and a wealthy few. Question 26 2 out of 2 points You own and operate your own hamburger stand. One of your employees makes the hamburger patties, a second grills them, a third slaps them in buns, and a fourth sells them to customers. You are utilizing what management concept or theory? Selected Answer: Division of labor, or specialization Correct Answer: Division of labor, or specialization Question 27 2 out of 2 points What term describes an approach to management that stresses the manager’s role in a formal hierarchy of authority and focuses on the task, machines, and systems needed to accomplish the task efficiently? Selected Answer: Classical approach Correct Answer:
Classical approach Question 28 2 out of 2 points The decision-making process may sound easy to carry out in theory, but in reality it is extremely difficult, due to complexity of information, uncertainty of the decision process, and difficulties of implementation. Selected Answer: Tru e Correct Answer: Tru e Question 29 2 out of 2 points What is meant by capitalism? Selected Answer: An economic system wherein the natural laws of supply and demand and free competition within the marketplace will efficiently regulate the flow of resources within a society Correct Answer: An economic system wherein the natural laws of supply and demand and free competition within the marketplace will efficiently regulate the flow of resources within a society Question 30 2 out of 2 points The general economic climate rarely affects the individual organization’s prosperity and survival. Selected Answer: Fals e Correct Answer: Fals e Question 31 2 out of 2 points Which of the following characteristics relates to suppliers?