“Management is attaining goals through others; leadership is pursuing goals with others” is the only true statement among the others. For further study you can look at page number183 in the book.

Stakeholders are the actors who can affect or can be affected by the achievement of a company’s objective. Internal stakeholders are stockholders, board of directors,
executive officers, other managers, and employees. External stakeholders are all other individuals and groups that have some claim on the company.

Management is defined as a process which applies to any formal and informal management environment with a variety of goals: “Management is the achievement of goals by others through Planning, Organizing, Leading, and Controlling activities (P-O-L-C framework)”. Each function contributes to the management process from a different perspective, but they are interconnected and complement each other. Managers are responsible for ensuring the achievement of goals; therefore, planning, organizing, leading, and controlling the company’s operations are key responsibilities for managers.

Corporate-level strategy includes the determination of the long-term goals and objectives, the allocation of resources, and the adoption of courses of action in seeking competitive advantage when competing in more than one industry and market simultaneously. It concerns the broad question, where to compete and effects the entire business. Thus, corporate-level strategy is concerned with decisions about in what businesses to operate. 

Global strategy refers to the determination of the long-term goals and objectives, the allocation of the resources, and the adoption of courses of action in seeking competitive advantage when competing around the world.

Companies primarily confront two sets of pressures in the global context: cost reduction and local responsiveness. The framework that considers these two sets of pressure is called the global integration-local responsiveness framework which indicates: cost pressure often require global integration and local responsiveness press companies to adapt locally. In both domestic and international competition, pressures for cost reductions are almost universal. What is unique in international competition is the pressure for local responsiveness, which is reflected in different consumer preferences and host country demands. Consumer preferences vary extremely around the world

A cross-functional or horizontal team is composed of employees from different departments or functions. Members are brought together to deal with a specific activity or to solve mutual problems. In large companies, members can come from different business units or divisions. Cross-functional teams may be involved in a form of matrix structure. Therefore, team members report to their functional departments and to the team leader. The correct answer is A. 

Internal control is a process, effected by an entity’s board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance.

An organization chart consists of various elements. These are Director sales, sales managers, director production, purchasing manager, quality control manager, Director finance, Financial planning manager, accounting manager, employee relations specialist and employment services specialist.

One essential strategic feature of markets is competition. Producers, whether manufacturers or service providers, would like to be ahead of their competitors for achieving their goals such as profit, growth, and market share. A company which reaches a higher performance relative to other rivals in the same industry or the industry average has a competitive advantage. Competitive advantage is always relative, not absolute. To evaluate competitive advantage, we compare company performance to either the performance of other companies in the same industry or an industry average.  A company which can surpass its competitors or the industry average over an extended period has a sustainable competitive advantage. 

In general, there are some factors influencing centralization versus decentralization:
• Higher level of environmental dynamism (greater change and uncertainty) is associated with decentralized decision making while a stable environment is associated with centralization.
• In time of crisis or risk of failure, authority may be centralized at the top.
• Adaptive organizational culture is more appropriate for decentralization.
• Risk taking and innovation and associated with decentralized authority. The correct answer is E. 

The operating budget is a set of budgets that forecast revenues and expenses such as sales revenue, cost of goods sold, and operating expenses. e first and perhaps most crucial component of an operating budget is the sales budget, because sales affect most other components of a master budget. After projecting sales revenue, the following must be prepared: a projected cost of goods sold budget, an inventory and purchasing budget, and a budget for operating expenses must be prepared.

“Transactional leadership is employed where accomplishment of organizational goals is the primary focus and the leader is fixed on the results.”

In general, there are some factors influencing centralization versus
decentralization:
• Higher level of environmental dynamism (greater change and uncertainty) is associated with decentralized decision making while a stable environment is associated with centralization.
• In time of crisis or risk of failure, authority may be centralized at the top.
• Adaptive organizational culture is more appropriate for decentralization.
• Risk taking and innovation and associated with decentralized authority.

The third step in the control process is comparing actual performance to performance standards. There will be a comparison between the “what is” and the “what should be.” Measured results will be compared with the standards which are already set. Comparing actual performance to standards include measuring the deviation or variation. The difference between “what is” and “what should be” is known as the deviation.

“Balanced scorecard” is not a component of operational control. It is a type of strategic performance measurement system.

Centralization indicates that most important decisions are made by managers at the top of the hierarchy. When the decision authority is pushed down to lower levels of the hierarchy, this means decentralization.

Concurrent controls are on-going control mechanisms. Concurrent control identifies and prevents problems as they occur.

According to Michigan studies, task-oriented behaviors indicate a focus on production and technical aspects of a job.

Leadership is the process of influencing others – a group, employees, or followers depending on the environment- in dynamic ways towards attaining goals.