Authentic WGU Certification Exam Principles-of-Management Questions Answers

The most common way for entrepreneurs to finance a start-up business is by using personal funds.

Personal Funds(Answer C): Many entrepreneurs begin their ventures by using their own savings or personal resources. This is often the most accessible form of financing and does not require external approval or incur debt​​.

SBA Loan(Answer A) andVenture Capital(Answer B): These are common sources of financing, but they are less frequently used than personal funds, especially in the initial stages of a start-up.

Initial Public Offering(Answer D): This is a method of raising capital typically used by established businesses rather than start-ups.

The process used to verify that deliverables are correct and complete is known as Quality Control. Quality control involves the operational techniques and activities used to fulfill requirements for quality. It includes activities such as measuring, examining, and testing to gauge one or more characteristics of a product or service and the comparison of these with specified requirements to determine conformity.

Quality Control(Answer A): This process is a part of the quality management focused on fulfilling quality requirements. It involves monitoring specific project results to determine if they comply with relevant quality standards and identifying ways to eliminate causes of unsatisfactory performance​​.

Quality Assurance(Answer D): This process is about ensuring that quality standards and processes are adhered to, and that the final products meet those standards. While it helps prevent defects by focusing on the process used to make the product, it is not directly involved in verifying the deliverables themselves​​.

Quality Collaboration(Answer B) andQuality Cooperative(Answer C): These terms are not standard processes in quality management as defined in the principles of management, thus making them incorrect choices for this question.

The textbook clearly states that quality control involves the steps taken to monitor results and ensure that they meet the required standards, making it the correct choice for verifying that deliverables are correct and complete​​.

The last step in the strategic planning process is strategic control. This involves monitoring and evaluating the execution of the strategic plan to ensure that the organization is achieving its objectives and making necessary adjustments.

Strategic Management Process:

The strategic management process includes developing the firm's vision and mission, strategic analysis, setting objectives, creating and implementing strategies, and finally, measuring and evaluating performance.

Strategic control is the step where managers assess whether the strategies and plans are being effectively implemented and whether they are leading the organization towards its goals​​.

Purpose of Strategic Control:

It ensures that the organization is moving in the right direction and that the strategic plans are yielding the desired outcomes.

It involves setting performance standards, measuring actual performance, comparing it with the standards, and taking corrective actions if necessary​​.

Components of Strategic Control:

Performance Measurement: This involves tracking the progress of strategy implementation through key performance indicators (KPIs).

Feedback and Adjustment: Based on performance data, managers provide feedback and make adjustments to strategies to address any deviations from the planned objectives​​.