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Bus 490 Wk 3 Quiz 2 Ch. 2

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BUS 490 WK 3 Quiz 2 Ch. 2

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1) Vision and mission statements can often be found in the front of annual reports.



2) Although it is important for companies to have a clearly defined mission statement, research has shown that less than 50% of all companies have used a mission statement in the previous five years.



3) The foundation for development of a comprehensive mission statement is provided by a clear vision.



4) The mission statement should be short – preferably one sentence.



5) When developing a vision statement, input should be received from as many managers as possible.



6) If an organization chooses to have both a mission and a vision, the mission statement should be established first.



7) According to Peter Drucker, asking the question "What is our business?" is synonymous with asking the question "What is our vision?"



8) A mission statement is a declaration of an organization's "reason for being."



9) A mission statement, sometimes called a creed statement, can be defined as an enduring statement of purpose that distinguishes one organization from other similar enterprises.



10) Small, nonprofit organizations never develop mission statements.



11) A mission statement is a declaration of an organization's financial status.



12) A mission statement can sometimes be called a statement of philosophy.



13) Carefully prepared statements of vision and mission are widely recognized as the first step in strategic management.



14) An important question a mission statement should answer is, "What do we want to become?"



15) Whereas the mission statement answers the question, "What do we want to become?," the vision statement answers the question, "What is our business?"



16) In order to motivate a workforce effectively, both profit and vision are needed.

management.



17) When...

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