In addition to understanding the organization's history and culture, what must a leader understand in order to be effective at strategic leadership?
A) The external environment
B) The needs of stakeholders
C) The advantages to virtual leadership
D) The hiring process
E) How men and women respond to various leadership styles
Answer: A
Explanation: A) To be effective as a strategic leader, a manager needs to have a thorough and complete understanding of the organization–its history, its culture, its strengths, and its weaknesses. In addition, the leader needs a firm grasp of the organization's external environment.
You might also like to view...
Which of the following is not a characteristic of high-performing teams?
a. Shared responsibility b. Focused on group dynamics c. Open, honest communication d. Rapid response e. Having a common purpose
Mr. Wizard's Magic Shoppe had the following condensed balance sheet at the end of operation for 2010:
Mr. Wizard's Magic Shoppe Balance Sheet December 31, 2010 Cash $40,000 Current Liabilities $35,000 Other current assets 60,000 Long-term Notes Payable 40,000 Total current assets $100,000 Bonds Payable 50,000 Investments $25,000 Capital Stock 150,000 Fixed assets (net) 110,000 Retained earnings 80,000 Land $120,000 Total assets $355,000 Total Liabilities and Equity $355,000 During 2011, the following occurred a. Mr. Wizard's sold some of its investments for $13,000 which resulted in a gain of $300 after taxes. The gain (net of taxes) has been included in the company's 2011 net income. b. Additional land for a plant expansion was purchased for $25,000. c. Bonds payable were paid in the amount of $10,000. d. An additional $35,000 in capital stock was issued. e. Dividends of $15,000 were paid to stockholders. f. Net income for 2011 was $48,000 after allowing for $15,000 in depreciation. g. A second parcel of land was purchased through the issuance of $10,000 in bonds, and $5,000 in long-term notes payable. Required: a. Prepare a statement of cash flows for the year ended 12/31/2011. (check figure: ending cash balance = $72,500) b. Prepare a condensed balance sheet for Mr. Wizard's at December 31, 2011.