Final answer:
True, the process of arranging a firm's human and material resources to implement plans is known as organizing, which is a key management function.
Step-by-step explanation:
The statement is true: Arranging a firm's human and material resources to carry out plans is indeed called organizing. Organizing is a fundamental function of management that involves developing an organizational structure and allocating human resources to ensure the accomplishment of objectives. This process includes the identification of activities, classifying them into groups, assigning them to individuals, and creating authority and responsibility relationships among them for the purpose of achieving organizational goals.