Business Management (Exam Review) Essay

question

% of new businesses that fail
answer

50%
question

(Sole) Proprietorship
answer

A business owned and managed by one person
question

4 Power Types
answer

Position, Reward, Expert, Identity
question

Autocratic leader
answer

one who gives direct, clear, and precise orders with detailed instructions as to what, when, and how work is to be done.
question

Avoidance strategy
answer

a strategy for resolving conflict that takes a neutral position or agrees with another person’s position even though it differs from your personal belief
question

Baby Boom
answer

the highbirth rate perdiod from 1945 to 1965
question

Baby Bust
answer

the low birth rate period following the baby boom period
question

Brainstorming
answer

a group discussion technique that is used to generate a many ideas as possible for solving a problem
question

Browser
answer

a program that permits you to navigate and view webpages
question

Budget
answer

a financial plan usually extending for one year
question

Business plan
answer

a written discritpion of the business and its operations with an analysis of the opportunities and risks it faces
question

Capitalism
answer

an economic-political system in which private citizens are free to go into business for themselves, to produce whatever they choose to produce, and distribute what they produce as they please
question

Charter
answer

an official document granted by a state giving power to run a corperation
question

Commercial business
answer

a firm engaging in marketing, finance, and furnishing survices
question

Communication
answer

the sharing of information which results in a higher degree of understanding between the message sender and reciever
question

Communism
answer

forced socialism where all or almost al the productive resources of a nation are owned by the gorvernment
question

Controlling
answer

evaluating results to determine if if the company’s objectives have been accomplished as planned
question

Co-operative
answer

a busuness owned and operated by its user-members for the purpose of supplying themselves with goods and services
question

Corporation
answer

a business owned by a group of people and authorized by the state in which it is located to act as though it were a single person
question

Database
answer

a collection of data organized in a way that makes the data easy to find, update, and manage
question

Debit Card
answer

immediately transfers funds electronically from the customers checking account to the business’s account when a purchase is made
question

Decision Making Process
answer

Identify the problem, determine possible sulotions, analyze the solutions, then select the best solution
question

Demand
answer

the number of similar products that will be bought at a givien time at a given price
question

Dimocratic leader
answer

one who encourages workers to share in making decisions about work-related problems
question

Dividends
answer

profits distributed to stock-holders on a per-share basis
question

E-Commerce
answer

Doing business online
question

Effectiveness
answer

making the right decisions about what products or services to offer customers and the best ways to produce and deliver them
question

Efficiency
answer

producing products and services quickly, at low cost, without wasting timeand materials
question

Empowerment
answer

letting workers decide how to perform their work tasks and offer ideason how to improve the work process
question

Ethics
answer

The code of moral conduct that sets standards for what is valued as right or wrong behavior for a person or group
question

Executive
answer

a top-level manager who spends almost all of his or her time on management functions
question

Flame
answer

an electronic message that contains abusive, threatening, or offensive content that may violate company policy or public law
question

Gross Domestic Product (GDP)
answer

The total market value of all goods produced and services provided in a counrty in a year.
question

Grapevine
answer

an informal communication system that develops among workers
question

Health Insurance
answer

Insurance which provides protection against the expenses of health care
question

Implementing
answer

helping employees to work effectively
question

Industrial Business
answer

Firms that produce goods that are often used by other businesses or organizations to make things
question

Leadership
answer

The ability to influence individuals and groups to achieve organizational goals
question

Manager
answer

A person who completes all four manegment functions on a regular basis and his authority over other jobs and people
question

Manufacturing
answer

Form of production in which raw and semifinished materials are processed, assembled, or converted into finished products
question

MBWA
answer

Manage Business by Walking Around
question

Mid-Manager
answer

A manager who completes all of the management functions but spends more timeon one of the functions or is responsible for a specific part of the company’s operations
question

Mixed Economy
answer

An economic system that uses aspects of a market and a command economy to make decisions about what, how, and for whom goods and services are produced
question

Moore’s Law
answer

The prediction that the amount of data that can be processed by a computer chip will double about every 18 months
question

Nominal Group Technique (NGT)
answer

Group problem-solving method in which group members write down and evaluate ideas to be shared with the groups
question

Non-Profit Corperation
answer

An organization that does not pay taxes and does not exist to make a profit
question

Open Leader
answer

A manager who gives little or no direction to workers

Get instant access to
all materials

Become a Member