Business Management Exam Bundle

% of new businesses that fail - Answer 50% (Sole) Proprietorship - Answer A business owned and managed by one person 4 Power Types - Answer Position, Reward, Expert, Identity Autocratic leader - Answer one who gives direct, clear, and precise orders with detailed instructions as to what, wh...

Autocratic - Answer The manager makes the decision alone, with little or no input from subordinates Semi-Autocratic - Answer The manager asks subordinates for information needed to make the decision, but still makes the decision alone. Leading - Answer The manager shares the situation with a f...

Sole Trader - Answer Businesses owned and operated by a single individual. Advantage: -Owner has complete control over all decisions in the business - The owner has the right to keep all the profits after taxes Disadvantage: - Unlimited liability for business debts - Burden of management a...

A manager's responsibility - Answer to obtain organizational objectives through efficient and effective utilization of resources Managers resources - Answer human, financial, physical & informational Three of the most important traits for a manager - Answer -integrity -industriousness -ab...

Which government agency oversees discrimination in the workplace? - Answer Equal Employment Opportunity Commission (EEOC) Which department is responsible for hiring, staffing, training, and evaluating an organization's personnel? - Answer Human Resources What market strategy uses skimming, pe...

What are the four basic management functions? - Answer Planning, Organizing, Influencing, Controlling A process/series of related activities Focused on reaching organizational goals Working with and through people and other organizational resources - Answer Management Guide organizations...

Which of the following is a career area in business? A. Entertainment B. Health care C. Marketing D. Mathematics - Answer C Which of the following is a career area in business management? A. Accounting B. Insurance C. Professional selling D. Business information management - Answer D A...

Organization - Answer A group of people who work together to achieve some specific purpose Management - Answer 1) the pursuit of organizational goals efficiently and effectively by 2) integrating the work of people through 3) planning, organizing, leading, and controlling the organizations succes...

The idea that individuals, companies, and countries should specialize in what they do best is most closely associated with ____. - Answer comparative advantage A ____ is an agreement between two parties to carry out a transaction, such as the sale of goods from a seller to buyer - Answer contract...

which management perspective is also known as quantitative perspective? - Answer Management science When a manager produces a new product or service that several customers want to purchase and sells it at a price that is attractive to these customers, this manager is said to have: - Answer High e...

For employees who like their current work, moving into management means they can no longer do that work. - Answer True There are a number of activities that must be performed by all managers no matter what the type of size of the company. - Answer True The primary work of all managers can be g...

Types of Uncertainty - Answer State: Environment is unpredictable Effect: impacts of environmental changes are unpredictable. Responses: Consequences of decisions are unpredictable. Planning - Answer Coping with uncertainty by formulating courses of action to achieve specified results Organi...

Strategy - Answer a large scale action plan that sets the direction for the organization Strategic Management - Answer a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals Vision - Answer a long-term goa...

1. One of the main functions of the legal procedure is to A. establish laws. B. enact legislation. C. resolve disputes. D. dissolve businesses. - Answer C 2. Marsha wants to invest her savings in a business. However, she wants to protect all of her personal assets. Which type of business own...