Exam (elaborations)
CEOE OSAT - Business Education Questions and Answers 2024
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CEOE OSAT - Business Education
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CEOE OSAT - Business EducationManagement - answer The act of engaging with an organization's human talent and its
resources to accomplish desired goals and objectives.
Function of Business Management - answer Planning, Organizing, Staffing,
Leading/Directing, Controlling/Monitoring, and Motivating
Planning - answer The function of management where you decide what needs to
happen in the future (today, next month, next year, etc.) and generating plans for action.
Organizing - answer The function of management where you implement a pattern of
relationships among workers and making optimum use of the resources required to
enable the successful carrying out of plans.
Staffing - answer The function of management that includes Job analysis, recruitment,
and hiring of people with the necessary skills for appropriate jobs. Providing or
facilitating ongoing training, if necessary, to keep skills current.
Leading/Directing - answer The function of management that involves determining what
needs to be done in a situation and getting the right people to do it.
Controlling/Monitoring - answer The function of management that involves checking
current outcomes against forecast plans and making adjustments when necessary so
that goals are achieved.
Motivating - answerThe function of management that consists of energizing, channeling
and sustaining people's behavior towards the goals of the organization.
Stakeholders - answerPersons or organizations with a legitimate interest in a given
situation, action ,or enterprise which are directly affected by the organization's actions.
Theoretical - answerOf or relating to the underlying principles or methods of a given
technical skill, art, etc., as opposed to its practice.
Shareholder - answerThrough owning stock ,the real owner of a publicly traded
business that is run by management.
Capital expenditure - answerFunds spent by a company to acquire or upgrade a long-
term asset.
,Controller - answerA person who audits and manages the financial affairs of a company
or government; a comptroller.
Delegation - answerThe act of committing a task to someone, especially a subordinate.
Line Authority - answerManagers have the formal power to direct and control immediate
subordinates executing specific tasks within a chain of command, usually within a
specific department.
Functional Authority - answerManagers have formal power over a specific subset of
activities that include outside departments. (Before a production manager buys a new
machine, a expenditure proposal must be submitted.)
Staff Authority - answerStaff specialists manage operations in their areas of expertise.
Tall Structure - answerManagement structure characterized by an overall narrow span
of management, a relatively large number of hierarchical levels, tight control, and
reduced communication overhead.
Flat Structure - answerManagement structure characterized by an overall broad span of
management and relatively few hierarchical levels, loose control and ease of delegation.
Centralization - answerThe location of decision making authority near top organizational
levels. This expedites decision-making from the top down.
Decentralization - answerThe location of decision making authority is relatively evenly
dispersed across the company. This works well when creativity and independent
operations create value for the organization.
Laissez-faire - answerAn environment in which an organization's employees are free
from excessive oversight or management, with sufficient control only to ensure
organizational goals are met.
Accounting - answerThe systematic and detailed recording of financial transactions of a
business.
Why is accounting important? - answerHelps track income and expenditures, ensure
statutory compliance, and provide investors, management, and government with
quantitative financial information which can be used in making business decisions.
Income Statement - answerProvides you with information about the profit and loss
The Balance Sheet - answerGives you a clear picture on the financial position of your
business on a particular date.
, Cash Flow Statement - answerA bridge between the income statement and balance
sheet that reports the cash generated and spent during a specific period of time.
Accounting Equation - answerThe idea that a company's total assets are equal to the
sum of its liabilities and its shareholders' equity. The foundation of the double-entry
accounting system.
Double Entry Accounting - answerA system that requires one debit and one credit entry
for every transaction within a business. It tracks where your money comes from and
where it's going.
Assets - answerResources controlled by the company.
Liabilities - answerThe obligations, or debts, that a company owes and costs that it
needs to pay in order to keep the company running.
Sections of a Balance Sheet - answerAssets, Liabilities, and Shareholder's Equity
(owner's equity)
Accounts receivables - answerLists the amounts of money owed to the company by its
customers for the sale of its products.
Cash Equivalents - answerType of asset that that is liquid and not subject to material
fluctuations in value. Includes commercial paper, Treasury bills, and short-term (3 mo.
or less) government bonds.
Cash and Cash equivalents - answerFirst line of assets on a Balance Sheet that reports
the value of a company's assets that are cash or can be converted into cash
immediately.
Shareholder's Equity - answerA company's total assets minus its total liabilities.
Retained Earnings - answerA part of the shareholder's equity that is the sum of total
earnings that were not paid to shareholders as dividends. Represents the total profits
that have been saved and put aside for future use.
Accounting Equation Formula - answerAssets = (Liabilities + Owner's Equity)
Example of Double-Entry Accounting - answerIf a business buys raw materials and
pays in cash, it will result in an increase in the inventory (an asset) while reducing cash
capital (another asset).
Limits of the Accounting Equation - answerIt can't tell investors how well a company is
performing. Investors must interpret the numbers and decide for themselves.
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