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AR Entrepreneurship
Unit 5 Managing a Business
| Term | Definition |
|---|---|
| Benefits | employee's rewards for service in addition to salary |
| bonus | financial reward in addition to a regular wage or salary |
| commission | a percentage of a sale paid to a salesperson |
| delegate | let other people share workloads and responsibilities |
| empower | managers giving employees authority to make decisions without supervisory approval |
| job description | a written statement listing the duties and responsibilities of a job |
| management style | way of working with those whom managers supervise |
| mentoring | one employee teams up with another more experienced employee to learn a job |
| middle management | serves as the liaison between supervisory-level and top management and is responsible for implementing the goals of the top |
| organizational structure/chart | a plan that shows how the various jobs in a company relate to one another |
| paid leave | employee is paid while he or she is not working; for example, vacation or sick days |
| payroll | a list of people who receive salary or wage payments from a business |
| salaries | payments for labor or services done on an annual basis |
| supervisory-level managers | work directly with the workers on the job and are responsible for implementing the plans of middle management |
| top management | responsible for establishing the vision for a company and has the highest level of responsibility |
| wages | payments for labor or services that are made on an hourly, daily, or per-unit basis |
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