Question 1

management

Accepted Answer

the process of working with people and resources to accomplish organizational goals

Question 2

planning

Accepted Answer

the management function of systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization will pursue.

Question 3

organization

Accepted Answer

the management function of assembling and coordinating human, financial, physical, informational, and other resources needed to achieve goals

Question 4

leading

Accepted Answer

the management function that involves the managers efforts to stimulate high performance by employees

Question 5

controlling

Accepted Answer

the management function of monitoring performance and making needed changes

Question 6

Managers

Accepted Answer

attain goals in an efficient and effective manner through planning, organizing, leading and controlling

Question 7

organizing activities

Accepted Answer

attracting people to the organization, specifying job responsibilities, grouping jobs into work units, marshaling and allocating resources, and creating conditions so that people and things work together to achieve maximum success.

Question 8

accountability

Accepted Answer

being responsible for your own actions

Question 9

Sole Proprietorship

Accepted Answer

One person running the business, full personal liability

Question 10

Partnership

Accepted Answer

Two or more people running the business, liability split between the owners

Question 11

C-Corporations (Conventional)

Accepted Answer

Legal entity that acts and has liability, seperate from its owners

Question 12

S-Corporations

Accepted Answer

"

Looks like a ""C-corporation"" taxed like a Partnership (personal income of owners)

"

Question 13

Limited Liability Corporation (LLC)

Accepted Answer

Looks like a C-corporation and taxed as a personal income (Personal asset cannot be taken if bankrupt)

Question 14

product

Accepted Answer

anything offered to the target market to satisfy their needs.

Question 15

place

Accepted Answer

the locations where products are sold and the way they are made available to consumers. also is where conssumers can obtain the product or service

Question 16

price

Accepted Answer

what customers pay and the method of payment. also can support an image of quality, service, or value in addition to spelling out cost.

Question 17

promotion

Accepted Answer

the methods used to communicate information to consumers. also helps to attract new consumers by informing and persuading them.

Question 18

target market

Accepted Answer

a clearly identified group of consumers with very similar needs to whom a company can sell its products.

Question 19

marketing mix

Accepted Answer

a combination of marketing elements designed to meet the needs of the target market.

Question 20

marketing

Accepted Answer

increased our standards of living by understanding our needs and wants and providing us with more choices and better products.

Question 21

distribution channel

Accepted Answer

the path a product travels from product to consumer.

Question 22

Basic Accounting Equation

Accepted Answer

Assets equals Liabilities plus Owner’s Equity (A=L+OE)

Question 23

Assets

Accepted Answer

Resources owned by the company and used for some business purpose

Question 24

Current Assets

Accepted Answer

Those assets that typically will be consumed within a year

Question 25

Long term assets

Accepted Answer

Those assets that will not be consumed within a year

Question 26

Liabilities

Accepted Answer

The claims that creditors have against the company

Question 27

Current Liabilities

Accepted Answer

Those liabilities which will be paid within a year

Question 28

Long term liabilities

Accepted Answer

Those liabilities that will not be paid off within a year

Question 29

Owner's Equity

Accepted Answer

The claim that owners (common stockholders, general partners or sole proprietors) have against the company

Question 30

Income Statement

Accepted Answer

Identifies revenues and expenses relating to a company's business activity over a period of time, e.g., January 1, 2008 through December 31, 2008.

Question 31

Nepotism

Accepted Answer

favoritism shown to relatives or close friends by those in power (as by giving them jobs)

Question 32

middle management

Accepted Answer

This level of management includes department heads and district sales managers.

Question 33

decision-making role

Accepted Answer

By making changes in policies or resolving conflicts in the workplace, a manager is working within his or her ____.

Question 34

A Theory Y manager is most likely to ____.

Accepted Answer

assume that all workers are content with their work

Question 35

Theory Z

Accepted Answer

Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.

Question 36

Wheeler-Lea Act of 1938

Accepted Answer

This law guards against false advertising.

Question 37

contract

Accepted Answer

A ____ is an agreement between two parties to carry out a transaction, such as the sale of goods from a seller to buyer.

Question 38

Under the Americans with Disabilities Act, companies ____.

Accepted Answer

cannot fire or refuse to hire people because of certain disabilities and illnesses

Question 39

Profit

Accepted Answer

The difference between what a business earns (revenue) and what it spends (costs) is known as ____.

Question 40

China

Accepted Answer

The largest exporter in the world is ____.

Question 41

Retrenchment

Accepted Answer

____ strategy is a plan to reverse negative trends in a company, such as the losses in sales.

Question 42

Procedure

Accepted Answer

A detailed series of related steps or tasks written to implement a policy is called a ____.

Question 43

corporate strategies

Accepted Answer

Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.

Question 44

a continuous-flow operating system

Accepted Answer

Because production occurs continuously throughout the year, the 3-M company can best be described as using ____.

Question 45

unity of command

Accepted Answer

Confusion results if a person reports to two people at once, according to ____.

Question 46

delegate the task

Accepted Answer

When a task is too time consuming for a manager to handle alone, he or she may ____.

Question 47

inside board members

Accepted Answer

Senior company managers who serve on the company's board of directors are known as ____.

Question 48

line organization

Accepted Answer

In a ____ authority originates at the top and moves downward in a line.

Question 49

growth through direction state

Accepted Answer

The company founder is no longer solely responsible for all decision making during the ____.

Question 50

chief executive officer

Accepted Answer

The person who sets the company's objectives is the ____.

Question 51

Informal work groups can affect ____.

Accepted Answer

productivity, the success of the managers, and the morale of the other employees

Question 52

Ethics

Accepted Answer

Principles of right conduct and moral values

Question 53

Integrity

Accepted Answer

Moral or ethical strength; the quality of being honest

Question 54

Respect

Accepted Answer

The instant willingness to show consideration or appreciation

Question 55

Self-Esteem

Accepted Answer

A sense of one's own dignity or worth

Question 56

Teamwork

Accepted Answer

Cooperative effort by the members of a group or team to achieve a common goal

Question 57

acquisition

Accepted Answer

occurs when one business buys all or part of another business

Question 58

benchmarking

Accepted Answer

the process of comparing an organization's products or services and processes with those of another companies

Question 59

contingency plans

Accepted Answer

alternative plans to be implemented if uncontrollable event occur

Question 60

functional strategies

Accepted Answer

strategies developed and implemented by managers in marketing, operations, human resources, finance, and other departments

Question 61

grand strategies

Accepted Answer

an overall corporate strategy for growth, stability, or turnaround and retrenchment, or for some combination of these

Question 62

growth strategies

Accepted Answer

strategies a company can adopt in order to grow: concentration, backward and forward integration, and related and unrelated diversification

Question 63

management by objectives (MBO)

Accepted Answer

the process in which managers and their employees jointly set objectives for the employees, periodically evaluate performance, and reward according to the results

Question 64

merger

Accepted Answer

occurs when two companies form one corporation

Question	Answer
management	the process of working with people and resources to accomplish organizational goals
planning	the management function of systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization will pursue.
organization	the management function of assembling and coordinating human, financial, physical, informational, and other resources needed to achieve goals
leading	the management function that involves the managers efforts to stimulate high performance by employees
controlling	the management function of monitoring performance and making needed changes
Managers	attain goals in an efficient and effective manner through planning, organizing, leading and controlling
organizing activities	attracting people to the organization, specifying job responsibilities, grouping jobs into work units, marshaling and allocating resources, and creating conditions so that people and things work together to achieve maximum success.
accountability	being responsible for your own actions
Sole Proprietorship	One person running the business, full personal liability
Partnership	Two or more people running the business, liability split between the owners
C-Corporations (Conventional)	Legal entity that acts and has liability, seperate from its owners
<p>S-Corporations </p>	"<p>Looks like a ""C-corporation"" taxed like a Partnership (personal income of owners) </p>"
Limited Liability Corporation (LLC)	Looks like a C-corporation and taxed as a personal income (Personal asset cannot be taken if bankrupt)
product	anything offered to the target market to satisfy their needs.
place	the locations where products are sold and the way they are made available to consumers. also is where conssumers can obtain the product or service
price	what customers pay and the method of payment. also can support an image of quality, service, or value in addition to spelling out cost.
promotion	the methods used to communicate information to consumers. also helps to attract new consumers by informing and persuading them.
target market	a clearly identified group of consumers with very similar needs to whom a company can sell its products.
marketing mix	a combination of marketing elements designed to meet the needs of the target market.
marketing	increased our standards of living by understanding our needs and wants and providing us with more choices and better products.
<p>distribution channel </p>	<p>the path a product travels from product to consumer. </p>
Basic Accounting Equation	Assets equals Liabilities plus Owner’s Equity (A=L+OE)
Assets	Resources owned by the company and used for some business purpose
Current Assets	Those assets that typically will be consumed within a year
Long term assets	Those assets that will not be consumed within a year
Liabilities	The claims that creditors have against the company
Current Liabilities	Those liabilities which will be paid within a year
Long term liabilities	Those liabilities that will not be paid off within a year
Owner's Equity	The claim that owners (common stockholders, general partners or sole proprietors) have against the company
Income Statement	Identifies revenues and expenses relating to a company's business activity over a period of time, e.g., January 1, 2008 through December 31, 2008.
Nepotism	favoritism shown to relatives or close friends by those in power (as by giving them jobs)
middle management	This level of management includes department heads and district sales managers.
decision-making role	By making changes in policies or resolving conflicts in the workplace, a manager is working within his or her ____.
A Theory Y manager is most likely to ____.	assume that all workers are content with their work
Theory Z	Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
Wheeler-Lea Act of 1938	This law guards against false advertising.
contract	A ____ is an agreement between two parties to carry out a transaction, such as the sale of goods from a seller to buyer.
Under the Americans with Disabilities Act, companies ____.	cannot fire or refuse to hire people because of certain disabilities and illnesses
Profit	The difference between what a business earns (revenue) and what it spends (costs) is known as ____.
China	The largest exporter in the world is ____.
Retrenchment	____ strategy is a plan to reverse negative trends in a company, such as the losses in sales.
Procedure	A detailed series of related steps or tasks written to implement a policy is called a ____.
corporate strategies	Strategies that deal with the most important aspects of the company's operations and provide overall direction for the company are known as ____.
a continuous-flow operating system	Because production occurs continuously throughout the year, the 3-M company can best be described as using ____.
unity of command	Confusion results if a person reports to two people at once, according to ____.
delegate the task	When a task is too time consuming for a manager to handle alone, he or she may ____.
inside board members	Senior company managers who serve on the company's board of directors are known as ____.
line organization	In a ____ authority originates at the top and moves downward in a line.
growth through direction state	The company founder is no longer solely responsible for all decision making during the ____.
chief executive officer	The person who sets the company's objectives is the ____.
Informal work groups can affect ____.	productivity, the success of the managers, and the morale of the other employees
Ethics	Principles of right conduct and moral values
Integrity	Moral or ethical strength; the quality of being honest
Respect	The instant willingness to show consideration or appreciation
Self-Esteem	A sense of one's own dignity or worth
Teamwork	Cooperative effort by the members of a group or team to achieve a common goal
acquisition	occurs when one business buys all or part of another business
benchmarking	the process of comparing an organization's products or services and processes with those of another companies
contingency plans	alternative plans to be implemented if uncontrollable event occur
functional strategies	strategies developed and implemented by managers in marketing, operations, human resources, finance, and other departments
grand strategies	an overall corporate strategy for growth, stability, or turnaround and retrenchment, or for some combination of these
growth strategies	strategies a company can adopt in order to grow: concentration, backward and forward integration, and related and unrelated diversification
management by objectives (MBO)	the process in which managers and their employees jointly set objectives for the employees, periodically evaluate performance, and reward according to the results
merger	occurs when two companies form one corporation
objectives	a statement of what is to be accomplished that is expressed in singular, specific, and measurable terms with a target date
THE IMPORTANCE OF ETHICAL LEADERSHIP	Management's behavior sets the ethical tone of the firm; attitude of mgmt affects attitude of employees.
The Principle of Rights	Duty-based ethical standards imply that human beings have basic rights.
OUTCOME-BASED ETHICS	Utilitarianism: outcome oriented, focuses on the consequences of an action, not on the nature of the action itself or on any set of preestablished moral values or religious beliefs.
CORPORATE SOCIAL RESPONSIBILITY	the idea that those who run corporations can and should act ethically and be accountable to society for their actions.
CREATING ETHICAL CODES OF CONDUCT	- Providing ethics training to employees, policies and importance of ethical conduct must be clearly communicated to the employees at the hire stage; some companies hold periodic ethics seminars during which employees can openly discuss any ethical proble
Making Ethical Business Decisions: 6 factors:	The law = is the action legal? If dont know find out the legality. Rules and procedures. = Do only what is consistent with your company's procedures and policies. 3. Values. = laws and internal company policies reinforce society's values. 4. Conscience.
Prime Rate	Non-fluctuating rate that banks use to offer short-term loans of high dollar amounts made up of several interest rates
Extension	An extra amount of time granted to a party to make a payment
Business Budget	A tool designed to help managers and owners monitor the profitability of their actions
Loan	A purchase made with the use of borrowed money requiring a promise to pay it back on an agreed upon schedule.
Maturity	The length of a loan or the date on which a financial obligation must be repaid
Interest	This is the charge made by a lending institution which it uses to cover the administrative and operating costs and profit for the institution
Collateral	Any asset pledged towards the loan balance in case payment cannot be made
Banking	Any process of transacting business with a financial institution; depositing or withdrawing funds or requesting a loan, etc.
Line of credit	A limited amount of credit they have authorized you to borrow against with your promise to pay back in the future
Budgeting	A plan to control income and the advance any type of expenditures
Investing	commit (money or capital) in order to gain a financial return
Risk	The variability of returns from an investment
Net Income	The excess of revenues minus all liabilities in a given time period.
Balance Sheet	A document which shows the company assets, liabilities and owners' investment as of a specified date
Depreciation	An allowance made for a loss in value of property over a period of time.
Philosophy	Statement of beliefs and values that direct behavior, clear concise manner and included in staff handbooks and annual reports.
Policy	A governing plan for accomplishing goals and objectives. Explain how goals will be achieved. Define the general course and scope of activities. Serve as basis for future decisions, actions and help coordinate plans. Control performance, increase consisten
Goals	____ help focus attention on what is important and are broader statements than objectives. More quantitative the ____, the more likely its achievement is to receive attention and less likely it is to be distorted. The end or outcome to be accomplished. St
Long-range or strategic planning	Extends 3 to 5 years into the future. Begins with in-depth analysis of internal environment's strengths and weaknesses. Reviews external opportunities and threats so realistic goals can be set
Short-range or operational planning	Done in conjunction with budgeting. Develops departmental maintenance and improvement goals for the coming year.
Purpose of Strategic Planning	Leaders need vision that is realistic and feasible. The strategic vision should be clear, cohesive, consistent and flexible. Includes analysis of the agency's internal and external environments (strengths, weaknesses, opportunities, and threats, or SWOT),
Organizational Structure	Formally dictates how jobs and tasks are divided and coordinated between individuals and groups within the company.
Organizational Chart	Is a drawing that represents every job in the organization and the formal reporting relationships between those jobs.
Work Specialization	Is the way in which tasks in an organization are divided into separate jobs.
Chain of Command	"within an organization essentially answers the question ""Who reports to whom?"""
Span of Control	Represents how many employees the manager is responsible for in the organization.
Matrix Structures	Are a more complex form of organizational design that tries to take advantage of two types of structures at the same time.
Restructuring	The process of changing an organization's structure. - Has a small negative effect on task performance. - Has a more significant negative effect on organizational commitment.
Three reasons nations trade	obtain goods they cannot produce, reflect comparative advantage, and create jobs
Exchange Rate	The price of your nation's currency is in terms of another nation's currency
Out-sourcing	transferring work to another country
World Health Organization (WHO)	Purpose is to direct and coordinate international health work and their goal is to bring the highest level of health to people across the globe
Supply	How much of the product there is
Demand	how much the costumers want the product
Producer	Maker of the item/supply
Market	The Combination of suppliers and Demande for a product
Competition	Two companies that are selling similar products
franchise	a written contract granting permission to operate a business to sell products and services in a set way
mission statement	a short, specific written statement of the reason a business exists and what it wants to achieve.
goal	a precise statement of results the business expects to achieve.
Pure Competition	independent and well informed buyers and sellers of the exact same product (farmers markets)
Imperfect Competition	market structure that does not meet all conditions of perfect competition, three catagories: monopolistic, oligopoly & monopoly
Monopolistic Competition	a type of imperfect competition such that competing producers sell products that are differentiated from one another as good but not perfect substitutes (such as from branding, quality, or location). In monopolistic competition, a firm takes the prices ch
Oligopoly	very few large firms dominate the market such as coke, pepsi, GM, McDonalds
Collusion	formal agreement to set prices. Sometimes illegal, but is typically secretive
Price Fixing	a form of collusion, agree to charge the same prices, usually higher than the price set by competition
Monopoly	one seller of a product - denies people competition and is against the law (They can typically raise prices)
Patent	exclusive right to manufacture, sell or use a new invention, prevents someone from stealing and profiting from your invention
Copyright	protects art and literary work, give authors exclusive right to publish, sell and reproduce their work
Sherman Antitrust Act	protected trade and commerce against unlawful restraint or monopolies (1890)
Clayton Antitrust Act	more specific than the Sherman Antitrust Act, gave the government more power against monopolies
Federal Trade Commission	helped enforce the Clayton Act, gave the government the power to issue cease and desist orders to stop unfair business practices (1914)
Robinson-Patman Act	strengthened the Clayton Act and dealt with price discrimination
labor	the workforce of a business
capital	artificial resource made by labor
opportunity cost	the benefit lost from the next best alternative; what you have to give up, to get what you want or need the most
methods of finance for an expanding business	private funds, partners/shareholders, bank loans, asset leasing and hire purchase, venture capital/business angels, merger capital, retained profits
SWOT analysis	``` S- strengths W- weaknesses O- opportunities T- threats strengths and weaknesses are internal factors of the company; opportunities and threats are external factors towards the company ```
downsizing	creating a flatter organization structure normally cutting out middle management
responsibility	being accountable or being able to justify an action
authority	the ability to carry out a task
job rotation	changing jobs or tasks from time to time
quality control circles	small groups in the same work area that have scheduled meetings about problems and how to fix them
empowerment	delegating more power to employees
forecasting	using relative information to predict how many jobs will be needed
Maslow's hierarchy of needs	can't have higher level, or class without the lower level; physiological needs, safety needs, feeling of love and belonging, esteem needs, self-actualization
theory x	people are lazy
theory y	people are internally motivated
Herzberg's two-factor theory	motivator and hygiene factors need to be met to prevent dissatisfaction
organization behavior modification	positive reinforcement, negative reinforcement, punishment
positive reinforcement	rewarded for good performance; something the employee likes is praised
negative reinforcement	something that the employee dislikes is taken away
fringe benefit	payments other than wages or salaries, other benefits
Autocratic Leadership style	Making decisions without consulting anyone
Democratic Leadership Style	Managers and workers cooperating as a team
laissez-faire Leadership style	Lots of leeway to workers to meet goals
OSHA	a government agency in the Department of Labor to maintain a safe and healthy work environment
Affirmative Action	"refers to policies that take factors including ""race, color, religion, gender, sexual orientation or national origin"" into consideration in order to benefit an underrepresented group, usually as a means to counter the effects of a history of discrimina
Fair Labor Standards Act (FLSA)	The most sweeping federal law that restricts the employment and abuse of child workers. Child labor provisions are designed to protect the educational opportunities of youth and prohibit their employment in jobs that are detrimental to their health and sa
Variance	2 definitions: 1. Permission granted by a zoning authority to a property owner to allow for a specified violation of the zoning requirements. Variances are generally granted when compliance is impossible without rendering the property virtually unusable.

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FSOT - Managment