Business Management Quiz 1

Explain the planning management function.

The planning management function involves deciding what work will be done and how it will be accomplished. When managers plan, they identify the goals for the business, methods of achieving those goals, the resources required to carry out the plans, and target completion dates for tasks and projects.

Why do businesses manage information?

Businesses manage information in order to make good decisions about business activities. Businesses gather internal and external information to understand current conditions that will allow them to operate successfully and to achieve their goals.

Explain why businesses manage their financial resources.

Businesses manage their financial resources in order to have money available to buy supplies and materials, to pay employees, and to cover their other operating expenses. The way managers handle the business's financial resources often determines whether the business succeeds or fails.

Describe the controlling management function.

Controlling involves monitoring the work effort. When managers control, they coordinate the business's activities to make sure that the company is performing effectively and achieving its goals. Managers also monitor and measure employees' performance, identify problem areas, and make corrections when necessary.

What is management?

Management is the logical process of coordinating resources, such as money and employees, in order to accomplish an organization's goals.

Describe the functions of middle managers.

Middle managers serve as a link between top-level and first-line management, and they are responsible for implementing the goals set by top management. They actively plan, organize, and control various aspects of the business. The planning that middle managers do is more tactical in nature, meaning that they develop short-term plans to carry out within the next year in response to top management's decisions.

What is the directing management function?

The directing management function involves providing guidance to workers and work projects, as well as motivating and leading workers to accomplish the business's goals. Managers use their skills to develop a team spirit among employees and reward employees for their hard work.

Describe the management function of staffing.

The staffing function involves finding employees who know how to do the necessary work of the business. When managers conduct staffing, they identify the types of skills that employees need to have, develop ways to recruit and hire the most qualified people, assign new employees to specific work areas, determine compensation for workers, and decide what skills will be needed in the future.

Explain the three categories of skills that managers need to be successful.

The three categories of skills that managers need are: technical skills, interpersonal skills, and conceptual skills. Technical skills help managers to understand the technical aspects of the business. Managers need to be able to answer questions, give directions, and solve problems. To do this, they must understand various work processes, and they should know how to use the specialized tools required for these processes. Interpersonal skills help managers to communicate, interact, and build relationships. To do that, they need to treat employees fairly, listen to their concerns, and understand that employees are important for business success. And, managers must clearly communicate their ideas and expectations to employees so that the workers can be productive. Conceptual skills help managers to look at the organization as a whole and understand how the various parts of the organization are interrelated. Managers must also understand how the organization fits into its environment. Managers also need strong conceptual skills to think creatively and make wise decisions.

What are the responsibilities of first-line managers?

First-line managers are responsible for carrying out the actions and plans that the middle managers identified. In other words, they are generally responsible for the day-to-day activities of the employees who do the routine work of the business. They train these employees, assign work to these employees, evaluate employees' job performance, and maintain respect and discipline among the employees. In addition, first-line managers often work side-by-side with these workers.

Discuss the organizing management function.

Organizing involves setting up the way the business's work will be done. When managers organize, they review the plans that they have made, determine the jobs that need to be performed, group those jobs into departments, and establish lines of authority.

Why is it important for managers to understand the jobs of the workers they manage?

Managers need to understand the jobs their workers perform in order to effectively manage the employees who do the work. If managers understand the jobs, they know how workers should do their jobs and are able to answer questions and help employees solve problems. They are aware of what it takes to complete certain tasks.

Explain the responsibilities of top-level management.

Top-level management is responsible for the operation of the entire organization. They set the organization's goals, communicate these goals to everyone else, conduct strategic planning, and monitor the business's performance.

What are the equipment and supplies needed by a business to produce and/or sell its goods?

The equipment and supplies needed by a business to produce and/or sell its goods are the business's material resources.

Who are the people who work to produce a business's goods and services?

The people who work to produce a business's goods and services are the business's human resources.