Business Management - Unit 1

An example of a performance goal is

Being promoted to manager

Jill evaluates the production output of her production department by checking it against the production goals for the current period. This is an example of the ______________ function of management.

Controlling

Which management function is described in the following situation: Phil Smith has created a team atmosphere among the employees of his department. When the team exceeded their production goals, Phil rewarded them with a sports event outing and a 10 percent bonus.

Directing

Nick is the CEO of a business. The vice presidents of marketing, product development, finance, and operations all report to him, and they each have their own teams made up of several employees. This is a __________ structure.

Functional

Employees who have supervisory responsibilities for part or all of the business work in

General Management

What is the first step you should take when planning a project?

Identifying the project's stakeholders

You text your friends to see if they want to go to a concert this weekend. This is an example of

Planning

Which principle of organizational design states that authority should flow in a clear, unbroken line from the top of an organization to the bottom?

Scalar Principle

What industry includes brokerage firms and stock exchanges?

Securities and investments

Is creating an advertising strategy in six weeks a short or long term goal?

Short term goal

Which management function is described in the following situation: Sally Moore determines the type of workers she needs, locates qualified applicants, selects those to be hired, and assigns the new hires to a work area.

Staffing

As a specific outcome you intend to work toward, a goal is a(n)

Target

How does organizing provide a sense of security for employees?

They know exactly what is expected of them.

What is an important function of mid-level management?

To serve as a link between top-level and first-line management

True or False: Anyone can be a leader

True

To accomplish the business's goals

What is the main purpose of management?

A company has a goal to launch a new product. After setting this goal, company management needs to:

determine the work needed to accomplish it.

The best business career prospects are available to candidates who have

earned a bachelor's degree

Organizations use organizational design to structure:

people, information, and technology.