Business Management

Question 1

Four Functions of Management

Answer 1

Planning, Organizing, Leading, & Controlling

Question 2

Low Efficiency / High Effectiveness

Answer 2

Manager chooses the right goals to pursue but does a poor job of using resources to achieve goals.

Question 3

High Efficiency / High Effectiveness

Answer 3

Manager chooses the right goals to pursue and makes good use of resources to achieve these goals.

Question 4

Low Efficiency / Low Effectiveness

Answer 4

Manager chooses the wrong goals to pursue and makes poor use of resources.

Question 5

High Efficiency / Low Effectiveness

Answer 5

Manager chooses inappropriate goals but makes good use of resources to pursue goals.

Question 6

Mission Statement

Answer 6

Broad declaration of an organizations overriding purpose ; what it is seeking to achieve from its activities.

Question 7

Vision Statement

Answer 7

Desired future state of company.

Question 8

Human Skills

Answer 8

General ability to understand, alter, and lead behavior.

Question 9

Technical Skills

Answer 9

Job-specific skills required to perform certain job.

Question 10

Conceptual Skills

Answer 10

Ability to analyze and diagnose a situation and to distinguish between cause and effect.

Question 11

Competitive Advantage

Answer 11

Ability of one organization to out perform other organizations because it produces desired goods or services for efficiently and effectively than its competitors.

Question 12

Strategy

Answer 12

A plan of action to improve functions of a business.

Question 13

Internal Locus of Control

Answer 13

The tendency to locate responsibility for one’s fate within oneself.

Question 14

External Locus of Control

Answer 14

The tendency to locate responsibility for ones fate in outside forces and to believe ones own behavior has little impact on outcomes.

Question 15

Big Five Personality Traits

Answer 15

1. Extraversion 2.Negative Affectivity 3.Agreeableness 4.Conscientiousness 5.Openness to experience

Question 16

Need for achievement

Answer 16

The extent to which an individual has a strong desire to perform challenging tasks well and to meet personal standards for excellence.

Question 17

Need for affiliation

Answer 17

The need to establish and maintain good relations, being liked, etc.

Question 18

Need for power

Answer 18

Desire to control or influence others.

Question 19

Organizational Citizenship Behavior

Answer 19

Behaviors that are not required of organizational members that contribute to and are necessary for organizational efficiency, effectiveness, and competitive advantage.

Question 20

Job Satisfaction

Answer 20

The collection of feelings and beliefs that managers have about their current jobs.

Question 21

Ethics

Answer 21

The inner guiding moral principles, value, and beliefs that people use to analyze or interpret a situation and then decide what is the right or appropriate way to behave.

Question 22

Ethical Dilemma

Answer 22

When one has to decide if they should act in a way that would benefit others but go against their own self interest.

Question 23

Glass Ceiling

Answer 23

Barrier that prevents minorities and women from being promoted to top corporate position.

Question 24

Stakeholders

Answer 24

Have a claim on and a stake in the company ; supplies a company with its productive resources.

Question 25

Individual Ethics

Answer 25

Personal values terminal or instrumental

Question 26

Societal Ethics

Answer 26

Standards that govern how members of a society and attitudes that govern how members of a society deal with each other on issues like fairness, justice, poverty, and the rights of the individual.