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Leadership Flashcards

(62 cards)

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1
Q

The art of motivating a group of people to act towards achieving a common goal.

A

Leadership

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2
Q

The use of authority in decision-making

A

Leadership

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3
Q

The act of getting others to follow

A

Leadership

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4
Q

A personal characteristic; an ability to achieve effective performance in others

A

Leadership

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5
Q

True or False: Often can entrepreneurs make a company succeed by themselves.

A

False

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6
Q

True or False: Entrepreneurs need to be able to identify staffing needs, expertly fill them, and lead the team to success.

A

True

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7
Q

What are the five entrepreneur leadership qualities?

A
  1. Seeking self-improvement
  2. Possessing technical skills
  3. Accepting responsibility for actions
  4. Making decisions
  5. Role Model
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7
Q

Two importance of leadership in modern business:

A
  1. Changing organizational structures
  2. Rapid environmental change
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8
Q

Changing organizational structures:

A
  • Flatter +greater delegation
  • Teamwork +focus on quality assurance
  • coaching, support, and empowerment
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9
Q

Change is becoming a constant feature of business life

A

Rapid environmental change

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10
Q

Soft skills of leadership and management are increasingly important

A

Rapid environmental change

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11
Q

True or False: Strategic leaders are the people who influence or control the corporate strategy of a business.

A

True, importance of leadership in modern business

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12
Q

True or False: Strategic leadership often personally identified with the strategy

A

True

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13
Q

True or False: Strategic leadership occurs both in small firms (e.g. the founder) and large corporates.

A

True

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14
Q

Strategic leadership: Where leaders take direct control

A

Leadership as command

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15
Q

Strategic leadership: Where leaders set the vision and core beliefs

A

Leadership as vision

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16
Q

Strategic leadership: Where the leader is the embodiment of the strategy, but not involved day-to-day

A

Leadership as symbolic

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17
Q

Strategic leadership: Where the leader weighs up the options and decides

A

Leadership as decision-making

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18
Q

Inspire people; build relationships; take risks; have followers

A

Leaders/ Leadership

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19
Q

Enact the plan; use their authority; manage risks; have subordinates

A

Managers/ Management

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20
Q

The way that the functions of leadership are carried out

A

Leadership style

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21
Q

The way that a leader behaves

A

Leadership style

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22
Q

Type of Leadership style: Focus of power is with the manager

A

Authoritarian

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23
Q

Type of Leadership style: Communication is top-down and one-way

A

Authoritarian

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24
Type of Leadership style: Formal systems of command and control
Authoritarian
25
Type of Leadership style: Use of rewards and penalties
Authoritarian
26
Type of Leadership style: Very little delegation
Authoritarian
27
Type of Leadership style: Leader decides what is best for employees
Paternalistic
28
Type of Leadership style: Addressing employee needs
Paternalistic
29
Type of Leadership style: Similar to a parent/child relationship
Paternalistic
30
Type of Leadership style: Still little delegation
Paternalistic
31
Type of Leadership style: A softer form of authoritarian leadership
Paternalistic
32
Type of Leadership style: Focus of power is more with the group as a whole
Democratic
33
Type of Leadership style: Leadership functions are shared within the group
Democratic
34
Type of Leadership style: Employees have greater involvement in decision-making
Democratic
35
Type of Leadership style: Emphasis on delegation and consultation
Democratic
36
Type of Leadership style: A trade-off between speed of decision-making and better motivation and morale
Democratic
37
Type of Leadership style: Leader has little input into day-to-day decision-making
Laissez-faire
38
Type of Leadership style: Conscious decision to delegate power
Laissez-faire
39
Type of Leadership style: Managers/employees have the freedom to do what they think is best
Laissez-faire
40
Type of Leadership style: Effective when staff are ready and willing to take on responsibility
Laissez-faire
41
True or False: Right leader for the right situation
True
42
True or False: Authoritarian is the best leadership style
False, many alternative forms and styles
43
True or False: Autocratic makes more sense when business is in trouble (e.g. rapid turnaround)
True
44
True or False: Autocratic would be appropriate where performance is highly dependent on effective team-working and decentralized operation
False, inappropriate
45
What are the five essential qualities of a leader?
1. Courage 2. Confidence 3. Concentration 4. Passion 5. Values
46
True or False: Successful management of change requires positive action from top management and a leadership style that gains a commitment to change.
True
47
When a party whose actions are unobserved can affect the probability or magnitude of a payment associated with an event
Moral Hazard
48
The possibility that an individual's behavior may change because she has insurance
Moral Hazard
49
When workers perform below their capabilities when employers cannot monitor their behavior
Job Shirking
50
True or False: Moral Hazard is a problem only for insurance companies
False
51
True or False: Moral Hazard also alters the ability of markets to allocate resources efficiently.
True
52
True or False: Moral Hazard is a problem because a person takes a greater risk in the knowledge that a third party pays for the consequences
True
53
Problem arising when agents (e.g., a firm's managers) pursue their own goal rather than the goals of principals (e.g., the firm's owners)
Principal-agent problem
54
True or False: An agency relationship exists whenever there is an arrangement in which one person's welfare depends on what another person does.
True
55
An individual employed by a principal to achieve the principal's objective
Agent
56
True or False: A principal-agent problem arises when agents pursue their own goals rather than the goals of the principal
True
57
An individual who employs one or more agents to achieve an objective
Principal
58
Explanation for the presence of unemployment and wage discrimination which recognizes that labor productivity may be affected by the wage rate.
Efficiency wage theory
59
Principle that workers still have an incentive to shirk if a firm pays them a market-clearing wage because fired workers can be hired somewhere else for the same wage.
Shirking Model
60
Wage that a firm will pay an employee as an incentive not to shirk
Efficiency wage
61
True or False: Once hired, workers can either work productively or slack off (shirk). But because information about their performance is limited, workers may not get fired for shirking.
True

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