Buisiness Text #2 Flashcards
What is Leadership?
The action of leading a group or people/organization. Involves guiding, directing and influencing others to achieve common goals.
What is Leadership Integrity?
Builds trust and credibility. Being honest, ethical and consistent.
What is an autocratic leadership style?
“Do as I say”. Set clear visions and goals, and how they want to achieve it.
What is a pacesetting leadership style?
“Do as I do, now!”. Expects consistent excellence and self-direction, push team members hard and fast.
What is a transformational leadership style?
“Follow me”. Committed to big-picture goals.
What is a coaching leadership style?
“Consider this”. They view their teams as a reservoir of talent to be developed. get employees to tap into their full potential.
What is a democratic leadership style?
“What do you think?”. Search for employee input and opinions when making a desicion.
What is an affiliative leadership style?
“People come first”. Aim to put employees first by supporting their emotional and professional needs.
What is a delegative leadership style?
“laissez-faire” “I trust you to do your job”. Provide minimum guidance, with a hands-off approach.
What are the 4 general tasks of management?
Planning
Controlling
Organizing
Leading
What is a mission statement?
Defines what a buisiness does, its objectives, and how it plans to acheive them
What is a vision statement?
Defines what a business wants to achieve in the future. Long-term goals and aspirations.
What is organizational culture?
The collection of beliefs, values, norms, practices that shape how members of an organization interact with each other and stakeholders. The “personality” of the organization.
What are the 3 motivational theories? Define each.
Maslow- States how people are motivated to move onto greater things once their needs have been met.
McClelland- Everyone has one of the 3 needs (affiliation, power, achievement) developed by our experiences and culture.
McGregor- Puts people into 2 categoires. Theory X (negative) or Theory Y (positive).
What is quantitative measurement?
Operating data, efficiency, outcomes. Numbers.
What is qualitative measurement?
Non-numerical data. Involves opinions, feelings, experiences.
What is a project team?
Temporary teams brought together to work on a project with a timeline.
What is a virtual team?
People who work together from different geographical locations, relying on digital communication to collaborate.
What is a cross-functional team?
Consist of members from different departments working together to achieved a common goal. Leveraging their expertise to solve problems.
What is the D in DEI?
Diversity- The presence of things such as sex, age, gender. Having a workforce that reflects diversity.
What is the E in DEI?
Equity- Ensuring fair opportunities, treatment and advancement opportunities. Eliminating barriers.
What is the I in DEI?
Inclusion- Creating environments where everyone feels welcomed, respected, supported, valued.
What are logistics?
The coordination of an operation involving many people, facilities, etc.
What is accounting?
The processof recording, summarizing, and analyzing finanical transactions to help people understand their financial health.
What is the basic accounting equation?
Assets-liabilities= owners equity
What are assets?
What a company owns that has value
What is liability?
What a company owes others that has value
What is equity?
Something owned by the owner once all debt is paid off, assets-liabilities
What is a balance sheet?
Sumarizes all of the companys assets, liabilities, equity.
What is an income statement?
How much a company earns and spends duringa period. (revenue- expenses=profit)
What is a cash flow statement?
Shows how changes in a balance and income statement after the cash available for operating, investing and other financial activites.
What is craft production? Provide an example.
Products made by hand, attention to detail.
What is mass production? Provide an example.
Manufacturing large quantities of products.
What is job production?
Creating custom prodcuts for an individual
What is service?
Delivering intangible services
What is batch production?
Manufacturing groups of a product, allows quality control
What is mass customization?
Custom made products made in large quantities.
What is the first step in the production process?
Design- planning the product, making features and specializations like a blueprint
What is the second step in the production process?
Purchasing- aquiring nessesary materials, recources, etc.
What is the third step in the production process?
Processing- manufacturing the product, assembly, etc.
What is the last step in the production process?
Quality Control- testing, measuring product ensuring they meet specifications and requirments, and that all customers receive high-quality products.
What is the first task of general management? Provide a description
Planning- selecting goals and ways to achieve them
What is the second task of general management?
Controlling- monitoring performance and making corrections
What is the third task of general managment?
Organizing- assigning resources for tasks
What is the fourth task of general managment?
Leading- motivating staff to reach their goals, resolving conflict
