Business Management Flashcards
What is the primary goal of business management?
To ensure that an organization operates efficiently and effectively towards its objectives.
True or False: Business management only involves overseeing employees.
False
Fill in the blank: The four functions of management are planning, organizing, __________, and controlling.
leading
Which management style is characterized by a high degree of control and low employee autonomy?
Authoritarian management style
Define ‘SWOT analysis’.
A strategic planning tool used to identify Strengths, Weaknesses, Opportunities, and Threats.
What does ‘organizational culture’ refer to?
The shared values, beliefs, and practices that shape the behavior of members within an organization.
Multiple Choice: Which of the following is NOT a type of business structure? A) Sole Proprietorship B) Partnership C) Corporation D) Management Team
D) Management Team
What is the purpose of a business plan?
To outline a company’s goals, strategies, and the means to achieve them.
True or False: Leadership and management are the same.
False
What does ‘KPIs’ stand for?
Key Performance Indicators
Fill in the blank: __________ is the process of coordinating resources to achieve specific goals.
Management
What is the term for the ability to influence and guide others?
Leadership
Which financial statement shows a company’s revenues and expenses over a specific period?
Income statement
True or False: Strategic management focuses on long-term goals and the overall direction of the organization.
True
What is ‘change management’?
The approach to transitioning individuals, teams, and organizations to a desired future state.
Multiple Choice: Which of the following is a key element of effective communication? A) Clarity B) Ambiguity C) Complexity D) Distraction
A) Clarity
What is the purpose of market research?
To gather information about consumers’ needs and preferences.
Fill in the blank: __________ is the process by which managers develop strategies to achieve organizational goals.
Strategic planning
What is a ‘stakeholder’?
Any individual or group that has an interest in the success of an organization.
True or False: Delegation is an important aspect of effective management.
True
What does ‘human resource management’ focus on?
The recruitment, management, and development of an organization’s workforce.
Multiple Choice: Which of the following is a common method for measuring employee performance? A) Random selection B) Performance appraisals C) Employee surveys D) Social media
B) Performance appraisals
What is the role of a manager in conflict resolution?
To facilitate discussions, mediate disputes, and find mutually acceptable solutions.
Fill in the blank: __________ refers to the process of acquiring goods and services from external sources.
Procurement
