Business Management

Question 1

What is the definition of effective management?

Answer 1

Management that achieves the goals of the business by making the right decisions at the right time.

Question 2

What is the definition of vision?

Answer 2

The ability to forecast market trends and develop long-term goals. Entrepreneurs need to have a vision.

Question 3

What is the definition of accountable?

Answer 3

Managers are responsible, or accountable, for completing specific duties. They must also report to their superiors regarding their progress and/or achievements in their areas of responsibility.

Question 4

What is the definition of Autocratic?

Answer 4

An autocratic manager dominates the decision-making process

Question 5

What are interpersonal skills?

Answer 5

The ability to communicate and deal with different types of people effectively.
Business

Question 6

What is strategic planning?

Answer 6

Long-term planning for a business as a whole developed by senior management.

Question 7

What are the skills of management?

Answer 7

Interpersonal and communication skills
Strategic thinking
Vison
Problem-solving and decision-making
Flexibility and adaptability to change
reconciling the conflicting interests of stakeholders

Question 8

What does it mean to be proactive?

Answer 8

Anticipating changes in the business environment and, in response, making adjustments to the business, ensuring that it can take advantage of opportunities and minimise threats.
ISBN

Question 9

What is an income statement?

Answer 9

A summary of all revenues generated and expenses incurred by a business over a specific period of time, such as a financial year. It is completed to work out the business’s profitability and efficiency. Also known as a profit and loss or revenue statement.

Question 10

What is innovation?

Answer 10

The process of introducing a new product or improving an existing one through new ideas, methods, systems and procedures.