Chapter 5: General Managment And Corperate Governance

Question 1

Definition of euntrepreuneer

Answer 1

Sees an opportunity in market assumes risk by investing capital and combines all three factors of production

Question 2

What’s a interpreter

Answer 2

Inside entrepreneur

Question 3

Elements of a manager (4)

Answer 3

-maintains systems
-focused on system and structure
-relies on control
- accepts the state’s quote

Question 4

Elements of leader (4)

Answer 4

• develops new methods to do things
• focused on people
• inspired to trust
• challenged the status quote

Question 5

Management styles and what they are (6)

Answer 5

1. Democratic
   - allows for input and participation
2. Autocratic
   - no input
3. Transactional
   - motivated thru benefits
4. Transformational
   - motivated by helping them to understand their meaning
5. Situational leader
   - combination of all
   6.laisez fair

Question 6

Management tasks (polc)

Answer 6

1. Planning
2. Organizing
3. Leading
4. Controlling

Question 7

What is corporate governance

Answer 7

Set of rules that are used by management to direct and control business

Question 8

7 principles of good corporate governance

Answer 8

1. Transparency
2. Accountability
3. Independence
4. Discepline
5. Social responsibility
6. Fairness
7. Responsibility of all directors

Question 9

When was the king 4 report released and implemented

Answer 9

Realised on 1 November 2016
Implemented on 1 April 2017

Question 10

The 4 broad outcomes of the long 4 report

Answer 10

-creates an ethical culture
-good performance
-effective control
-trust and good reputation