Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Intro to Business > final > Flashcards

final Flashcards

1
Q

What does management include?

A

efficiency and effectiveness

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Functions of Management

A

planning, organizing, leading, controlling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What does management identify?

A

purposes, mission statement, core values

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

SWOT Analysis

A

Strengths, weaknesses, opportunities, and threats to a company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Goals and objectives in management

A

Create tactical and operational plans, then implement objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the 5 leadership styles in management?

A

Autocratic, democratic, free-rein, transactional, transformational

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Autocratic leadership style

A

manager makes decisions without input from others

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Democratic leadership style

A

manager seeks input when making decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Free rein leadership style

A

manager does not provide guidance, and lets employees solve their own problems

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Transactional leadership style

A

manager exercises authority based on their rank in the organization, lets employees know what’s expected of them, steps in when mistakes are made

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Transformational leadership style

A

manager mentors employees, motivating them to achieve organizational goals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the control process

A

Establishing standards, measuring performance, comparing performance with standards and identifying deviations, determining the reason for deviations, taking corrective action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Benchmarking

A

Process for improving company efficiency and effectiveness by comparing it to competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

what is needed to be a top manager?

A

strong conceptual skills

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

what is needed to be a mid-level manager?

A

strong interpersonal skills

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

what is needed to be a low level manager?

A

technical skills

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

what is needed to be a good manager?

A

strong communication, decision-making, and time management skills

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

what is operational management?

A

management that oversees the process of transforming resources into goods and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

product planning

A

managers determine how goods will be produced where production will take place, and how manufacturing facilities will be laid out

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

what must be considered in the production process?

A

make-to-order, mass production, and mass customization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

site selection

A

manager looks for locations that’ll minimize shipping costs, have a supply of skilled worked, will provide a favorable community for workers and their families, offer resources at a low cost, and have a good business climate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

just in time production

A

inventory control method by which materials arrive just in time to enter the manufacturing process

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

material requirements planning

A

inventory control method by which a software tool determines material needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

what are the most common tools used by operational managers?

A

Gantt & PERT charts

25
ganttt charts
help managers determine the status of projects
26
PERT charts
activities and time needed to identify the critical path (sequence of activities that'll require the most amount of time) are placed on diagrams
27
what do service firms provide
intangible products that are customized
28
what is total quality management
principles to which companies adhere to, allowing them to deliver quality goods and services
29
outsourcing
saves companies' money by using lower cost, specialized labor, and by being located either domestically or abroad
30
what is accounting?
the process of measuring and summarizing business activities, interpreting financial information, and communicating results to management and other decision makers
31
who are managerial accountants
accountants who deal with information produced for internal users
32
who are financial accountants
accountants who deal with external reporting
33
what is an income statement
statement that captures sales and expenses over a period of time. they show how much a firm made/lost in that time
34
what is a balance sheet
information that reflects the financial position of a firm at any given point. it includes assets, liabilities, and owner's equity
35
what does a balance sheet include
assets, liabilities, and owner's equity
36
equation to find owner's equity
assets minus liabilities
37
what is the break even analysis?
a technique used to determine the level of sales needed to break even - to operate at a sales level at which you have neither profit or loss
38
what is the ratio analysis?
analysis that assesses a company's performance and financial condition over time. it also compares one company to similar ones
39
ratio categories
profitability ratios, liquidity ratios, debt ratios, efficiency & effectiveness
40
how do you find assets?
adding liabilities and the stockholders equity
41
how do you find the net income?
revenue minus expenses
42
what is the federal reserve?
the central bank of the U.S., which makes important decisions about monetary policy
43
what happens if the federal reserve increases or decreases money supplies?
if they increase it, interest rates fall. if they decrease it, interest rates rise
44
federal funds rate
interest rate at which depository institutions lend their excess federal reserve deposits to each other
45
federal open market committee (FOMC)
is responsible for open market operations. it is the principle tool through which U.S. monetary policies are implemented to influence the availability and costs to help promote national economic goals
46
understanding stocks: previous close
stock price when the market closed
47
understanding stocks: open
stock price when the market opened
48
understanding stocks: bid
price a person says they want to pay for a number of shares
49
understanding stocks: ask
price at which a seller is willing to sell their stock
50
understanding stocks: day's range
differences between high and low prices of the day
51
understanding stocks: 52 week range
differences between high and low prices within 52 weeks (calculates the average)
52
understanding stocks: volume
how many times a stock was sold in a day
53
understanding stocks: market cap
value of the company's shares of stock (shares x price)
54
understanding stocks: beta
measures a stocks' volatility compared to the market's votality. +1 = stock is more volatile than the market
55
understanding stocks: PE Ratio (TTM)
share price/earnings per share, tells us how much investors are willing to pay for every $1 of earnings
56
understanding stocks: EPS (TTM)
net income/shares outstanding, tells us how much each share is earned
57
understanding stocks: forward dividend and yield
how many dividends a stockholder will receive per share purchased, and what percentage of a company's share price the dividend will come to be
58
understanding stocks: ex dividend date
date by which investors must hold stocks to receive a dividend (business pay shareholders)
59
understanding stocks: 1y target est
what investors expect the company will be worth in a year

Intro to Business (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions