Keywords

Question 1

Management

Answer 1

The process of coordinating and directing the activities of an organisation to achieve its goals efficiently through planning, organising and controlling resources.

Question 2

Leadership

Answer 2

The ability to inspire, influence and guide others towards achieving a common goal or vision.

Question 3

Autocratic

Answer 3

A leadership style where decisions are made by a single individual with little or no input from subordinates, often characterised by strict control and centralised authority.

Question 4

Paternalistic

Answer 4

A leadership style where the leader acts as a father figure, making decisions for the benefit of employees while expecting loyalty and obedience in return.

Question 5

Democratic

Answer 5

A leadership style that encourages participation, collaboration and decision making by team members, promoting equality and shared responsibility.

Question 6

Laissez-faire

Answer 6

A leadership style characterised by minimal intervention and a hands off approach, where individuals or teams are given freedom to make their own decisions and manage their own tasks.

Question 7

Opportunity cost

Answer 7

The value of the next best alternative that must be forgone when a decision is made to allocate resources to a particular option.

Question 8

Stakeholder

Answer 8

Individuals or groups who have an interest, involvement or are affected by the activities and outcome of a business.