Leadership & Management

Question 1

List the steps in the decision making process

Answer 1

Identify the problem, gather information, generate alternatives, evaluate the alternatives, reach a decision, implement, evaluate results

Question 2

Which company statement is aimed at leadership?

Answer 2

Mission statement

Question 3

Define the Accounting function of business

Answer 3

Express in money terms the resources under the control of management, provides information to help in the management of operations, and supply information that will allow the business to comply with all government rules and regulations

Question 4

Define the Marketing function of business

Answer 4

Helps the business identify potentially successful products and then promote those products

Question 5

Define the management function of business

Answer 5

Helps to reach organizational goals through planning, organizing, directing and controlling

Question 6

Define the FAR rule

Answer 6

File if it is important, Act on it if it needs action, Recycle it if you are finished

Question 7

Define the finance function of business

Answer 7

Helps to provide resources and planning for resources to help operate and expand the business

Question 8

Define the production and operations function of business

Answer 8

to use company resources to efficiently produce goods and services that customers want

Question 9

Define the sales function of business

Answer 9

requires identification of customers and potential customers, product promotion, and the actual selling, and follow up

Question 10

The purpose of this statement is to define the key measures of an organization’s success. It talks about how you will get to where you want to be.

Answer 10

Mission statement

Question 11

Define strategic planning

Answer 11

Top-level managers focusing on the vision and long-term goals of where a company wants to be in 3, 5, or 10 years.

Question 12

Tactical planning

Answer 12

Usually done by middle-level managers to support the vision and goals of strategic planning. Examples might include: testing a new process, purchasing a new machine, or planning a new delivery route

Question 13

Operational planning

Answer 13

Focuses on the specific policies, procedures, and rules needed for achieving day to day operation of the business

Question 14

Contingency planning

Answer 14

Plans for when things don’t go as planned. Examples might include: disaster recovery, recessionary budgets, or any other event that might interrupt a business would necessitate the need for contingency plans

Question 15

Define SMART

Answer 15

Specific, Measurable, Attainable, Realistic, Time-bound

Question 16

Branding includes:

Answer 16

Entire image a company represents to the outside word including: company logo, slogan, advertising, company’s employees

Question 17

The foundation for all the functions of management is:

Answer 17

Planning

Question 18

Organizing function of management requires management to:

Answer 18

Pull all resources together and allocate them where they are needed and when they are needed