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BUSA 100 > Test #3 > Flashcards

Test #3 Flashcards

1
Q

A process designed to achieve an organization’s objectives by using its resources effectively and efficiently in a changing environment

A

Management

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2
Q

Individuals in organizations who make decisions about the use of resources and who are concerned with planning, organizing, staffing, directing, and controlling the organization’s activities to reach its objectives

A

Managers

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3
Q

The process of determining the organization’s objectives and deciding how to accomplish them; the first function of management

A

Planning

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4
Q

The statement of an organization’s fundamental purpose and basic philosophy

A

Mission statement

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5
Q

Expressed in general terms and do not contain specific, quantifiable metrics of where the firm is now or where is going; aspirational by nature

A

Goals

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6
Q

The ends of results desired by an organization, derive from the organization’s missions and goals

A

Objectives

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7
Q

Plans that establish the long-range objectives and overall strategy or course of action by which a firm fulfills its mission

A

Strategic Plan

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8
Q

Short-range plans designed to implement the activities and objectives specified in the strategic plan

A

Tactical plan

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9
Q

Very-short-term plan that specify what actions individuals, work groups, or departments need to accomplish in order to achieve the tactical pan and ultimately the strategic plan

A

Operational plan

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10
Q

An element in planning that deals with potential disasters such as product tampering, oil spills, fire, earthquake, computer virus, or airplane crash

A

Contingency planning

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11
Q

The structuring of resources and activities to accomplish objectives in an efficient and effective manner

A

Organizing

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12
Q

Motivating and leading employees to achieve organizational objectives

A

Directing

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13
Q

The process of evaluating and correcting activities to keep the organization on course

A

Controlling

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14
Q

Top of the pyramid:
President, CEO, Executive Vice Presidents; Do mostly planning

A

High-Level Management

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15
Q

Middle of the pyramid:
Plant managers, Division managers, department managers; Do mostly organizing

A

Middle Management

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16
Q

Bottom of the pyramid:
Foremen, Supervisors, Office managers; Do mostly controlling

A

Front-Line Management

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17
Q

The specialized knowledge and training needed to perform jobs that are related to particular areas of management

A

Technical expertise

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18
Q

The ability to think in abstract terms and to see how parts fit together to form the whole

A

Conceptual skills

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19
Q

The ability to identify relevant issues, recognize their importance, understand the relationships between them, and perceive the underlying causes of a situation

A

Analytical skills

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20
Q

The ability to deal with people, both inside and outside the organization

A

Human relations skills

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21
Q

When employees are provided with the ability to take on responsibilities and make decisions about their jobs

A

Employee empowerment

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22
Q
  1. Recognize and define the decision situation
  2. Develop options
  3. Analyze options
  4. Select the best option
  5. Implement the decision
  6. Monitor the consequences
A

6 steps of the decision-making process

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23
Q

A firm’s shared values, beliefs, traditions, principles, rules, and role models for behavior

A

Organizational culture

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24
Q

The arrangement or relationship of positions within an organization

A

Structure

25
Q

Visual display of the organizational structure, lines of authority, staff relationships, permanent committee arrangements, and lines of communication

A

Organizational chart

26
Q

The grouping of jobs into working units usually called departments, units, or divisions

A

Departmentalization

27
Q

The grouping of jobs that perform similar functional activities, such as finance, manufacturing, marketing, and human resources

A

Functional departmentalization

28
Q

The organization of jobs in relation to the products of the firm

A

Product departmentalization

29
Q

The grouping of jobs according to geographic location, such as state, region, country, or continent

A

Geographical departmentalization

30
Q

The arrangement of jobs around the needs of various types of customers

A

Customer departmentalization

31
Q

Giving employees not only tasks but also the power to make commitments, use resources, and take whatever actions are necessary to carry out those tasks

A

Delegation of authority

32
Q

A structure in which authority is concentrated at the top and very little decision-making authority is delegated to lower levels of authority

A

Centralized organization

33
Q

An organization in which decision-making authority is delegated as far down the chain of command as possible

A

Decentralized organization

34
Q

The number of subordinates who report to a particular manager

A

Span of management

35
Q

A permanent, formal group that performs a specific task

A

Committee

36
Q

A temporary group of employees responsible for bringing about a particular change

A

Task force

37
Q

Groups similar to task forces that normally run their operation and have total control of a specific work project

A

Project teams

38
Q

Communication that flows from lower to higher levels of the organization

A

Upward communication

39
Q

Traditional flow of communication from upper organizational levels to lower organizational levels

A

Downward communication

40
Q

The recording, measurement, and interpretation of financial information

A

Accounting

41
Q

An individual who has been state certified to provide accounting services ranging from the preparation of financial records and the filing of tax returns to complex audits of corporate financial records

A

Certified Public Accountant

42
Q

Board of Directors, owners, managers, accountants, and business analysists

A

Internal users

43
Q

Government, creditors, stockholders, employees,, customers

A

External users

44
Q

The internal use of accounting statements by managers in planning and directing the organization’s activities

A

Managerial accounting

45
Q

Summary of a firm’s financial information, products, and growth plans for owners and potential investors

A

Annual report

46
Q

Assets = Liabilities + Owners’ Equity

A

Accounting Equation

47
Q

A firm’s economic resources, or items of value that it owns, such as cash, inventory, land, equipment, buildings, and other tangible and intangible things

A

Assets

48
Q

Debts that a firm owes to others

A

Liabilities

49
Q

Equal assets minus liabilities and reflects historical values

A

Owners’ Equity

50
Q
  1. Examining source documents
  2. Recording transactions in an accounting journal
  3. Posting recorded transactions
  4. Preparing financial statements
A

Accounting cycle

51
Q

A financial report that shows an organization’s profitability over a period of time - month, quarter, or year

A

Income statement

52
Q

The total amount of money received from the sale of goods or services, as well as from related business activities

A

Revenue

53
Q

The amount of money a firm spent to buy or produce the products it sold during the period to which the income statement applies

A

Cost of Goods Sold

54
Q

The total profit (or loss) after all expenses, including taxes, have been deducted from revenue; also called net earnings

A

Net income

55
Q

A “snapshot” of an organization’s financial position at a given moment

A

Balance sheet

56
Q

Assets that are used or converted into cash within the course of a calendar year

A

Current assets

57
Q

A firm’s financial obligations to short-term creditors, which must be repaid within one year

A

Current liabilities

58
Q

Explains how the company’s cash changed from the beginning of the accounting period to the end

A

Statement of Cash Flows

59
Q

Calculations that measure an organization’s financial health

A

Ratio Analyses

BUSA 100 (7 decks)

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