Unit 3 Test

Question 1

Leadership

Answer 1

The action of leading a group of people or an organization. Guiding, directing, and influencing others to meet common goals

Question 2

leadership Integrity

Answer 2

Characteristic in effective leaders, it ensures leaders are reliable and can be trusted to do the right thing, even when its difficult.

Question 3

Mission Statement

Answer 3

defines what a company does, its objectives, and how it plans to achieve those objectives. It focuses on the present and answers.

Question 4

Vision Statement

Answer 4

Outlines what a company wants to achieve in the future. I describes long-term goals and aspirations

Question 5

Organizational Culture

Answer 5

the collection of beliefs, values, norms, and practices that shape how members of an organization interact with each other and external stakeholders. Impacts employee satisfaction, productivity, and overall effectiveness

Question 6

Quantitative Measurement

Answer 6

involves collecting data to assess performance, efficiency, and outcomes

Question 7

Qualitative Measurement

Answer 7

non-numerical data that provides insights into the quality and characteristics of business processes and outcomes

Question 8

Logistics

Answer 8

the detailed coordination of a complex operation involving many people, facilities, or supplies. With inventory, it commonly refers to the ordering, shipment and tracking of goods for sale

Question 9

Accounting

Answer 9

the process of recording, summarizing, and analyzing financial transactions to help people and businesses understand their financial health

Question 10

Assets

Answer 10

what a company owns that has value

Question 11

Liabilities

Answer 11

what a company owes others that is of value

Question 12

Equity

Answer 12

the value of something that is owned by the title holder once all debt has been paid off

Question 13

Cash Flow Statement

Answer 13

shows how changes in the balance sheet and income statement accounts affect how much cash is available for operating, investing, and financing activities

Question 14

Balance Sheet

Answer 14

a statement of financial position, summarized all of the companies assets, liabilities and equity. Captures the state of a business at a particular time.

Question 15

Income Statement

Answer 15

profit and loss statement: how much money the company earns and spends during a particular period.

Question 16

DEI

Answer 16

Diversity, Equity, Inclusion

Question 17

Diversity

Answer 17

the presence of differences (race, ethnicity, gender, age, sexual orientation, disability, and socioeconomic background) within a given setting.

Question 18

Equality

Answer 18

ensuring fair treatment, opportunities, and advancements for all individuals while striving to identify and eliminate barriers that have prevented full participation from some groups

Question 19

Inclusion

Answer 19

the practice of creating environments where any individual or group can feel welcomed, respected, supported, and valued

Question 20

Management Teams

Answer 20

Project Team: work on specific projects with a defined objective and a set timeline

Cross functional Team: members of different departments or functional areas within an organization

Virtual Team: groups of individuals who work together from different geographical areas

Question 21

Leadership Style:Autocratic

Answer 21

Establish a clear end goal and how to achieve it. They set specific guidelines and clear expectations for what, when, and how tasks should be done. Expect others to accept their directives and carry them out

Question 22

Leadership Style: pacesetting

Answer 22

Expect consistent excellence and self direction. Typically very energetic, lead by example and setting high expectations

Question 23

Leadership Style: transformational

Answer 23

Visionary leaders are firmly committed to organizational purpose and big picture goals. Set objectives by outlining the direction the business will take and what will happen when they get there.

Question 24

Leadership Style: Coaching

Answer 24

view their teams as a reservoir of talent to be developed. They give employees the direction needed to tap into their abilities and reach their full potential. Must be careful not to overdue orders?micromanage

Question 25

Leadership Style: Democratic

Answer 25

Leaders who participate and look for employee input before making decisions, but overall they always have the final say.

Question 26

Leadership Style: Affiliate

Answer 26

Aim to put employees first. They pay close attention to employees and support their emotional and professional needs.

Question 27

Leadership Style: Delegate

Answer 27

Provide minimum guidance. They use a hands-off approach, trust in employees to solve problems independently. Empowers people and makes them feel trusted. Sets clear limits and expectations.

Question 28

Maslow’s Hierarchy of Needs

Answer 28

The most frequently used theory to understand how employees are motivated in the workplace. People are motivated to improve once their current levels of needs are consistently met

Question 29

McClelland’s Needs Theory

Answer 29

Needs for achievement, power and affiliation are learned/acquired by the kinds of events people experience in there environment

Question 30

McGregors Participation Theory

Answer 30

Two views of humans based on the participation of workers
Theory X = negative
Theory Y = positive

Question 31

Types of Production: Craft

Answer 31

the process of creating products by hand, often with the aid of simple tools, resulting in unique and high-quality items

Question 32

Types of Production: Mass

Answer 32

the manufacturing of large quantities of standardized products, often using assembly lines or automation technology.

Question 33

Types of Production: Job

Answer 33

Involves creating custom products for individual customers, often one at a time. Each product is unique and tailored to specific requirements

Question 34

Type of Production: Service

Answer 34

refers to the process of delivering intangible services to customers, such as healthcare, education, or financial services.

Question 35

Types of Production: Batch

Answer 35

involves manufacturing products in groups or “batches” where each batch goes through the production process before starting the next one