Chapter 7 Business Management

_______________ is a term that is used to refer to the people who are in charge of running a business.

• Management

• Principals

• Officers

• Stakeholders

Controlling, leading, organizing, and planning are the four____________ of management

• characteristics

• cornerstones

• functions

• objectives

The process that managers use to develop goals and objectives, as well as strategies to achieve them, is called___________ .

• analysis

• planning

• organizing

• strategic thinking

Most managers carry out ________ different functions of management.

• one

• two

• three

• four

A disadvantage to line authority is that the managers have _____________who help with their responsibilities.

• few employees

• few specialists

• many employees

• many specialists

On an organizational chart a direct line of authority is indicated by a_________ line.

• diagonal

• dotted

• solid

• straight

A firm that has a centralized organization concentrates authority with _____________.

• individual contributors

• line managers

• middle managers

• top Managers

One of the characteristics of a formal structure is____________.

• decentralization

• departmentalization

• project partnerships

• self-directed teams

Informal structure often works well for___________ .

• international businesses

• large corporations

• service businesses

• small businesses

A disadvantage of the line and staff authority structure is that it can lead to ______________.

• line-staff conflict

• overstaffing

• staff turnover

• understaffing