Business Management Standard 4

Middle management is responsible for

• Overseeing and monitoring the performance of subordinate managers while making sure the objectives of top management are accomplished.

• They are responsible for directly supervising the behavior of employees performing necessary daily tasks.

• A main responsibility is to develop future plans for the business and how they will operate.

• Managing the demands of stakeholders to make sure the board of directors remain happy.

Upper management is responsible for

• The are responsible for hiring front line workers to make sure only the best individuals work for the company.

• They are responsible for directly supervising the behavior of employees performing necessary daily tasks.

• They are responsible for managing the individual stores or units of the business.

• They develop future plans for the business. Making sure the company is profitable, growing, and has a strategy for continued success.

Which of the following is NOT a way management uses to motivate employees.

• intrinsic rewards

• extrinsic rewards

• spousal support

• offering time off

The upper management leadership style will often

• have no effect on lower level management actions

• have no effect on lower level management actions

• influence how lower level managers operate

• have no effect on how employees behave

have no effect on how employees behave

• You have no responsibility for the toxic chemical. The decision was made on a higher management level.

• Report the findings to your manager and make sure employees are handling the product safely.

• It is your responsibility to remove the product and make sure it is not used again

• You must go to the media and report what has been happening in your company

The following are ways business' reduce their risk EXCEPT

• Borrow as much money as they can to begin with because they may not get to borrow more money later

• Performing financial analysis often to monitor their financial position and make decisions

• Insure against natural disaster losses. One way to mitigate risk is to get insurance to cover potential losses

• Monitor societal trends and make adjustments to product and processes to stay relevant

What is a business cycle?

• It is the cyclical response to customers, how products change and then go back to the way they were before

• It is the life cycle of the industry, how it starts, expands, then contracts

• It is the life cycle of the business, it starts, operates, then ends

• It is the natural expansion and contraction of economic activity

What is considered fiscal policy

• The government prints money so more is available to the American consumer

• The government incentivizes industry and individuals to borrow money

• The government spends money to spur economic activity as in stimulus spending

• The government reduces the interest rate charged to banks so people can borrow at a lower cost

What monetary policy is used by the government to reduce the duration of a recession

• The government changes currency type to reset the economy

• Reducing the interest rate paid by banks so individual can borrow at lower interest rates

• The government raises the interest rate so people earn more on their savings

• The government takes money out of the system to make it worth more

In economics GDP stands for

• Government designed prosperity

• Gold derivatives price

• Grand design placement

• Gross domestic product