Management Quarter 1 Test Review

The four functions of management are:

• Planning, Organizing, Managing, Examination

• Planning, Organizing, Leading, Evaluation

• Organizing, Control, Managing, Prioritizing

• Planning, Contour, Leading, Control

_______ involves motivation and direction for employees, to help encourage high performance. 

• Planning

• Leading

• Controlling

• Organization

_________ is the problem-solving process of using resources to achieve goals through planning, organizing, leading, and controlling.

• MANAGEMENT

• PLANNING

• LEADING

• CONTROLLING

Managers must be able to:​

• MAKE GOOD DECISIONS

• SOLVE PROBLEMS

• KNOW HOW TO WORK WITH OTHERS

• ALL

________is something the business wants to accomplish in the near future and in less than 12 months.

• LONG-TERM GOALS

• VISION

• SHORT-TERM GOALS

• MISSION

________ is something the business wants to accomplish in the future and typically within 1 – 10 years.

• LONG-TERM GOALS

• VISION

• SHORT-TERM GOALS

• MISSION

_________ are crucial for managers and the employees, as it’s a time to get feedback, talk about things going well and areas that they could improve on. ​

• LONG-TERM GOALS

• VISION STATEMENTS

• SHORT-TERM GOALS

• EVALUATIONS

Someone who is self-employed and runs their own business is likely to be a ...

• Partnership

• Sole trader

• Limited company

• Public limited company

Shared decision-making is an advantage of what type of organization?

• Sole trader

• Private limited company

• Public limited company

• Partnership

Which is an advantage of a public limited company?

• Risk of takeover due to the availability of the shares on the stock exchange

• Legal formalities in formation

• Share prices subject to fluctuation

• Separate legal identity