Business Management 1.00

A formal summary of a businesses goals and values is a

• Policy

• Business Plan

• Schedule

• Mission statement

What is a business plan?

• A list of promotional ideas

• A document that defines a businesses strategies

• An estimation of the income and expenses of a business

• A calendar of activities for a business

Strategic planning is

• Long term planning

• Short term planning

• General Planning

• Seasonal Planning

What is an advantage for centralized organizations?

• High cost

• Clear chain of command

• Increased administration

• delays in decision making

Which function of management requires an organization chart and sets up the framework needed for staffing

• staffing

• organizing

• leading

• Hiring

Which function of management involves analyzing information, set goals, make decisions.

• organizing
• leading
• planning
• controlling

Which function of management —involves identifying and arranging work and resources to achieve company goals.

• organizing
• leading
• staffing
• implementing

When managers look back to reflect on what has been done in the past and make sure things are being done as planned, they are engaging in the function of

• Organizing

• Reflecting

• Controlling

• Planning

The _____ looks at likely risks to the business, such as lower-than-expected sales and emergencies that might affect it.

• operational plan

• risk management plan

• sublease plan

• contingency plan

What is the logical process of coordinating resources, such as employees, in order to accomplish an organization's goals?

• Human Resources
• Objectives
• Management
• Planning