Operations & Feedback: Work Flow and Feedback

Which management function deals with the direction in which a business is going and includes setting goals, making decisions, and designing tasks and timelines?

• Organizing

• Directing

• Planning

• Controlling

What is the role of the 'controlling' function in management?

• To manage resources to help a business achieve its goals

• To provide guidance and supervision to employees

• To compare anticipated results with actual performance and decide on corrective actions

• To set expectations and rules for carrying out tasks

What are standard operating procedures (SOP) in a business context?

• A set of expectations and rules for employees to ensure consistency in business operations

• The financial plan for the business

• The daily schedule for employees

• The marketing strategy for the business

What is the purpose of an employee handbook according to the U.S. Small Business Administration?

• To outline daily operations for customers

• To detail the policies and rules employees must follow

• To provide a menu for company products

• To record the financial transactions of the business

What might a happy customer do according to the text?

• Complain about the service

• Tell others about their positive experience

• Ask for a refund

• Never return to the business

What did Jake offer Maggie as a solution to the mistake made with her pizza order?

• A full refund

• To remake the pizza without extra cheese

• A half-off coupon for her next visit

• An apology without any compensation

What is NOT included in the SOP manual as mentioned in the text?

• Procedures for daily operations of the business

• Employee handbook contents

• Rules and regulations that employees must adhere to

• Customer service guidelines

What is bootstrapping in the context of starting a business?

• Taking out a large loan to cover business expenses

• Using personal resources instead of purchasing new ones

• Hiring more employees to increase productivity

• Investing in expensive marketing campaigns

What does a balance sheet show?

• Only the company's assets

• The company's financial transactions on a daily basis

• A company's assets, liabilities, and owner's equity at a specific point in time

• The detailed steps of the company's operational processes

What is the purpose of an income statement?

• To show the balance between assets and liabilities

• To detail the revenue that a business brings in and compares it to the expenses that the business pays out over a certain period of time

• To list all the employees and their wages

• To record the minutes of business meetings