Q4 Business Study Guide

Define the term management.

• Management is the process of planning, organizing, leading, and controlling resources to achieve specific goals ineffectively and inefficiently.
• Management is the process of controlling, but not planning, organizing, leading, and controlling resources to achieve specific goals effectively and efficiently.
• Management is the process of planning, organizing, leading, and controlling resources to achieve specific goals effectively and efficiently.
• Management is the process of planning, organizing, leading, and controlling resources to achieve general goals effectively and efficiently.

What are the four key functions of managers?

• Researching, analyzing, implementing, evaluating
• Directing, coordinating, supervising, evaluating
• Training, mentoring, motivating, evaluating
• Planning, organizing, leading, and controlling

What is the difference between efficiency and effectiveness?

• Efficiency and effectiveness are the same concepts.
• Efficiency is about how well resources are used to achieve a goal, whereas effectiveness is about achieving the intended goal or result.
• Efficiency is about achieving the intended goal or result, whereas effectiveness is about how well resources are used to achieve a goal.
• Efficiency is only concerned with the end result, while effectiveness focuses on resource utilization.

Can a strategy be effective but not efficient?

• Yes
• Sometimes
• Maybe
• No

What are some drawbacks of laissez-faire style leadership?

• Lack of guidance, potential for disorganization, lack of accountability
• Inconsistent outcomes, lack of employee development, poor communication
• Slow decision-making, lack of innovation, resistance to change
• Excessive control, lack of autonomy, micromanagement

How can managers empower employees?

• By micromanaging their every move
• By providing autonomy, clear communication, opportunities for growth and development, recognition of achievements, and involving them in decision-making processes.
• By limiting their access to resources
• By ignoring their input and ideas

What is corporate culture?

• Corporate culture is the physical layout of the office space.
• Corporate culture is the company's profit margin.
• Corporate culture is the number of employees in the company.
• Corporate culture is the shared values, beliefs, and behaviors within a company.

What are the three main leadership styles?

• Autocratic

  Democratic

  Laissez-Faire

• Planning

  Operating

  Controlling

• Capitalist

  Communist

  Socialist

• Reward

  Referent

  Legitimate

What type of leadership styles is used in the military?

• Democratic
• Laissez-faire
• Autocratic

• Paternalistic

Which of the following is NOT a primary source of leadership power?

• Elective power

• Reward power
• Expert power
• Referent power