Business Management Exam Review

How does leadership differ from management?

• Leadership is about micromanaging, while management is about delegating tasks.
• Leadership inspires and guides, while management organizes and coordinates.
• Leadership focuses on short-term goals, while management focuses on long-term goals.
• Leadership involves working alone, while management involves working in teams.

How do hard and soft skills differ?

• Hard skills are related to emotions, while soft skills are related to technical knowledge.
• Hard skills are specific, teachable abilities or knowledge, while soft skills are interpersonal or people skills.
• Hard skills are intangible, while soft skills are tangible.
• Hard skills are only useful in personal life, while soft skills are only useful in professional life.

Define SWOT Analysis and explain what the letters stand for, and why it is considered an important strategic planning tool.

• SWAT Analysis is used to identify Strengths, Weaknesses, Opportunities, and Treats
• SWOT Analysis stands for Strengths, Weaknesses, Opportunities, and Trends
• SWOT Analysis is a strategic planning tool used to identify Strengths, Weaknesses, Opportunities, and Threats of a business or project.
• SWOT Analysis is a tool for identifying Strengths, Weaknesses, Opportunities, and Trends

What is a mission statement?

• A mission statement is a marketing slogan used by an organization.
• A mission statement is a list of employee grievances within an organization.
• A mission statement is a detailed financial report of an organization.
• A mission statement is a brief description of an organization's purpose, goals, and values.

What is a vision statement?

• A vision statement is a legal document outlining company policies.
• A vision statement is a short-term goal set by an individual employee.
• A vision statement is a detailed financial plan for an organization.
• A vision statement is a declaration of an organization's objectives, intended to guide its internal decision-making. It is important because it provides direction, inspires employees, and helps align the organization towards a common future goal.

How do you determine your competitive advantage?

Define empowerment in a business setting.

• Delegating authority and responsibility to employees while providing the tools and resources needed to be successful.

• Micromanaging every task
• Ignoring employee feedback
• Withholding information from employees

Define business code of ethics.

• A document outlining the financial goals of a company
• A set of guidelines and principles that outline the ethical standards and expectations for behavior within an organization.
• A code used to unlock business secrets
• A set of rules for employee dress code

An example of social responsibility is:

• paying your taxes

• volunteering at the soup kitchen

• not being a corporate polluter

• having buy one give one products (like Toms shoes)

Explain how business ethics differ from personal ethics and personal value systems.