Business Q2 Study Guide (2024 - 2025)

Define the term management.

• Tthe process of guiding the development, maintenance, and allocation of resources to attain organizational goals.

• Management is the act of managing personal relationships.
• Management is solely about financial planning.
• Management refers to the physical resources of an organization.

What are the four key functions of managers?

• Planning, Organizing, Leading, Controlling
• Leading, Coordinating, Advising, Training
• Organizing, Directing, Reporting, Monitoring
• Planning, Budgeting, Staffing, Evaluating

What is the difference between efficiency and effectiveness?

• Efficiency is about achieving maximum output; effectiveness is about minimizing costs.
• Efficiency and effectiveness are the same concepts and can be used interchangeably.
• Efficiency is using the least possible amount of resources to get work done, whereas effectiveness is the ability to produce a desired result.

• Effectiveness focuses on speed while efficiency focuses on quality.

Explain the difference between management and leadership.

• Management is about processes and organization, while leadership is about vision and inspiration.
• Management is about inspiring teams, while leadership is about enforcing rules.
• Leadership is about maintaining the status quo, while management encourages change.
• Management focuses solely on financial outcomes, while leadership ignores them.

What are some drawbacks of laissez-faire style leadership?

• Lack of direction, poor communication, decreased motivation, unclear roles, and hindered decision-making.

• Clear and structured decision-making
• Enhanced creativity and innovation
• Increased team cohesion

What is corporate culture?

• Corporate culture is the set of shared values, beliefs, and behaviors within an organization.
• Corporate culture is the financial strategy of a company.
• Corporate culture refers to the physical layout of an office.
• Corporate culture is the legal structure of a business.

What is an autocratic leadership style?

• A style where leaders delegate all decision-making to subordinates.
• An autocratic leadership style is a form of leadership where one individual has total control and makes decisions without consulting others.
• A form of leadership that encourages team participation.
• A leadership style where decisions are made by consensus.

What are the five types of power?

• Physical, Social, Financial, Political, Cultural
• Influence, Authority, Charisma, Persuasion, Control
• Coercive, Reward, Legitimate, Expert, Referent
• Motivational, Informational, Emotional, Tactical, Strategic

What is participative leadership?

• Participative leadership is a style where leaders engage team members in decision-making.
• Participative leadership is a style where leaders make all decisions unilaterally.
• Participative leadership involves avoiding team input to streamline processes.
• Participative leadership is focused solely on individual performance rather than team collaboration.

What does it mean to empower employees?

• To empower employees means to restrict their decision-making abilities.
• To empower employees means to give them the authority, resources, and support to make decisions and take action in their roles.

• To empower employees means to increase their workload without support.
• To empower employees means to provide them with minimal resources and guidance.