Mgmt. Semester One Review

Having professional character, spirit, or methods refers to what vocabulary term?

• professionalism
• skillfulness
• expertise
• competence

The ability to use one's time effectively or productively, especially at work refers to what vocabulary term?

• time management
• task prioritization
• time allocation
• work efficiency

A _______ to communication is anything that can prevent a message from being received

• signal
• message
• medium
• barrier

A business that operates out of a physical facility (instead of online) refers to what vocabulary term?

• online store
• virtual business
• remote enterprise
• brick-and-mortar

A _____ business model charges a fee for a specific service.

Example: Hair stylists, accountants and real estate agents

• product-based
• fee-for-service

• subscription-based
• freemium

Under a _____ business model, a company buys a product and then allows another company to use the product for a fee. Example: A business that rents machinery like backhoes, augers and dozers.

• franchise
• distribution
• retail
• leasing

Economic factors influence business in that they impact customers’ willingness and ability to spend money. Customers spend more or less depending on economic factors such as all of the following EXCEPT?

• Changing incomes

• Interest rates
• Personal preferences or tastes
• Inflation

This type of business provide goods in their natural, or raw, states. They include businesses such as farms, mines, fisheries, and lumber companies.

• Raw Good Producer

• Service Businesses

• Secondary industries
• Trade Industries

What type of organizational design is where the organization is broken down into units different from the traditional departments found in a functional structure. The purpose of this is to create teams—or divisions.

• Network

• Functional

• Flat

• Divisional

The ______ organizational design combines the functional structure and the divisional structure. Authority flows both down and across the organization.

• functional

• divisional

• flat

• matrix