bus 100 final exam review 2022 question and answers
5 components of management planning
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BUS 100 Final Exam Review 2022
Question and Answers
5 Components of Management Planning - ANSWER Planning
Organizing
Staffing
Directing
Controlling
Planning - ANSWER Determining an organization objectives & how to accomplish them
Types of Planning - ANSWER Strategic: long-term, senior management
Tactical: Short range, implanting activities in strategic plan
Operational: Short-term first line supervisors
Organizing - ANSWER Structuring resources & activities to accomplish objectives
Staffing - ANSWER Selecting & training employees to meet organizational objectives
Directing - ANSWER Motivating & leading employees to meet organizational objectives
Controlling - ANSWER Evaluating & correcting activities to keep organization on course
3 Ways Businesses can be formed - ANSWER Sole Proprietorships
Partnerships
Corporations
Sole Proprietorships - ANSWER Businesses owned and operated by one individual; the
most common form of business organization in the United States
Advantage of Sole Proprietorship - ANSWER East of Cost of Formation
Disadvantage of Sole Proprietorship - ANSWER Lack of qualified employees
Partnerships - ANSWER A partnership that involves a complete sharing in both the
management and the liability of the business
Advantage of Partnership - ANSWER Ease of Organization
Disadvantage of Partnership - ANSWER Unlimited Liability
Corporations - ANSWER A legal entity, created by the state, whose assets and liabilities
are separate from its owners'
Advantage of a Corporation - ANSWER Limited Liability
Disadvantage of a Corporation - ANSWER Double Taxation
, BUS 100 Final Exam Review 2022
Question and Answers
Organizational Culture - ANSWER A firm's shared values, beliefs, traditions,
philosophies, rules, and role models for behavior
Organizational Structure - ANSWER The arrangement or relationship or positions within
an organization
Departmentalization - ANSWER The grouping of jobs into working units usually called
departments, units, groups, or divisions
Functional - ANSWER The grouping of jobs that perform similar functional activities,
such as finance, manufacturing, marketing, and human resources.
Product - ANSWER The organization of jobs in relation to the products of the firm
Geographical - ANSWER The grouping of jobs according to geographic location, such
as state, region, country, or continent
Customer - ANSWER The arrangement of jobs around the needs of various types of
customers
Business Ethics - ANSWER Principles and standards that determine acceptable
conduct in business
Social Responsibility - ANSWER A business's obligation to maximize its positive impact
and minimize its negative impact on society
Codes of Ethics - ANSWER Formalized rules and standards that describe what a
company expects of its employees
Business - ANSWER Individuals or organization who try to earn a profit by providing
products that satisfy people's needs
Profit - ANSWER The difference between what it costs to make and sell a product and
what a customer pays for it
Nonprofit - ANSWER Organizations that may provide goods or services but do not have
the fundamental purpose of earning profits
Inputs - ANSWER Capacity: max amount
Labor-force: unique
Inventory: Don't run out of supplies
Facilities: Location
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