Exam (elaborations)
BUSA EXAM 1 QUESTIONS AND ANSWERS
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BUSA EXAM 1 QUESTIONS AND ANSWERS
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BUSA EXAM 1 QUESTIONS AND ANSWERSTeam - Answers-a group of people with complementary skills who work together to
achieve a specific goal
Group - Answers-go about their jobs independently and meet primarily to work towards
a shared objective
5 Key Characteristics of a Team - Answers-• share accountability for achieving specific
common goals.
• function interdependently.
• require stability.
• hold authority and decision-making power.
• operate in a social context.
Self-Managed Teams - Answers-groups of employees with the authority and skills to
manage themselves
Cross-Functional Teams - Answers-A cross-functional team is designed to take
advantage of the special expertise of members drawn from different functional areas of
the company
Virtual Teams - Answers-Members can participate from any location or at any time of
day, and teams can "meet" for as long as it takes to achieve a goal or solve a problem—
a few days, weeks, or months
When are Teams most effective? - Answers-* When members depend on each other
* Members trust one another
* Work better together than independently
* Members become boosters
* Leadership rotates
Why do organizations use teams? - Answers-Teams are more productive, they reduce
errors, and because of their effect on overall workplace performance, both
organizational and individual
Manager-led Teams - Answers-the manager is the team leader and is in charge of
setting team goals, assigning tasks, and monitoring the team's performance
Cohesiveness - Answers-Size, similarity, success, exclusiveness and competition lead
to good group cohesiveness. Too much conformity can be a bad thing though.
Group Think - Answers-the tendency to conform to group pressure in making decisions,
while failing to think critically or to consider outside influences
3 Factors that Erode Performance - Answers-* Unwillingness to Cooperate
, * Lack of Managerial Support
* Failure of Managers to delegate authority
Task vs Relationship Roles - Answers-Task Roles prioritize accomplishing team goals
while relationship roles prioritize maintaining group cohesiveness
Revenue VS Profit - Answers-Revenue is what the company earns from its goods sold,
and Profit is what is left after everything is paid off.
Stakeholder vs Shareholder - Answers-A shareholder owns part of a company through
stock ownership, while a stakeholder is interested in the performance of a company for
reasons other than just stock appreciation.
Management - Answers-planning for, organizing, leading, and controlling a company's
resources so that it can achieve its goals. Managers plan by setting goals and
developing strategies for achieving them
Operation - Answers-The person who designs and oversees the transformation of
resources into goods or services
Marketing - Answers-consists of everything that a company does to identify customers'
needs (i.e., market research) and design products to meet those needs
Accounting - Answers-measure, summarize, and communicate financial and managerial
information and advise other managers on financial matters
Finance - Answers-planning for, obtaining, and managing a company's funds.
PESTEL - Answers-Political
Economic
Sociocultural
Technological
Environmental
Legal
Macro vs Micro - Answers-Macro = big picture
Micro = individuals, individual businesses, singular
3 Characteristics of Entrepreneurship - Answers-1. Innovation
2. Running a business
3. Risk taking
What are a few of the questions you should consider if you are going into business for
yourself? - Answers-• How do I find a problem to solve and know it is an opportunity
worth pursuing?
• How do I come up with a business idea?
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