Business Management - Chapter 4
Accountability - correct answer-The obligation to accept responsibility for the outcomes of
assigned tasks.
Authority - correct answer-The right to make decisions about work assignments and to
require other employees to perform assigned tasks.
Budget - correct answer-A written financial plan for business operations developed for a
specific period of time.
Business Plan - correct answer-A written document that describes the nature of the
business, its goals and objectives, and how they will be achieved.
Centralized Organization - correct answer-Business structure in which a few top managers
do all the major planning and decision making.
Decentralized Organization - correct answer-A business which is divided into smaller
operating units, and managers who head the units have almost total responsibility and
authority for operations.
Empowerment - correct answer-Authority given to individual employees to make decisions
and solve problems they encounter on their jobs with the resources available to them.
Flattened Organization - correct answer-An organization with fewer levels of management
than traditional structures.
Goal - correct answer-A specific statement of a result the business expects to achieve.
Line Organization - correct answer-Business structure in which all authority and
responsibility can be traced in a direct line from the top executive down to the lowest
employee level.
Line-And-Staff Organization - correct answer-The addition of staff specialists to a line
organization.
Matrix Organization - correct answer-An organization which combines workers into
temporary work teams to complete specific projects.
Mission - correct answer-A short, specific statement of the business's purpose and direction.
Operational Planning - correct answer-Short-term planning that identifies specific activities
for each area of the business.
Organization Chart - correct answer-An illustration of the structure of an organization, major
job classifications, and the reporting relationships among the organization's personnel.
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