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