Principles of Management and Business Supervision

Vocabulary practice flashcards covering fundamental management concepts, organizational roles, managerial skills, functions, and key business terminology.

Top-Level Manager (TLM)

A high-ranking professional holding a C-suite position who serves as the head of the organization (such as a CEO or CFO).

CEO (Chief Executive Officer)

The highest-ranking executive in a company or institution, responsible for making primary managerial decisions.

Human Skills

The ability to collaborate, communicate, and work well with other people.

Interpersonal Skills

Personal attributes and relational abilities that enable an individual to interact and work effectively with people.

Management

The process of directing and managing organizational resources to achieve predetermined goals.

Manager

A professional who takes on a leadership role within an organization to manage a team or employees.

Lower-Level Management (LLM)

Operational managers, such as supervisors, who directly interact with and oversee frontline employees.

Middle-Level Management (MLM)

The tier of management that supervises first-line/operational managers and directly receives progress reports from lower-level management.

Efficiency

The art of performing activities with minimum wastage of time and optimum usage of resources.

Planning

Formulating a detailed blueprint or course of action for business goals with expected results in mind.

Leading

The managerial function focused on motivating, guiding, and encouraging workers to perform better at their tasks.

Controlling

The management step dealing with measuring and monitoring ongoing performance against predetermined, planned goals rather than past targets.

CFO (Chief Financial Officer)

The executive responsible for managing an organization's finances, financial planning, and budgeting.

General Manager

An executive responsible for overseeing and managing a company's overall operations.

Technical Skills

The ability to understand the nature of the work itself, including specialized knowledge of methods and tools related to the specific field.

Cold Calling

The sales technique of contacting potential customers who have not previously expressed interest or had contact with the salesperson.

Minutes of Meeting

The written record of all discussions, proceedings, and decisions made during a formal meeting.

Economic Bubble

An economic condition where the prices of assets or commodities rise significantly above their real or intrinsic value.

Currency in Circulation

The total amount of physical money, cash, and coin actively circulating within an economy.

Price Fluctuation

The rise and fall or shifting variance in the price of goods and services over time.

Farmers Market

A market where agricultural producers sell fresh farm products directly to consumers.