Business Management Chapter 1 Test

Supervisory management

Most at this level are responsible for day-to-day operations such as a shift or line manager.

Senior management

The highest level of management in an organization.

Entrepreneur

Someone who starts and runs their own business.

Hierarchy

A system of levels or ranks within an organization.

Management principles

Guidelines for managing a business effectively.

Organizing

Function of management that groups related activities together and assigns employees to perform them.

Management hierarchy

A pyramid-shaped structure that includes planning, organizing, and staffing.

Day-to-day operations

The regular activities involved in running a business.

Regional sales managers

Managers responsible for a specific sales district or region.

Company policy

Rules and guidelines set by a company.

Goal setting

The process of determining objectives for a company.

Employee training

The act of preparing workers to learn or better perform their job tasks.

Staffing

Function of management that involves the recruiting, selecting, and training of employees.

Entrepreneur advantages

Being their own boss, making decisions, and hiring others.

Interpersonal role

A managers need to deal with people in and out of the company

Technical skills

Skills related to specific tasks or programs.

Management skills

Skills needed to understand different parts of a business.

Controlling

Management function measuring how businesses perform to ensure financial goals are being met.

Business Resources

Items such as capital, land, labor, vehicles, etc.. used by managers to help run and operate their business

Forepersons, crew leaders, store managers

Roles typically found in the lowest level of management

Conceptual skills

Skills needed to understand the big picture and how parts of a business relate.

Human relations skills

Skills needed to communicate and work well with people.

Professional managers

Managers paid to perform management functions. Also known as intrapreneurs.

Principle

A fundamental truth or guideline.

Goal achievement

Responsibility of managers to achieve goals set by senior management.

Planning

Deciding on company goals and the actions that the company must take to meet them.

Employee recruitment

Finding and hiring new employees for the holiday season.

Leading

Inspiring and encouraging employees to perform their best.

Performance evaluation

Assessing employee performance and providing feedback.

Effective

Doing things the right way

Efficient

Doing things the right way without wasting time or effort or expense