Business Management (Exam Review) Questions And Answers

Business Management (Exam Review) Questions And Answers % of new businesses that fail - ANS 50% (Sole) Proprietorship - ANS A business owned and managed by one person 4 Power Types - ANS Position, Reward, Expert, Identity Autocratic leader - ANS one who gives direct, clear, and precise orders with detailed instructions as to what, when, and how work is to be done. Avoidance strategy - ANS a strategy for resolving conflict that takes a neutral position or agrees with another person's position even though it differs from your personal belief Baby Boom - ANS the high birth rate period from 1945 to 1965 Baby Bust - ANS the low birth rate period following the baby boom period Brainstorming - ANS a group discussion technique that is used to generate a many ideas as possible for solving a problem Browser - ANS a program that permits you to navigate and view webpages Budget - ANS a financial plan usually extending for one year Business plan - ANS a written discritpion of the business and its operations with an analysis of the opportunities and risks it faces Capitalism - ANS an economic-political system in which private citizens are free to go into business for themselves, to produce whatever they choose to produce, and distribute what they produce as they please Charter - ANS an official document granted by a state giving power to run a corporation Commercial business - ANS a firm engaging in marketing, finance, and furnishing services Communication - ANS the sharing of information which results in a higher degree of understanding between the message sender and receiver Communism - ANS forced socialism where all or almost all the productive resources of a nation are owned by the government Controlling - ANS evaluating results to determine if if the company's objectives have been accomplished as planned Co-operative - ANS a business owned and operated by its user-members for the purpose of supplying themselves with goods and services Corporation - ANS a business owned by a group of people and authorized by the state in which it is located to act as though it were a single person Database - ANS a collection of data organized in a way that makes the data easy to find, update, and manage