Business Management Final Review Exam Questions And Answers Solved Correctly

Business Management Final Review Exam Questions And Answers Solved Correctly Herzberg Theory - answerTwo Factor theory of human motivation. Dissatisfaction was a result of hygiene factors. Satisfaction and psychological growth were motivation factors. Centralized - answerCommunications by team members through a single person to solve problems or make decisions. Franchise - answerA license, granted by one company (franchiser) to another company or person (franchisee), entitling the franchisee to produce or market a product or service in a specific area. Budget - answerStatement of expected results or requirements expressed in financial or numerical terms. Brainstorming - answerPresenting a problem to a group and allowing group members to produce many ideas for the solution to the problem. Break-even Analysis - answerMethod of determining the minimum sales volume needed at a certain price to cover all costs. There would be no profit or loss at this point. Autocratic Leadership Style - answerLeader reaches a decision, communicates the decision to subordinates, and requires them to implement it without further input. Affirmative-action Program - answerProgram set up by a business firm to increase employment opportunities for women and minorities. Added Value - answerTakes an existing product, adds additional "value" usually in the form of a specific application, packaging, etc. and resells it as a new product or "package." Balance Sheet - answerStatement of a firm's financial position on a particular date; including assets, liabilities, and owner's equity. Benefits - answerNon-wage compensation provided to employees, includes such things as paid vacation, sick leave, insurance, etc. Code of Ethics - answerPrinciples of conduct to be used in making decisions within a company. Compensation - answerPayment, usually monitary, received as payment or reparation for goods or services. Copyrights - answerLegal protection provided to creative work such as books, movies and music. Cross Training - answerTo provide training in different tasks or skills than those usually needed so the employee can do another job if the need arises. Culture - answerA group's social heritage, including behavior patterns and values. Customers - answerConsumers of goods and services. Decentralized - answerSystem in which team members communicate freely among themselves to arrive at decisions together. Decision Making Process - answerRecognizing a problem, identifying it, evaluating alternatives, selecting and implementing an alternative, and following up. Democratic Leadership Style - answerA set of leadership characteristics favoring social equality that encourages participation of all team members in the decision-making process. Depression - answerA long and severe decline in general economic activity (more than 6 months) marked especially by rising levels of unemployment. Directing - answerProviding leadership to give direction so activities can be accomplished in a timely manner. Economics - answerThe study of the decisions or choices that go into making, distributing, and consuming products. Empowerment - answerTo delegate responsibility and authority to an employee to complete a task. Entrepreneur - answerPerson who conceives and initiates business activity. A risk-taker. Exchange Rate - answerRate at which one country's currency is exchanged for another's currency. Factors of Production - answerResources used in the process of production. These are usually divided into three main groups—natural (land), human resources (labor) and capital (money)—but may also include entrepreneurship. Financial Statements - answerFinancial reports that summarize accounting data, balance sheet and income statement are examples.