MGNT 101 EXAM 2 –IRB {MASTERING FINANCIAL MANAGEMENT}.
autocratic leadership - ANSWER Leadership style that involves making managerial
decisions without consulting others.
brainstorming - ANSWER Coming up with as many solutions to a problem as
possible in a short period of time with no censoring of ideas.
conceptual skills - ANSWER Skills that involve the ability to picture the organization
as a whole and the relationships among its various parts
contingency planning - ANSWER The process of preparing alternative courses of
action that may be used if the primary plans don't achieve the organization's
objectives.
controlling - ANSWER A management function that involves establishing clear
standards to determine whether an organization is progressing toward its goals and
objectives, rewarding people for doing a good job, and taking corrective action if they
are not.
decision making - ANSWER Choosing among two or more alternatives.
empowerment - ANSWER Giving frontline workers the responsibility, authority,
freedom, training, and equipment they need to respond quickly to customer requests.
small business - ANSWER A business that is independently owned and operated, is
not dominant in its field of operation, and meets certain standards of size (set by the
Small Business Administration) in terms of employees or annual receipts.
enabling - ANSWER Giving workers the education, training, and tools they need to
make decisions.
external customers - ANSWER dealers, who buy products to sell to others, and
ultimate customers (or end users), who buy products for their own personal use
free-rein leadership - ANSWER leadership style that involves managers setting
objectives and employees being relatively free to do whatever it takes to accomplish
those objectives
Goals - ANSWER The broad, long-term accomplishments an organization wishes to
attain.
human relations skills - ANSWER skills that involve communication and motivation;
they enable managers to work through and with people
internal customers - ANSWER individuals and units within the firm that receive
services from other individuals or units
knowledge management - ANSWER finding the right information, keeping the
information in a readily accessible place, and making the information known to
everyone in the firm
autocratic leadership - ANSWER Leadership style that involves making managerial
decisions without consulting others.
brainstorming - ANSWER Coming up with as many solutions to a problem as
possible in a short period of time with no censoring of ideas.
conceptual skills - ANSWER Skills that involve the ability to picture the organization
as a whole and the relationships among its various parts
contingency planning - ANSWER The process of preparing alternative courses of
action that may be used if the primary plans don't achieve the organization's
objectives.
controlling - ANSWER A management function that involves establishing clear
standards to determine whether an organization is progressing toward its goals and
objectives, rewarding people for doing a good job, and taking corrective action if they
are not.
decision making - ANSWER Choosing among two or more alternatives.
empowerment - ANSWER Giving frontline workers the responsibility, authority,
freedom, training, and equipment they need to respond quickly to customer requests.
small business - ANSWER A business that is independently owned and operated, is
not dominant in its field of operation, and meets certain standards of size (set by the
Small Business Administration) in terms of employees or annual receipts.
enabling - ANSWER Giving workers the education, training, and tools they need to
make decisions.
external customers - ANSWER dealers, who buy products to sell to others, and
ultimate customers (or end users), who buy products for their own personal use
free-rein leadership - ANSWER leadership style that involves managers setting
objectives and employees being relatively free to do whatever it takes to accomplish
those objectives
Goals - ANSWER The broad, long-term accomplishments an organization wishes to
attain.
human relations skills - ANSWER skills that involve communication and motivation;
they enable managers to work through and with people
internal customers - ANSWER individuals and units within the firm that receive
services from other individuals or units
knowledge management - ANSWER finding the right information, keeping the
information in a readily accessible place, and making the information known to
everyone in the firm
