Business Essentials Exam 1 Questions & Answers 2023/2024

Business Essentials Exam 1 Questions
& Answers 2023/2024
Management - ANSWER-A process designed to achieve an organization's objectives by using its
resources efficiently and effectively



Managers - ANSWER-The company's decision making individuals who decide on use of its resources in
order to reach the company's objectives



5 Management functions - ANSWER-Planning-activities to reach objectives

Organizing-resources and activities

Staffing-with quality people

Directing-employee activities

Controlling-organization's activities



Planning - ANSWER-Process of determining the organization's objectives and deciding how to accomplish
them



4 Planning Process Functions - ANSWER-Mission

Goals

Objectives

Organizational Plans



4 Types of Organizational Plans - ANSWER-Strategic

Tactical

Operational

Contingency



Types of Management - ANSWER-Top Management-Officers, VPs

, Middle Management-area, plant, division, department

First Line-supervisors, office managers, shift managers



6 Areas of Management - ANSWER--financial managers

-production and operations managers

-HR managers

-marketing managers

-IT/IS managers

-administrative managers



5 Management Skills and Attributes - ANSWER--leadership

-technical expertise

-conceptual

-analytical

-human relations



Decision Making Process - ANSWER-1. Recognize and define the situation

2. Develop options

3. Analyze options

4. Select the best option

5. Implement the decision

6. Monitor the consequences

7. Reassess, adjust, and adapt



Culture - ANSWER-Organization's shared values, traditions, philosophies, rules, communication,
relationships, and best role models for behavior



2 Ways of Assigning Tasks - ANSWER-Specialization and Departmentalization