Business Management Exam Review Questions With Correct Answers

% of new businesses that fail - Answer 50% (Sole) Proprietorship - Answer A business owned and managed by one person 4 Power Types - Answer Position, Reward, Expert, Identity Autocratic leader - Answer one who gives direct, clear, and precise orders with detailed instructions as to what, when, and how work is to be done. Avoidance strategy - Answer 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 - Answer the highbirth rate perdiod from 1945 to 1965 Baby Bust - Answer the low birth rate period following the baby boom period Brainstorming - Answer a group discussion technique that is used to generate a many ideas as possible for solving a problem Browser - Answer a program that permits you to navigate and view webpages Budget - Answer a financial plan usually extending for one year Business plan - Answer a written discritpion of the business and its operations with an analysis of the opportunities and risks it faces Capitalism - Answer 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 - Answer an official document granted by a state giving power to run a corperation Commercial business - Answer a firm engaging in marketing, finance, and furnishing survices Communication - Answer the sharing of information which results in a higher degree of understanding between the message sender and reciever Communism - Answer forced socialism where all or almost al the productive resources of a nation are owned by the gorvernment Controlling - Answer evaluating results to determine if if the company's objectives have been accomplished as planned Co-operative - Answer a busuness owned and operated by its user-members for the purpose of supplying themselves with goods and services Corporation - Answer 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 - Answer a collection of data organized in a way that makes the data easy to find, update, and manage