1.02 Business Management Questions and Answers ( Verified solutions)

1.02 Business Management Questions and Answers ( Verified solutions) Conceptual skills - ANS- The ability to see the "big picture" and think about how things will work together Controlling - ANS- The management function that monitors the work effort Directing - ANS- The management function of providing guidance to workers and work projects Executive management - ANS- Top-level management Financial resources - ANS- All the sources of money available to a business First-line management - ANS- Supervisors who work directly with the employees who carry out the business's routine work Goals - ANS- Objectives Human resources - ANS- People who work to produce goods or services Information - ANS- Knowledge, facts, or data Interpersonal skills - ANS- The ability to communicate, interact, and build relationships with others Management - ANS- The process of coordinating resources to accomplish an organization's goals Management function - ANS- Groups of activities related to management, i.e., planning, organizing, staffing, directing, and controlling Manager - ANS- Individual whose job involves carrying out management functions Material resources - ANS- Equipment and supplies used by businesses in their operation Mid-level management - ANS- Managers who report to top-level management and who have supervisors who report to them Middle management - ANS- Mid-level management Organizing - ANS- The management function of setting up the way the business's work will be done Planning - ANS- The management function of deciding what will be done and how it will be accomplished Resources - ANS- Items that can be used to produce goods and services Staffing - ANS- The management function of finding workers for the business Strategic planning - ANS- Long-range planning (three to five years) for the company as a whole Strategies - ANS- Plans of action for achieving goals and objectives Supervisory management - ANS- First-line management Tactical planning - ANS- Short-range planning (one year) of specific actions the business will take Technical skills - ANS- Ability to understand the specialized aspects of jobs Top-level management - ANS- All managers who are responsible for the operation of the company or a business unit