Chapter 7: Business Management Questions and Answers ( Rated A)

Chapter 7: Business Management Questions and Answers ( Rated A) Management - ANS- The process of achieving company goals by directing, controlling, and evaluating the effective use of resources. Planning - ANS- The act or process or creating goals and objectives as well as the strategies to meet those goals and objectives. Organizing - ANS- Getting resources arranged in an orderly and functional way to accomplish goals and objectives. Organizational Chart - ANS- A chart that shows how the firm is structured and who is in charge of whom. Top-level Manager - ANS- Managers who are responsible for setting goals and planning for the future as well as leading and controlling the work of others. Middle Manager - ANS- Managers who carry out the decisions of top management. Operational Manager - ANS- Manager who are responsible for the daily operations of a business including supervising others. Leading - ANS- Providing direction and vision. Controlling - ANS- Keeping the company on track and making sure goals are met. Line Authority - ANS- An organizational structure in which managers at the top of the line are in charge of those beneath them, and so on. Line and Staff Authority - ANS- An organizational structure with direct lines of authority as well as staff who advise line personnel. Centralized Organization - ANS- An organization that puts authority in one place - with top management. Decentralized Organization - ANS- An organization that gives authority to a number of different managers. Departmentalization - ANS- Dividing responsibility among specific units, or departments. Entry-level Job - ANS- Job suitable for a worker who is new to a job, field, or subject