Business Management Final Review Exam Questions And Answers Solved Correctly 2024

Business Management Final Review Exam Questions And Answers Solved Correctly 2024 added value - answertakes an existing product, adds additional "value" usually in the form of a specific application, packaging, etc. and resells it as a new product or "package." affirmative-action programs - answerProgram set up by a business firm to increase employment opportunities for women and minorities. Autocratic leadership style - answerLeader reaches a decision, communicates the decision to subordinates, and requires them to implement it without further input. Balance Sheet - answerStatement of a firm's financial position on a particular date; including assets, liabilities, and owner's equity. Benefits - answerNon-wage compensation provided to employees—includes such things as paid vacation, sick leave, insurance, etc. Break-even analysis - answerMethod of determining the minimum sales volume needed at a certain price to cover all costs. There would be no profit or loss at this point. Brainstorming - answerPresenting a problem to a group and allowing group members to produce many ideas for the solution to the problem. Budget - answerStatement of expected results or requirements expressed in financial or numerical terms. Business Ethics - answerStandards of business conduct and moral values. Centralized - answerCommunications by team members through a single person to solve problems or make decisions. Clayton Act - answerPassed in1914. Makes it illegal to charge different prices to different wholesale customers. It also bans the practice of requiring a customer to purchase a second good. Code of Ethics - answerPrinciples of conduct to be used in making decisions within a company. Comparable Worth - answerThe idea that one group of individuals such as women should get pay equal to men for performing the same type of work with regard to such things as difficulty and responsibility or requiring similar levels of education and/or training. Compensation - answerPayment, usually monitory, received as payment or reparation for goods or services. Computers - answerProgrammable electronic devices that can store, retrieve, and process data. Controlling - answerEvaluating the organization's performance to determine whether it is accomplishing its objectives. Copyright - answerLegal protection provided to creative work such as books, movies and music. Corporation - answerLegal Entity with authority to act and incur liability separate from its owners Cross training - answerTo provide training in different tasks or skills than those usually needed so the employee can do another job if the need arises. culture - answerA group's social heritage, including behavior patterns and values Customers - answerConsumers of goods and services. Day planner - answerA hard copy or electronic way of planning daily activities that allows the user to better organize their time, keep track of meetings and events, etc. Debt Financing - answerRaising money through selling bonds, notes, or mortgages or borrowing direction from financial institutions. Decentralized - answerRaising money through selling bonds, notes, or mortgages or borrowing direction from financial institutions. Decision Making process - answerRecognizing a problem, identifying it, evaluating alternatives, selecting and implementing an alternative, and following up. Democratic Leadership style - answerA set up leadership characteristics favoring social equality that encourages participation of all team members in the decision-making process. Depression - answerA period of low general economic activity marked especially by rising levels of unemployment. Directing - answerProviding leadership to give direction so activities can be accomplished in a timely manner. Economics - answerThe study of the decisions or choices that go into making, distributing, and consuming products. Empowerment - answerTo delegate responsibility and authority to an employee to complete a task.