Business Management (Exam Review)
with Answers
% of new businesses that fail - correct answer-50%
(Sole) Proprietorship - correct answer-A business owned and managed by one person
4 Power Types - correct answer-Position, Reward, Expert, Identity
Autocratic leader - correct 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 - correct 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 - correct answer-the highbirth rate perdiod from 1945 to 1965
Baby Bust - correct answer-the low birth rate period following the baby boom period
Brainstorming - correct answer-a group discussion technique that is used to generate a
many ideas as possible for solving a problem
Browser - correct answer-a program that permits you to navigate and view webpages
Budget - correct answer-a financial plan usually extending for one year
Business plan - correct answer-a written discritpion of the business and its operations
with an analysis of the opportunities and risks it faces
Capitalism - correct 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 - correct answer-an official document granted by a state giving power to run a
corperation
Commercial business - correct answer-a firm engaging in marketing, finance, and
furnishing survices
with Answers
% of new businesses that fail - correct answer-50%
(Sole) Proprietorship - correct answer-A business owned and managed by one person
4 Power Types - correct answer-Position, Reward, Expert, Identity
Autocratic leader - correct 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 - correct 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 - correct answer-the highbirth rate perdiod from 1945 to 1965
Baby Bust - correct answer-the low birth rate period following the baby boom period
Brainstorming - correct answer-a group discussion technique that is used to generate a
many ideas as possible for solving a problem
Browser - correct answer-a program that permits you to navigate and view webpages
Budget - correct answer-a financial plan usually extending for one year
Business plan - correct answer-a written discritpion of the business and its operations
with an analysis of the opportunities and risks it faces
Capitalism - correct 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 - correct answer-an official document granted by a state giving power to run a
corperation
Commercial business - correct answer-a firm engaging in marketing, finance, and
furnishing survices
