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Business Management (Exam Review)

% of new businesses that fail
50%
(Sole) Proprietorship
A business owned and managed by one person
4 Power Types
Position, Reward, Expert, Identity
Autocratic leader
one who gives direct, clear, and precise orders with detailed instructions as to what, when, and how work is to be done.
Avoidance strategy
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
the highbirth rate perdiod from 1945 to 1965
Baby Bust
the low birth rate period following the baby boom period
Brainstorming
a group discussion technique that is used to generate a many ideas as possible for solving a problem
Browser
a program that permits you to navigate and view webpages
Budget
a financial plan usually extending for one year
Business plan
a written discritpion of the business and its operations with an analysis of the opportunities and risks it faces
Capitalism
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
an official document granted by a state giving power to run a corperation
Commercial business
a firm engaging in marketing, finance, and furnishing survices
Communication
the sharing of information which results in a higher degree of understanding between the message sender and reciever
Communism
forced socialism where all or almost al the productive resources of a nation are owned by the gorvernment
Controlling
evaluating results to determine if if the company’s objectives have been accomplished as planned
Co-operative
a busuness owned and operated by its user-members for the purpose of supplying themselves with goods and services
Corporation
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
a collection of data organized in a way that makes the data easy to find, update, and manage
Debit Card
immediately transfers funds electronically from the customers checking account to the business’s account when a purchase is made
Decision Making Process
Identify the problem, determine possible sulotions, analyze the solutions, then select the best solution
Demand
the number of similar products that will be bought at a givien time at a given price
Dimocratic leader
one who encourages workers to share in making decisions about work-related problems
Dividends
profits distributed to stock-holders on a per-share basis
E-Commerce
Doing business online
Effectiveness
making the right decisions about what products or services to offer customers and the best ways to produce and deliver them
Efficiency
producing products and services quickly, at low cost, without wasting timeand materials
Empowerment
letting workers decide how to perform their work tasks and offer ideason how to improve the work process
Ethics
The code of moral conduct that sets standards for what is valued as right or wrong behavior for a person or group
Executive
a top-level manager who spends almost all of his or her time on management functions
Flame
an electronic message that contains abusive, threatening, or offensive content that may violate company policy or public law
Gross Domestic Product (GDP)
The total market value of all goods produced and services provided in a counrty in a year.
Grapevine
an informal communication system that develops among workers
Health Insurance
Insurance which provides protection against the expenses of health care
Implementing
helping employees to work effectively
Industrial Business
Firms that produce goods that are often used by other businesses or organizations to make things
Leadership
The ability to influence individuals and groups to achieve organizational goals
Manager
A person who completes all four manegment functions on a regular basis and his authority over other jobs and people
Manufacturing
Form of production in which raw and semifinished materials are processed, assembled, or converted into finished products
MBWA
Manage Business by Walking Around
Mid-Manager
A manager who completes all of the management functions but spends more timeon one of the functions or is responsible for a specific part of the company’s operations
Mixed Economy
An economic system that uses aspects of a market and a command economy to make decisions about what, how, and for whom goods and services are produced
Moore’s Law
The prediction that the amount of data that can be processed by a computer chip will double about every 18 months
Nominal Group Technique (NGT)
Group problem-solving method in which group members write down and evaluate ideas to be shared with the groups
Non-Profit Corperation
An organization that does not pay taxes and does not exist to make a profit
Open Leader
A manager who gives little or no direction to workers

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