Business Management Flashcard

Front

What is the primary role of a manager?

Back

To administer parts of a business

Front

Which of the following is NOT a function of management? Organizing, Sleeping, Planning, Controlling

Back

Sleeping

Front

What is the first step in the Decision Making Process?

Back

Identify the Problem

Front

What is a Vision Statement?

Back

An inspirational statement about what a company wants to become

Front

Why is planning essential in business management?

Back

It helps facilitate progress.

Front

What is the difference between a mission statement and a vision statement?

Back

Mission focuses on the present; Vision focuses on the future

Front

Which of the following is a benefit of having a vision statement? It guarantees higher profits, It reduces the need for marketing, It increases the company's tax obligations, It helps attract like-minded employees

Back

It helps attract like-minded employees

Front

What is the purpose of setting objectives in business management?

Back

To measure progress and offer a sense of achievement

Front

What is a short-term goal?

Back

A goal that takes less than 12 months to achieve.

Front

What is the importance of learning about Business Management?

Back

It helps you understand basic management functions