CH 7.1 - Business Organization and Management

Something to be achieved in a specified period of time.

• opinion

• goal

• principle

• policy

Outlines how company decisions are made.

• policy

• procedure

• plan

• goal

Describes how tasks should be completed.

• policy

• goal

• chart

• procedure

Authority structure in a company from the highest to the lowest levels. Also called the line of authority.

• organizational chart

• management

• chain of command

• top management

Diagram showing how each employee position within a company interacts with others in the chain of command.

• organizational chart

• strategic plan

• organizing

• staffing

Process of controlling and making decisions about a business.

• controlling

• leading

• management

• staffing

Consists of a company’s board of directors, president, and other high-ranking managers.

• top management

• middle management

• first-line management

Consists of a company’s division managers and department heads.

• top management

• middle management

• first-line management

Level of management that coordinates and supervises the activities and duties of employees.

• top management

• middle management

• first-line management

Outline of the actions needed to accomplish a goal.

• organize

• plan

• leading

• policy