Chapter 4 Planning and Organizing Vocabulary Quiz

A written financial plan for business operations developed for a specific period of time is a (an)

• schedule

• budget

• policy

• procedure

A _____ is a specific statement of a result a business expects to achieve.

• goal

• policy

• budget

• procedure

When each person reports to one supervisor at a time, the principle being followed is

• accountability

• empowerment

• unity of command

• chain of command

A business plan is a

• a casual conversation about business
• written description of the nature of a business, its goals and objectives, and how they will be achieved

• a summary of financial statements
• a list of employee names

The special capabilities of a company that allows it to create a product or service that is measurably better than any other company shows it has a (an)

• absolute advantage

• competitive advantage

• goal

• business plan

Short term planning identifying specific goals for each part of a business is called

• strategic planning

• operational planning

• SWOT analysis

• business plan

The examination of an organizations internal and external factors is called a

• SWOT analysis
• buisness plan

• strategic plan

• operational plan

A ________ is a short, specific statement of the purpose and direction of a business.

• goal

• mission statement

• vision

• standard

A company's vision can also be referred to as its reason for exisiting.

• False
• True

Strategic planning provides

• A guideline for daily operational tasks.
• A tool for increasing employee satisfaction.
• A method for analyzing past performance.
• broad goals and direction for an entire company or organization.