Leadership
What is autocratic?
This leadership style involves the leader making all decisions without consulting employees.
What is planning?
The process of setting goals and deciding how to achieve them.
What is Corporate Social Responsibility?
CSR stands for this.
What is a Statement of Financial Position (Balance Sheet)?
This document shows a business’s assets, liabilities, and equity.
What is a tall structure?
This structure has many levels of management and a clear chain of command.
What is democratic?
A leader who involves team members in decision-making is showing this style.
What is leading?
The management role focused on inspiring and motivating staff.
What is reducing waste or using renewable energy?
One way a business can show CSR toward the environment.
What is an Income Statement?
This document shows income, expenses, and profit over a period.
What is a flat structure?
This structure has few management layers and faster communication.
What is laissez-faire?
This leadership style gives employees full freedom to make decisions and set their own goals.
What is controlling?
The management function that ensures tasks are completed and standards are met.
What does donating to local causes or volunteering show and how does it help the busienss?
One way a business can show CSR toward the community supporting the businesses brand reputation and meeting their mission and vision statements and objectives.
What is a Cash Flow Statement?
A report showing cash inflows and outflows.
What is a matrix structure?
A structure that combines departments and projects together.
What is paternalistic?
A leader who acts like a parent figure, providing guidance and care, is using this style.
Name the four key management functions.
What are planning, organising, leading, and controlling?
How CSR can improve a business’s reputation and market share.
By building customer trust and loyalty.
What is variance analysis?
The process of comparing budgeted and actual results.
What is a shamrock structure?
A structure that includes core staff, contractors, and outsourced work.
Name one advantage and one disadvantage of the democratic leadership style.
Advantage: employees feel valued; Disadvantage: decisions take longer.
What is organising?
A manager delegates authority and arranges resources in this role.
Explain one benefit and one cost of CSR for a business.
Benefit: positive brand image; Cost: higher expenses.
What is a favourable variance?
If a business spends less than expected, this is called a ___ variance.
What is better structure for communication and faster decision-making?
One advantage of a flat structure.