Management & Leadership
The four functions of management.
What are Planning, Organizing, Leading and Controlling?
BONUS:
Explain a manager's role in the above four functions.
Managers who make decisions without consulting others are exhibiting this type of leadership style.
What is Autocratic?
BONUS:
With the increase in technology and teamwork within business, what are some of the challenges managers face?
The role of Accounting in business.
What is to track financial events and transactions to ensure the business is financially sound?
One describes income generated through business operations, while the other describes net income after deducting expenses from earning.
What is the difference between revenue and profit?
BONUS:
If a company wanted to predict the revenues, costs and expenses they could incur over the next 6-months to a year, they would develop a ___________.
An organization formed by workers to join together and use their collective strength to have a voice in their workplace.
What is a Union?
Middle managers should be efficient in these three skill areas to be considered effective in their role.
What are Technical Skills, Human Relations Skills, and Conceptual Skills?
BONUS:
Explain each of these skill areas.
This Act guarantees that all U.S. workers have equal opportunity in employment by requiring businesses to make "reasonable accommodations" for personnel.
What is the Americans with Disabilities Act (ADA)?
BONUS:
Give an example of a reasonable accommodation and how it impacts various-sized businesses?
The three documents that comprise a business's financial statement
What are the:
- Balance Sheet
- Income Statement
- Statement of Cash Flows
The position measures and reports costs of production, oversees units to ensure they're staying on budget, and designs strategies to minimize taxes and improve a company's finances.
What are Managerial Accountants or Financial Managers?
(Accountants generate the financial information and analysis.)
BONUS:
Chief Financial Officers are responsible for what?
These are the three main types of competitive pricing.
What are:
- Cost-Based Pricing
- Demand-Based Pricing
- Competition-Based Pricing
Along with Strategic Planning, these are the other three forms of planning utilized in the business world.
What are:
- Tactical Planning
- Operational Planning
- Contingency Planning
BONUS:
What are the differences between each form of business planning and why are they important?
The main steps in the HR Planning Process.
What are:
- Inventory of Personnel (labor, skills, training)
- Job Analysis (job description & specifications)
- Assessing future HR needs
- Assessing future labor supply
- Establishing a strategic plan
Equal to what you owe plus what you own.
What are assets?
BONUS:
Describe tangible and intangible assets
The key needs for operational funds in business.
What are:
- Managing day-to-day needs
- Controlling credit operations
- Acquiring needed inventory
- Making capital expenditures
The net cash and cash equivalents transferred in and out of a company.
HINT: When a company's expenses exceed their receipts, they often have a problem with this.
What is Cash Flow?
1. Establishing clear standards
2. Monitoring and recording performance
3. Compairing results against standards
4. Communicating results
5. Taking corrective action as needed
These are the five steps to this process.
What is the Control Process?
Along with establishing, communicating, and evaluating performance standards, these are the final three steps of an Employee Performance Appraisal.
What are:
- Discussing the results with the employee
- Taking corrective action as needed
- Using the results to make decisions
This includes the listing of assets, liabilities and owners' equity.
What is a Balance Sheet?
The first time a company offers to sell stock to the public is called __________.
What is a Initial Public Offering?
BONUS:
___________ is the problem of having insufficient start-up funds.
Calculated by taking a business's assets minus their liabilities.
What is Owners' Equity?
(Also referred to as Stockholder's Equity)
BONUS:
What are liabilities?
This is used by a business to explain why they exist and where they see themselves in the future.
What is a Vision Statement?
BONUS:
Following the vision is the company's _______, which defines the company's philosophy and who they are. (Southern's is to educate and graduate knowledgeable, responsible, successful global citizens)
Examples of alternative work schedules.
What are:
- Flextime system
- Compressed work week
- Job rotation system
BONUS:
Provide and example of each.
A __________ is usually prepared as the first step in creating the balance sheet for a company. It summaries the debit and credit totals of general ledger accounts to ensure they match.
What is a Trial Balance sheet?
Terms such as 2/10, net 30 are used when implementing this type of short-term financing.
What is Trade Credit?
BONUS:
What is the difference between Trade Credit and a Line of Credit?
A financial statement that shows a company's income and expenditures.
What is and Income Statement?
BONUS:
What is the method of recording transactions as a debit or credit twice?