management
functions
functions
what are the five main management functions
( Planning, Organizing, Staffing, Directing (Leading), Controlling)
What is a market economy?
People and businesses make decisions.
What is Strategic management?
Planning long term business goals
What is accounting
Recording financial business transactions.
What is human resource management
Managing employees in organizations
True or false , controlling only happened at the end of a project
false
Who makes most of the decisions in a market economy?
Consumers and businesses make choices.
What is a mission statement?
Company's purpose and goals.
What is equity?
Owners share in business.
What is a resume?
experience.What is a resume?
What problems can occur if management is done poorly
Confusion, duplication of work, inefficiency, missed deadlines)
Why might a country choose a mixed economy?
To balance freedom and government control.
What is external analysis?
Studying outside the business environment.
If cash inflow is greater than outflow, what happens
Cash balance increase
What happens when a contract is void?
It has no legal effect.
Why is organizing important after planning
Organizing ensures resources are arranged properly to implement plans
What is one advantage of a command economy?
Basic needs are usually provided.
What is internal analysis?
Evaluating companies resources capabilities.
When a company earns more profit, what improves?
Financial health improves.
What is the purpose of consumer protection laws?
Prevent unfair or deceptive business practices.
The business is growing rapidly. Which management function becomes most critical and why
Organizing or staffing becomes critical to manage growth effectively
How are resources allocated in a market economy?
Based on supply and demand.
What is stakeholder analysis?
Evaluating stakeholders' interest influence.
If COG sales rise, what happens to gross profit?
Gross profit decreases.
What makes a contract legally binding?
Mutual agreement with legal purpose.