SMART Goals
You can't reach it if you can't measure it! What does the "S" stand for in SMART Goals?
Specific
The business cycle has how many main phases?
Four (expansion, peak, contraction, trough)
A business owned by one person is called a what?
Sole Proprietorship
Which function makes and delivers the products?
Production
The way a manager works with employees is called their what?
Management Style
Why should a goal be measurable?
So you can track your progress
When the economy is doing well and people are buying lots of goods, what phase are we in?
Expansion or recovery
When two or more people share the risks and rewards of owning a business, what is it?
Partnership
Which function keeps track of money coming in and out and pays employees?
Accounting
A manager who makes all the decisions and watches closely uses what style?
Tactical Management
his part of SMART keeps your goal realistic and possible to reach.
Achievable
What happens to unemployment during a trough?
It rises (sharp job loss)
Which type of business sells stock and has shareholders?
Corporation
Which function deals with hiring and training workers?
Human Resources
A manager who trusts employees and lets them help make choices uses what style?
Strategic Management
A SMART goal should matter to you and match your other priorities — which word fits?
Relevant
If prices keep going up and money buys less, what economic problem is happening?
Inflation
Buying the right to use a company’s name and products is called a what?
Franchise
Which function creates ads and helps customers learn about the business?
Marketing
The five main duties of management are planning, organizing, staffing, implementing, and what?
Controlling
What does “time-bound” mean when setting goals?
It has a clear deadline or end date.
When the government cuts taxes to help people spend more, what kind of policy is that?
Fiscal policy
In which ownership type are owners only responsible for the money they invest?
Which function handles laws and makes sure the business follows rules?
Legal Function
Which management duty involves setting goals and deciding how to reach them?
Planning