Chapter 1
Theory that identifies the most effect practices for organizing and managing a business
What is Administrative management?
Obligation to do an assigned task
What is responsibility?
Those who owe money
What is creditor?
Completes all 5 management functions on a regular basis and has authority over other jobs and people
What is Manager?
Written financial plan for business operations for a specific period of time
What is budget?
a business owned by two or more people
What is Partnership?
manager whose main ob is to direct the work of employees
What is supervisor?
Organizational structure that divides employees into permanent work teams
What is team organization?
Someone who starts, manages, and owns a business
What is entrepreneur?
Process of accomplishing the goals of an organization through the effective use of people and other resources
What is management?
The right to make decisions about work assignments and to require other employees to perform assigned tasks
What is authority?
written document that describes the nature of the business, its goals, and objectives, and how they will be achieved
What is Business Plan?
list all 5 functions of management and the acronym
What is Controlling, Leading, Organizing, Planning, Staffing ad CLOPS?
illustration of the structure of an organization, major job classifications, and the relationships among personnel
What is organizational chart?
Legal agreement in which an individual or group of investors purchase the rights to sell a company's product or service using company's name or trademark
What is Franchise?