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Planning
Vocabulary
Organizational Structures
Leadership
Financial Management 2
100

A long-term plan used by businesses that outlines an organization's goals and methods of achieving them.

What is a strategic plan?

100

Moving employees through different tasks to broaden skills and avoid monotony.

What is job rotation?

100

The process of reducing the number of levels in the managerial hierarchy.

What is flattening?

100

A leadership style that aims to motivate employees by using punishments and rewards.


What is transactional leadership?

100
A detailed plan for meeting the financial needs of a business. It anticipates sources of income and predicts expenses.
What is a Business Budget?
200

A long-term plan that analyzes money flow in and out of the company and outlines where the organization will spend their money.

What is a budget plan?

200
Guiding principles that change depending on the situation or environment in which a decision is made.

What are situational values?

200
Structure of an organization that involves extensive collaboration with external partners and has minimal internal hierarchy.

What is a boundaryless organization?

200

A leadership style based on centralized decision-making and strict control over subordinates.

What is autocratic leadership?

200

What are three types of business budgets?

Start-up, Operating and Cash Budgets.

300

The day-to-day plans for an organization, such as closing procedures for end of day.

What are operational plans?

300

Underlying beliefs of an organization that shape how people act in the workplace.

What is core culture?

300

An organizational structure that combines functional and divisional org. structures.

What is a matrix?

300



Statement of cash flows

300

A restaurant serves lunch and dinner, averages $25 per person and has seats for 100 people. The business owner projects that it will turn tables twice each service. What is the projected amount of gross profit per day?

$10,000

400

A planning approach that involves considering multiple sources of data, thoroughly analyzing this data, and has a long processing time.

What is the rational comprehensive approach?

400

The four functions of management.


What are leading, controlling, organizing, and planning?

400
A group that is formed for a short period of time to address a specific problem or product of an organization and then disbands. 

What is a project team?

400

What is one example of a revenue driver?


Customer visits, up-selling

400
A financial statement that shows revenues, expenses, and net income (profit) or loss for a period of time.
What is an Income Statement?
500

A plan that involves looking at potential risks or future events and developing alternatives or solutions for these.

What is a contingency plan?

500
Managerial skills based on analyzing complex situations and make appropriate decisions.

What are conceptual skills?

500

A company that groups employees based on products, markets, or geographic regions.

What is a divisional structure?

500

What is one example of a line item that would be on an operating expense worksheet?


Rent, salary, hourly employees, marketing/advertising, utilities, dues, bank charges

500
A financial statement that lists a business's assets (owns) and liabilities (owes) to show owner's equity. Assets = Liabilities + Owner's Equity
What is the Balance Sheet?