Functions of Business
Which function involves recruiting, hiring, onboarding, training, and evaluating?
A leader who makes all decisions and tells people what to do is called a ______ leader.
Autocratic leader
Which type of business ownership involves a single owner with unlimited liability?
Sole proprietorship
True or False: Leaders execute plans and managers initiate plans.
False.
What is a company’s purpose and reason for being called?
Mission
Which function involves collecting, organizing, storing, and securing relevant data?
Info Management
Which leadership style is hands-off and allows employees to make decisions by saying, “You decide”?
Delegative leader
What type of business structure combines characteristics of a partnership while limiting liability to the amount invested?
LLC or Limited Liability company
Which describes a role of leadership: planning or influencing?
Influencing
Name the three main skills managers should have.
Problem-solving skills, people skills, and procedural skills.
Which function includes the mission, tactics, and plan of action used to meet company goals?
Strategy
Which leadership style focuses on mentoring employees and says, “Consider this”?
Coaching leadership
Which type of corporation considers public benefit decisions and all stakeholders, not just shareholders?
Benefit corporation, or B corp
Managers work ___ the company, while leaders work ___ the company.
Managers work in the company, while leaders work on the company.
What is the difference between company culture and company values?
Company values are what a company believes and the principles that guide its business practices. Company culture is the shared beliefs, values, goals, attitudes, and behaviors of the employees.
Which function manages inputs and outputs, manufacturing, purchasing, and logistics?
Operations
Which leadership style leads by example, serves others, and empowers them by saying, “I am here to serve you”?
Servant Leadership
What is a defining characteristic of a corporation?
A corporation is a separate legal entity from its owners. Its owners generally have limited liability.
Which describes a role of management: motivating or organizing?
Organizing
What is the definition of a business?
A business is a for-profit or non-profit organization involved in industrial, commercial, or professional commerce.
Name the six main functions of business.
Human Resources, Strategy, Information Management, Operations, Marketing, and Finance/Accounting.
Which leadership style encourages employee input by asking, “What do you think?”
Democratic leadership
Name two factors you should consider when selecting a type of business ownership.
Liability protection
Taxes
Number of owners
Start-up costs
Ability to raise money
Government regulations
Control of the business
Business goals and purpose
Name the five functions of management.
Planning, organizing, staffing, controlling, and leading.
What are examples of business models? Name at least three.
EX: Business-to-business, or B2B
Business-to-consumer, or B2CConsumer-to-consumer, or C2C
E-commerce
Brick-and-mortar retail
Franchising
Subscription model
Direct sales