General Management Exam Review –
NOCTI Exam | Latest Exam 2026-2027 |
Graded A+
management -ANSWER the process used to accomplish organizational goals through
planning, organizing, leading, and controlling people and other organizational resources
planning -ANSWER a management function that includes anticipating trends and
determining the best strategies and tactics to achieve organizational goals and
objectives
organizing -ANSWER a management function that includes designing the structure of the
organization and creating conditions and systems in which everyone and everything
work together to achieve the organizations goals and objectives
leading -ANSWER creating a vision for the organization and guiding, training, coaching,
and motivating others to work effectively to achieve the organizations goals and
objectives
controlling -ANSWER a management function that involves establishing clear standards
to determine whether or not an organization is progressing toward its goals and
objectives, rewarding people for doing a good job, and taking corrective action if they
are not
vision -ANSWER an encompassing explanation of why the organization exists and where
it's trying to head
mission statement -ANSWER an outline of the fundamental purpose of an organization
goals -ANSWER the broad, long term accomplishments an organization wishes to attain
objectives -ANSWER specific, short term statements detailing how to achieve the
organizations goals
SWOT analysis -ANSWER SWOT = Strengths, Weaknesses, Opportunities and Threats;
a planning tool used to analyze an organizations strengths, weakness, opportunities
and threats
strategic planning -ANSWER the process of determining the major goals of the
organization and the policies and strategies for obtaining and using resources to
achieve those goals
,tactical planning -ANSWER the process of developing detailed, short term statements
about what is to be done, who is to do it, and how it is to be done
operational planning -ANSWER the process of setting work standards and schedules
necessary to implement the company's tactical objectives
contingency planning -ANSWER the process of preparing alternative courses of action
that may be used if the primary plans don't achieve the organizations objectives
decision making -ANSWER choosing among two or more alternatives
problem solving -ANSWER the process of solving the everyday problems that occur.
problem solving is less formal than decision making and usually calls for quicker action
brainstorming -ANSWER coming up with as many solutions to a problem as possible in a
short period of time with no censoring of ideas
PMI -ANSWER PMI = Pluses, Minuses, Implications; listing all the pluses for a solution in
one column, all the minuses in another, and the implications in a third column
organization chart -ANSWER a visual device that shows relationships among people and
divides the organizatins work; it shows who is accountable for the completion of specific
work and who reports to whom
top management -ANSWER highest level of management, consisting of the president
and other key company executives who develop strategic plans
middle management -ANSWER the level of management that includes general
managers, dividsion managers, and branch and plant managers who are responsible for
tactical planning and controlling
supervisory management -ANSWER managers who are directly responsible for
supervising workers and evaluating their daily performance
technical skills -ANSWER skills that involve the ability to perform tasks in a specific
discipline or department
human relations skills -ANSWER skills that involve communication and motivation; they
enable managers to work through and with people
conceptual skills -ANSWER skills that involve the ability to picture the organization as a
whole and the relationship among its various parts
staffing -ANSWER a management function that includes hiring, motivating, and retaining
the best people available to accomplish the company's objectives
, autocratic leadership -ANSWER leadership style that involves making managerial
decisions without consulting others
participative (democratic) leadership -ANSWER leadership style that consists of
managers and employees working together to make decisions
free-rein leadership -ANSWER leadership style that invovles managers setting objectives
and employees being relatively free to do whatever it takes to accomplish those
objectives
knowledge management -ANSWER finding the right information, keeping the information
in a readily accessible place, and making the information known to everyone in the firm
external customers -ANSWER dealers, who buy products to sell to others, and ultimate
customers (or end users), who buy products for their own personal use
internal customers -ANSWER individuals and units within the firm that receive services
from other individuals or units
funds -ANSWER amounts of money
profit -ANSWER the difference between revenue and expenses
ledgers -ANSWER books in which financial records are written
trial balance -ANSWER a summary of all the financial data in the account ledgers that
ensures the figures are correct and balanced
annual report -ANSWER a yearly statement of the financial condition, progress, and
expectations of an organization.
profit and loss account -ANSWER a financial statement showing revenue, expenditure
and profit during a given period
the P&L account begins with... -ANSWER total sales (=revenue) generated during a
month, quarter or year
the P&L account ends with... -ANSWER earnings (= profit / the bottom line)
cost of goods sold (COGS) -ANSWER manufacturing costs, wages of blue-collar workers,
transport costs etc.
operating expenses -ANSWER salaries of sales and office staff, marketing costs, rent
etc.= overheads
non-operating income -ANSWER profits from investments in other companies
NOCTI Exam | Latest Exam 2026-2027 |
Graded A+
management -ANSWER the process used to accomplish organizational goals through
planning, organizing, leading, and controlling people and other organizational resources
planning -ANSWER a management function that includes anticipating trends and
determining the best strategies and tactics to achieve organizational goals and
objectives
organizing -ANSWER a management function that includes designing the structure of the
organization and creating conditions and systems in which everyone and everything
work together to achieve the organizations goals and objectives
leading -ANSWER creating a vision for the organization and guiding, training, coaching,
and motivating others to work effectively to achieve the organizations goals and
objectives
controlling -ANSWER a management function that involves establishing clear standards
to determine whether or not an organization is progressing toward its goals and
objectives, rewarding people for doing a good job, and taking corrective action if they
are not
vision -ANSWER an encompassing explanation of why the organization exists and where
it's trying to head
mission statement -ANSWER an outline of the fundamental purpose of an organization
goals -ANSWER the broad, long term accomplishments an organization wishes to attain
objectives -ANSWER specific, short term statements detailing how to achieve the
organizations goals
SWOT analysis -ANSWER SWOT = Strengths, Weaknesses, Opportunities and Threats;
a planning tool used to analyze an organizations strengths, weakness, opportunities
and threats
strategic planning -ANSWER the process of determining the major goals of the
organization and the policies and strategies for obtaining and using resources to
achieve those goals
,tactical planning -ANSWER the process of developing detailed, short term statements
about what is to be done, who is to do it, and how it is to be done
operational planning -ANSWER the process of setting work standards and schedules
necessary to implement the company's tactical objectives
contingency planning -ANSWER the process of preparing alternative courses of action
that may be used if the primary plans don't achieve the organizations objectives
decision making -ANSWER choosing among two or more alternatives
problem solving -ANSWER the process of solving the everyday problems that occur.
problem solving is less formal than decision making and usually calls for quicker action
brainstorming -ANSWER coming up with as many solutions to a problem as possible in a
short period of time with no censoring of ideas
PMI -ANSWER PMI = Pluses, Minuses, Implications; listing all the pluses for a solution in
one column, all the minuses in another, and the implications in a third column
organization chart -ANSWER a visual device that shows relationships among people and
divides the organizatins work; it shows who is accountable for the completion of specific
work and who reports to whom
top management -ANSWER highest level of management, consisting of the president
and other key company executives who develop strategic plans
middle management -ANSWER the level of management that includes general
managers, dividsion managers, and branch and plant managers who are responsible for
tactical planning and controlling
supervisory management -ANSWER managers who are directly responsible for
supervising workers and evaluating their daily performance
technical skills -ANSWER skills that involve the ability to perform tasks in a specific
discipline or department
human relations skills -ANSWER skills that involve communication and motivation; they
enable managers to work through and with people
conceptual skills -ANSWER skills that involve the ability to picture the organization as a
whole and the relationship among its various parts
staffing -ANSWER a management function that includes hiring, motivating, and retaining
the best people available to accomplish the company's objectives
, autocratic leadership -ANSWER leadership style that involves making managerial
decisions without consulting others
participative (democratic) leadership -ANSWER leadership style that consists of
managers and employees working together to make decisions
free-rein leadership -ANSWER leadership style that invovles managers setting objectives
and employees being relatively free to do whatever it takes to accomplish those
objectives
knowledge management -ANSWER finding the right information, keeping the information
in a readily accessible place, and making the information known to everyone in the firm
external customers -ANSWER dealers, who buy products to sell to others, and ultimate
customers (or end users), who buy products for their own personal use
internal customers -ANSWER individuals and units within the firm that receive services
from other individuals or units
funds -ANSWER amounts of money
profit -ANSWER the difference between revenue and expenses
ledgers -ANSWER books in which financial records are written
trial balance -ANSWER a summary of all the financial data in the account ledgers that
ensures the figures are correct and balanced
annual report -ANSWER a yearly statement of the financial condition, progress, and
expectations of an organization.
profit and loss account -ANSWER a financial statement showing revenue, expenditure
and profit during a given period
the P&L account begins with... -ANSWER total sales (=revenue) generated during a
month, quarter or year
the P&L account ends with... -ANSWER earnings (= profit / the bottom line)
cost of goods sold (COGS) -ANSWER manufacturing costs, wages of blue-collar workers,
transport costs etc.
operating expenses -ANSWER salaries of sales and office staff, marketing costs, rent
etc.= overheads
non-operating income -ANSWER profits from investments in other companies
