BUS 100 Final Exam Review ACTUAL UPDATED Questions and CORRECT
Answers
Terms in this set (73)
5 Components of Management Planning Planning
Organizing
Staffing
Directing
Controlling
, Planning Determining an organization objectives & how to accomplish them
Types of Planning Strategic: long-term, senior management
Tactical: Short range, implanting activities in strategic plan
Operational: Short-term first line supervisors
Organizing Structuring resources & activities to accomplish objectives
Staffing Selecting & training employees to meet organizational objectives
Directing Motivating & leading employees to meet organizational objectives
Controlling Evaluating & correcting activities to keep organization on course
3 Ways Businesses can be formed Sole Proprietorships
Partnerships
Corporations
Sole Proprietorships Businesses owned and operated by one individual; the most common form of
business organization in the United States
Advantage of Sole Proprietorship East of Cost of Formation
Disadvantage of Sole Proprietorship Lack of qualified employees
Partnerships A partnership that involves a complete sharing in both the management and the
liability of the business
Advantage of Partnership Ease of Organization
Disadvantage of Partnership Unlimited Liability
Corporations A legal entity, created by the state, whose assets and liabilities are separate from
its owners'
Advantage of a Corporation Limited Liability
Disadvantage of a Corporation Double Taxation
Organizational Culture A firm's shared values, beliefs, traditions, philosophies, rules, and role models for
behavior
Organizational Structure The arrangement or relationship or positions within an organization
Departmentalization The grouping of jobs into working units usually called departments, units, groups,
or divisions
Functional The grouping of jobs that perform similar functional activities, such as finance,
manufacturing, marketing, and human resources.
Answers
Terms in this set (73)
5 Components of Management Planning Planning
Organizing
Staffing
Directing
Controlling
, Planning Determining an organization objectives & how to accomplish them
Types of Planning Strategic: long-term, senior management
Tactical: Short range, implanting activities in strategic plan
Operational: Short-term first line supervisors
Organizing Structuring resources & activities to accomplish objectives
Staffing Selecting & training employees to meet organizational objectives
Directing Motivating & leading employees to meet organizational objectives
Controlling Evaluating & correcting activities to keep organization on course
3 Ways Businesses can be formed Sole Proprietorships
Partnerships
Corporations
Sole Proprietorships Businesses owned and operated by one individual; the most common form of
business organization in the United States
Advantage of Sole Proprietorship East of Cost of Formation
Disadvantage of Sole Proprietorship Lack of qualified employees
Partnerships A partnership that involves a complete sharing in both the management and the
liability of the business
Advantage of Partnership Ease of Organization
Disadvantage of Partnership Unlimited Liability
Corporations A legal entity, created by the state, whose assets and liabilities are separate from
its owners'
Advantage of a Corporation Limited Liability
Disadvantage of a Corporation Double Taxation
Organizational Culture A firm's shared values, beliefs, traditions, philosophies, rules, and role models for
behavior
Organizational Structure The arrangement or relationship or positions within an organization
Departmentalization The grouping of jobs into working units usually called departments, units, groups,
or divisions
Functional The grouping of jobs that perform similar functional activities, such as finance,
manufacturing, marketing, and human resources.
