General Management Exam Review –
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management -CORRECT ANSWER the process used to accomplish organizational
goals through planning, organizing, leading, and controlling people and other
organizational resources
planning -CORRECT ANSWER a management function that includes anticipating
trends and determining the best strategies and tactics to achieve organizational goals
and objectives
organizing -CORRECT 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 -CORRECT 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 -CORRECT 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 -CORRECT ANSWER an encompassing explanation of why the organization
exists and where it's trying to head
mission statement -CORRECT ANSWER an outline of the fundamental purpose of an
organization
goals -CORRECT ANSWER the broad, long term accomplishments an organization
wishes to attain
objectives -CORRECT ANSWER specific, short term statements detailing how to
achieve the organizations goals
SWOT analysis -CORRECT ANSWER SWOT = Strengths, Weaknesses, Opportunities
and Threats; a planning tool used to analyze an organizations strengths, weakness,
opportunities and threats
,strategic planning -CORRECT 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 -CORRECT 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 -CORRECT ANSWER the process of setting work standards and
schedules necessary to implement the company's tactical objectives
contingency planning -CORRECT 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 -CORRECT ANSWER choosing among two or more alternatives
problem solving -CORRECT 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 -CORRECT ANSWER coming up with as many solutions to a problem
as possible in a short period of time with no censoring of ideas
PMI -CORRECT 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 -CORRECT 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 -CORRECT ANSWER highest level of management, consisting of the
president and other key company executives who develop strategic plans
middle management -CORRECT 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 -CORRECT ANSWER managers who are directly
responsible for supervising workers and evaluating their daily performance
technical skills -CORRECT ANSWER skills that involve the ability to perform tasks in a
specific discipline or department
human relations skills -CORRECT ANSWER skills that involve communication and
motivation; they enable managers to work through and with people
, conceptual skills -CORRECT ANSWER skills that involve the ability to picture the
organization as a whole and the relationship among its various parts
staffing -CORRECT ANSWER a management function that includes hiring, motivating,
and retaining the best people available to accomplish the company's objectives
autocratic leadership -CORRECT ANSWER leadership style that involves making
managerial decisions without consulting others
participative (democratic) leadership -CORRECT ANSWER leadership style that
consists of managers and employees working together to make decisions
free-rein leadership -CORRECT ANSWER leadership style that invovles managers
setting objectives and employees being relatively free to do whatever it takes to
accomplish those objectives
knowledge management -CORRECT 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 -CORRECT 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 -CORRECT ANSWER individuals and units within the firm that
receive services from other individuals or units
funds -CORRECT ANSWER amounts of money
profit -CORRECT ANSWER the difference between revenue and expenses
ledgers -CORRECT ANSWER books in which financial records are written
trial balance -CORRECT ANSWER a summary of all the financial data in the account
ledgers that ensures the figures are correct and balanced
annual report -CORRECT ANSWER a yearly statement of the financial condition,
progress, and expectations of an organization.
profit and loss account -CORRECT ANSWER a financial statement showing revenue,
expenditure and profit during a given period
the P&L account begins with... -CORRECT ANSWER total sales (=revenue) generated
during a month, quarter or year
the P&L account ends with... -CORRECT ANSWER earnings (= profit / the bottom line)
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management -CORRECT ANSWER the process used to accomplish organizational
goals through planning, organizing, leading, and controlling people and other
organizational resources
planning -CORRECT ANSWER a management function that includes anticipating
trends and determining the best strategies and tactics to achieve organizational goals
and objectives
organizing -CORRECT 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 -CORRECT 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 -CORRECT 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 -CORRECT ANSWER an encompassing explanation of why the organization
exists and where it's trying to head
mission statement -CORRECT ANSWER an outline of the fundamental purpose of an
organization
goals -CORRECT ANSWER the broad, long term accomplishments an organization
wishes to attain
objectives -CORRECT ANSWER specific, short term statements detailing how to
achieve the organizations goals
SWOT analysis -CORRECT ANSWER SWOT = Strengths, Weaknesses, Opportunities
and Threats; a planning tool used to analyze an organizations strengths, weakness,
opportunities and threats
,strategic planning -CORRECT 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 -CORRECT 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 -CORRECT ANSWER the process of setting work standards and
schedules necessary to implement the company's tactical objectives
contingency planning -CORRECT 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 -CORRECT ANSWER choosing among two or more alternatives
problem solving -CORRECT 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 -CORRECT ANSWER coming up with as many solutions to a problem
as possible in a short period of time with no censoring of ideas
PMI -CORRECT 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 -CORRECT 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 -CORRECT ANSWER highest level of management, consisting of the
president and other key company executives who develop strategic plans
middle management -CORRECT 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 -CORRECT ANSWER managers who are directly
responsible for supervising workers and evaluating their daily performance
technical skills -CORRECT ANSWER skills that involve the ability to perform tasks in a
specific discipline or department
human relations skills -CORRECT ANSWER skills that involve communication and
motivation; they enable managers to work through and with people
, conceptual skills -CORRECT ANSWER skills that involve the ability to picture the
organization as a whole and the relationship among its various parts
staffing -CORRECT ANSWER a management function that includes hiring, motivating,
and retaining the best people available to accomplish the company's objectives
autocratic leadership -CORRECT ANSWER leadership style that involves making
managerial decisions without consulting others
participative (democratic) leadership -CORRECT ANSWER leadership style that
consists of managers and employees working together to make decisions
free-rein leadership -CORRECT ANSWER leadership style that invovles managers
setting objectives and employees being relatively free to do whatever it takes to
accomplish those objectives
knowledge management -CORRECT 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 -CORRECT 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 -CORRECT ANSWER individuals and units within the firm that
receive services from other individuals or units
funds -CORRECT ANSWER amounts of money
profit -CORRECT ANSWER the difference between revenue and expenses
ledgers -CORRECT ANSWER books in which financial records are written
trial balance -CORRECT ANSWER a summary of all the financial data in the account
ledgers that ensures the figures are correct and balanced
annual report -CORRECT ANSWER a yearly statement of the financial condition,
progress, and expectations of an organization.
profit and loss account -CORRECT ANSWER a financial statement showing revenue,
expenditure and profit during a given period
the P&L account begins with... -CORRECT ANSWER total sales (=revenue) generated
during a month, quarter or year
the P&L account ends with... -CORRECT ANSWER earnings (= profit / the bottom line)
