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Business Decisions
| Question | Answer |
|---|---|
| What are the five functions of management? Give a brief description and example of each. | Planning:allows the organization to run smoothly Organizing:controls overall structure of company Staffing:to hire the right people to achieve the objectives Coordinating:ensures activities function together Controlling:monitors output of employees |
| What are the three management roles? Give a brief description and example of each. | Interpersonal: interact w/ people inside&outside their work units Informational: receive&communicate information w/ other people inside&outside organization Decisional: use information to make decisions to solve problems/take advantage of opportunities |
| What are the three management skills? Give a brief description and example of each. | Technical: manager’s ability to use different techniques to achieve what they want to achieve Conceptual:present knowledge or ability of a manager for more abstract thinking Interpersonal: a manager’s knowledge and ability to work with people |
| How do I apply the decision-making process? | Step 1: Identify the decision Step 2: Gather relevant information Step 3: Identify the alternatives Step 4: Weigh the evidence Step 5: Choose among alternatives Step 6: Take action Step 7: Review your decision & its consequences |
| What is a strategic plan and how does it help manage the growth, profit, and goals of a business? | A strategic plan is typically focused on a business' mid- to long-term goals and explains the basic strategies for achieving them. |
| How do businesses determine what to produce in a market economy? | The forces and interaction of supply and demand for each commodity determines what and how much to produce. |
| How does the law of supply and demand determine the equilibrium price of a good or service? | There is an inverse relationship between the supply and prices of goods and services when demand is unchanged. |
| What do you need to calculate the opportunity cost of a particular course of action? | Opportunity Cost = Cost of Selected Alternative - Cost of Next Best Alternative |
| How is the equilibrium price of a good or service determined? | It is where quantity demanded meets quantity supplied. |
| Which of the following types of costs are fixed costs and which are variable costs: overtime expenses, carpeting carpeting at the office, salary of the public relations director, rent income tax? | Fixed: salary, income tax, rent Variable: overtime, |
| How is the break even point calculated? | It is the point in which total costs=total revenue. |
| Compare a market economy with a command economy. Which system allocates resources better? | Command economy allocates resources better because everything is, in theory, equal. |
| What are three factors that affect consumer demand? | Number of consumers, complementary goods, income level, tastes/trends, Expectations of the future, substitutes |
| What are two phases of the business cycle? | Expansion(peak) and Contraction(Recession, trough) |
| In which phase of the business cycle does unemployment rise? | Contraction/recesion |
| What is a leading economic indicator? | GDP |
| Why do business managers need to understand the business cycle? | To know the state of their business and whether or not they need to hire or fire workers, make budget cuts, etc. |
| How did the United State entry into World War II pull the economy out of the Great Depression? | By the sharp reductions in spending, taxes and regulation |
| What is the difference between the concepts of scarcity and shortage? When does scarcity exist? When does shortage exist? | Scarcity exists when there is a limited amount of resources available but unlimited wants. Shortage occurs when there is a price ceiling imposed upon a good/service, rendering the supply unable to meet demands. |
| Why are companies more likely to lay off workers in the contractionary phase of the business cycle than the expansionary phase? | To save money |
Created by:
ASMurry01
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