Types of business objectives are

Financial, social, marketing, Financial, marketing, shareholder expectations

A positive corporate culture

sets higher standards in products and services, encourages improvement in productivity

Participative management style is most appropriate when

employees have been empowered to develop their skills

can be seen through artefacts, shared values and beliefs

Laissez-faire could be used

by a free-lance photography business

Consultative management

control and authority is less centralised

can be promoted through policies and practices

Delegation does not occur when

managers are focused on short term goals, managers are inflexible and disorganised

Strengths, weaknesses, opportunities, threats

Factors that affect choice of management style

time, money, resources, knowledge, skills, values and experiences

believe that money is the key motivator for performance

has an ongoing life (perpetuity), is owned by shareholders who have limited liability

A sole trader is the most appropriate choice when

a business idea is in its beginning stages of development

The decision making process involves

Developing alternative solutions, Gathering necessary information, Evaluating the implemented alternative

Human resources are vital for

ensuring termination is carried out ethically, promoting work-life balance

Private Limited Companies

can only trade shares with the permission of shareholders

are in a way affected by the decisions of the business

How can stress be managed?

Assessing and clarifying employees' workloads

Employee handbooks are a form of

internal organisational communication

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Business Foundations

35 termsStudBud Administration479 plays

Unit 3, Area of Study 1

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Questions 35

Answers

1
Types of business objectives are
Financial, social, marketing
Marketing, social, SWOT
Financial, social, managerial
Financial, marketing, shareholder expectations
2
The business' slogan is an example of
Real culture
Official culture
3
A positive corporate culture
sets higher standards in products and services
is dictated by the manager
encourages improvement in productivity
is seen through documents and goals
4
The public sector is
Operated by social enterprises
Operated by large institutions
Operated by the government
Operated by individuals and groups
5
Stakeholders in the operating environment do not include
Management
Customers
Trade unions
Creditors/banks
6
Tactical planning
0-6 months
2 to 5 years
1 to 2 years
up to 1 year
7
Participative management style is most appropriate when
communication and power are centralised
employees have been empowered to develop their skills
there is a high regard for production and efficiency
high-risk decisions need to be made
8
The SMART principle does not include
Manageable
Specific
Achievable
Timely
9
The delegation process does not include
Control
planning
appraisal
Analysis
10
Corporate culture
can be seen through artefacts, shared values and beliefs
one person's values shared through the business
represent how things have to be at the business
developed by the CEO
11
Strategies to develop corporate culture is developed through
Tactical planning for the next 2 years
increasing profits earned by the business
Choice of management style
an effective marketing team
12
Partnerships
have unlimited liability
can have up to 30 people working together
require all partners to be involved
has perpetuity (an ongoing life)
13
Laissez-faire could be used
by a free-lance photography business
in a manufacturing company
by teachers in a Year 8 classroom
14
Managing raw materials and components is part of
Sales and marketing
Finance
Human resources
Operations
15
Consultative management
utilises centralised decision making
control and authority is less centralised
place little value on the input of employees
also referred to as 'free rein' management
16
Social objectives
mean adhering to legal requirements
can be promoted through policies and practices
focus on increasing market shares
assist in maximising the appeal of the product/service
17
Delegation does not occur when
performance standards have been set
employees are skilled and independent workers
managers are focused on short term goals
managers are inflexible and disorganised
18
SWOT stand for
Strengths, weaknesses, opportunities, threats
Strengths, weaknesses, objectives, threats
Strengths, weaknesses, opportunities, thought processes
Strategies, weaknesses, opportunities, threats
19
Factors that affect choice of management style
annual salary provided to the manager
time, money, resources
knowledge, skills, values and experiences
designated style of management
20
True or False: SE's distribute profits to benefit the community
True
False
21
Autocratic managers
ensure workers know the benefits of their decision making
place some value on the importance of employee contribution
believe that money is the key motivator for performance
discuss the issue, but make the final decision
22
A company
has an ongoing life (perpetuity)
is not a separate legal entity from its shareholders
is owned by shareholders who have limited liability
can choose to be incorporated or not
23
Delegation would not be appropriate for
time-consuming tasks
confidential matters
completing large projects
training new employees
24
Management skills do not include
decision-making
planning
human resource management
communication
25
A sole trader is the most appropriate choice when
a group of people want to explore a business idea
business capital is unlimited
a business idea is in its beginning stages of development
an individual has limited experience and knowledge
26
The decision making process involves
Developing alternative solutions
Gathering necessary information
Evaluating the implemented alternative
delegating decisions to employees
27
Delayering
is based on traditional business structures
requires the use of an autocratic management style
increases employee involvement
centralises communication and power
28
Human resources are vital for
ensuring termination is carried out ethically
planning, organising and controlling resources
promoting work-life balance
building relationships with individual customers
29
Private Limited Companies
have no way of gaining extra capital
can only trade shares with the permission of shareholders
are not separate legal entities from its shareholders
have an unlimited amount of shareholders
30
Stakeholders
receive a portion of the profits earned by the business
provide assistance to establishing businesses
are in a way affected by the decisions of the business
are interested in ensuring the success of the business
31
True or False: Donations must be over $5 to be tax deductable
False
True
32
How can stress be managed?
Implementing changes in an autocratic manner
Diminishing performance standards
Assessing and clarifying employees' workloads
Eliminating work social events
33
Employee handbooks are a form of
external operational communication
internal organisational communication
personal communication
34
Government Business Enterprises do not include
NBN
Public Transport Victoria
Australia Post
Woolworths
35
Areas of management responsibility do not include
Sales and marketing
Human Resources
Technology support
Strategic planning

Business Foundations Flashcards | StudBud