| A | B |
|---|
| detailed written document that describes the nature of the business, the target market, the firm's competitive advantages, as well as the owner's resources and qualifications | business plan |
| Legally, a partnership must have at least ONE of these | general partner |
| the management function that involves determining whether an organization is progressing toward its goals, rewarding employees for doing a good job, and taking corrective action when they are not | Controlling |
| primary disadvantage of both a sole proprietorship and a partnership that a corporation overcomes | Unlimited liability |
| A statement that describes the company's fundamental purposes. | mission statement |
| When starting a corporation, people submit articles of incorporation to THIS office | secretary of state |
| Its claims on dividends are paid before those of common stock | preferred stock |
| top governing body of a corporation | board of directors |
| The fact that companies must pay taxes on their earnings, and then stockholders pay taxes on their dividends is called THIS. | double taxation |
| A merger between two firms that make and sell similar products in similar markets | horizontal merger |
| In business this is called having a "Plan B." | contingency planning |
| giving employees the authority and responsibility to respond quickly to customer requests | Empowerment |
| Volunteers from THIS organization are usually retired business people from different industries | SCORE |
| An organization that is THIS will give regional managers a great deal of freedom to decide exactly what types of products to stock and how to best market them | decentralized |
| The parent company versus the company that is using its name, products, etc. | franchisor; franchisee |
| process of rating an organization's practices, processes, and products against the best of the world | benchmarking |
| Planning, organizing, leading/motivating, and controlling are the 4 functions of THIS | management process |
| changed the direction of research away from Taylor's scientific management toward the study of human-based management | Hawthorne studies |
| THIS type of managment views employees are like machines that must be programmed to perform in a certain way | scientific management |
| manager who has the ability to see the big picture of an organization and to understand how the various parts of the organization can fit together | conceptual skills |
| leadership style advocating that a leader makes all decisions and tells subordinates what to do and how to do it is THIS type | authoritarian |
| dividing an organization into marketing, human resources, accounting, and production departments is example of departmentalization by THIS | function |
| assignment of part of a manager's work and authority to a worker | delegation |
| head of the marketing department supervises twelve people in a department is an example of THIS | span of management |
| Getting paid $700.00 per week for instance is being paid on THIS system | salary pay system |
