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Introduction to Management Concepts

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Questions and Answers

What is the definition of management?

A method of controlling financial transactions in a business.
A process of administering resources to achieve organizational goals. (correct)
The act of leading a team towards a common vision.
The investment of resources in a new business venture.

What does strategic planning refer to?

The formulation of long-term goals and the resources needed to achieve them. (correct)
A method for evaluating employee performance.
The process of executing daily operational tasks.
The act of resolving conflicts within a team.

What is meant by leadership?

The ability to inspire and influence others towards achieving goals. (correct)
Coordinating activities among team members.
The initiation of business ventures for profit.
The capability to manage financial records effectively.

What is the meaning of co-ordination?

<p>The alignment of activities and resources to ensure smooth operations. (B)</p> Signup and view all the answers

What is meant by breakeven point?

<p>The point where total revenue equals total costs. (B)</p> Signup and view all the answers

Flashcards

What is management?

Management is the process of planning, organizing, leading, and controlling resources to achieve organizational goals.

What is strategic planning?

Strategic planning involves setting long-term goals for an organization and developing strategies to achieve those goals.

What is leadership?

Leadership is the ability to inspire and motivate others to achieve a common goal.

What is coordination?

Coordination is the process of ensuring that different parts of an organization work together smoothly to achieve common goals.

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What is entrepreneurship development?

Entrepreneurship development is the process of creating and developing new businesses.