Management Fundamentals Quiz

Maslow's theory that prioritizes human needs in a hierarchical way, from basic needs like food and shelter to higher needs like self-actualization. It's a framework for understanding employee motivation and satisfaction.

A management approach that sees organizations as interconnected systems, focusing on how different parts interact and influence one another. It emphasizes a holistic view of the organization.

The idea that the best management style depends on various factors, such as the specific situation, organizational culture, and employee characteristics. It emphasizes flexibility and adaptability.

The father of modern management theory, Henry Fayol, developed 14 principles to guide effective management. These principles were designed to help managers organize, regulate, and efficiently operate organizations.

This principle argues that dividing work into specialized tasks improves efficiency, accuracy, and speed. Workers become more skilled and productive in their specific areas.

This principle refers to the authority given to managers to make decisions and lead. However, it also emphasizes responsibility for the outcomes of their actions.

In essence, discipline means order and respect for rules. It ensures a smooth and coordinated organizational function, making management easier and more comprehensive.

This principle emphasizes the importance of communication and consistency in the application of rules and regulations within an organization.

A group of individuals responsible for running and managing a business, including all levels of management from CEOs to front-line supervisors.

A system of knowledge based on verifiable facts and cause-and-effect relationships, where principles are established through observation and testing.

Those who manage because they are owners or related to the owners of the company.

Those appointed to management roles due to their specialized knowledge and qualifications.

The application of theoretical knowledge and skills in a personalized way to achieve the best possible outcome.

Understanding and applying various principles, concepts, and methods in real-world scenarios.

Every manager has their own unique style and approach to leading and directing their team.

The ability to create new solutions, improve processes, and develop innovative approaches for better results.

Continuous practice and experience help managers refine their skills and improve their effectiveness over time.

Management is a goal-oriented process that aims to achieve specific objectives and targets.

Management involves utilizing resources - human, financial, material, and technological - to achieve organizational objectives.

Management involves influencing and motivating employees to work towards shared goals.

Managers are responsible for making sure the right amount and quality of products are made.

Managers act as a bridge between workers and higher-level goals, communicating problems, ideas, and requests.

Managers are crucial for resolving disagreements and helping employees feel heard.

Managers ensure employees are trained to do their jobs well and that they have the tools and resources they need.

Managers are responsible for creating a positive and disciplined work environment.

Managers strive to inspire and motivate their employees to perform their best.

Managers are important for building a company's reputation, as they are the face of the company to employees.

Management aims to use resources effectively to achieve the best results, saving costs and maximizing output.

A business structure where a single individual owns and controls all aspects of the business, assuming full liability for debts and obligations.

A business structure formed when two or more individuals partner to share ownership, profits, and losses. All partners are jointly responsible for the business's financial obligations.

A business structure characterized by legal separation between the owners and the business itself. Owners have limited liability, and the business is subject to corporate tax laws.

A business structure combining characteristics of a partnership and a corporation. Owners have limited liability, and the business is taxed like a partnership.

A business structure where a group of individuals pool their resources to operate a business collectively, sharing profits and losses equitably.

A business structure where a franchisee pays a fee to a franchisor for the right to operate a business under the franchisor's brand and system.

A business structure where a business is owned and managed by its employees, with profits shared among the workers.

A business structure where a business is owned and operated by a governmental entity, often providing essential services to the public.

A business model combining a physical store with an online presence, offering customers the convenience of both options.

Businesses with physical stores in specific locations, serving customers directly.

Increased costs associated with running a physical store, including rent, stock maintenance, electricity, and employee expenses.

Limited variety of products in a physical store due to space constraints, affecting business potential.

Improved accessibility for businesses with both online and physical presence, reaching a wider target audience.

Increased customer loyalty to brands with both online and physical operations, due to the presence and consistency of both.

Retailers, manufacturers, distributors, and wholesalers connected within a supply chain network, involved in the exchange of goods and services.

The process of planning, implementing, and controlling all aspects of material and information flows within a supply chain.