Personal Finance
Chapter 7
7-1 Key Terms:
Management –
Planning –
Organizing –
Staffing –
Implementing –
Controlling –
Management style -
7-1 Checkpoints:
What are the five management functions?
What are the differences among the levels of management?
How is tactical management different from strategic management?
7-1 Assessment:
1. True or False.. An entrepreneur who starts a new business is not considered to be a
manager..
2. Which of the following is NOT one of the five functions of management?
a. planning
b. implementing
c. producing
d. controlling
3. Which level of management spends most of its time completing planning and controlling
activities?
a. top management
b. mid-management
c. supervisors
d. team management
4. True or False…Effective managers should use strategic management rather than tactical
management
7-2 Key Terms:
Leadership –
Human relations –
Influence –
Informal influence –
Formal influence -
7-2 Checkpoints:
What are several ways to develop leadership skills?
Why do managers and leaders need effective human relations skills?
What is the difference between formal and informal influence?
7-2 Assessment:
1. It is often said that the most important resource of a business is…
a. cash
b. technology
c. customers
d. people
2. True or False…Research has proven that effective leaders are born and not made..
3. The way people get along with each other is known as…
a. human relations
b. influence
c. management style
d. communications
4. A person who is not a manager but is still able to get a group focused and organized is
using
a. tactical management
b. strategic management
c. formal influence
d. informal influence
7-3 Key Terms:
Ethical business practices –
Core values -
7-3 Checkpoints:
What are two parts of ethical behavior?
What are the core values of an organization?
7-3 Assessment:
1. Which of the following is NOT a standard of ethical behavior?
a. It should be lawful
b. It should not benefit some while harming others
c. It should not give the company a competitive advantage
d. It should not result in embarrassment for the company
2. True or False…Managers are responsible for the ethical actions of a business.
3. Important principles that guide decisions and actions in a company are known as
a. a mission statement
b. a business plan
c. ethical behavior
d. core values