How Much Do I Know About Chapter 1

Question 1. What is management?
My answer: Management is being able to work with and through people to achieve business/organizational objectives.
Textbook answer: Management is the process of working with and through others to achieve organizational objectives in a changing environment.

Question 2. What is effectiveness?
My answer: Effectiveness is getting objectives done in a proper manner.
Textbook answer: Effectiveness is a central element in the process of management that entails achieving a stated organizational objective.

Question 3. What is efficiency?
My answer: Efficiency is getting objectives done quick/fast and measuring resources used relative to results.
Textbook answer: Efficiency is a central element in the process of management that balances the amount of resources used to achieve an objective against what was actually accomplished.

Question 4. What is offshoring?
My answer: Offshoring is sending jobs to low-waging countries.
Textbook answer: Offshoring is a controversial practice of sending jobs to low-wage countries.

Question 5. What is the internet?
My answer: The internet is a global network connecting PCs and business computers.
Textbook answer: The internet is a global network of servers and personal and organizational computers.

Question 6. What is e-business?
My answer: E-business is doing your business online to improve every aspect of your firm.
Textbook answer: E-business is a business using the internet for greater efficiency in every aspect of its operations.

Question 7. What are managerial functions?
My answer: Managerial functions are basic objectives that have to be carried out to bring about desired outcome to a company.
Textbook answer:Managerial functions are general administrative duties that need to be carried out in virtually all productive organizations to achieve desired outcomes.

Question 8. What are managerial skills?
My answer: Managerial skills are observable practices that an effective manager exhibits.
Textbook answer: Managerial skills are specific observable behaviors that effective managers exhibit.

Question 9: What is a small business?
My answer: A small business is a private and profit-seeking venture with fewer than 100 employees.
Textbook answer: A small business is an independently owned and managed profit-seeking enterprise with fewer than 100 employees.

Question 10. What is entrepreneurship?
My answer: Entrepreneurship is the practice of going for an opportunity with little or none of the resources needed to fully start/function.
Textbook answer: Entrepreneurship is the process of pursuing opportunities without regard to resources currently under one's control.