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BUS110 Review Sheet Exam 2 Chapters 5, 6, 7

Prof. Teubner

Chapter 5

How does your text define small business?

What is the SBA? What is its function?
Which sector accounts for the majority of jobs in the U.S.?
Why do people want to own and operate their own business?
What are the advantages and disadvantages of owning a small business?
What are some reasons why there could be a high level of stress on small
business owners?
7. What are some reasons why small businesses fail?
8. Lack of funds to operate a small business is called ______.
9. What is a business plan and what should it do?
10.The money used to start a business is called _______.
11.What is a franchise? Who is the franchiser and the franchisee?
Chapter 6

Define management.
What are the resources that managers use to help achieve goals?
What is meant by effective and efficient management?
Name and describe the functions of management.
What is crisis management?
What are the steps in the control process of management?
What is first line management? Middle management? Top management? Give
8. What are human relations skills? Why are these skills important for
9. What are the skills needed to be an effective manager?
10.What is democratic leadership? Autocratic? Free reign?
11.What are the steps in the decision making process?
Chapter 7
1. What
2. What
3. What
4. What
5. What
6. What
7. What
8. What
9. What

is organizational culture? What does that include?

is organizational structure?
is job specialization? What are the advantages and disadvantages?
is division of labor? Who is the economist who wrote about this?
are the approaches to departmentalization?
is accountability? Responsibility? Delegation?
is an example of an informal communication channel?
is upward and downward communication?
is the grapevine? How can a manager use it?
are project teams? What is the function?