Business Management Flashcards

Which motivational theory suggests employees are motivated by five levels of needs, from physiological to self-actualization?

Answer: Maslow's Hierarchy of Needs

Maslow's Hierarchy of Needs proposes a five-level pyramid where lower needs must be satisfied before higher needs motivate behavior.

A business that produces goods or services itself rather than purchasing them from outside suppliers is practicing:

Answer: Vertical integration

Vertical integration means a company controls multiple stages of its supply chain, producing inputs internally rather than outsourcing them.

Which financial statement shows a company's revenues, expenses, and profit over a specific time period?

Answer: Income statement

The income statement (profit and loss statement) summarizes revenues and expenses to show net profit or loss over a period.

An employee who is terminated because their position is eliminated due to company downsizing has been:

Answer: Laid off

A layoff occurs when an employee loses their job due to organizational restructuring or downsizing, not due to personal performance.

Which concept refers to a manager's obligation to report results to their supervisor?

Answer: Accountability

Accountability means a manager must answer to their superior for the outcomes of tasks they were responsible for.

A retail chain opens stores in three new cities. This growth strategy is best described as:

Answer: Market development

Market development involves selling existing products or services to new geographic markets or customer segments.

When a manager coaches an underperforming employee before considering termination, this reflects which HR principle?

Answer: Progressive discipline

Progressive discipline is a step-by-step approach (coaching, warnings, suspension) used before termination to give employees a chance to improve.