Organizing a Business Begins with

question 313

Multiple Choice

Organizing a business begins with

• A) acquiring the necessary resources.
• B) choosing the best qualified employees.
• C) developing an efficient plan of action.
• D) determining the work to be done.

Identify various types of skills required for managerial success.

Acknowledge the traits relevant to adapting to change and learning from experience.

Understand the importance and impact of different types of skills (conceptual, cognitive, interpersonal, technical) in varying management roles.

Identify the relationship between personality traits (such as emotional maturity, locus of control, need for achievement) and managerial effectiveness.

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Definitions:

Consignment

The process of handing over goods to another party to sell on behalf of the owner, yet ownership remains with the original party until the goods are sold.

Personal Property

Movable items owned by an individual or corporation, as opposed to real property like land or buildings.

Nonconforming Goods

Products delivered under a sale contract that do not meet the specifications or quality standards stipulated.

Rightfully Revokes Acceptance

Pertains to a scenario where a purchaser legally cancels their acceptance of goods if the goods fail to conform to the contract in a substantial way.