Business Organization Assessment

Front

What are the three main types of business ownership?

Back

Sole proprietorship, partnership, and corporation

Front

Which of the following is NOT an advantage of a sole proprietorship? Easy to set up, Complete decision-making control, Limited liability protection, Lower income taxes

Back

Limited liability protection

Front

What is a primary advantage of forming a corporation?

Back

Limited liability protection

Front

Which business structure ends if the owner dies? Options: Corporation, Cooperative, Sole proprietorship, Franchise

Back

Sole proprietorship

Front

What is a franchise?

Back

A contract to use another company's name and products

Front

Which is one of the five main functions of business? Distribution, Production, Transportation, Communication

Back

Production

Front

What is procurement in business?

Back

Buying and reselling goods

Front

Which management level is responsible for daily operations?

Back

Operational management

Front

What are the four main functions of management?

Back

Planning, organizing, leading, and controlling

Front

What type of organizational structure puts authority in one place? Options: Decentralized organization, Line authority structure, Centralized organization, Matrix organization

Back

Centralized organization