Business Management Final Review

Which of the following is a widely used financial planning tool?

• a budget
• a standard
• a flow-chart
• a Venn diagram

What is the primary goal of strategic planning?

• to help in establishing short-term goals
• it spells out how work will be performed and who will do it
• it provides broad goals and direction for the entire business
• it lists the strengths, weaknesses, opportunities, and threats of and to a business

Which of the following would most address a company's strategic planning?

• a profit and loss statement
• a public relations campaign
• a marketing plan
• a mission statement

Which of the following is used to obtain financing and plan objectives for a business?

• a Financial Statement
• a Mission Statement
• a Business Plan
• a Competitive Analysis

Which of the following are ALL common sections of a business plan?

• management and staffing, marketing plan, and financial statements
• forms of ownership, marketing plan, and press releases
• Mission Statement, checking account numbers, and competition analysis
• e-mail accounts, market analysis, and a section describing products and services

Which of the following terms is defined as the process of accomplishing the goals of an organization through the effective use of people and other resources is:

• planning
• supervision
• management
• implementation

Which business structure could have the following disadvantage:  many people in the company disagree on which action to take and therefore it takes a long time to make a decision?

• Centralized
• Decentralized
• a sole proprietorship
• a limited partnership

What is it called when all authority can be traced in a direct line from the top to the bottom in an organization?

• a line structure
• a staff structure
• a matrix structure
• a team structure

Which of the following is true in terms of a sole proprietorship?

• Creditors have first claim against assets in case of a bankruptcy.
• There are no employees.
• Assets are safe from creditors.
• All employees share equally in terms of the liability of the business.

What is an advantage of a general partnership over a sole proprietorship?

• all partners must agree to any changes in the day-to-day operations of the business
• all partners are legally bound by contracts made by the partnership
• less efficiency due to shared management
• more capital may be available