2019 Business Management Midterm

Which of the following represents the major functions of management:

• Researching, collecting information, reporting

• Planning, organizing, staffing, directing, controlling

• Evaluating, motivating, training

• Budgeting, scheduling, developing procedures, delegating

An important purpose of management is to __________ the business.

• design advertising for

• prepare the books for

• achieve the objectives of

• compile the financial data of

A plant manager or a department head would be an example of which level of management?

• Middle

• Operating

• Top

• Supervisory

What type of plan do businesses often implement when an original plan fails to produce the desired results?

• Communications

• Production

• Contingency

• Strategic

Which of the following is an element of the planning function of management:

• Assessing performance

• Monitoring work

• Training employees

• Setting goals

An effective way to prioritize work is to categorize tasks in

• order of their importance.

• alphabetical order.

• numerical sequence.

• relation to enjoyment level.

Frankie purchased the right to sell goods and services from a parent company. Frankie's business model is most likely a __________ model.

• freemium

• direct sales

• subscription

• franchise

A car dealership purchases new cars from a Ford factory and then sells them to consumers. What type of business model is this?

• Trader

• Manufacturer

• Distributor

• Importer

Monica's company, ABC Construction, creates furniture out of lumber. What type of business model is this?

• Manufacturer

• Distributor

• Retailer

• Franchise

Quantex is organized as a partnership with eight equal partners. The partners would like to expand their business but limit the amount of money they could personally lose if the business were to fail. What form of ownership should Quantex consider?

• Sole proprietorship

• Corporation

• Monopoly

• Partnership