POM Unit 1

Which of the following statements is true with reference to principles of management?

• The principles of management have evolved

• The principles of management are yet to be evolved

• The principles of management are in the continuous process of evolution

• None of the above

Which of the following statements is/are true with reference to principles of management?

• The principles are guidelines to action

• The principles denote a cause and effect relationship.

• Principles help the manager to take decisions while performing various management functions

• All of the above

Management is_________________.

• An art

• A science

• Both (a) and (b)

• Neither art nor science

This type of business is owned by one person.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

• Partnership
• Sole Proprietorship
• Corporation
• Franchise

What is a major advantage of a business that is a partnership rather than a sole proprietorship?

• The responsibility for the business is shared
• The business is easy to set up
• The partners are not responsible for business debts
• The business is easy to sell

What is a business owned by stockholders/investors but operated by others?

• Sole Proprietorship

• Partnership

• Corporation

• Limited Liability Partnership

What is ONE advantage of a Corporation?

• Difficult to start

• Make all of the decisions

• Easy to raise money!

• Limited Life

Characteristics include owned by two or more people and may be general or limited

• Sole Propriotorship

• Partnership

• Corporation

• Franchise

What is a managers responsibility?

• Direct Employees

• Give Change

• Make people feel welcome

• Take orders