Intro to Business Chapter 5 Assessment Review

Which of the following is NOT one of the common activities of all businesses?

• producing goods and services

• employing and training personnel

• marketing goods and services

• maintaining business records

Kohl's is an example of a (an)

• extractor

• producer

• intermediary

• service business

The form of ownership that gives one person sole control over all business decisions is the

• proprietorship

• partnership

• corporation

• franchise

All investors in a partnership have full liability for the debts of the business.

• True

• False

The people who make the major policy and financial decisions in a corporation are the

• investors

• board of directors

• managers

• owners

The direction for a business comes from its mission statement.

• True

• False

The obligation to complete specific work

• responsibility

• authority

• accountability

• recognition

Which of the following is not shown in an organizational chart?

• the structure of an organization

• work relationships

• job descriptions

• classifications of jobs

The number of employees who are assigned to a particular managers is called

• unity of command

• span of control

• accountability

• authority

Which of the following is NOT a principle of effective organization?

• responsibility

• authority

• accountability

• articles of incorporation