Business Principles Exam 2 Review

If you want to be an entrepreneur, you need to be a risk-taker.

• True

• False

"To be our customer's favorite place to eat", is an example of McDonald's ___________.

• vision statement

• corporate charter

• mission statement

• company goal.

Check ALL that apply: Advantage(s) of matrix structures include:

• Flexibility

• Teamwork

• Higher performance

• Power struggles

Deciding what needs to be done to achieve organizational objectives is part of the _______

• organizing process

• mission statement

• planning process

• vision statement

The ABC company has plants in the southwestern, northeastern, midwestern, southeastern, and pacific northwest. The ABC company is departmentalized by __________

• product

• process

• customer

• geography

A business plan is a(n) _________

• formal written statement that describes in detail the idea for a new business.

• formal document that states an organization's purpose and reason for existing and describes its basic philosophy.

• signed agreement for running the franchise.

• share of ownership in a public company.

A list of task and responsibilities required for the job is the ____________

• skill list

• job specification

• job description

• personnel requirement

The informal communication is known as the talk network.

• True

• False

Check ALL that apply: Which are elements of controlling?

• monitoring performance standards

• setting performance standards

• subordinating

• feedback

The first step in starting your business is

• choose a form of business organization

• a business plan

• find an idea for product/service

• a self-assessment