Business Management SA - Units 1&2

It is smart for partnerships to have a legal agreement. Why?

• To define who pays taxes.

• To avoid losing money.

• To ensure customers will be satisfied.

• To establish responsibilities, protect partners, and how much money each partner brings into the business.

In most companies, there is an organizational structure in place so that everyone knows who to delegate and report to. What can you see?

• Reporting hierarchy
• Management chart

• Chain of command
• Supervisory system

Low-Level managers do not have to report to anyone else.

• Sometimes
• Depends on the situation
• True
• False

A Business ran and owned by just one person is called what?

• Corporation

• Partnership

• LLC

• Sole Proprietorship

Who are the stakeholders in a corporation?

• Shareholders, employees, customers, suppliers, government, and the local community

• Board of Directors, competitors, government
• Customers, suppliers, parent companies

• Investors, managers, competitors

Which level of managers spend their time studying the competition?

• Supervisory managers

• Team leaders

• Middle-level managers
• Top-level managers

Answer explanation

They are also responsible for maintaining a contact with the outside world, including competition and customer trends, so they can elaborate strategic plans to direct the company's vision.

A business owned by two people who share the profit.

• Corporation

• Partnership

• LLC

• Sole Proprietorship

What is a perk to starting a Franchise?

• Well-known brand and proven business system

• Lower initial investment
• You don't have to work hard

• Complete control over business operations

A business that is started to protect the owner's personal assets.

• Non-profit organization

• Partnership

• LLC

• Sole Proprietorship

What is a job title of a Middle-Level manager?

• Branch Manager

• Assistant Manager
• Project Coordinator
• Shift Manager