Applied tools q1 12-4-23

What is the primary objective of a business?

• To create products

• To provide service

• To acquire profit

• To minimize expenses

Which form of business organization is usually owned and managed by one person?

• Partnership

• Corporation

• Single Proprietorship

• Cooperative

What is the main advantage of a single proprietorship?

• Retention of all profit

• Democratic control

• Availability of more capital

• Limited liability

What type of partner has liability that extends up to his personal properties?

• Limited Partner

• Industrial Partner

• Capitalist Partner

• General Partner

What is the main advantage of a corporation?

• Easy to organize

• Lack of stability

• Limited liability

• Unlimited liability

What type of cooperative engages in the supply of production inputs to members and markets their products?

• Service cooperatives

• Marketing cooperatives

• Producers cooperatives

• Credit cooperatives

What is the principle of cooperation that involves making equitable contribution to the capital required and accepting a fair share of the risk and benefits?

• Division of net surplus

• Democratic control

• Open and voluntary membership

• Limited interest or capital

Which type of corporation is owned by any individual who buys shares of stocks which are openly traded in the stock market?

• Limited corporation

• Open corporation

• Public corporation

• Private or close corporation

When thinking about the hospitality industry, it is helpful to think of an umbrella that covers the whole industry. Which of the following is NOT part of this umbrella?

• accounting and taxation

• cruise ships, rail, and air

• meetings, conventions, and expositions

• attractions, gaming, parks, and recreations

Great service is essential to the success of the hospitality industry, yet many employees don’t understand how to provide that service. This chapter talks about the seven deadly sins of service. All of the following fall in that category EXCEPT___.

• familiarity

• coldness

• apathy

• condescension