Organization and Management Quiz

What does management refer to?

• The creation of new products

• The coordination of activities towards common goals

• The financial management of a corporation

• The process of hiring employees

Who defined management as 'the transformation of resources into utility'?

• F.W. Taylor

• Peter Drucker

• Fredmund Malik

• Henri Fayol

What is a corporation?

• A business owned by one person

• A legal entity with separate assets and liabilities from its owners

• A cooperative for mutual benefit

• A partnership between two or more individuals

What is the primary focus of scientific management theory?

• The use of scientific methods to determine the best way to perform a job

• The financial analysis of a business

• The development of marketing strategies

• The management of human resources

Which function of management involves setting organizational goals?

• Leading

• Controlling

• Planning

• Organizing

What is a sole proprietorship?

• A business owned by two or more people

• A business owned and operated by one person

• A legal entity separate from its owners

• A cooperative for mutual benefit

What does the statement of financial position include?

• The company's operational results

• The company's total revenue

• The cash flow of the company

• The company's total assets, liabilities, and owner's equity

What is the main purpose of the controlling function in management?

• To organize resources

• To motivate employees

• To evaluate organizational performance

• To set goals

Which of the following is NOT a type of business?

• Manufacturing business

• Corporate business

• Merchandising business

• Service business

What is the role of a partnership?

• A cooperative for mutual benefit

• Owned by one individual

• Owned by two or more individuals

• A legal entity separate from its owners