DC Intro to Bus Ch 1-4

All economic systems must address three important issues, one of which is how the goods and services will be produced.

• True

• False

Tomas has responsibility for the functions of organizing, staffing, planning, and controlling activities in a large company. These functions are most closely associated with:

• managers.

• assembly line workers.

• investment advisors.

• stockbrokers.

• direct sales executives.

A firm's _______ resources are also known as labor.

• human

• financial

• natural

• technological

In a command economy, who makes the major economic decisions?

• Individual consumers

• Business owners

• The government

• International organizations

Which of the following is a characteristic of a market economy?

• Government control of all resources

• Central planning by the government

• Decisions made by individual consumers and businesses

• Equal distribution of wealth

Which type of business ownership is characterized by having a single owner who is personally responsible for all debts and obligations?

• Corporation

• Partnership

• Sole Proprietorship

• LLC

Which type of business entity allows for the business to be taxed as a partnership while providing limited liability protection to its owners?

• Corporation

• S Corporation

• Partnership

• Sole Proprietorship

Which of the following is NOT a primary function of management?

• Planning

• Organizing

• Advertising

• Controlling

In the context of management functions, what does the planning process primarily involve?

• Allocating resources and assigning tasks

• Monitoring and evaluating performance

• Recruiting and training employees

• Setting objectives and determining a course of action

Which function of management involves motivating and leading employees to achieve organizational goals?

• Organizing

• Controlling

• Directing

• Planning