WorksheetsIntro to Bus Exam Chapters 5-9
Total questions: 33
Worksheet time: 17mins
What is a Sole Proprietorship?
A business owned by two or more individuals
A legal entity separate from its owners
A business owned and usually managed by one person
A cooperative business model
What percentage of U.S. businesses are Sole Proprietorships?
8%
20%
72%
44%
Which of the following is NOT an advantage of Sole Proprietorship?
Ease of starting and ending the business
Unlimited liability
Pride of ownership
Retention of company profits
What is a key disadvantage of Partnerships?
Unlimited liability
Division of profits
Longer survival
No special taxes
In a General Partnership, who shares in operating the business and assuming liability?
Only the limited partners
Only the general partners
All partners
The shareholders
Which type of corporation provides limited liability to its owners?
Sole Proprietorship
Partnership
Conventional Corporation
Cooperative
What is an advantage of Corporations?
Limited liability
Unlimited life span
Ability to raise more money for investment
All of the above
What is a disadvantage of Franchises?
Shared profits
Nationally recognized name
Management assistance
Lower failure rate
What is a Merger?
The purchase of one company by another
The joining of two firms to form one company
A cooperative effort among businesses
A type of franchise agreement
What is an Intrapreneur?
An entrepreneur who starts their own business
A creative person who works within a corporation
A micropreneur managing a small business
An investor in new businesses
What is the primary reason that approximately 50% of small businesses fail within five years?
Lack of marketing
Managerial incompetence
Inadequate product demand
Poor location
Which of the following describes a Business Plan?
A short statement of goals
A detailed written statement of a business's nature and resources
A financial projection of profits
An informal description of business operations
Who are Angel Investors?
Individuals who provide loans to small businesses
Individuals who invest their own money in new companies
Government officials who support startups
Employees who buy into their company
What is the purpose of SWOT Analysis?
To evaluate employee performance
To analyze an organization’s strengths, weaknesses, opportunities, and threats
To determine market share
To assess financial risks
What is the difference between Centralized and Decentralized authority?
Centralized allows for more flexibility
Decentralized allows decision-making at the top
Centralized maintains decision-making at the top
Decentralized eliminates all hierarchy
What does the term "Span of Control" refer to?
The number of employees in a department
The number of managers in a company
The optimum number of subordinates a manager supervises
The hierarchy of management levels
What is a Matrix Organization?
A structure with strict lines of authority
A temporary network of replaceable firms
A structure where specialists work on projects
A flat organization with few layers of management
What does "Benchmarking" involve?
Comparing an organization's practices to others
Outsourcing functions to other firms
Developing new products
Implementing strict management controls
What is the main function of a CEO?
To supervise daily operations
To develop strategic plans
To manage employees directly
To create a mission statement
What is an Inverted Organization?
An organization with multiple layers of management
An organization that prioritizes frontline employees
An organization with no hierarchy
An organization focused solely on profits
What is a vertical merger?
the joining of two firms in completely unrelated industries
The joining of two companies in different stages of related businesses
Two neighboring businesses that join together
The joining of two firms in the same industry
Which of the following is the definition of a Bureaucracy
An organization with many layers of managers who set rules and regulations and oversee all decisions.
A system in which one person is at the top of an organization and there is a ranked or sequential ordering from the top down
Companies that reduce their production costs by purchasing raw materials in bulk
Dealers who buy products to sell to others and ultimate customers (or end users) who buy products for their own use
Which describes tall organizational structure?
A system in which one person is at the top of an organization and there is a ranked or sequential ordering from the top down
An organizational structure that has few layers of management and a broad span of control
An organizational structure in which the pyramidal organization chart would be quite tall because of the various levels of management.
Individuals and units within the firm that receive services from other individuals or units.
One company's purchase of the property and obligations of another is called a(n) ______.
Merger
Partnership
LLC
Acquisition
An encompassing explanation of why the organization exists and where its trying to head.
Objective
Vision
Goal
Mission statement
Which of the following defines an objective?
The broad, long-term accomplishments an organization wishes to attain.
An outline of the fundamental purposes of an organization.
An encompassing explanation of why the organization exists and where its trying to head.
Specific short-term statements detailing how to achieve the organizations goals.
The process of setting work, standards and schedules necessary to implement the company's tactical objectives.
Contingency Planning
Operational Planning
Tactical Planning
Strategic Planning
The process of preparing alternative courses of action that may be used if the primary plans don't achieve the organizations objectives.
Contingency Planning
Strategic Planning
Operational Planning
Tactical Planning
The process of developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done.
Strategic Planning
Operational Planning
Tactical Planning
Contingency Planning
The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals.
Operational Planning
Tactical Planning
Contingency Planning
Strategic Planning
Dealers who buy products to sell to others and ultimate customers (or end users) who buy products for their own use.
External Dealers
Niche Marketing
One-on-One Marketing
Internal Dealers
Job descriptions
Written rules, decisions, guidelines and detailed records
Consistent procedures regulations and policies
Staffing promotions
Are an example of?
Max Weber's principals or organization
Hierarchy
Fayol's principals of organization
Business Plan
Making managerial decisions without consulting others
Effective in emergencies or with new, unskilled workers is the description of?
Free-Rein Leadership
Autocratic Leadership
Participative Leadership
Democratic Leadership
