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Business Management Test #2 Review Flashcards | StudBud
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Business Management Test #2 Review
Business Management Test #2 Review
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1
DisAdvantages of this business entity: share the profit, maybe disagreements, contract needed, share unlimited liability
Corporation
Franchise
Partnership
Sole Proprietor
2
Advantages of this business entity: Get money back by selling stock, also has limited liability for owners.
Partnership
Franchise
Corporation
Hybrid
3
Centralized decision making is when:
Decisions are controlled and made strictly only at top management levels
Decisions that are shared and decided by both managers and employees
None of the above
Decisions that only CEO can create.
4
Advantages of this business entity: easy to start, can rely on good company's reputation, company will help you
Corporation
Partnership
Franchise
Hybrid
5
one characteristic of a formal structure
decentralization
project partnerships
departmentalization
self directed teams
6
Finance raised to operate a business is called-------
Entrepreneurship
Land
Capital
Labor
7
A diagram which shows the organisational structure in a business is known as...
Hierarchical structure
Organisational structure
Organisational chart
Chain of command
8
What are the 4 Types of Business Ownership?
Partnership, Franchise, Sole Proprietorship, Corporation.
Sole Proprietorship, Public, Private, Corporation.
There are not 4, but 5 types of businesses.
Sole Proprietorship, Partnership, Franchise, Stockholders
9
informal structure works well for
large corporations
small businesses
service business
international buisness
10
What are some advantages of being a manager?
More money, respected, they have influence, and they have control
They take the blame for most problems
They get paid the most while doing the least amount of work
They have supreme control over employees
11
The three types of Business ownership are individual, partnership, and:
corporation
franchise
family owned
stockholder
12
If many different managers have authority, the business structure is
Centralized
Line and staff authority
Line authority
Decentralized
13
This business entity is an agreement to sell a company's products and services
Corporation
Partnership
Sole Proprietor
Franchise
14
Advantages of being a franchisee include having
an Established product
None of the others
to pay royalities
Unlimited liability
15
Which ownership? Examples: Dentist and doctor's offices, real estate brokers, lawyers.
Corporation
Franchise
Sole Proprietorship
Hybrid
16
The situation in which there is not enough goods relative to desires is called
Demand
Efficiancy
Scarcity
Abundance
17
What are the factors of production?
Capital, entrepreneurship, Laziness, Nothing
Donald Trump
Land, Labor
Land, Labor, Capital, entrepreneurship
18
What first-line managers do?
manage work of non-managerial employees
making decisions
I have no idea
manage the work of first-line managers
19
3 Functions of Management in order
Planning, Organizing,Leading
staffing,Planning,Organizing
staffing,Planning,community
Organizing,Staffing,Planning
