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