Introduction to Business - Unit 2 - Management

Question 1

You cannot be a US Citizen and be a shareholder in a Subchapter S Corporation.

Accepted Answer

False

Question 2

______ is the organization & coordination of the activities of a business to achieve objectives

Accepted Answer

Management

Question 3

Owners of a partnership share:

Accepted Answer

All

Question 4

Trade associations, sports leagues and political groups are formed to benefit a specific group.

Accepted Answer

Mutual Benefit

Question 5

A Sole Proprietorship:

Accepted Answer

All

Question 6

A Sole Proprietorship is the most popular form of business to create in the US.

Accepted Answer

True

Question 7

____________ is a legal entity that makes money for reasons other than the owner's profit.

Accepted Answer

Nonprofit Organization

Question 8

Subchapter S Corporations cannot have more than ________ stockholders.

Accepted Answer

75

Question 9

Limited Partners are only liable for the amount of money they invest in the business.

Accepted Answer

True

Question 10

________ is a participant in a partnership whose liability is limited to his or her investment.

Accepted Answer

Limited Partnership

Question 11

____________ is the most common type of corporation to form.

Accepted Answer

C Corporation

Question 12

_________ is a corporation that is taxed like a partnership.

Accepted Answer

Subchapter S Corporation

Question 13

A ___________ is a "Human Resources Road Map" showing who reports to who and at which level.

Accepted Answer

Organizational Chart

Question 14

_________ is a business that is registered by a state and operates apart from its owners.

Accepted Answer

Corporation

Question 15

Every partnership must have at least 5 General Partners.

Accepted Answer

False

Question 16

________ is a participant in a partnership who has unlimited personal liability.

Accepted Answer

General Partnership

Question 17

Many nonprofit foundations are created to advance science, education and the arts.

Accepted Answer

Public Benefit

Question 18

Charitable causes include feeding the hungry and providing job training for the unemployed.

Accepted Answer

Charity

Question 19

_____________ is the most popular form of business in the US that includes 2 or more people.

Accepted Answer

Partnership

Question 20

There is no right or wrong way to set up an organizational chart.

Accepted Answer

True

Question 21

C-Corporations, Subchapter S Corporations and Nonprofit Organizations are the three types of

Accepted Answer

Corporations

Question 22

In a C-Corporation, the business and the shareholders each pay taxes.

Accepted Answer

True

Question 23

______________ of all businesses in the US are Sole Proprietor ships.

Accepted Answer

75%

Question 24

_________ is a company whose owners and managers enjoy limited liability and some tax benefits

Accepted Answer

Limited Liability Corporation (LLC)

Question 25

____________ is the founder of modern management.

Accepted Answer

Peter Drucker

Question 26

__________ is a business that is owned an operated by one person.

Accepted Answer

Sole Proprietorship

Introduction to Business - Unit 2 - Management

Questions 26

Introduction to Business - Unit 2 - Management

Questions 26