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Intro to Business Review: Chapter 6-8 Flashcards | StudBud
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Intro to Business Review: Chapter 6-8
Intro to Business Review: Chapter 6-8
30 terms
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StudBud Administration
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#Businesss ownership
Flashcards
30 cards
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Questions
30
Answers
1
In order to start a corporation, the first thing one must do is
hire an accountant and an attorney
obtain a corporate charter from the state government.
hire employees.
start bank accounts.
2
Which statement is
not necessarily true
about leaders?
Leaders can motivate others
Leaders are born
Leaders have integrity
Leadership qualities can be learned
3
Which of these is a disadvantage to a corporate structure?
Board of Directors
Limited liability
More captial
Double taxation
4
All of the following can be said about an effective manager EXCEPT
is a team player
started as an entry level employee
can lead
has an accounting degree
5
In a self-managed team, the leader can be described as
autocratic leader
team player
committee member
manager
6
Retailers get their goods from
dealers.
consumers.
partnerships
wholesalers.
7
Can someone learn how to be a leader?
Yes
No
8
"Initiative" means to
working as part of a team
read a "how-to" manual
completing a task on time
figuring out how to effectively handle a problem
9
All of the following are advantages of a partnership EXCEPT
banks more willing to lend money to ptrship than a sole prop
that the partners make decisions together.
responsible for partnership debts
partners bring different skills/talents to the business
10
The leadership style that places the most trust and confidence in workers is
Committee
Democratic
Autocratic
Free-rein
11
If many different managers have authority, the business structure is
Centralized
Line and staff authority
Decentralized
Line authority
12
Which management structure can lead to over-staffing?
Line
Line and staff
Centralized
Decentralized
13
Giving managers and employees the power to run things is called
divesting
dictating
directing
delegating
14
Which of these is not a leadership skill?
Self-confident
Motivator
Smell goood
Decision maker
15
Unlimited liability means
owner shares the liability with the company’s stockholders
the owner must have insurance.
owner is responsible for accidents on business property
owner is responsible for the company’s debts
16
Chief Executive officer is an example of
Supervisory management
Top level management
Operational management
Middle management
17
An effective leader DOES NOT necessarily have
confidence
people who agree with their decisions
good communications skills
integrity
18
According to the SBA, how many businesses in the US are sole proprietorships
Over 75%
almost 95%
Under 25%
About 50%
19
Day-to-day management of employees would be handled by
Supervisor
Director
CFO
All of the above
20
Which of these does not belong?
Corporation
Small business administration
Partnership
Sole proprietorship
21
Process of achieving goals with planning, organizing, leading and controlling is
Operations
Management
Procurement
Accounting
22
The study of how people interact and how communications can improve
role playing
interpersonal
human relations
marketing
23
Most people enter the job market as a(n)
top manager
entry level employee
operational manager
functional manager
24
Management function that involves
obtaining/coordinating
resources
planning
controlling
leading
organizing
25
An example of democratic leadership would be
company president who works with a board of directors.
a fire captain directing activities at a fire
a police officer directing traffic.
general commanding troops.
26
Which business structure has "limited liability"?
Franchise
Sole Proprietor
Partnership
Corporations
27
Autocratic leadership does not inlclude
self-managed team
One decision maker
28
The process of creating goals and objectives as well as strategies to meet them is
leading
controlling
organizing
planning
29
A police officer directing people in an emergency situation uses
democratic leadership
autocratic leadership
free rein leadership
consensus leadership
30
Informal management structures would mostly exist in
Corporations
Small businesses
LLCs