BUSN 102 Midterm Review

Question 1

What is NOT a function of planning

Accepted Answer

Situational planning

Question 2

A statement that outlines the fundamental purpose of an organization is called...

Accepted Answer

Mission Statement

Question 3

An organization with only 2 layers of management would be...

Accepted Answer

Flat

Question 4

The process of splitting up organizations into function units is called...

Accepted Answer

decentralization

Question 5

Risk is not always rewarded

Accepted Answer

True

Question 6

An inverted organization is the same as an informal organization

Accepted Answer

False

Question 7

A vision is the same as goals.

Accepted Answer

False

Question 8

What global environment factor affect business?

Accepted Answer

War

Question 9

What is NOT part of the five factors of production?

Accepted Answer

Cost

Question 10

Line workers are part of an organizational chart

Accepted Answer

True

Question 11

Revenue is the same as profit.

Accepted Answer

False

Question 12

What is NOT included in SWOT analysis.

Accepted Answer

Strategies

Question 13

When a company purchases materials in bulk to reduce cost, it is called...

Accepted Answer

economies of scale

Question 14

A person who risks time and money to start a business is called...

Accepted Answer

Entrepreneur

Question 15

A corporate structure with many layers of management could be described as...

Accepted Answer

bureaucratic

Questions 15