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PBMF Chapter 5: Business Organization Test Review Flashcards | StudBud
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PBMF Chapter 5: Business Organization Test Review
PBMF Chapter 5: Business Organization Test Review
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Test Review of Chapter 5: Business Organization
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
A(n)________ is a diagram that shows the structure of an organization.
functional flowchart
organizational chart
matrix map
span of control
2
The easiest form of business to start and end is a(n) ________.
proprietorship
limited liability partnership
S corporation
franchise
3
Which of the following would typically NOT be specified in a partnership agreement?
the amount of investment of each partner
the number of hours per week the business will operate
the level of authority each partner has
the business name
4
Employees confused about assignments & are unclear about who to report to. They need
mission statement
unity of command and organizational structure
span of control
matrix structure
5
A supervisor w/ inexperienced workers has more span of control than one w/ experienced workers
TRUE
FALSE
6
Technology has allowed people to work fewer hours.
TRUE
FALSE
7
A functional organizational structure is a diagram that shows the structure of an organization.
TRUE
FALSE
8
__ is a written contract granting permission to operate a business in a set way. Hide answers
license
franchise
partnership agreement
cooperative agreement
9
Physicians, web designers, and furniture movers are ________.
nonprofit corporations
service businesses
intermediaries
manufacturers
10
A short, specific written statement of the reason a business exists & what it wants to achieve.
declaration of principle
affirmation of purpose
mission statement
statement of intent
11
Each owner is liable for all business debts, even if the debts were created by other owners.
corporation
proprietorship
partnership
S corporation
12
Which of the following is not one of the six basic activities that all businesses perform?
raising capital
generating ideas
buying goods and services
conserving resources
13
When a large business opens in an area, other businesses often locate there to support it.
FALSE
TRUE
14
The people who make the major policy and financial decisions for a corporation are called the
board of directors.
stockholders.
owners.
partners.
15
Policies are descriptions of the way work is to be done.
FALSE
TRUE
16
Unique business organized by 2 or more businesses to operate for a limited time/spec. project
limited liability partnership
limited liability company
franchise
joint venture
17
In a matrix organizational structure Hide answers
all empl. w/ jobs related to the same function work together
specific tasks more important to workers than bus. success
people work with others who have the same skills
work structured by projects, products, or customer groups
18
Business activities start with
marketers
producers
service businesses
intermediaries
19
Groups of people form consumer cooperatives to ________.
generate a profit for each member of the group
reduce the amount of property taxes that each member pays
increase their political power in their community
purchase goods/services cheaper than they could individually
20
Which is not a fundamental principle that guides effective organization of work?
authority
accountability
responsibility
moderation
21
About what percentage of U.S. businesses employ more than 100 workers?
20
5
Less than 2%
35
22
Most U.S. businesses have no employees other than the owner.
TRUE
FALSE
23
In the 21st century, there will be relatively few changes in employment and career patterns.
FALSE
TRUE
24
Most businesses use a __________ organizational structure.
matrix
functional
25
Illustrates business structure, classifies work/job, & the relationships among classifications
unity of command
organization chart
span of control
business plan
26
An advantage of forming a partnership is that each owner has sole control over the business.
FALSE
TRUE
27
Most U.S. businesses have fewer than ten employees other than the owner.
TRUE
FALSE
28
The % of white workers in the U.S. labor force is expected to increase over the next 5 - 10 yrs
TRUE
FALSE
29
A ___ names a board of directors to make the major policy/financial decisions for the business.
limited liability company
limited liability partnership
proprietorship
corporation
30
Unity of command means there is ________.
a way for ideas to flow from employees to managers
a clear reporting relationship for all staff of a business
a single person in charge of a business
an overall plan that tells each employee what to do
31
Every business performs all of the following activities EXCEPT
manufacturing products
raising capital
buying goods and service
maintaining business records
32
Service businesses are the fastest growing part of the U.S. economy.
FALSE
TRUE
33
Written legal document that defines ownership, operating procedures, & conditions for a corp.
corporate bylaws
procedures
articles of incorporation
policies
34
Only very large businesses can become corporations.
TRUE
FALSE
35
________ are precise statements of results a business expects to achieve.
Policies
Articles of incorporation
Goals
Strategies
36
The operating procedures for a corporation are called
mission statement
procedures
policies
corporate bylaws
37
Few businesses maintain their success for the lifetime of the owner.
TRUE
FALSE
38
Nonprofit corporations do not have to pay corporate income taxes.
TRUE
FALSE
39
Over the past 50 years, the proportion of women who work outside the home has ________.
stayed almost the same
grown significantly
declined slightly
grown very slowly
40
A producer that mines coal is a(n) ________.
wholesaler
retailer
extractor
manufacturer
