Business Ownership
What are the three major categories of business ownership?
Sole Proprietorship
Partnership
Corporation
When small businesses join together with similar interests to achieve more economic power?
Cooperatives
The main difference between a business owner and an Entrepreneur is?
Risk taking
Four primary functions of management?
Planning
Organizing
Leading
Controlling
What type of leaders make decisions totally on their own?
Autocratic
Which type of business ownership generates the most revenues?
Corporation
Two types of Cooperatives?
Buyer & Seller
An entrepreneur opens up a small business and stays small.
Micropreneur
Four types of planning?
Strategic
Tactical
Operational
Contingency
When leaders provide their staff with the ability and confidence to make their own decisions, workers feel ____________?
Empowered
What kind of partnership will limit my liability?
Limited Partnership
An alliance of two or more companies formed to undertake a special project?
Joint Venture
Tactical plans are done on which level of management?
Middle
A leader who asks his or hers subordinates for feedback and participates with those subordinates to complete a task have what type of leadership style?
Participative
What kind of liability do you have when you own part of a company through stock ownership?
Limited to the amount of investment
This form of business ownership provides limited liability, but is taxed like a partnership.
LLC
An entrepreneur who starts off small, but grows into a large business.
Growth-oriented entrepreneur
Corporate goals must support the _____?
Mission
What are the two categories of decision making?
Programmed and Unprogrammed
What is the lifespan of a corporation?
Unlimited Life
A person who purchases a franchise is called the?
Franchisee
What is the first written document before you open a business?
Business Plan
What type of planning does the Supervisor use?
Operational
Managers fall into three basic categories including technical, conceptual and ____________.
Human Relations