The Management Process
Corporations
Partnerships
Economic Utility
Management Hierarchy
100
When a manager decides on a company's goals and the actions that the company will take to achieve them
What is Planning?
100
This type of corporation allows the protection of limited liability but has direct flow of profits and losses
What is an S-corporation?
100
The five types of business partners
What are General, Secret, Silent, Dormant, and Limited?
100
This type of utility is created by changes in the form of a shape of a product to make it useful.
What is Form Utility?
100
The Management Hierarchy can be organized into this shape
What is a Pyramid?
200
When a manager groups related activities together and assigns employees to different tasks
What is Organizing?
200
The number of time a C-corporation pays taxes
What is Two?
200
Legally binding partnership that may arise where, in fact, no formal partnership agreement is in effect
What is an Estoppel?
200
This type of utility is having goods or services at a place where it is needed or wanted.
What is Place Utility?
200
The CEO of a company is an example part of this
What is Senior Management?
300
When a company recruits, trains and employs certain people to meet company goals
What is Staffing?
300
There is no limit to the number of these for a C-corporation
What are Shareholders?
300
The only type of partner who does not participate in the business and does not have a large degree of liability
What is a Limited Partner?
300
This type of utility is when a product or service is available when it is needed or wanted.
What is Time Utility?
300
They see to the day-to-day operations of a business
Who is Supervisory Management?
400
When a manager measures how the company is performing to reach its goals
What is Controlling?
400
The two taxes that C-corporations must pay
What are taxes on the company earnings and shareholder's income?
400
A for-profit business that is owned and operated by one person
What is Sole Proprietorship?
400
This type of utility is when the ownership of a good or service is transferred from one person to another; also through renting or borrowing.
What is Possession Utility?
400
They are responsible for meeting the goals of senior management
What is Middle Management?
500
When guidance is provided in order to perform tasks
What is Leading?
500
The "S" in S-corporation stands for
What is Subchapter?
500
All money used must come from the proprietor's savings or income, or from loans obtained by the proprietor
What is Limited Capital?
500
People seek to do this in order to make themselves as well off as possible in the long run.
What is to maximize utility?
500
It is senior management's job to focus on
What is The Big Picture?
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