Business Ownership
Limited Liability is best described as:
a. Limited ability for the company to be sued
b. Limited ability for an owner to be personally sued
b. Limited ability for an owner to be personally sued
What is the primary reason that so many new businesses fail?
a. Owner does not hard enough
b. Mismanagement resulting from lack of business know-how
b. Mismanagement resulting from lack of business know-how
This manager is responsible for facilitating the exchange of products between an organization and its customers or clients.
a. Marketing manager
b. Operations manager
a. Marketing manager
A relatively permanent committee charged with performing some recurring tasks is called
a. A standing committee
b. An ad hoc committee
a. A standing committee
What element in the market mix provides information to consumers?
a. Quality
b. Promotion
b. Promotion
Which best explains a partnership?
a. A group of people in business together, and the business has unlimited life
b. A group of people in business together, and the business has unlimited liability
b. A group of people in business together, and the business has unlimited liability
The fact that insulin and power steering both originated from individual inventors and small companies is testimony to the power of small businesses as providers of
a. Employment
b. Technical innovation
b. Technical innovation
Who is responsible for building a firm’s mission?
a. Top managers
b. First-level managers
b. First-level managers
in order to best handle the grapevine, managers should
a. Recognize its existence
b. Reprimand employees who pass on important information
a. Recognize its existence
Which ingredient in the marketing mix focuses on transportation, storage, and intermediaries?
a. Product
b. Distribution
b. Distribution
Which best explains a sole proprietorship?
a. This type of business has limited life
b. This type of business has limited liability
a. This type of business has limited life
An individual’s desire to create a new business is referred to as
a. The entrepreneurial spirit
b. The desire for ownership
a. The entrepreneurial spirit
The process of developing a set of goals and committing an organization to them is called
a. Organizing
b. Planning
b. Planning
Human resources planning requires the following steps except
a. Acquiring funds for implementation
b. Matching supply with demand
a. Acquiring funds for implementation
Which environment force influences change in consumers’ attitudes, customs, and lifestyles?
a. Legal, political, and regulatory
b. Economic
b. Economic
Which best describes a corporation
a. This type of business is owned in shares
b. This type of business has limited life
a. This type of business is owned in shares
An individual or organization granting a license to operate an individually owned business as though it were part of a chain of outlets or stores is a(n)
a. Franchise
b. Franchisor
b. Franchisor
The process of dividing work to be done by an entire organization into separate parts and assigning the parts to positions within the organization is called
a. Specialization
b. Delegation
a. Specialization
Which of the following is the term used to describe the process of “recruiting minorities, training minorities to be managers, training managers to view diversity positively, and teaching English as a second language"?
a. Diversity training programs
b. Acquiring bilingual skills
a. Diversity training programs
When developing a marketing strategy, you need to consider the 4 P’s of marketing. Which of the following is not one of the four P’s:
a. Place
b. Plan
b. Plan
The highest level of a business is
a. The Board of Directors
b. The CEO
a. The Board of Directors
What leadership style is task-oriented, driven, charismatic, and enthusiastic?
a. Participate leadership
b. Entrepreneurial leadership
b. Entrepreneurial leadership
A narrow span of management works best when
a. New problems arise frequently
b. Few problems arise on a daily basis
a. New problems arise frequently
Which of the following is the best way to describe “employee-development training”?
a. Attracting the best people to apply for positions
b. Using satisfaction surveys and employee communication programs
b. Using satisfaction surveys and employee communication programs
Which best explains Green marketing?
a. When marketers try to attract people that are environmentally conscientious