Mind Yo Business
Bob owns a small bakery where he is the sole owner and is personally responsible for all debts. What form of business does Bob operate?
Sole Proprietorship
Motivated by an "internal drive"
Intrinsic Motivation
Refers to how many workers you supervise.
Span of Control
Inventory system that focuses on having limited inventory on hand.
Just-in Time Inventory
Prohibits age discrimination
Age Discrimination Act
Carol and David run a law firm together, and they both have limited liability for business debts. What form of business is their law firm?
Limited Liability Partnership (LLP)
Dexter received an A on his BUS X100 Exam. His parents reward him with ice cream. This best represents which reinforcement theory?
Positive Reinforcement
This type of organizational structure is best known for its clear chain of command.
Line Organization
Most cars are manufactured using this layout
Departmentalization based on location
Tom just bought the right to operate a McDonald's restaurant. What is Tom's role?
Franchisee
Salary is an example of this
Hygiene Factor
Departmentalization based on job and job duties.
Functional
Cincinnati Bagels prides itself in allowing customers to create a bagel that suits their individual needs and preferences on a large scale. This best describes...
Mass Customization
What is this statement: To be the global leader in sustainable innovation, empowering individuals and communities to achieve their fullest potential. We envision a world where our products and initiatives positively impact the environment, inspire creativity, and foster lasting positive changE.
Vision statement
Imagine a group of five friends who are considering starting a business together. They want do not want to assume personal liability but are also interested in a flexible management structure. What form of business would you recommend for their situation?
Limited Liability Company (LLC)
Figaro recently got expelled from school. Due to this, his parents took away his brand-new car. This best represents which reinforcement theory?
Extinction
Imagine a fast-growing technology company named InnovateTech. InnovateTech started as a small startup with a flat organizational structure but is now facing challenges as it expands globally. The founders are considering restructuring to ensure efficient communication, coordination, and decision-making. What type of organizational structure would be most suitable?
Matrix
Related tasks grouped together
Process layout
Comparing yourself to others in the industry
Benchmarking
Samantha and Alex have a unique business idea for a tech startup. They want to attract investors but also maintain a level of control over decision-making. Additionally, they are concerned about personal liability. They anticipate rapid growth and foresee the possibility of going public in the future. Considering these factors, which specific form of business would be most suitable for Samantha and Alex, and what key characteristics make it an optimal choice for their situation?
C-Corp
Equity Theory
An organization best "flattens" its structure by...
Decentralization
Resource allocation, quality control, and inventory management are traits best associated with this role.
Production Manager
Name the 5 steps in the control process
(1) Establish standards
(2) measure performance
(3) compare actual performance with standards and identify any deviations
(4) determine the reason for deviations
(5) take corrective action if needed.