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136 True/False questions

  1. A _______ span of management exists when a manager directly supervises a very large number of employees.Wide centralized

          

  2. Authority is concentrated at the top level. Very little delegation to lower levels.Centralized Organizations

          

  3. A partnership established for a specific project or for a limited time.Joint Venture

          

  4. What s the most common form of business organizations in the United States?Foreign Corporations

          

  5. Selling a corporations stock on public markets for the first time.Initial Public Offering

          

  6. A small group whose members have complementary skills; have a common purpose, goals and approach; hold themselves mutually accountable.Team

          

  7. Legal documents that set forth the basic agreement between partners.Sole Proprietorship
    Partnership
    Corporation

          

  8. Who supervises workers & oversees daily operations?Sole Proprietorships

          

  9. A permanent, formal group performing a specific task.Committee

          

  10. An independent agency of the federal government that offers managerial & financial assistance to small businesses.Small Business Administration

          

  11. A legal entity, created by the state, whose assets & liabilities are separate from its owners.Board of Directors

          

  12. Decision making authority is delegated as far down the chain of command as possible.Autocratic Leaders

          

  13. Attracts individuals whose skills are not required by large firms.Analytical

          

  14. The purchase of one company by another, usually buying its stock.Acquisition

          

  15. Process of determining the organization's missions, goals, and objectives and deciding how to accomplish them.Management

          

  16. A company or individual who wants to acquire or take over another company and first offers to buy some or all of its stock at a premium in a tender offer.Corporate Raider

          

  17. Have most of the rights of peopleAn attribute sought
    A target to be achieved
    A time frame

          

  18. The lack of funds to operate a business normallyUndercapitalization

          

  19. Organizes departments into larger groups called divisions.Multidivisional Structure

          

  20. What are the 3 aspects on informal expression?Only 1 class of stock
    Less than 100 shareholders
    Shareholders must be U.S. citizens or residents

          

  21. Responsible for planning, pricing and promoting products and making them available to customers.Marketing Management

          

  22. Any independently owned and operated business, not dominant in its competitive area.Sole Proprietorships

          

  23. Business owned & operated by one individualUndercapitalization

          

  24. If the corporation does business in other states.Crisis Management Contingency Planning

          

  25. The ability to deal with people inside and outside the organization.Human Relation Skills

          

  26. Managers divide the labor into small, specific tasks and assign employees individual tasks to accomplish.Sole Proprietorships

          

  27. Partnerships are typically larger than _____ ______ but smaller than _______.Sole Proprietorships, corporations

          

  28. A financial interest in the property or fixtures of the business, to garuntee payment of the debt.Collateral

          

  29. Responsible for an entire work process that delivers a product to a customer.Self-Directed Work Teams

          

  30. Similar to task forces in that they have total control of a specific project.Product Development Teams

          

  31. Help to achieve tactical plans. Actionable, Specific.Line Structure
    Line-and-staff structure
    Multidivisional structure
    Matrix structure

          

  32. The firm allows stockholders to buy more shares of a stock at lower prices than the current market value to head off a hostile takeover.Staffing

          

  33. Develop & administer activities to transform resources into goods, services and ideas for the marketplace.Mission statement
    Code of ethics
    Manuals
    Ceremonies
    Memoranda

          

  34. Management requires a large majority of stockholders to approve a takeover.Mission statement
    Code of ethics
    Manuals
    Ceremonies
    Memoranda

          

  35. Persons/organizations that agree to provide funding for a new business in exchange for an ownership interest or stock. Usually requires a sharing of ownership/control.Venture Capitalists

          

  36. Short-range plans, has a time frame of 1 year or less.1 day, 1 week, 1 month. Very short term.

          

  37. What are the 4 steps to starting a business?Loans
    Stock
    Equity Financing

          

  38. Suppliers allow the business to take possession of the needed goods & services & for them at a later date or installments.Administrative Managers

          

  39. Involves a complete sharing in both the management & the liability of the business.40%

          

  40. When companies operating at different but related levels of an industry merge.Analytical

          

  41. A process designed to achieve an organization's objectives by using its resources effectively & efficiently in a changing environment.Planning

          

  42. An organization composed of individuals or small businesses that have banded together to reap the benefits of belonging to a larger organization.Co-op

          

  43. Is there currently an increase of decrease in service exports?Increase

          

  44. The service sector is what percent of all U.S. jobs?80%

          

  45. What percentage of U.S. firms are classified as small businesses?40%

          

  46. A corporation whose stock anyone may buy, sell, or trade.Public Corporation

          

  47. Are the ability to think in abstract terms and to see how parts come together to form the whole.Conceptual Skills

          

  48. A legal document that the state issues to a company based on information the company provides in the articles of incorporation.Corporate Charter

          

  49. Strategic Plans are the duty of who?Make decisions
    Achieve Objectives
    Planning
    Organizing
    Staffing
    Directing
    Controlling

          

  50. Corporation taxed as though it were a partnership with restrictions on stakeholders.Quasi-Public Corporations

          

  51. What percent of all innovations do small businesses represent?Independence
    Costs
    Flexibility
    Focus
    Reputation

          

  52. Handle staffing function and deal with employees in a formalized manner.Dress code
    Work habits
    Extracurricular activities

          

  53. What are the 3 components of a goal?Fees & Profit Sharing
    Standardized Operations
    Restrictions on Purchasing
    Limited Product line
    Possible Market Saturation
    Less Freedom in Decisions

          

  54. Shares of a corporation that may be bought or sold.Stock

          

  55. Establish the long-range objectives & overall strategy to fulfill firm's mission.Strategic Plans

          

  56. Process of evaluating and correcting activities to keep organization on course.Controlling

          

  57. What is the time frame for operational plans?1 day, 1 week, 1 month. Very short term.

          

  58. Corporations Owned & operated by the federal, state, or local government.Quasi-Public Corporations

          

  59. Borrowing financial resources typically from a bank or lending institution- often collateral is needed.Staffing

          

  60. A corporation is created (incorporated) under the laws of theExecutive-Level Managers

          

  61. Profits of a corporation that are distributed in the form of cash payments to stockholders.Public Corporation

          

  62. What are the 6 advantages of franchises?Training & Support
    Brand Name Appeal
    National Advertising
    Financial Assistance
    Proven Products
    Greater Chance for Success

          

  63. When firms that make & sell similar products to the same customers merge.Horizontal Merger

          

  64. What are the qualifications for an S-Corporation?Only 1 class of stock
    Less than 100 shareholders
    Shareholders must be U.S. citizens or residents

          

  65. What are the 4 forms of organizational structure?Line Structure
    Line-and-staff structure
    Multidivisional structure
    Matrix structure

          

  66. The company that sells a franchise?Franchiser

          

  67. Employees work with minimal interference when working under these leaders.Free-Rein Leaders

          

  68. Who is responsible for tactical planning?Middle Management

          

  69. A license to sell another's products or to use another's name in business, or both.Franchising

          

  70. What are the 3 forms of business ownership?Only 1 class of stock
    Less than 100 shareholders
    Shareholders must be U.S. citizens or residents

          

  71. Individuals in large firms who take responsibility for the development of innovations within the organization.Task Force

          

  72. What 2 things do large firms do where they emulate smaller ones to improve bottom line?Downsizing & Intraprenuers

          

  73. Structuring of resources & activities to accomplish objectives efficiently & effectively.First Line Management

          

  74. Results when 2 firms in unrelated industries merge.Objectives

          

  75. What type of plan discusses environmental changes?Training & Support
    Brand Name Appeal
    National Advertising
    Financial Assistance
    Proven Products
    Greater Chance for Success

          

  76. Focus on obtaining money necessary for the successful operations and using these funds to further organizational goals.Financial Management

          

  77. Who does the Malcolm Baldridge National Quality Award, reward?Line Structure
    Line-and-staff structure
    Multidivisional structure
    Matrix structure

          

  78. Common stockholders have the first right to purchase new shares of stock from the corporation.Preemptive Right

          

  79. What are the 5 aspects of formal expression?Dress code
    Work habits
    Extracurricular activities

          

  80. A special type of stock whose owners, though not generally having a say in running the company, have a claim to profits before other stockholders do.Undercapitalization

          

  81. Nearly 3 quarters of all businesses are:Franchisee

          

  82. Selling or borrowing against the value of an asset such as an (automobile, insurance policy, savings account) to obtain funds to operate a business.Initial Public Offering

          

  83. An association of two or more persons who carry on as co-owners of a business for a profit.Partnership

          

  84. The results that a firm wishes to achieve- almost always have multiple goals.Conglomerate Merger

          

  85. What 7 things do managers do?Explanation of the business
    Analysis of competition
    Income/Expense estimates

          

  86. The money or assists that each partner has contributed.Partnership Capital

          

  87. Responsible for implementing, maintaining and controlling technology applications in business (such as computer networks).Informational Technology Management

          

  88. What 3 things does a business plan contain?Explanation of the business
    Analysis of competition
    Income/Expense estimates

          

  89. Focus on potential disasters.Franchisee

          

  90. What are the 6 disadvantages of franchises?Fees & Profit Sharing
    Standardized Operations
    Restrictions on Purchasing
    Limited Product line
    Possible Market Saturation
    Less Freedom in Decisions

          

  91. If the corporation does business in the state in which it was chartered.Domestic Corporation

          

  92. What are 5 advantages of owning a small business?Independence
    Costs
    Flexibility
    Focus
    Reputation

          

  93. What are the 5 activities of controlling?Measuring performance
    Comparing performance against standards
    Identifying deviations from standards
    Investigating causes of deviations
    Taking corrective action

          

  94. Small firms have generated what percent of net new jobs over the past 15 years?64%

          

  95. Brought together from throughout the organization to solve specific problems.Project Teams

          

  96. What are 5 disadvantages of owning a small business?Measuring performance
    Comparing performance against standards
    Identifying deviations from standards
    Investigating causes of deviations
    Taking corrective action

          

  97. A business organization that has at least one general partner, who assumes unlimited liability & at least one limited partner, whose liability is limited to his or her investment in the business.Mission

          

  98. A temporary group responsible for a particular change activity.Partnership Capital

          

  99. Visual displays of the organizational structure, lines of authority, staff relationships, permanent committee arrangements and lines of communication.2-10 years

          

  100. Leader who involves employees in decisions.Crisis Management Contingency Planning

          

  101. What are the time frames of strategic plans, looking forward?2-10 years

          

  102. A precise statement of the rationale for the business and a step-by-step explanation of how it will achieve its goals. Acts as a guide and reference document.Business Plan

          

  103. Stock whose owners have voting rights in the corporation, yet do not receive preferential treatment regarding dividends.Common Stock

          

  104. _____________ is very important during a crisis.Communication

          

  105. Grouping of jobs into working units (departments, units, groups, divisions).Departmentalization

          

  106. The specialized knowledge and training required to perform jobs related to a manager's area.Technical Expertise

          

  107. What percentage of business employee fewer than 19 people?89%

          

  108. How many people does a small business employ?Less than 500

          

  109. Hiring people to carry out the work of the organization.Executive-Level Managers

          

  110. Giving employees tasks and empowering them to make commitments, use resources and take action to carry out tasks.Staffing

          

  111. Form of ownership that provides limited liability & taxation like a partnership but places fewer restrictions on members.Limited Liability Company (LLC)

          

  112. Businesses that depend heavily on advanced scientific and engineering knowledge.High Technology

          

  113. The elimination of significant numbers of employees.Corporations

          

  114. Manage an entire business or major segment of the business. Coordinate activities of specialized managers.Administrative Managers

          

  115. A more acceptable firm that is willing to acquire a threatened company.White Knight

          

  116. The combination of 2 companies (usually corporations) to form a new company.Merger

          

  117. __________ _________ is a skill for nearly all managers.Computer Expertise

          

  118. Who's responsibility is it to implement general guidelines established by top management?Undercapitalization

          

  119. An agreement by which a financial institution promises to lend a business a predetermined sum on demand.Line of Credit

          

  120. The purchaser of a franchise?Corporations

          

  121. A purchase in which a group of investors borrows money from banks & other institutions to acquire a company, using the assets of the purchased company to guarantee repayment of the loan.Joint Venture

          

  122. Organization's statement of purpose and basic philosophy.Mission

          

  123. Is the arrangement or relationship of positions within an organization.Organizational Culture

          

  124. This skill is most important to top-level managers.Franchiser

          

  125. What percentage of high-tech jobs are with small businesses?40%

          

  126. A group of individuals elected by the stockholders to oversee the general operation of the corporation, who set the corporations long-range objectives.Corporate Raider

          

  127. The ability to identify relevant issues and recognize their importance, understand the relationships between them and perceive the underlying causes of a situation.Analytical Skills

          

  128. A corporation owned by just one or a few people who are closely involved in managing the business.Private Corporation

          

  129. Results desired by an organization.Franchisee

          

  130. If a corporation does business outside the nation in which it is incorporated.Domestic Corporation

          

  131. Formed to devise, design and implement a new product.Objectives

          

  132. A _______ span of management exists when a manager directly supervises only a few subordinates.Narrow decenterized

          

  133. Decision makers, "tell" employees what to do.Democratic Leader

          

  134. Motivating and leading employees to achieve organizational objectives.Directing

          

  135. What are the financing options when starting a business?Start with a concept
    Create a business plan
    Devise a strategy to guide planning & development
    Make decisions

          

  136. What are 4 industries that are especially attractive to entrepreneurs?Retailing and wholesaling
    Services
    Manufacturing
    High technology