BUS 101 D F Sections 4-1 to 4-8, 5-1 to 5-5, and 6-1 to 6-5

The owner of a sole proprietorship is personally responsible for any debt a business incurs refers to which disadvantage of sole proprietorships?

Unlimited liability

________ provide tighter integration of production and increased control over the supply of crucial inputs.

Vertical mergers

About 33 percent of all small businesses fall into the _______ category of industry.

distribution

A corporation that does business in more than one state is called a(n) ________ in the state where it is incorporated

domestic corporation

a(n) _________ in the other states in which it does business.

foreign corporation

A plumber who owns their own business is likely to _______.

have limited potential to grow into a large business

In a ________, companies that make and sell similar products in similar markets become one.

horizontal merger

An acquisition in which the target firm is being purchased unwillingly is called a _______.

hostile takeover

Autocratic leadership _______.

is a task-oriented leadership style in which workers are told what to do and how to accomplish it without having a say in the decision-making process

a _______ is an agreement between two or more groups to form a business entity in order to achieve a specific goal.

joint venture

________ cannot distribute dividends.

Nonprofit corporations

In a ________, some partners do not participate in managing the business and in return receive limited liability.

limited partnership

________ may have to use coercion to change employee behavior.

managers

A(n) _______ would have the title of division manager, department head, or plant manager.

middle manager

______ is the process of providing reasons for people to work in the best interests of an organization.

motivating

Small businesses fill the needs of society and other businesses by _______.

providing goods and services not only to consumers but also to each other and to larger firms

A ________ is a temporary association of individuals or firms organized to perform a specific task that requires a large amount of capital

syndicate

A(n) _______ is usually developed by middle managers and defines how activities specified in the strategic plan will be implemented.

tactical plan

Conceptual skills involve ______.

the ability to think in abstract terms

All of the following are true of S corporations except ________.

they are subject to double taxation

All of the following are advantages of sole proprietorships except ________.

unlimited liability

A first-line manager is responsible for _______.

working with and motivating their employees, answering questions, and solving day-to-day problems

Owners of _______ can vote in stockholders' meetings.

common stock

Owner-managers of small businesses can make decisions about the business without anyone else's permission. This describes which advantage of staying small?

Ability to adapt to change

One owner in a partnership may be the creative force behind the product, while another is excellent at managing the finances of the business. For which advantage of general partnerships is this an example?

Combined business skills and knowledge

Which of the following is true of limited liability companies (LLCs)?

Earnings of LLCs are taxed once, as the personal income of the owners.

Which of the following is true about taxes for partnerships?

Earnings pass through the business and are taxed as the owners' personal income.

To form a sole proprietorship, owners are not required to fill out any special forms or pay any fees. To which of the advantages of sole proprietorships does this refer?

Ease of start-up and closure

Which advantage of corporations being able to easily sell stock of publicly traded corporations illustrate?

Ease of transfer of ownership

_______ uses technical skills more than other levels of management.

First-line management

Which of the following is not true about small businesses in the United States?

Half of all businesses are considered small businesses.

Small-business owners can work whichever hours and days they choose. This describes which advantage of staying small?

Independence

Listening, showing empathy, conflict resolution, patience, and diplomacy are examples of which type of skills?

Interpersonal skills

_______ is a hands-off leadership style that provides direction, tools, and resources to employees while delegating responsibility and decision-making authority to them.

Laissez-faire leadership

________ seek voluntary cooperation from others

Leaders

_______ is the process of influencing people to work toward a common goal

Leading

_______ manage the systems that convert resources into goods and services.

Operations managers

Which of the following is true about corporations?

Owners have limited liability

________ are responsible for developing the mission and strategy for an organization.

Top managers

Which leadership style emphasizes structure, monitoring employee performance, and using rewards and punishments to motivate subordinates to achieve organizational goals?

Transactional leadership

The ability to identify problems correctly, generate reasonable alternatives, and select the "best" alternatives to solve problems are _______.

analytic skills

The ________ set the mission and broad objectives for a corporation and appoints corporate officers.

board of directors