Business CH 1-5

in order to ensure an orderly succession and sufficient financial resources upon the death of an owner-manager, small businesses should have

an estate plan

working from home has become more popular as:

Technology has improved communication

A disadvantage of the corporate form of business organization is:

double taxation on dividends

internal business risk include all the following except:

A change in customer preference, correct answers are too much debt, inexperience management, bad leader ship, a poor business plan

many corporations promised to word large servants payments to executives if they are forced to leave the company due to emerge of take over. This is known as

A golden parachute

Economies of scale occur when

A high volume production drives cost down

Small businesses are typically on by

A single person

Job specialization tends to increase as an organization:

Grows

Which of the following is NOT one of the four basic functions of management?

Meeting. The 4 main ones are Planning, Directing, Controlling, and Organizing.

An organization chart represents the:

Organization's chain of command

Succession planning is a special type of planning in which a company prepares for...

Replacing a top executive

A corporation exist primarily to serve the interests of its

Shareholders

at XYZ widget company, Jill Jones is supervisor of the plant where the Widgets are made and John Jonas is the company's attorney. Jill has__________Authority and john has________Authority

Staff; committee

In order to minimize the boredom that can come from job specialization, some employers:

Use job Rotation

most of the very large for profit companies in the US today, at least in terms of dollar volume of business, are organized as:

corporations

Nordstrom's department store has traditionally made returning or exchanging merchandise very easy. The stakeholders groups both directly Hope by this business approach is

customers

A company considering its first international expansion will likely be adding...

geographic departmentalization

Theodore access his training nudes for his company's employees in hopes to design programs to meet those needs. Theodore is a(n)

human resource manager

Whistle blowers are individuals who

inform authorities about illegal behavior at their workplace

within a school district, decisions about everything from faculty repairs to student discipline to purchasing books are made at district headquarters. therefore, the school district:

is highly centralized

corporate ownership becomes diluted when the company:

issues more shares

Lydia says, "I know that smoking cigarettes is illegal, but I think it's wrong because it forces others to breathe secondhand smoke" for Olivia, smoking cigarettes is:

legal and unethical

which of the following is not one of the benefits that common stock holders receive from corporations

lower personal taxes, correct answers are voting rights, limited liability, capital gains, dividend payments

Carlos says, " I want to start a new convenience store, but I don't know if there's enough demand in my neighborhood." Carlos needs a(n)

marketing plan

which group is most likely to have access to important inside information about the companies actions and performance

officers

if a company is using a societal responsibility model of business governance (as compared to a stakeholder model), it will focus more attention on actions related to:

protecting the natural environment

On September 11, 2001, the American Express Corporation was forced to implement its:

Crisis Planning

Walmart is known to be ruthless about negotiating lower prices and money of it sells. Walmart actions are very pleasing to_________who benefit from low prices, but very difficult for______, who find their profits reduced.

Customers; suppliers

Which of the following is not one of the franchisees benefits of franchising as a form of business ownership

Low cost, correct answers are training, brand-name recognition, advice and support, proven operating methods

which of the following is not a characteristic common to most entrepreneurs?

Low tolerance for risk, correct answer are independence, self confidence, commitment, ambition and drive