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Principles Of Business Ch. 5 Test Review Part II
Test Description: Review for Ch 5 - Part 2
Instructions: Answer all questions to get your test result.
1) Which of the following would typically NOT be specified in a partnership agreement?
A
the business name
B
the amount of investment of each partner
C
the number of hours per week the business will operate
D
the level of authority each partner has
2) A written legal document defining ownership and operating procedures and conditions for a corporation is called the
A
partnership agreement.
B
articles of incorporation.
C
corporate code of ethics.
D
articles of confederation.
3) The people who make the major policy and financial decisions for a corporation are called the
A
board of directors
B
partners
C
owners
D
stockholders
4) A unique business organized by two or more other businesses to operate for a limited time and for a specific project is called a
A
limited liability partnership
B
limited liability company
C
nonprofit corporation
D
joint venture
5) A(n) ____ is a written contract granting permission to operate a business to sell products and services in a set way.
A
partnership agreement
B
license
C
cooperative agreement
D
franchise
6) A precise statement of results a business expects to achieve is a
A
procedure
B
mission statement
C
policy
D
goal
7) The right to make decisions about how responsibilities should be achieved is called
A
span of control
B
liability
C
authority
D
accountability
8) Employees at the Trexel Company are frequently confused about their assignments, and many employees are unclear about who exactly they report to. Trexel Company does not seem to provide an adequate
A
unity of command
B
matrix structure
C
mission statement
D
span of control
9) A major advantage of a functional organizational structure is that
A
people often become more focused on their specific function than on the success of the whole business.
B
people working in one function have little interaction with people in other parts of the business.
C
people work with others who have the same skills.
D
all of the people with similar jobs will be paid the same salary.
10) A(n) ____________________ worker is one who has no explicit or implicit contract for long-term employment.
A
factory
B
warehouse
C
contingent
D
temporary
*select an answer for all questions
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