Business Management And Law Ch 4 (part1) Question Preview (ID: 7453)
First Part Of Chapter 4 Test.
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The Baby Boomer generation
a) is much larger than those just before and just after it.
b) is much smaller than those just before and just after it.
c) is about the same as those just before and after it.
d) played with fireworks as children.
Service jobs
a) are generally high paying, high-skill jobs.
b) are generally low paying, low-skill jobs.
c) sometimes pay well and require much training, and sometimes don't.
d) are less common in the current economy.
In most states, proprietorships
a) are required to register a business name
b) must file complex paperwork in order to do business
c) are often temporary businesses formed around someone's hobby
d) offer legal protection of private assets
A cooperative
a) is a special type of corporation that allows all income to be passed through to its shareholders.
b) limits liability of its owners.
c) is owned and operated by friends.
d) is owned by and operated for the benefit of its members.
A precise statement of the results a business expects to achieve is a(n)
a) mission statement.
b) policy manual.
c) goal.
d) organizational chart.
Policies are
a) guidelines used to make consistent decisions.
b) specific statements of what a business expects to achieve.
c) used to measure whether a business is successful.
d) descriptions of how work is to be done.
Procedures are
a) guidelines used to make consistent decisions.
b) specific statements of what a business expects to achieve.
c) used to measure whether a business is successful.
d) descriptions of how work is to be done.
Unity of command is
a) one person in control of an organization.
b) a clear reporting relationship for all staff of a business.
c) the number of employees assigned to a particular work task.
d) the number of employees assigned to a particular manager.
The most important role for a business is to
a) provide employment.
b) sell goods and services.
c) pay taxes.
d) keep business records.
_____ should be kept in mind when developing procedures.
a) Shareholders who will profit from them
b) Investors who will benefit from them
c) Employees who will implement them
d) Customers who will be affected by them
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