Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
81 Cards in this Set
- Front
- Back
Liability is _________ in a sole proprietorship
|
unlimited
|
|
There are 15 to 20 million _________ in the United States
|
sole proprietorships
|
|
___________ have the most freedom from government regulations.
|
sole proprietorships
|
|
Unlimited liability, lack of skills, lack of qualified employees and lack of conunity are all disadvantages of a _______________
|
sole proprietorships
|
|
A ____________ partnership requires complete sharing of the liability management of a business.
|
general
|
|
Partnerships represent ____ percent of U.S. businesses.
|
9
|
|
In a limited partnership, at least one partner has ________ liability.
|
unlimited
|
|
Limited partners do not participate in the ____ of the business.
|
management
|
|
____ can enter into contracts with other legal entities.
|
corporations
|
|
Corporations account for approximately ____ percent of U.S. businesses
|
19
|
|
orporations are regulated by the ____ in which they are formed.
|
state
|
|
A(n) ____ corporation does business in the state in which it is chartered.
|
domestic
|
|
A(n) ____ corporation does business outside the nation in which it was incorporated.
|
alien
|
|
Publicly owned corporations must disclose ____ information to the public.
|
financial
|
|
Private corporations may raise capital by holding a(n) ____ and becoming a public corporation.
|
initial public offering
|
|
NASA is an example of a(n) ____ corporation.
|
quasi-public
|
|
____ stockholders have voting rights in the corporation.
|
common
|
|
A(n) ____ is subject to double taxation.
|
corporation
|
|
A(n) ____ can have up to 75 shareholders.
|
s corporation
|
|
A(n) ___ occurs when two companies combine to form a new company, and a(n) ___ occurs when one company purchases another.
|
merger; acquisition
|
|
____ is the process of creating and managing a business.
|
entrepreneurship
|
|
The __ is an independent agency of the federal government that offers managerial and financial assistance to entrepreneurs.
|
SBA
|
|
The SBA considers businesses with up to ____ employees to be small businesses.
|
500
|
|
Approximately ____ percent of U.S. businesses are classified as small businesses.
|
99
|
|
Women-owned businesses represent __________ percent of all privately held firms.
|
41
|
|
Minority-owned firms are growing at a rate of ___ percent.
|
30
|
|
Small businesses produce 55 percent of ____.
|
innovations
|
|
____ sell goods to consumers.
|
retailers
|
|
____ represent the fastest growing segment of the U.S. economy.
|
services
|
|
Approximately ___ percent of new small businesses fail within the first five years.
|
90
|
|
Too often people start a business without identifying the ____ the business' goods or services
|
need for
|
|
The lack of funds to operate a business normally is known as ____.
|
undercapitalization
|
|
A business plan addresses how a business will achieve its ____
|
goals
|
|
An owner who uses personal assets to start a business is employing ____ financing.
|
equity
|
|
Venture capitalists provide funds to a business in exchange for ____ interest.
|
ownership
|
|
A ____ permits an entrepreneur to take quick advantage of opportunities that require a bank loan.
|
checking account
|
|
____ allows suppliers to take possession of needed goods and services and pay for them at a later date.
|
trade credit
|
|
Franchising involves providing a(n) ____ to sell another's products, use another's name, or both.
|
license
|
|
A good franchise offers ____ products and business formats.
|
proven
|
|
The ____ of the energy market and interest in alternative fuels has spawned many small businesses.
|
deregulation
|
|
____ is the process of determining an organization's objectives.
|
planning
|
|
____ is the statement of an organization's fundamental purpose.
|
mission
|
|
____ objectives involve making the best use of a firm's resources.
|
efficiency
|
|
Objectives regarding ___ are generally stated in terms of percentage of sales increase and market share.
|
compatetive advantage
|
|
Strategic plans establish ____ objectives and an overall strategy by which a firm fulfills its mission.
|
long range
|
|
Tactical plans are ____ and designed to implement strategic objectives.
|
short range
|
|
A retailing organization specifying how much to spend to set up a new store is developing a(n) ____ plan.
|
operational
|
|
A firm's ____ goal might involve being number one in its product category.
|
strategic
|
|
Computer virus protection is one form of __ planning
|
contingency
|
|
____ plans specify what actions must be accomplished to achieve the tactical plan.
|
operational
|
|
____ involves the structuring of resources and activities to accomplish objectives.
|
organizing
|
|
As part of ___, managers must determine what skills are needed for jobs, how to motivate and train employees, how much to pay employees and what benefits to provide.
|
staffing
|
|
Many firms downsize by ____ production, sales, and technical positions.
|
outsourcing
|
|
____ involves motivating and leading employees.
|
directing
|
|
____ is especially important to lower-level managers.
|
directing
|
|
____ involves evaluating and correcting activities to keep the organization on course.
|
controlling
|
|
The most important function of top managers is ____.
|
planning
|
|
The most important function of middle managers is ____.
|
tactical planning
|
|
Technological advances have increased concerns about ____.
|
privacy
|
|
____ is the ability to influence employees to work toward organizational goals.
|
leadership
|
|
A firm's ____ may be expressed formally through its mission statement or code of ethics.
|
organizational culture
|
|
The key to success in any organization is satisfying ____
|
stakeholders
|
|
____ involves the division of labor into individual tasks.
|
specialization
|
|
____ involves the grouping of jobs into working units.
|
departmentalization
|
|
Finance, marketing, and human resources are examples of ____ departmentalization.
|
functional
|
|
____ corporations often use geographical departmentalization.
|
multinational
|
|
Customer departmentalization arranges jobs based on the ____ of various customer groups.
|
needs
|
|
The extent to which authority is delegated throughout an organization determines its degree of ____.
|
decentralization
|
|
The U.S. Army and the IRS are examples of ____ organizations.
|
centralized
|
|
____ is characteristic of organizations that operate in complex, unpredictable environments.
|
decentralization
|
|
Decentralization requires that lower-level managers have strong ____ skills.
|
decision-making
|
|
A ____ span of management exists when a manager supervises a very large number of employees.
|
wide
|
|
Organizations with few layers are considered ___ and as a consequence have ___ spans of management.
|
flat; wide
|
|
The simplest organizational structure is a ____ structure, with authority descending directly from the top to the lowest level of the organization.
|
line
|
|
In ____ organizations, employees may lack the authority to carry out certain decisions.
|
line-and-staff
|
|
Project organizations often employ a ____ structure.
|
matrix
|
|
A task force is a ____ group of employees responsible for bringing about a particular change.
|
temporary
|
|
____ teams frequently include people from numerous functional areas, formed specifically to devise, design and implement a new product.
|
product-development teams
|
|
Non-work social relationships such as friendships encourage a significant amount of informal communication through ___.
|
the grapevine
|
|
____ communication occurs when individuals from different units and organizational levels communicate.
|
diagonal
|
|
______ is a form of business ownership that prvides limited liability, as in a cororartion, but is taxed like a partnership
|
LLC (limited liability company)
|