Fundamentals of Business Chapters 5-8

What is delegation?

Entrusting work to subordinates that they can get the job done.

Grouping jobs into units.

Being able to reason abstractly and analyze complex situations.

Independence.

What is a disadvantage of Small Business Ownership?

Bad business ideas.

Royalty fees.

Financial risk.

Centralization.

What is an organization chart?

A chart that organizes the chain of command

A diagram delineating the interrelationship of positions within the organization.

A diagram organizing the history of your sales.

All of the above.

What is the definition of Sole Proprietorship?

How many soles of a show are sold.

Making all the crucial decisions

Being or having 100% ownership of a business

A business owned jointly by two or more people.

Disadvantage of a partnership.

Unlimited liability

Sharing decision making

Shared profits

All of the above

What is a shareholder?

Someone who invests money into a business by buying shares of stock

Someone who holds your share of the profits earned

A group of people who are legally responsible for governing the corporation

Finance manager

What does acquisition mean?

When two companies combine to form a new company

Purchase of one company by another

A conflict of interest inherent in a relationship in which one party is supposed to act in the best interest of another

A legal entity entirely separate from the parties who own it

What is decentralization?

Where most decision making is concentrated at the top

The process of entrusting work to subordinates

The spreading of decision making throughout an organization

Dividing of task into jobs

What are one of the components of the managing pyramid?

First-line managers

Top managers

Middle managers

All of the above

What is free-reign style managing?

Providing relatively little direction to subordinates

Exercising authority based on rank

Measuring performance

Decision making without soliciting input from subordinates

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Fundamentals of Business Chapters 5-8

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