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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)