Q&A Hero

Q: Which form of business ownership generates the MOST sales in the United States? A) Sole proprietorship B) General partnership C) Cooperative D) Corporation E) Limited partnership

Q: Which one of the following types of managerial positions is most likely to involve clerical duties? A) supervisor B) regional manager C) project leader D) president

Q: What type of corporation issues stock that is held by only a few people and not available to the public? A) Limited liability B) Subchapter S C) Public D) Closely held E) Professional

Q: Which one of the following represents one of the challenges of management? A) creating an environment in which organizational members can do their best work B) helping others find meaning and fulfillment in their work C) influencing organizational outcomes D) having to deal with a variety of personalities

Q: Why are lenders most willing to loan to corporations? A) Continuity and legal status are assured B) Links with owners and founders are established C) Professional management teams can be changed D) Commitment to expansion is readily available E) Brand and marketing strategies can be diversified

Q: Management is needed in all types and sizes of organizations, at all organizational levels and in all organizational work areas, and in all organizations, no matter where they are located. This principle is known as the ________. A) impartiality of management B) neutrality of management C) universality of management D) reality of management

Q: Discuss why a business owner would form a limited partnership instead of a general partnership.

Q: Select three of the focuses of today's managers and discuss its importance to the success of business.

Q: Discuss the advantages and disadvantages of partnerships.

Q: In a short essay, describe the importance of customers to the manager's job.

Q: Describe three disadvantages of operating a business as a sole proprietorship.

Q: Briefly describe the importance of innovation and sustainability to the manager's job.

Q: By law, each general partner is liable for all debts incurred in the name of the partnership.

Q: Managers must understand and manage both the power and the peril of social media.

Q: Low start-up costs and tax benefits are advantages of sole proprietorships.

Q: Because of the advances in social media and the extensive use of technology in business communications, social skills have diminished in importance in the workplace.

Q: The least common type of partnership is the general partnership.

Q: In order for organizations to survive successfully, managers must create a customer-responsive organization.

Q: When a business owner forms a master limited partnership, what responsibilities does the master partner have toward the minority partner(s)? A) The master partner must provide detailed operating and financial reports. B) The master partner must allow the partners to decide all major business changes and transactions. C) The master partner must make all liabilities clear before the partnership is formed. D) The master partner must give up majority ownership. E) The master partner must allow the partners to take an active role in the business.

Q: Firms that compete in non-technology markets, such as retailers, need not concern themselves with innovation.

Q: What type of partnership allows an organization to sell shares of the partnership to investors on a public market? A) General partnership B) Limited partnership C) Cooperative D) Master limited partnership E) Unlimited partnership

Q: Innovation is confined to high-tech and other technologically sophisticated organizations.

Q: In what type of ownership is an owner liable for debt, but only based on how much they invested? A) Master limited partnership B) Cooperative C) Limited partnership D) Corporation E) General partnership

Q: Because of the emphasis her company has placed on sustainability, Darlene, a first-line manager, must now consider ________. A) her company's stock trading price B) the impact of her department's waste on the environment C) how to retain employees even during an expanding economy D) her employees' non-work obligations when scheduling workers

Q: If a business owner needs money for expansion, but does not want to give up sole control over the business, what type of partnership would be best? A) General partnership B) Limited partnership C) Active partnership D) Master limited partnership E) Cooperatives

Q: From a business perspective, a company's ability to achieve its business goals and increase long-term shareholder value by integrating economic, environmental, and social opportunities into its business strategies is known as ________. A) accountability B) universality C) equitability D) sustainability

Q: Which of the following describes an investor in a business who is liable for some of its debt, but has no active role in its operation? A) General partners B) Unlimited partners C) Master partners D) Limited partners E) Minority partners

Q: Social media is a communications tool which should be ________. A) used to publish one-way messages from managers to employees B) banned from the workplace C) limited only to top managers D) used to foster cooperation and collaboration

Q: What type of partner invests all funds in the organization but plays no role in its management? A) Limited partnership B) General partner C) Silent partner D) Active partner E) Master limited partnership

Q: What is the connection between managers and customers? A) Today, managers are expected to interact regularly with customers. B) Managers in service industries are expected to deliver customer service. but managers in manufacturing are not. C) Managers must create a customer-responsive organization in order to survive successfully in today's environment. D) There is no connection between managers and customers.

Q: Which of the following is an advantage of sole proprietorships? A) Ease in attracting a silent partner B) Sales and expenses are treated as part of personal finances C) It is easier to borrow money. D) There is increased continuity E) Bills are paid out of pocket

Q: Increased accountability of employees is typically caused by ________. A) increased digitization B) increased emphasis on organizational ethics C) security threats to the organization D) discrimination concerns

Q: The choice of legal ownership of a small business should be based on what? A) Goals of the entrepreneur B) Tax advantages C) Stakeholders needs D) Legal liability E) Ease of launch

Q: ________ resulted in the shifting of organizational boundaries. A) Digitization has B) Increased emphasis on organizational ethics has C) Increased competitiveness has D) Changing security threats have

Q: Which of the following is a partner who actively manages a firm and has unlimited liability for its debts? A) Limited partner B) General partner C) Stockholding partner D) Public partner E) Silent partner

Q: Describe the three main types of managerial skills identified by Robert Katz. Which skills are most important to each level of management, and why?

Q: What do both sole proprietorships and partnerships lack? A) Trust B) Legal standing C) Continuity D) Shared vision E) Adaptable processes

Q: List the ten managerial roles developed by Mintzberg.

Q: What is the MOST important advantage of general partnerships? A) The unlimited liability of the partnership B) The ability to grow with the addition of new talent and money C) The ease of implementing an effective control system D) The increased role of luck E) The need for minority partners

Q: Who invests all of the funds needed for a business but plays no role in its management? A) Silent partner B) Sole proprietor C) General partner D) Principal E) Director

Q: List and explain the four basic functions of management.

Q: Briefly discuss the difference between efficiency and effectiveness.

Q: What is the MOST common type of partnership? A) Limited partnership B) Corporate partnership C) General partnership D) Sole partnership E) Cooperative partnership

Q: Technical skills become less important as a manager moves into higher levels of management.

Q: What type of business has two or more owners who share in the operation of the firm and are financially responsible for its debts? A) Corporation B) Partnership C) Cooperative D) Conglomerate E) Nonprofit

Q: According to Robert L. Katz, managers need to have technical, interpersonal, and conceptual skills.

Q: What resources does a sole proprietorship primarily depend on? A) The corporation B) Foreign investors C) Capital markets D) Those of the owner E) A committed clientele

Q: Disturbance handler is one of Mintzberg's interpersonal roles.

Q: Which of the following will force a sole proprietorship to be legally dissolved? A) Sales exceed $1 million. B) The partners reorganize the firm's structure. C) Earnings are less than $500,000. D) The owner donates profits. E) The owner dies.

Q: Figurehead, leader, and liaison are all informational managerial roles according to Mintzberg.

Q: What is a major drawback of sole proprietorships? A) Short-term focus of shareholders B) Work flexibility C) Low start-up costs D) Unlimited liability E) Structured hours

Q: According to Mintzberg, the leader role is more important for higher-level managers because they have responsibility for more of the organization.

Q: Which of the following legal forms of business is owned and usually operated by a single person who is responsible for its debts? A) Cartel B) Corporation C) General partnership D) Sole proprietorship E) Limited partnership

Q: Conceptual skills are less important to top managers.

Q: In which business sector are cooperatives still important? A) Manufacturing B) Automotive C) Public utilities D) Agriculture E) Health care

Q: As part of Dave's controlling function of management, he must monitor and evaluate performance.

Q: Which of the following types of businesses is MOST common in the United States? A) Sole proprietorships B) General partnerships C) Cooperatives D) Corporations E) Limited partnerships

Q: The four contemporary functions of management are planning, organizing, commanding, and controlling.

Q: Neglect is a major factor that contributes to small business failure.

Q: Directing and motivating are part of the organizing function of management.

Q: The failure rate among small businesses has been increasing in recent years.

Q: Determining who reports to whom is part of the planning function of management.

Q: Many new businesses are started by people who have left big corporations.

Q: Efficiency is described as "doing things right."

Q: The number of minority-owned businesses has decreased in recent years.

Q: Effectiveness refers to getting the most output from the least amount of input.

Q: Conceptual skills involve ________. A) managing employees who use tools to produce the organization's products B) communicating with customers C) thinking about abstract and complex situations D) inspiring enthusiasm and trust among employees

Q: Franchisees may be obligated to contribute a percentage of sales to parent corporations.

Q: Managers with good ________ skills know how to communicate, motivate and lead to get the best out of their people. A) interpersonal B) conceptual C) technical D) empirical

Q: A new business should have enough capital to operate at least how many months without earning a profit? A) 1 B) 2 C) 4 D) 6 E) 9

Q: Ethan is the president of his organization. Therefore, ________. A) he should be very sound in his technical skills B) he can manage with limited financial skills C) conceptual skills are the most important skills that Ethan requires D) his interpersonal skills are not important

Q: Which of the following factors MOST contributes to small business failure? A) Managerial incompetence or inexperience B) Bad product design C) Legal problems D) Time spent raising capital E) Personnel issues

Q: The CEO of MindWerks must understand the industry in which his business competes, the future of that industry, and the competition. This requires strong ________ skills. A) technical B) interpersonal C) conceptual D) controlling

Q: Which of the following is the MOST significant recent trend in small-business start-ups? A) Entrepreneurs who cross over from big business B) Increased opportunities for minorities C) Increased opportunities for women D) Emergence of e-commerce E) Global economic downturn

Q: Terry has recently been promoted from shift manager to department manager. As a result, ________. A) his empirical skills are going to be most important B) the importance of his technical skills is reduced C) his conceptual skills are going to take the priority D) the importance of his interpersonal skills is reduced

Q: Because Sterling is a shift manager, ________. A) his technical skills are of the utmost priority B) his conceptual skills are of the utmost priority C) his interpersonal skills are not important D) he need not have any empirical skills

Q: Which of the following represents the fastest-growing segment of minority business ownership? A) African Americans B) Asians C) Hispanics D) Pacific Islanders E) Europeans

Q: Which one of the following is true concerning the three managerial skills? A) Technical skills tend to be most important for middle-level managers. B) Conceptual skills are most important for lower-level managers. C) Interpersonal skills remain equally important to all levels of management. D) Technical skills increase and conceptual skills decrease in importance as a manager climbs the organizational chart.

Q: What is the MOST effective way for an entrepreneur to become a competent manager? A) Working alone B) Relying on luck C) Getting a college degree D) Being open to opportunities E) Working for a successful company first

Q: Ralph's search for new technologies that can be used in the production processes of his plant is an example of which type of management skill? A) conceptual B) communication C) effectiveness D) monitor