Study+Guide+Test+1 - Study Guide Test 1 2 4-7 The following...

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Study Guide Test 1, 2, 4-7 The following are some of the areas of concentration on the test. This is not an exhaustive list. You will need to know terminology (definitions) as well as in-depth information on the following items: Fiscal and monetary policy and how they work Democrats- believe in taxing more Repubs- tax less, but borrow more Management functions Planning-anticipating trends and determining the best strategies and tactics to achieve goals and standards Organizing-designing the structure of the organization, and creating conditions where everything works Leading-creating a vision for the organization and motivating others to work Controlling-leading and making sure the org. is on the right path Forms of business ownership and the advantages or disadvantages of each sole proprietorship o advantages: easy to start up, pride and independence of ownership, can leave a legacy, simple tax rules o disadvantages- completely liable, limited resources, time commitment partnership o advantages- more resources, share the load, longer survival, easier taxes o disadvantages- division of profit, disagreements, unlimited liability in some cases
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This note was uploaded on 01/23/2012 for the course MGT 111 taught by Professor Schloemer during the Fall '08 term at Miami University.

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Study+Guide+Test+1 - Study Guide Test 1 2 4-7 The following...

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