• Question 46 1 out of 1 points Management takes place only in business settings. Selected Answer: False Correct Answer: False Response Feedback: Management is universal. It takes place not only in business, but also in government, the military, labor unions, hospitals, schools, and religious groups—any organization requiring the coordination of resources. • Question 47 1 out of 1 points
An acquisition occurs when one company purchases another company by buying most of its stock. Selected Answer: True Correct Answer: True Response Feedback: An acquisition occurs when one company purchases another, generally by buying most of its stock. The acquired company may become a subsidiary of the buyer, or its operations and assets may be merged with those of the buyer. • Question 48 1 out of 1 points Entrepreneurship is the process of creating and managing a business to achieve desired objectives Selected Answer: True Correct Answer: True Response Feedback: Entrepreneurship is the process of creating and managing a business to achieve desired objectives. Some entrepreneurs who start small businesses have the ability to see emerging trends; in response, they create a company to provide a product that serves customer needs. • Question 49 2 out of 2 points _____ is a volunteer agency funded by the Small Business Administration to provide advice for owners of small firms. Selected Answer: Service Corps of Retired Executives Correct Answer: Service Corps of Retired Executives • Question 50 1 out of 1 points Derek borrowed $50,000 from his mother for his new business venture. He promised that she would be a partner in the business and would be entitled to a significant percent of profits from the business at the end of the year. This is an example of _____. Selected Answer:
equity financing. Correct Answer: equity financing. • Question 51 1 out of 1 points A company that has departments for marketing, finance, personnel, and production is organized by: Selected Answer: function. Correct Answer: function. • Question 52 2 out of 2 points Louie is an interior designer who starts his own consulting firm. His friend Rachel is the owner of a coffee shop. Chang decorates Rachel's new coffee shop in exchange for a supply of coffee whenever his clients visit his office. Which of the following sources of funding does this scenario best illustrate? Selected Answer: Bartering Correct Answer: Bartering • Question 53 2 out of 2 points Government is a legislated monopoly and thus not subjected to competitive pressures. This leads to ____ Selected Answer: All of the above Correct Answer: All of the above Response Feedback: Government agencies follow the socialist model which has been proven to be inefficient and ineffective for providing goods and services. Without competition, the
consumer loses freedom of choice and therefore has to take whatever good or service is provided by the sole producer. • Question 54 2 out of 2 points The extent to which authority is delegated throughout an organization determines its: Selected Answer: degree of centralization.
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