Correct Answer degree of centralization Question 55 1 out of 1 points When

Correct answer degree of centralization question 55 1

  • Test Prep
  • myrandtrinity
  • 22
  • 100% (2) 2 out of 2 people found this document helpful

This preview shows page 18 - 21 out of 22 pages.

Correct Answer: degree of centralization. Question 55 1 out of 1 points When efficiency is an objective, organizations primarily focus on: Selected Answer: making the best use of their resources. Correct Answer: making the best use of their resources. Question 56 2 out of 2 points Michael Wong and Sanjay Patel, both lawyers, start a law firm together. Both of them have unlimited liability for the debts of the business, and the management of the firm is equally shared between them. This law firm is an example of a(n) _____. Selected Answer: general partnership Correct Answer: general partnership
Image of page 18
Question 57 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 58 2 out of 2 points Catalina opens a fashion boutique with the money she inherited from her parents. She is successful in creating a strong brand image and a loyal customer base. In order to meet the increasing demands of her business, she hires a store manager. However, she finds it hard to let the manager take important decisions about the store. She often finds herself disagreeing with the manager's decisions and in the process loses a lot of existing customers. Which of the following causes of small-business failure does this scenario best illustrate? Selected Answer: Inability to cope with growth Correct Answer: Inability to cope with growth Response Feedback: The scenario best illustrates Catalina's inability to cope with growth. Sometimes, the very factors that are advantages for a small business turn into serious disadvantages when the time comes to grow. Growth often requires the owner to give up a certain amount of direct authority, and it is frequently hard for someone who has called all the shots to give up control Question 59 1 out of 1 points Limited partners have no voice in the management of the partnership. Selected Answer: True Correct Answer: True
Image of page 19
Response Feedback: Limited partners have no voice in the management of the partnership, and they may bear most of the risk of the business while the general partner reaps a larger share of the benefits Question 60 1 out of 1 points The assets and liabilities of a corporation are separate from its owners Selected Answer: True Correct Answer: True Response Feedback: A corporation is a legal entity, created by the state, whose assets and liabilities are separate from its owners Question 61 1 out of 1 points Multidivisional structure is the simplest organizational structure that is based on direct lines of authority extending from the top executive to the lowest level employees of an organization. Selected Answer: False Correct Answer: False Response Feedback: Line structure, with its direct lines of authority that extend from the top manager to employees at the lowest level of an organization, is the simplest organizational structure. A multidivisional structure organizes departments into larger groups called divisions.
Image of page 20
Image of page 21

You've reached the end of your free preview.

Want to read all 22 pages?

  • Spring '14
  • BernardE.Imhoff
  • Management, Small business Administration, Correct Answer, Neon Love Inc.

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes