Management can achieve its goals by coordinating what four types of resources?

A) Tangible, intangible, human, and financial

B) Informational, human, controllable, and tangible

C) Financial, material, organizational, and operational

D) Human, material, financial, and intangible

E) Material, informational, human, and financial


The right to be heard implies that companies should listen to consumer complaints and

A) give them a full refund.

B) do nothing. Just listening is enough.

C) take appropriate action.

D) do whatever the consumer requests.

E) thank them for their time.


With regard to taxation of partnerships, which of the following statements is correct?

A) Taxes are paid on a partnership’s profits, after which each partner pays taxes on his or her share of the profits.

B) Each partner is taxed in the same way as a sole proprietor.

C) Profits are taxed twice.

D) The partnership is taxed as a separate entity.

E) A partnership is exempt from taxes.


An ethical act is one that provides benefit primarily to the individual, not necessarily benefit to a larger community. The idea is that if the individual is benefited, so too will be the larger community.

A) True

B) False


The top governing body of a corporation is known as the

A) stockholders.

B) management.

C) incorporators.

D) board of directors.

E) officers.


Committees and task forces represent ____ groups within an organization, whereas employee bowling teams and gatherings represent ____ groups.

A) informal; formal

B) formal; informal

C) line; staff

D) staff; line

E) staff; staff


Leadership can best be defined as the ability to

A) deal effectively with others.

B) relate to others.

C) generate reasonable solutions to problems.

D) identify problems.

E) influence others.


Joint ventures are created for a specific purpose and dissolved when that purpose is achieved.

A) True

B) False


Investors expect management to do all of the following except

A) consult them on ethical decisions.

B) boost the company’s profit.

C) make sensible financial decisions.

D) increase sales.

E) increase the return to the investor.


A limited-liability company is

A) taxed like a corporation.

B) taxed like a partnership.

C) the result of a horizontal merger.

D) always used to organize charitable organizations.

E) similar to a cooperative.


A relatively permanent committee charged with performing some recurring task is called a(n)

A) ad hoc committee.

B) cluster structure.

C) informal group.

D) task force.

E) standing committee.


All of the following are reasons for a greater focus on quality by U.S. firms except

A) unpredictability on Wall Street.

B) reduced market share.

C) competition from foreign firms.

D) poorer financial performance.

E) customers that are more demanding.


Unlimited liability holds a sole proprietor personally responsible for all the debts of the business.

A) True

B) False


An affirmative action program is designed to ensure that minority employees are represented in about the same proportion as their representation within the community.

A) True

B) False


Effective systems include all of the following parts:

A) Inputs and outputs.

B) Outputs, conversation processes, and heuristic modifiers.

C) Inputs, transformation processes, outputs.

D) Inputs, transformation processes, outputs, and feedback.


Human resources is a(n) ____ type of job, so it does not fit directly into the chain of command.

A) authoritative

B) top management

C) specialized

D) staff

E) line


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