BUS 110 EXAM 2 QUESTIONS WITH ACCURATE
ANSWERS
Acquisitions correct answer one company's purchase of the property and
obligations of another company
autocratic leadership correct answer leadership style that involves making
managerial decisions without consulting others
business plan correct answer detailed written statement that describes the nature
of the business, target market, advantages of the business and the resources and
qualifications of the owners
chain of command correct answer the line of authority that moves from the top
of hierarchy to the lowest level
Continuous process correct answer a production process in which long production
runs turn out finished goods over time
Controlling correct answer measuring results against corporate objectives,
monitoring performance, rewarding outstanding performance, taking action
when necessary
Core Competencies correct answer those functions that the organization can do
as well as or better than any other organization in the world
Corporation correct answer A legal entity with authority to act and have liability
apart form its owners
, Double Taxation correct answer income taxes that are paid twice on the same
source of earned income
Economies of scale correct answer companies can reduce their production costs if
they can purchase raw materials in bulk, average costs of goods goes down and
production increases
Entrepreneur correct answer someone accpeting the risk of starting and running a
business
facility location correct answer the process of selecting a geographic location for a
company's operations
Flat organization correct answer organizational chart would be flat bc few layers
of mangement and broad span of control
flexible manufacturing correct answer designing machines to do multiple tasks so
that they can produce a variety of products
free-rein leadership correct answer leadership style that involves managers
setting objectives and employees being relatively free to do whatever it takes to
accomplish those objectives
General Partner correct answer is an owner who has unlimited liability and is an
active in managing the firm
ANSWERS
Acquisitions correct answer one company's purchase of the property and
obligations of another company
autocratic leadership correct answer leadership style that involves making
managerial decisions without consulting others
business plan correct answer detailed written statement that describes the nature
of the business, target market, advantages of the business and the resources and
qualifications of the owners
chain of command correct answer the line of authority that moves from the top
of hierarchy to the lowest level
Continuous process correct answer a production process in which long production
runs turn out finished goods over time
Controlling correct answer measuring results against corporate objectives,
monitoring performance, rewarding outstanding performance, taking action
when necessary
Core Competencies correct answer those functions that the organization can do
as well as or better than any other organization in the world
Corporation correct answer A legal entity with authority to act and have liability
apart form its owners
, Double Taxation correct answer income taxes that are paid twice on the same
source of earned income
Economies of scale correct answer companies can reduce their production costs if
they can purchase raw materials in bulk, average costs of goods goes down and
production increases
Entrepreneur correct answer someone accpeting the risk of starting and running a
business
facility location correct answer the process of selecting a geographic location for a
company's operations
Flat organization correct answer organizational chart would be flat bc few layers
of mangement and broad span of control
flexible manufacturing correct answer designing machines to do multiple tasks so
that they can produce a variety of products
free-rein leadership correct answer leadership style that involves managers
setting objectives and employees being relatively free to do whatever it takes to
accomplish those objectives
General Partner correct answer is an owner who has unlimited liability and is an
active in managing the firm
