MIE-201 Exam 2 practice questions And Answers 100% Updated!

limited partnership - ANSWERSSam and Mary have started a business together; Mary put up half the money but is not involved in the management of the company. Sam does all the hiring and supervising as well as the general operation of the company. They share in the profits. This scenario represents this kind of partnership: Product layout - ANSWERSThe manufacturing units of Argyle Autos uses a facility layout in which the workers remain in one location, and the automobiles move from one worker to another. Each person in turn performs his or her assigned tasks on the automobiles. Argyle Autos is using ________ layout Corporation - ANSWERSEase of transfer of ownership is an advantage of this form of business ownership. Entrepreneur (in entrepreneurship) - ANSWERSAshley, a certified yoga instructor, owns and manages a single yoga training academy. She charges a reasonable fee to conduct classes for both working women and homemakers. Ashley is a(n): Manufacturers - ANSWERSThese firms typically have more control over the amount of variability of the resources they use than do service providers. General idea for a new business - ANSWERSJessica teaches business studies in a reputed college. As part of the curriculum, she needs to demonstrate to her students the steps involved in starting a business. She plans to introduce the steps in a sequential order and ask her students to present their views and provide examples with each step. This is the first step she discusses: Narrow market niches or product needs - ANSWERSWhen a small business focuses on these, it helps the firm develop enviable reputations for quality and service. Acquisition - ANSWERSPhoneI Inc., a mobile phone manufacturer, purchases its direct competitor, Anbotic Inc., by buying most of its stock. In this scenario, PhoneI is involved it a(n): Critical path - ANSWERSIn the program Evaluation and review Technique (PERT), the _______ determines the minimum amount of time in which a process can be completed. ISO 14000 - ANSWERS________ is a comprehensive set of environmental standards that encourages companies to conduct business in a cleaner, safer, and less wasteful way. White Knight - ANSWERSGL Inc., a firm facing a threat of bankruptcy, did not want to be acquired by Red Phoenix Inc. Thus, the management of GL Inc. approached Fortium Inc., which was willing to acquire GL Inc. In this scenario, Fortium Inc. is referred to as: Undercapitalization - ANSWERSJohn leased a small building in his neighborhood and converted it into a hotel. He had assumed that he could run a successful business if he had enough money to get started. However, his business faced seasonal variations in sales. He now finds it difficult to meet the day-to-day expenses the business. He is facing this king of business problem