MGMT*2150 Quiz 2 Exam Questions AND Correct Answers
3 key skills of successful managers - ✔✔conceptual skills,
technical skills, interpersonal skills
3 styles of leadership - ✔✔autocratic, participative, laissez-
faire
3 types of business ownership structure - ✔✔sole
proprietorships, partnerships and corporations
4 key considerations when choosing ownership structure -
✔✔business control and transfer of ownership
taxation and division of profits
legal and financial liability protection
ease of start-up and administration
,5 components of a business plan - ✔✔executive summary - a
one to two page overview of key aspects of the business plan
and a justification as to why it will succeed
product description and market analysis
marketing plan
operations plan
financial projections
5 key characteristics of an entrepreneur - ✔✔confidence,
energy, internal drive, vision, tolerance for risk and
uncertainty
administrative manager - ✔✔a manager who is not associated
with any specific functional area but provides overall
administrative guidance and leadership
advantages of corporations - ✔✔limited liability for owners as
corporations are a separate legal entity, availability of capital
, and credit, ease of transferring ownership, perpetual life,
attraction of highly qualified management
advantages of franchising for the franchisee - ✔✔opportunity
to start a business with limited capital and make use of a pre-
established consumer base
business advice from franchisor
minimize cost of advertising
advantages of franchising for the franchisor - ✔✔well
controlled product distribution without the cost of
construction and operating
maintenance of company standards
more money
advantages of partnerships - ✔✔easy to form, greater
availability of capital and credit due to more owners,
combined business skills and knowledge, dispersed workload
3 key skills of successful managers - ✔✔conceptual skills,
technical skills, interpersonal skills
3 styles of leadership - ✔✔autocratic, participative, laissez-
faire
3 types of business ownership structure - ✔✔sole
proprietorships, partnerships and corporations
4 key considerations when choosing ownership structure -
✔✔business control and transfer of ownership
taxation and division of profits
legal and financial liability protection
ease of start-up and administration
,5 components of a business plan - ✔✔executive summary - a
one to two page overview of key aspects of the business plan
and a justification as to why it will succeed
product description and market analysis
marketing plan
operations plan
financial projections
5 key characteristics of an entrepreneur - ✔✔confidence,
energy, internal drive, vision, tolerance for risk and
uncertainty
administrative manager - ✔✔a manager who is not associated
with any specific functional area but provides overall
administrative guidance and leadership
advantages of corporations - ✔✔limited liability for owners as
corporations are a separate legal entity, availability of capital
, and credit, ease of transferring ownership, perpetual life,
attraction of highly qualified management
advantages of franchising for the franchisee - ✔✔opportunity
to start a business with limited capital and make use of a pre-
established consumer base
business advice from franchisor
minimize cost of advertising
advantages of franchising for the franchisor - ✔✔well
controlled product distribution without the cost of
construction and operating
maintenance of company standards
more money
advantages of partnerships - ✔✔easy to form, greater
availability of capital and credit due to more owners,
combined business skills and knowledge, dispersed workload
