MIE-201 Exam 2 practice questions with correct answers 2024/2025

MIE-201 Exam 2 practice questionslimited partnership - correct answer Sam 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 - correct answer The 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 - correct answer Ease of transfer of ownership is an advantage of this form of business ownership. Entrepreneur (in entrepreneurship) - correct answer Ashley, 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 - correct answer These 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 - correct answer Jessica 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 - correct answer When a small business focuses on these, it helps the firm develop enviable reputations for quality and service. Acquisition - correct answer PhoneI 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):