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Questions and Answers
Which of the following is NOT a way businesses are impacted by climate change?
Which of the following is NOT a way businesses are impacted by climate change?
In the United States, the responsibility for enforcing legal rules and principles is entrusted to which entity?
In the United States, the responsibility for enforcing legal rules and principles is entrusted to which entity?
The U.S. legal system is characterized by its ability to what?
The U.S. legal system is characterized by its ability to what?
The figure you arrive at for how many minutes each worker should take to service a ticket buyer is called a(n) ________________.
The figure you arrive at for how many minutes each worker should take to service a ticket buyer is called a(n) ________________.
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What system is designed to address each legal issue or dispute on its own terms?
What system is designed to address each legal issue or dispute on its own terms?
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Which function is NOT primarily served by law in the United States?
Which function is NOT primarily served by law in the United States?
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Employers are most likely to hire you for your first job out of college based on your _______________ skills.
Employers are most likely to hire you for your first job out of college based on your _______________ skills.
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In Herzberg’s two-factor theory, strong contributors to job satisfaction are called _____ factors.
In Herzberg’s two-factor theory, strong contributors to job satisfaction are called _____ factors.
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According to George McGovern, Americans are quick to what?
According to George McGovern, Americans are quick to what?
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Forms of compensation other than salaries, hourly wages, or financial incentives are known as _____.
Forms of compensation other than salaries, hourly wages, or financial incentives are known as _____.
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What is management defined as?
What is management defined as?
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Which of the following is not one of the steps in the three-step appraisal system?
Which of the following is not one of the steps in the three-step appraisal system?
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What leadership style is demonstrated by a chef who makes unilateral decisions without input?
What leadership style is demonstrated by a chef who makes unilateral decisions without input?
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To prepare job descriptions and specifications, HR managers rely on information collected for the job ______________.
To prepare job descriptions and specifications, HR managers rely on information collected for the job ______________.
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At _____, overall objectives include making visitors feel special and ensuring employees’ appearance reflects a special image.
At _____, overall objectives include making visitors feel special and ensuring employees’ appearance reflects a special image.
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A major obstacle to team success in organizations is that managers fail to _____.
A major obstacle to team success in organizations is that managers fail to _____.
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What type of team consists of members from various parts of the organization or even from outside the organization?
What type of team consists of members from various parts of the organization or even from outside the organization?
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Which of the following factors is not considered in compiling your credit score?
Which of the following factors is not considered in compiling your credit score?
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What is added to your savings account to earn more interest through compounding?
What is added to your savings account to earn more interest through compounding?
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In financial planning, which question would be least relevant?
In financial planning, which question would be least relevant?
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Which document itemizes expected sources of income and expenditures for the coming year?
Which document itemizes expected sources of income and expenditures for the coming year?
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What term does Seth Godin use to describe remarkable products?
What term does Seth Godin use to describe remarkable products?
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Which of the following represents the smallest division of customers?
Which of the following represents the smallest division of customers?
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Which approach is not commonly used to forecast demand for a product?
Which approach is not commonly used to forecast demand for a product?
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What percentage of U.S. businesses are sole proprietorships?
What percentage of U.S. businesses are sole proprietorships?
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Which of the following is an advantage of a sole proprietorship?
Which of the following is an advantage of a sole proprietorship?
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What is an advantage of partnerships?
What is an advantage of partnerships?
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Which of the following is NOT partly to blame for the opioid crisis?
Which of the following is NOT partly to blame for the opioid crisis?
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An ethical dilemma can be described as a:
An ethical dilemma can be described as a:
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Leaders should do all of the following to promote ethical behavior EXCEPT:
Leaders should do all of the following to promote ethical behavior EXCEPT:
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Corporate social responsibility includes responsibilities to all EXCEPT:
Corporate social responsibility includes responsibilities to all EXCEPT:
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How are businesses around the world increasingly affected?
How are businesses around the world increasingly affected?
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Study Notes
Sole Proprietorships and Partnerships
- Sole proprietorships account for 40% of U.S. businesses.
- An advantage of a sole proprietorship is that the owner has no income tax.
- An advantage of a partnership is continuity; the partnership can survive if a partner dies.
- Mergers in a partnership are typically easy to complete
- Company decisions are sometimes shared, which can create friction and lead to problems.
Opioid Crisis
- The addiction stemming from misuse of opioids (including OxyContin, heroin, and fentanyl) is a national crisis.
- A person today is more likely to die from an opioid overdose than a car crash.
- Factors partly to blame for the opioid crisis include pharmaceutical representatives failing to educate physicians about opioid risk and telling them opioids are not addictive.
- Physicians and other medical professionals over-prescribing opioids are also contributing factors.
- The Federal Bureau of Investigation is not a factor in this crisis.
Ethical Dilemmas and Leadership
- An ethical dilemma/decision involves choosing between two or more unacceptable options.
- A right vs. right decision is a type of ethical dilemma.
- A right vs. wrong decision involves a choice between a right and a wrong action.
- Leaders should promote ethical behavior in organizations by encouraging employees to report ethical violations.
- Leaders should establish controls to enforce company policies and be ethical role models.
Corporate Social Responsibility
- Corporate social responsibility (CSR) is the approach that businesses use to balance their responsibilities towards various stakeholders.
- Stakeholders include suppliers, communities, and employees.
- Competitors are not a stakeholder in the approach.
Climate Change Impact on Businesses
- Businesses are impacted by harsher working conditions, such as extreme heat.
- Difficulty encouraging talented executives to relocate to areas with improved air quality can also be affected.
- Changing demand for services and products, such as snow shovels, are affected.
- Financial risk from severe weather events is another serious business impact.
Legal Systems in the U.S.
- The U.S. government is responsible for adopting and enforcing legal rules and principles.
- The legal system evolves to adapt to changes in social norms and commercial activities.
- The U.S. legal system uses the court system to address disputes.
- The legislative and executive branches play respective roles in the legal system.
- The primary function of U.S. law is to maintain peace, as one of several important functions.
Management and Business Decisions
- Management is the process of planning, organizing, directing, and controlling resources to meet goals.
- Managers should ensure tasks contribute to organizational success.
Leadership Styles
- Laissez-faire leadership is a leadership style where decisions are made without input from those involved, and they are expected to perform tasks without undue explanation.
- In a visionary leadership style, team members are encouraged to come up with new ideas.
- Autocratic leadership involves a one-way decision-making process without team participation.
- A democratic leadership style involves team participation in decisions.
Business Performance Evaluation
- Standard performance is a measurement of expected performance.
- Actual performance is the real performance against the benchmark of standard performance.
- Deviation is the gap between expected performance and actual performance.
Job Satisfaction and Motivation
- Technical, conceptual, interpersonal, and decision-making skills are key factors for job success.
- Motivation is a key factor for job satisfaction when hygiene factors and equity are considered.
- Benefits that are outside salaries, wages or financial incentives are also a form of satisfaction.
Performance Reviews and Appraisals
- Three-step appraisal system involves completing a written evaluation of employee performance with predetermined criteria, and sharing the results. Goals and expectations are also set, as well as meeting the employee to discuss the evaluation.
Team Success Factors
- Team members willing to commit to common goals are crucial for team success.
- Groupthink, a lack of an adequate budget, lack of collaboration, and poor leadership are obstacles to effective teamwork.
- Members who tolerate each other, and those who agree to disagree are traits of an effective team.
- Leaders who rotate positions infrequently and team members who depend on each other also support good teamwork.
- Cross-functional teams bring together individuals from different parts of an organization.
Forecasting Demand
- Forecasting demand for products may use several strategies like speaking with customers and/or competitors, and reviewing industry data on the internet.
Financial Planning
- To plan for finances, understand your: debt, expected income in retirement, and current annual income. Some considerations might include leasing versus purchasing.
Monetary Assets
- Bonds, cash, certificates of deposits, and money in checking accounts are considered liquid assets.
- A budget is a document that itemizes income, expenditures, and relevant monetary amounts.
Product Characterization
- Physical goods are tangible items. Services are intangible offerings.
- A "purple cow" is a product that is remarkable.
- An idea becomes a business opportunity when it has commercial potential.
- Niche markets are the smallest divisions of customers.
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Description
Test your knowledge on the characteristics and advantages of sole proprietorships and partnerships. Explore how these business structures impact decision-making, continuity, and taxation. Perfect for students studying business or entrepreneurship!
