Business Organizations and Operations Management UPDATED Exam Questions and CORRECT Answers
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Course
Business Organizations and Operations Management
Institution
Business Organizations And Operations Management
Business Organizations and Operations
Management UPDATED Exam Questions
and CORRECT Answers
Sole proprietorship - CORRECT ANSWER- Most common form of business organizations in
the US
Limited source of funds - CORRECT ANSWER- One of the negatives of a sole
proprietorship
Partnership - COR...
Business Organizations and Operations
Management UPDATED Exam Questions
and CORRECT Answers
Sole proprietorship - CORRECT ANSWER- Most common form of business organizations in
the US
Limited source of funds - CORRECT ANSWER- One of the negatives of a sole
proprietorship
Partnership - CORRECT ANSWER- Association of two or more persons who carry on a
business for profit
General Partnership - CORRECT ANSWER- Involves complete sharing in the management
of the business
Limited Partnership - CORRECT ANSWER- Has at least one general partner and at least one
limited partner
Articles of partnership - CORRECT ANSWER- Legal documents that set forth the basic
agreement between partners
Friction between partners - CORRECT ANSWER- One of the negatives of a partnership
Corporation - CORRECT ANSWER- Legal entity created by the state with separate assets
and liabilities
Incorporators - CORRECT ANSWER- Individuals creating the corporation
Articles of incorporation - CORRECT ANSWER- Legal document that incorporators must
file
, Board of directors - CORRECT ANSWER- Elected by stockholders to oversee general
operations of the corporation
S Corporation - CORRECT ANSWER- Form of business ownership taxed as a partnership
Limited liability company - CORRECT ANSWER- Form of business ownership that
provides limited liability
Preferred stock - CORRECT ANSWER- Special class of owners with claim to profits before
other stockholders
Common stock - CORRECT ANSWER- Owners with voting rights and no treatment with
dividends
Joint venture - CORRECT ANSWER- Partnership established for a specific project or limited
time
Leveraged buyout (LBO) - CORRECT ANSWER- Group of investors borrows money to
acquire a company
Entrepreneur - CORRECT ANSWER- Person who risks wealth, time, and effort to develop
an innovative product
Microentrepreneurs - CORRECT ANSWER- Entrepreneurs with five or fewer employees
Social entrepreneurs - CORRECT ANSWER- Use entrepreneurship to address social
problems
Small businesses - CORRECT ANSWER- Independently owned and operated businesses not
dominant in their area
Small Business Administration (SBA) - CORRECT ANSWER- Offers managerial and
financial assistance to small businesses
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