Question 1 (2 points) A type of business entity that provides liability protecti

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Question 1 (2 points)

A type of business entity that provides liability protection but is taxed like a partnership is a:

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Question 2 (2 points)

U.S. Lumber Company's purchase of EnviroPlastics, a manufacturer of plastic cutlery, is an example of a __________ merger.

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Question 3 (2 points)

The primary benefit of on-the-job training is:

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Question 4 (2 points)

Which of the following statements about fringe benefits is true?

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Question 5 (2 points)

Iris Souza started the summer with $30. She took $10 and made signs for her dog walking service. She posted the signs all over her neighborhood. She used the other $20 to buy a stout leash and a pooper-scooper. At the end of the summer, after buying herself a new pair of shoes for $50 (she had worn her other shoes out walking dogs), she had $125 left. What was Souza's profit for her summer job?

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Question 6 (2 points)

__________ is the amount of goods and services one worker can produce.

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Question 7 (2 points)

Many companies keep a continuously updated list of inventory levels, orders, sales, and receipts. This is called a(n) __________ inventory.

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Question 8 (2 points)

__________ charts are bar graphs that are plotted on a time line to show the relationship between scheduled and actual production.

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Question 9 (2 points)

A code of ethics:

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Question 10 (2 points)

__________ is the amount of money awarded to the party who was harmed by a breach of contract.

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Question 11 (2 points)

According to Frederick Taylor's scientific management theory, the most important motivator in the workplace is:

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Question 12 (2 points)

Which of the following is NOT an example of a hygiene factor?

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Question 13 (2 points)

The person who takes the risk of starting and managing a business to make a profit is called a(n):

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Question 14 (2 points)

Estes Kennedy has decided that he will open a used bookstore as a sole proprietorship. Kennedy's next step is to write a formal __________ before he applies for a business loan.

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Question 15 (2 points)

Stuart McFarland is sales manager for a hotel. His job entails leading, motivating, and communicating with employees. McFarland's main management activity is:

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Question 16 (2 points)

As a retired U.S. Marine officer, Marc Lindsey makes all major decisions in his construction company. The information and decision making goes in one direction, and he asks for no input from his employees. Lindsey's style is:

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Question 17 (2 points)

Pharmacie & Upjohn, a pharmaceutical company, uses a functional structure (research, development, manufacturing, and marketing) within each of its three largest major product divisions. This company is an example of a:

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Question 18 (2 points)

Korber is the world's largest producer of cigarette manufacturing equipment. As growth in the world tobacco consumption declines, it is obvious that Korber will face a bleak future unless it is able to divest itself of its connection to the cigarette industry and start anew. In other words, Korber needs to engage in:

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Question 19 (2 points)

In a large metropolitan market, it is relatively easy to set up a law office. The ease of entry explains why you will find hundreds of lawyers listed in the New York City phone book. Each lawyer is a close substitute for another but with slight differences. Which of the following market structures best describes the one in which lawyers operate?

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Question 20 (2 points)

An industry in which a few firms produce most or all of the output of a product and in which large amounts of capital are needed is called a(n):

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1) franchise 2) general partnership 3) C corporation 4) S corporation 5) joint venture

Explanation / Answer

1. A type of business entity that provides liability protection but is taxed like a partnership is a S Corporation. This is a form of corporation that meets the IRS requirements to be taxed under Subchapter S of the Internal Revenue Code.

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