prelims

Question 1

advantages of single proprietorship

Answer 1

1. formation
2. tax benefits
3. decision-making

Question 2

disadvantages of single proprietorship

Answer 2

1. liability
2. taxes
3. lack of continuity
4. difficulty in rising capital

Question 3

advantages of partnership

Answer 3

1. easy and inexpensive
2. shared financial commitment
3. complementary skill
4. partnership incentives for employees

Question 4

disadvantages of single proprietorship

Answer 4

1. joint and individual liability
2. disagreements among partners
3. shared profits

Question 5

advantages of corporation

Answer 5

1. separate legal personality
2. ease of raising funds
3. continuity
4. ease of transfer of ownership
5. credibility

Question 6

disadvantages of corporation

Answer 6

1. more time and money spent in organizing
2. more paperwork
3. higher tax
4. more costly

Question 7

the entire spectrum of management of people

Answer 7

HUMAN RESOURCE MANAGEMENT

Question 8

responsible of identifying, anticipating, and satisfying consumer requirements profitably

Answer 8

MARKETING MANAGEMENT

Question 9

overseeing, designing, controlling the process, and redesigning business operations

Answer 9

OPERATIONS MANAGEMENT

Question 10

its goal is for business to support service, lower costs, and effective control of environment

Answer 10

FINANCIAL MANAGEMENT

Question 11

procurement

Answer 11

MATERIAL AND PROCUREMENT MAN

Question 12

involves design, implementation, evaluation, and maintenance of the process of work

Answer 12

OFFICE MANAGEMENT

Question 13

form of communication and application

Answer 13

INFORMATION AND COMMUNICATION TECHNOLOGY MAN

Question 14

• basic organization framework
• has only direct, vertical relationships

Answer 14

LINE STRUCTURE

Question 15

department of the organization is grouped by its function or purpose

Answer 15

FUNCTIONAL

Question 16

• several branches
• have separate smaller organizations within the umbrella group

Answer 16

DIVISIONAL

Question 17

typically used in large multinational companies

Answer 17

MATRIX

Question 18

process of aligning an organization’s structure based on its vision and mission

Answer 18

ORGANIZATIONAL DESIGN

Question 19

management cycle

Answer 19

GOAL SETTING
EXECUTING THE PLAN
MEASURING RESULTS
SUSTAINING OPERATIONS

Question 20

steps in goal setting

Answer 20

1. gathering and synthesizing information
2. formulating alternatives
3. deciding on the course of action
4. establishing goals

Question 21

S.M.A.R.T.

Answer 21

SPECIFIC
MEASURABLE
ATTAINABLE
RESULTS-FOCUSED
TIME BOUND

Question 22

• simplest type of businesses
• intangible products

Answer 22

SERVICE

Question 23

• earn from the sales of the goods

Answer 23

MERCHANDISING

Question 24

they directly sell their products

Answer 24

RETAILERS

Question 25

they sell products to retailers

Answer 25

WHOLESALERS

Question 26

most complicated type of business

Answer 26

MANUFACTURING

Question 27

service type cycle

Answer 27

- CASH ON HAND - PAYS EMPLOYEES AND OTHER EXPENSES - PERFORM SERVICES - RECEIVE PAYMENT FROM CUSTOMERS

Question 28

merchandising type cycle

Answer 28

- CASH ON HAND - BUY GOODS - STORE GOODS - SELL INVENTORIES - RECEIVE PAYMENT FROM CUSTOMERS

Question 29

manufacturing type cycle

Answer 29

- CASH ON HAND - PAYS FOR INPUT (RAW MATERIALS) - CONVERT INPUT INTO FINISHED GOODS - STORE - SELL - RECEIVE PAYMENT FROM CUSTOMERS

Question 30

KRA AND KPI

Answer 30

- KEY RESULT AREAS - KEY PERFORMANCE INDICATOR

Question 31

swot analysis

Answer 31

- BUSINESS PROCESS - CUSTOMERS - EMPLOYEE COMPETENCIES - CUSTOMER EXPECTATIONS

Question 32

fundamental and shared beliefs

Answer 32

VALUES

Question 33

an enduring statement of purpose of an organization's existence

Answer 33

MISSION

Question 34

- a commonly shared picture of what the organization wants - the guiding and motivating compass of the organization

Answer 34

VISION