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Business Organization & Decision Making Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which one of the following do LPs, LLPS, and LLLPs have in common but is not a characteristic of a general partnership?

Question 2 2. What type of entrepreneur is required to invest all profits back into the enterprise?

Question 3 3. Which of the following is the best explanation of the main difference or differences between a limited partner and a general partner?

Question 4 4. Determining the feasibility, while assessing the costs and benefits comes into play during which phase of the decision-making process?

Question 5 5. Which of the following factors of production is most relevant to entrepreneurship?

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Question 6 6. What can be a disadvantage associated with the use of a franchise?

Question 7 7.

Read the scenario and identify which decision-making strategy was MOST likely utilized:

A supervisor overhears some members of his team complaining about workplace issues. He decides to take a survey of his employees' attitudes about the workplace. Next, he analyzes the results, discusses the data with his assistant supervisor, and then begins the process to implement changes to some workplace policies.

Question 8 8. Which of the following businesses represents a sole proprietorship?

Question 9 9. Who can manage an LLC?

Question 10 10. Which of the following businesses cannot be a cooperative?

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Question 11 11. Which one of the following is the partnership document that governs the rights and responsibilities of the partners?

Question 12 12. Which of the following is the final step in the decision-making process?

Question 13 13. Which of the following is the best explanation of a cooperative?

Question 14 14. If Mark is considering having an experimental surgery on his foot to alleviate the pain he has while walking, which of the following is NOT part of the relevant information that he should collect in order to make an informed decision?

Question 15 15. Another phrase for intuition is _____.

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Question 16 16. Which of the following governs the relationship between a franchisee and a franchisor?

Question 17 17. An individual who utilizes a cognitive process to select a choice among several available options is engaging in a _____ process.

Question 18 18. Which of the following is a unique challenge to taking a franchise global?

Question 19 19. What is the difference between an S-corporation and a C-corporation?

Question 20 20.

Read the scenario and identify which decision-making strategy was MOST likely utilized:

A project manager must decide by the end of the day which colleague to move to an important project with a looming deadline. One candidate is still in training, but has proven to be a quick study who brings fresh ideas to the project. The second candidate has worked at the company for ten years and is a dedicated and knowledgeable employee. The project manager chooses the new hire for the project.

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Question 21 21. What type of decision making uses analytics, facts and a step-by-step process to come to a solution?

Question 22 22. What type of partnership has a general partner who has full liability and a limited partner whose liability is limited to their investment in the partnership?

Question 23 23. Which type of entrepreneur is focused on getting a new business off the ground and then moving on to start a new one?

Question 24 24. What is the most recommended way for business people to make decisions?

Question 25 25. Tyler is the sole owner and stockholder of the corporation, Tyler's Tires. Two years ago, Tyler's Tires hired Anna as the CEO. If Tyler dies, what happens to Tyler's Tires?

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Question 26 26. What type of partnership offers no protection from personal liability for the partners?

Question 27 27. What is the primary reason a business would decide to become a corporation over any other form of organization?

Question 28 28. What does someone have to file to form a limited liability company?

Question 29 29. Which one of the following is NOT a way that a Limited Liability Company is like a corporation?

Question 30 30. Mark met with four physicians about having surgery on his foot. He has enough money saved to undergo surgery and is able to take off six weeks of paid leave from work. He has an additional two weeks of vacation time, and his mom will stay with him for the first two weeks to help out. Knowing this information, that he is being rational, and that he wants to be free of pain, which alternative should Mark choose?

Business Organization & Decision Making Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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