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Bus 100 Ch 5-8 T or F

False.
Small businesses account for all non-government employment.
True.
Some advantages of sole proprietorship also apply to small business.
False.
Economically, the U.S is not concerned with whether or not small businesses make it.
False.
The SBA is a private organization.
False.
The average length of an SBA loan is about 25 years.
True.
A license to operate an individually owned business as though it is part of a chain is a franchise.
True.
The purchaser of a franchise is called the franchisee.
False.
Franchising is limited to only fast foods.
False.
All franchisors give geographical protection to their franchise holders.
True.
Small businesses are expected to remain the dominant form of organization in this country.
True.
The SBA has defined a small business as one independently owned, operated for profit, and not dominant in its field.
False.
The various types of businesses attracting small business are generally grouped into service industries, distribution industries, and financial industries.
False.
Small businesses are generally managed by professional managers.
True.
Small firms have traditionally added more than their proportional share of new jobs to the economy.
False.
SCORE is a group of active business executives offering their services to small businesses for a fee.
False.
A small-business investment company (SBIC) is a government agency that provides venture capital to small enterprises.
False.
The purchaser of a franchise is called the franchisor.
False.
An agreement between two franchisors in which the two franchisors offer their products together is called double franchising.
True.
International trade will become more important to small-business owners in the new century.
True.
The four basic management functions are planning, organizing, leading and motivating, and controlling.
False.
The primary focus functions a manager performs include planning, solving problems, leading and motivating, and controlling.
True.
Core competencies of an organization are the aspects that a company performs well.
True.
A plan is an outline of the actions by which the organization intends to accomplish its goals and objectives.
False.
Top managers probably makeup the largest group of managers in most organizations.
True.
Accounting and investments are specialized areas within financial management.
True.
Making a successful sales presentation or holding an effective press conference takes quality communication skills.
False.
The ability to write and speak effectively within an organization is an example of interpersonal skills.
True.
In the entrepreneurial style of leadership in an organization, leaders take responsibility for the success or failure of their firm.
False.
Managerial decision making involves a four step process that begins with generating alternatives and ends with selecting an alternative.
False.
Management functions occur according to a rigid, preset timetable.
False.
As managers carry out their functions, the first step is to control, the second to organize, and the third to plan.
True.
An organization ‘s mission is the means by which it fulfills its purpose.
False.
SWOT analysis is the identification and evaluation of a firm’s strengths and weaknesses and external opportunities
True.
Operational plans aimed at increasing sales would include specific advertising activities.
False.
Measuring actual performance is the first step in the control process.
False.
Top managers rely on technical skills more than managers at other levels.
False.
A democatic leader makes all the decisions and tells subordinates what to do.
True.
Brainstorming is a common technique used to generate alternatives in solving problems.
True.
Implementation of a decision requires time, planning, preparation of personnel, and evaluation of results.
True.
A benefit of specialization is improved efficiency and increased productivity.
False.
Job rotation involves assigning an employee more tasks and greater control.
True.
The power to make decisions is granted through authority.
True.
Accountability is created, not delegated.
False.
The span of management should be wide when a great deal of interaction is required between the supervisor and worker.
True.
Line positions support staff positions in decision making.
False.
Many firms find that by using matrix organiza-tion, the motivation level is lowered, and personal growth of employees is limited.
False.
In the mercenary culture, employees work “at” the organization, not “for” it.
False.
Creating a culture of trust can lead to decreased productivity and job satisfaction.
True.
Ad hoc committees can be used effectively to review a firm’s employee benefits plan.
False.
Capacity is the degree to which input resources are physically changed by the conversion process.
True.
Reshoring is sometimes referred to as onshoring or insourcing.
False.
Operations management is the process of creating a set of specifications from which the product can be produced.
False.
A purchasing agent need not worry about a tiny difference in price when a large quantity is being bought.
True.
A synthetic process combines raw materials or components to create a finished product.
False.
When work stations are arranged to match the sequence of operations, a process layout is being used.
False.
Work-in-process inventories are raw materials and supplies waiting to be processed.
True.
The purpose of research and development is to identify new ideas that have the potential to result in new goods and services.
False.
For a food-processing plant such as Kraft Foods, capacity refers to the number of employees working on an assembly line.
True.
Labor -intensive technology is accompanied by low initial costs and high operating costs.
True.
The ultimate goal of every business firm should be to satisfy the needs of its customers.
False.
The term stakeholders refers only to the people who have invested money in a business.
True.
Economics is the study of how wealth is created and distributed.
True.
A business provides goods and services in exchange for sales revenues.
True.
The government uses taxes to purchase resources and products required to provide services.
False.
Command economies include capitalism, socialism, and communism.
False.
Productivity is the total output per worker per year.
False.
Fewer workers producing more goods and services can lead to higher overall employment rates.
True.
Inflation is a general rise in the level of prices experienced by people in a nation.
True.
Deflation is a general decrease in the level of prices.
False.
Capacity is the degree to which input resources are physically changed by the conversion process.
True.
Reshoring is sometimes referred to as onshoring or insourcing.
False.
Operations management is the process of creating a set of specifications from which the product can be produced.

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