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Unit 1 & 2 Marketing 2
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Which style may cause employees to only work hard when rewards are offered?
Transactional
Which leadership style inspires and motivates employees with a strong vision?
Transformational
What type of ownership involves two or more people sharing responsibility, profits, and decision-making?
Partnership
What is licensing in business ownership?
Allowing another company to use your brand, technology, or product for payment
What is one advantage of owning a franchise?
Access to an established brand and system
Who owns a corporation?
Shareholders
What is the main disadvantage of a Ccorporation?
Double Taxation
In a general partnership, who is responsible for the business debts?
All Partners
What type of ownership protects personal assets and separates the owner from the business
LLC
What makes an entrepreneur different from a manager?
Entrepreneurs create ideas; managers run daily operations
What’s the final step in the decision-making process?
Evaluate the decision
What’s the first step in the decision-making process?
Identify the problem
Which management function checks progress and makes corrections?
Controlling
Name the four main functions of management.
Planning, Leading, Organizing, Controlling
Which leadership style encourages group participation?
Democratic
Which leadership style lets employees make most decisions?
Laissez Faire
Which leadership style makes all the decisions?
Autocratic
A manager makes a weekly schedule for employee shifts. What type of planning is this?
Operational Planning
Which type of planning is used to prepare for emergencies or unexpected events?
Contingency
Which type of planning is short-term and focuses on day-to-day operations?
Operational
Which type of planning breaks down strategic goals into specific steps for departments or teams?
Tactical
Which type of planning focuses on the big picture and long-term goals (3–5 years)?
Strategic
What’s one advantage of a corporation?
Ease of raising capital (Selling Stock)
What is the biggest risk of being a sole proprietor?
Unlimited liability
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