Question

Please answer all the questions with the question number and the correct answer (letter) next to it :)

27-Some of the best ways to learn about small business include:

	A	Learn from successful entrepreneurs in the field.
	B	College classes on small business.
	C	Working in the field either in as an intern or employee.
	D	All of the above.

28-

By becoming certified as a welder, a manager can go a long way toward acquiring the _________ skills managers need to rise through the ranks of their area of specialization.

	A
	B	technical
	C	human relations
	D	secondary

31-Because in bureaucracies it can take weeks or months to have information passed down to lower-level employees:

	A	Bureaucracies are very efficient in information flow.
	B	Bureacracies often empower employees to make whatever decision they feel is appropriate.
	C	the employees feel like they are important to the organizations decision-making process
	D	Bureaucracies can annoy customers.

34-

Skills that involve communication and motivation are all part of a manager's _________ skills.

A		technical
B		theoretical
C		empirical
D		human relations

42-

Because both or all partners in a partnership have unlimited liability:

A		You should choose your partner(s) carefully
B		You should have a carefully written partnership agreement
C		you are only liable for the money you invest in the business.
D		A & B are correct.

43-Disadvantages of LLCs include

	A	No stock, therefore ownership is nontransferable
	B	unlimited liability
	C	unlimited life span
	D	none of the above

Answer 1

Question #27: Answer- Option ( D )

Explanation: In order to understand the business in the best way one can learn from the real-time practical experience by working with the business as an employee or an intern, they can learn from the successful entrepreneurs as what were the thought behind the business and what strategy they implemented to overcome the challenges. Theoretical knowledge in the classroom is also essential in improving the concepts and understanding of the business.

Hence all are the correct option to learn about small businesses.

Question #28: Answer- Option ( B )

Explanation: To get certified as welder one must have the technical knowledge acquired from a recognized institution therefore, to become certified as a welder the manager needs to get the technical knowledge about the welding process. Since the welding process is technical work hence the certification can be given only after a demonstration of the technical and practical capability of the welding process.

Question #31: Answer- Option (D )

Explanation: Beauracray does not empower the people who are lower in the hierarchy and they don't feel like a part of decision making as most of the decisions are taken by people at the top and they force the decisions down, therefore it is also not an efficient way of information flow because it consumes a lot of time to get a decision on the problems.

It actually annoys the customers if the resolution of the problem takes much longer than expected time due to the high degree of bureaucracy in the organizations.

Question #34: Answer- Option (D )

Explanation: it is the manager's human management and skills which helps in communicating with the employees and keep them motivated, a manager with better human relationship skills are better in managing the team and improving the productivity by increasing the motivation and morale of the subordinates.

Question #42: Answer- Option (D)

Explanation: Since both, the partners are equally liable hence the selection of the partner is very important and crucial and getting all the terms and conditions of the partnership is documented in the agreement; which is written and legally sanctioned is equally important.  

Question #43: Answer- Option ( D)

Explanation: Non of the options given in A, B, C are correct as LLCs have limited liability, limited lifespan and ownership is transferable too if all the interested parties agrees to it.