Question

Short answers questions :

9. What does every citation for a written source require?

10. What are 3 rules for formatting a reference page?
11. Describe the difference between a general partnership and a limited partnership.
12. Which forms of business involve unlimited personal liability?
13. What are the 4 functions of management, and give an example of a task for each

14. State two differences and two similarities between a vision statement and a mission statement.

15. Draw a narrow span of management and a wide span of management.

16. What are the 4 P’s of marketing?

17. What is the difference between primary and secondary data?

18. On which financial statements do you find the following: Assets, Revenue, Profit, Long term
loans, equity, monthly expenses

Answer 1

9. Citing a source requires name of the author, title of the research article, name of the journal/book, page number, year of publication and city of publication.

10. Formatting rules of reference paper are APA, MLA, Chicago.

11. In a general partnership all the partners contribute in a day to day business while in limited partnership, partners do not contribute in day to day functions. Limited partners are sometimes called as silent partners.

12. Sole proprietorship or business owned by single persons are liable for unlimited liability.

13. Four functions of management are planning, organizing, leading and controlling. Human Resources planning is an example of planning; dividing the organization into functional divisions is organizing, providing leadership is leading and identifying the deviation from standard procedures is controlling.

14. 1. Vision is a statement describing where an organization will reach and mission describes how an organziation will reach; Vision is a statement of future and mission is the statement that talks about how the present will lead to future.

2. Vision and mission both statements are broad statements that outline future orientation; vision and mission both the statements are derived from organzational philosophy

15. Narrow span of management refers to small number of sub-ordinates under each supervisor and wide span of control refers to large number of employees under a supervisor.

16. 4 Ps of marketing are Product, Price, Place and Promotions.

17. Primary data is collected by the researcher himself concerning his study; while secondary data is collection of already available data in company documents, government websites etc.

18. Assets, Revenue, Profit, Long term loans, equity, monthly expenses are found on income statements.

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