Business structures and practices

Question 1

employee discipline

Answer 1

discipline is action taken by company reps to enforce company policies

this is especially true with regard to safety infractions because taking proper action can be crucial to the well-being of other employees

Question 2

Job descriptions

Answer 2

are written statments that define an employees role and responsibility, so that there is no doubt about the employees role

Question 3

types of businesses

Answer 3

1. a sole proprietorship
2. partnership - divided into
   -general partnership
   -limited partnership
   - sub-partnership
3. corporations

Question 4

the sole proprietorship

Answer 4

is the easiest and least expensive form of business ownership to to establish and has the least amount of government regulations to deal with

Question 5

types of partnership

Answer 5

general partnership
limited partnership
sub partnership

Question 6

general partnership

Answer 6

two or more persons who are co-owners who conduct mutual profit.

Question 7

advantages of general partnership

Answer 7

pooling assets ,equipment, facilities and talent

increased bonding capacity for a wider scope and volume of projects to bid on

all partners share jointly and severally the liability for any debts subject to any limitations set out in the partnership agreement

Question 8

the corporation

Answer 8

is a legally created entity composed of one or more individuals united into one body under a corporate name, corps. are regarded as being totally separate and distinct from their shareholders (owners) and they have all the liability for contracts and debts entered into under the corporations names, which eliminates any personal liability of the shareholders all legal action is undertaken using the corporations name

Question 9

two main classifications of corporations are public and private

Answer 9

PRIVATE: not more than 50 shareholders

PUBLIC: no limit to the number of shareholders

Question 10

advantages of incorporating are:

Answer 10

easy provision of multiple ownership and the transferability of ownership

Question 11

some disadvantages of incorporating are:

Answer 11

the high cost of establishing a corporation

Question 12

leadership

Answer 12

is the ability to get a group to work on tasks and achieve something, effective leaders are able to encourage others to adopt goals and to work towards attaining those goals . this is more than just using authority to get people to work a good leader can get team members to motivate themselves

Question 13

the 4 basic traits identified in traditional leadership training are

Answer 13

1. self confidence
2. enthusiasm
3. intellegence
4. HONESTY & INTEGRITY

Question 14

3 basic methods of supervising people

Answer 14

1. autocratic method
   2,. team-centred democratic technique
2. the laissez-faire method

Question 15

oldest type of supervision and goes back thousands of years

Answer 15

autocratic method

Question 16

pool ideas , interests and abilities and focus them on goals that they share, supervisors may play an active role in leading discussions and ensuring that each team member gets a chance to participate but their main role may be to facilitate the decisions of the group

Answer 16

team centred democratic

Question 17

individuals work independently, developing their own approach to the work

Answer 17

laissez-faire ( from the french which means leave to do )

Question 18

raising capital funds by selling bonds or obtaining loans

Answer 18

debt financing

Question 19

loans are obtained in the same manner as personal loans and can be secured by mortgages or promissory notes, personal guarantees are often required