Which of the two assertions are true and which are false?
A) All the people in the organization know what decisions they are able to make, who their superior (or boss) is (to whom they report), who their immediate subordinates are (to whom they can give instructions) and where they all go after work.
B) There is a blurred line or chain of command running down the pyramid
Which of the two assertions are true and which are false?
A) All wage schedules issued pursuant to a wage survey under the authority of section 5343 of title 5, United States Code, are subject to this minimum wage increase
B) ASSA is a common acronym for Tax Exempt Special Savings Account
Which of the two assertions are true and which are false?
A) ASSA is a common acronym for Tax Exempt Special
B) Additional Voluntary Contributions means you have to pay extra to your boss
Which of the two assertions are true and which are false?
A) He is generally credited with inventing functional organization
B) Most large manufacturing organizations have a functional structure, including (among others) production, finance, marketing, sales, and personnel or staff departments
Which of the two assertions are true and which are false?
A) It is easy to start a private business, and it's even easier to compete with large firms, and difficult to raise money for expansion
B) The simplest form of business organisation is the sole trader or sole proprietor – one person who provides the capital (the money needed to start), has complete control of the business, keeps all the profit (or bears the loss), and has unlimited liability
Which of the two assertions are true and which are false?
A) Most large manufacturing organizations have a functional structure, including (among others) production, finance, marketing, sales, and personnel or staff departments
B) Separating functions between departments is likely to encourage innovation
Which of the two assertions are true and which are false?
A) Most organizations operate bonus schemes which add to a worker’s earnings through greater output than the standard laid down for basic pay
B) Clerical and managerial workers are always very susceptible to union influence
Which of the two assertions are true and which are false?
A) The amount of money available for investing in a business can be increased by forming a partnership of at least two people, who all contribute capital to the business and share the profit in agreed proportions
B) Private limited company always has more than fifty members who provide the capital which is divided into shares
Which of the two assertions are true and which are false?
A) The profit of a public company is distributed to the shareholders in proportion to the number of shares they sold
B) A private limited company is usually controlled by Italian mafia
Which of the two assertions are true and which are false?
A) The profit of a public company is distributed to the shareholders in proportion to the number of shares they sold
B) There is a blurred line or chain of command running down the pyramid
Which of the two assertions are true and which are false?
A) The simplest form of business organisation is the sole trader or sole proprietor – one old woman who provides the capital (the money needed to start), has complete control of the business, keeps all the profit (or bears the loss), and has unlimited liability
B) Clerical and managerial workers are less susceptible to union influence and in these areas there is never any union involvement, particularly among local-authority workers and civil servants
Which of the two assertions are true and which are false?
A) The unions now represent less than 10% of the French work force, and most of those are in the public sector
B) The question of remuneration is easy
Which of the two assertions are true and which are false?
A) There are several legal requirements, including the submission of a Memorandum of Association and other documents to the Registrar of Companies when the company is set up, and the publication of annual accounts
B) Many medium companies in manufacturing and retailing are private
Which of the two assertions are true and which are false?
A) There is a blurred line or chain of command running down the pyramid
B) Shortly before the first world war, the French industrialist Henry Fayol organized his coal-mining business according to the functions that it had to carry out
Which of the two assertions are true and which are false?
A) A reasonably safe investment means low risk
B) Occupational Pension Plans are paid for by employees, but not employers
Which of the two assertions are true and which are false?
A) Mass production is a process of continuous production where large numbers of more or less identical units are manufactured continuously
B) It is the exactly like job production
Which of the two assertions are true and which are false?
A) A committee is formed to regulate the process of winding up
B) In case of a voluntary liquidation the commission is appointed by the shareholders at the general meeting, but if the winding-up is compulsory then a court, in majority cases an arbitration, must appoint this committee to solve the problem
Which of the two assertions are true and which are false?
A) A lot of individuality can be introduced into mass production, and the processes are not capital intensive
B) The labour content is relatively small compared to the capital investment, and most of it is very skilled
Which of the two assertions are true and which are false?
A) A manager with an idea might be able to deal directly with managers responsible for a certain market segment and for a geographical region, as well as the managers responsible for the traditional functions of finance, sales and production
B) This is one way of keeping authority at lower levels and a very efficient one
Which of the two assertions are true and which are false?
A) A patently fair and just pay scale is essential to ensure a satisfied work-force, and the ability to earn extra money beyond basic pay is an incentive to greater productivity
B) Most organizations operate bonus schemes which add to a worker’s earnings through greater output than the standard laid down for basic pay
Which of the two assertions are true and which are false?
A) A patently fair and just pay scale is essential to ensure a satisfied work-force, and the ability to earn extra money beyond basic pay is not an incentive to greater productivity
B) Most organisations operate bonus schemes which add to a worker’s earnings through greater output than the standard laid down for basic pay
Which of the two assertions are true and which are false?
A) A short-term investment is when you plan to invest the money for many years
B) A reasonably safe investment means low risk
Which of the two assertions are true and which are false?
A) Additional Voluntary Contributions means you have to pay
B) A short-term investment is when you plan to invest the money for many years
Which of the two assertions are true and which are false?
A) An example of stock production is the stock-piling of motor-cars when sales are low. This situation can continue indefinitely
B) In case of domestic consumables, such as washing-powders, attempts are made to stimulate sales by a variety of means including ‘special offers’, competitions and free gifts
Which of the two assertions are true and which are false?
A) As a result of deregulation, working conditions in many industries in many countries have worsened
B) The unions now represent less than 10% of the French work force, and most of those are in the public sector
Which of the two assertions are true and which are false?
A) British unions are known as trade unions
B) They are largely disorganized
Which of the two assertions are true and which are false?
A) Co-operation with trade unions may help an organisation to meet more easily the obligations placed on employers by government regulations and statutes
B) Some changes in working practices and necessary redeployment of workers can be more easily effected if implemented with union co-operation
Which of the two assertions are true and which are false?
A) For a large organization manufacturing a range of products, having a single production department is very efficient
B) Separating functions between departments is likely to encourage innovation
Which of the two assertions are true and which are false?
A) For a large organization manufacturing a range of products, having a single production department is very efficient
B) Many banks, for example, have established commercial, corporate, private banking, international and investment divisions
Which of the two assertions are true and which are false?
A) In many countries, including France and Italy, unions are largely entertaining
B) Industrial relations tend to be worse in countries, industries and companies where communications are good, i.e. where management consults workers on matters that will concern them, where neither side treats the other as an adversary, and when unions do not insist upon the preservation of completely uneconomic jobs and working practices
Which of the two assertions are true and which are false?
A) In many countries, including France and Italy, unions do not exist
B) As a result of deregulation, working conditions in many industries in many countries have worsened
Which of the two assertions are true and which are false?
A) In many countries, including France and Italy, unions do not exist
B) In Britain they are largely disorganized
Which of the two assertions are true and which are false?
A) In situations, therefore, where the work-force has strong union backing pay is as much open to free market forces as to the influence of the threat of union sanctions
B) When trade union influence is weak, or where there is no union influence at all, such coercion is much more evident
Which of the two assertions are true and which are false?
A) It is not important to choose the legal form of business that will enable your business to develop, while taking into consideration the activities to be carried on
B) One solution is matrix management, in which people report to more than one superior
Which of the two assertions are true and which are false?
A) Many banks, for example, have established commercial, corporate, private banking, international and investment divisions
B) One solution to this is matrix management, in which people report to more than one superior
Which of the two assertions are true and which are false?
A) Mass-produced products, which range from such items as breakfast cereals and paper products to motor-cars, are manufactured in advance of sales, and sales forecasting and marketing of a high order are essential for the success of the manufacturing enterprise
B) The small proportion of skilled labour required is employed to set up the machines for production, and is highly paid
Which of the two assertions are true and which are false?
A) Once you set up a joint-stock company, you never really need to prepare its Memorandum of Association
B) A private company, whether limited by shares or guarantee, must end its name with the word ‘com’
Which of the two assertions are true and which are false?
A) Once you set up a joint-stock company, you never really need to prepare its Memorandum of Association
B) The short forms – ’Ltd’ and ‘plc’ – are allowed
Which of the two assertions are true and which are false?
A) Pay is never subject to negotiation between the employer and one or more trade unions
B) The question of remuneration is easy
Which of the two assertions are true and which are false?
A) Pay is never subject to negotiation between the employer and one or more trade unions
B) A patently fair and just pay scale is essential to ensure a satisfied work-force, and the ability to earn extra money beyond basic pay is an incentive to greater productivity
Which of the two assertions are true and which are false?
A) President Gorbachev signed the Small Business Job Protection Act of 1996, Public Law 104-188, on August 20, 1996
B) Clerical and managerial workers are always very susceptible to union influence
Which of the two assertions are true and which are false?
A) President Gorbachev signed the Small Business Job Protection Act of 1996, Public Law 104-188, on August 20, 1996
B) The minimum wage increase applies to all wage employees covered by sections 5342(a)(2) and 5348 of title 5, United States Code
Which of the two assertions are true and which are false?
A) Service industry workers are often organized in labour unions, which attempt to ensure fair wages, reasonable working hours and safe working conditions for their members
B) Congolese unions are known as trade unions because, as in Germany, they are largely organized according to trade or skill: there is an engineers’ union, an lectricians’ union, a train-drivers’ union, and so on
Which of the two assertions are true and which are false?
A) Some employers and managers (and political parties) oppose the very existence of unions – even though, like doctors, lawyers, accountants, and so on, but they might themselves belong to a professional association with similar basic aims? But not many management theorists stress the necessity of unions
B) In the 1970s, Peter Drucker* wrote that ‘Management is and has to be a power. Any power needs restraint and control – or else it becomes tyranny
Which of the two assertions are true and which are false?
A) The articles together with the memorandum when registered are not yet a contract which binds the company and its members as if signed and sealed by each member
B) The only major document, governing the company is the articles of association
Which of the two assertions are true and which are false?
A) The best of business is a joint-stock company, also called a company or corporation, a joint stock company is a “legal person”
B) This means that the company itself has rights and powers separate and different from those of the natural or legal persons who compose it and are its shareholders
Which of the two assertions are true and which are false?
A) The best of business is a joint-stock company, also called a company or corporation, a joint stock company is a “legal person”
B) Once you set up a joint-stock company, you never really need to prepare its Memorandum of Association
Which of the two assertions are true and which are false?
A) The labour content is relatively small compared to the capital investment, and most of it is very skilled
B) The small proportion of skilled labour required is employed to set up the machines for production, and is highly paid
Which of the two assertions are true and which are false?
A) The matter of remuneration can be a thorny one.
B) In many areas of work basic pay is not subject to negotiation between the employer and one or more trade unions, and at present the main criterion is not the worth of the job to the employer but a mixture of the cost of living and what is being paid elsewhere
Which of the two assertions are true and which are false?
A) The minimum wage increase applies to all wage employees covered by sections 5342(a)(2) and 5348 of title 5, United States Code
B) All wage schedules issued pursuant to a wage survey under the authority of section 5343 of title 5, United States Code, are subject to this minimum wage increase
Which of the two assertions are true and which are false?
A) The only major document, governing the company is the articles of association
B) If a joint-stock company goes bankrupt and can not pay out its debts, then either the shareholders or the creditors go to prison at once
Which of the two assertions are true and which are false?
A) The small proportion of skilled labour required is employed to set up the machines for production, and is highly paid
B) The term ‘mass production’ (or flow-line production) is used only for the production of matreshki
Which of the two assertions are true and which are false?
A) The union serves an essential function in industrial society
B) One of the chief objectives of right-wing governments in the 1980s (e.g. in Britain and the USA) was to diminish the power of trade unions, and to deregulate labour markets in accordance with the ideal of free markets
Which of the two assertions are true and which are false?
A) There are twenty seven steps to be taken before starting your business
B) To choose the legal structure of the business is a very small step in the decisions you will have to make
Which of the two assertions are true and which are false?
A) There is only a statement that the registered office of a company is situated in England
B) The address is not given but, as we have seen, it is filed with the Registrar when applying for registration
Which of the two assertions are true and which are false?
A) There is only a statement that the registered office of a company is situated in England
B) This requires just one vote
Which of the two assertions are true and which are false?
A) Time is never saved in pay negotiations when dealing with a union as compared to dealing with individuals
B) but this is not relevant in respect of supervisors and managers where it helps to promote equitable schemes of remuneration and to avoid inequalities and possible consequent resentment
Which of the two assertions are true and which are false?
A) To remain profitable it is necessary for enterprises employing mass-production methods to utilise their people
B) When orders fall short of full capacity it is a bad idea to keep the plant running and to produce for stock rather than to reduce the volume of output
Which of the two assertions are true and which are false?
A) Unfortunately incentive schemes are frequently a source of mistrust and unrest through disputes about standards of performance and rates for the job
B) The matter of remuneration can be a thorny one
Which of the two assertions are true and which are false?
A) When redundancies are inevitable union co-operation can be particularly helpful in obtaining fair compensation for those affected
B) Managerial decisions can not be delayed because of the lengthy discussions necessary at plant and local union level for these decisions to be implemented
Which of the two assertions are true and which are false?
A) When there is mutual respect – that is, where morale is good – employees can more easily be given a picture of the organisation’s problems and thus obtain a better understanding of them through meetings with stewards and stewardesses.
B) They feel the strength of association and thus are able to have, through union representatives, constructive discussions on procedures relating to working practices, disciplinary measures and the like
Which of the two assertions are true and which are false?
A) Where there is mutual respect – that is, where morale is good – employees can more easily be given a picture of the organisation’s problems and thus obtain a better understanding of them through meetings with shop stewards and local union officials
B) Clerical and managerial workers are less susceptible to union influence and in these areas there is never any union involvement, particularly among local-authority workers and civil servants
Which of the two assertions are true and which are false?
A) A private limited company is usually controlled by Italian mafia
B) Private limited company always has more than fifty members who provide the capital which is divided into shares
Which of the two assertions are true and which are false?
A) The amount of money available for investing in a business can be increased by forming a partnership of at least two people, who all contribute capital to the business and share the profit in agreed proportions
B) Like sole proprietors, partnerships have unlimited liability and there are no special legal requirements
Which of the two assertions are true and which are false?
A)Such a big union, particularly where there is a clothes shop can perpetuate and intensify restrictive practices unnecessarily
B) An example would be the insistence on a qualified electrician to change the job
A good remedy for this problem _______ matrix management, which allows people from the traditional functional departments of production, finance, marketing, sales, etc. to work together in teams
A problem of hierarchies _______ that people at lower levels are unable to make important decisions, but have to pass on responsibility to their boss
A product manager with an idea might be able to deal directly with managers responsible for a certain market _______. and for a geographical region, as well as the managers responsible for the traditional functions of finance, sales and production
And another possibility is to have wholly autonomous, temporary groups or _______ that are responsible for an entire project, and are split up as soon as it is successfully completed
And there may also be staff positions _______ are not integrated into the hierarchy
And this is one _______ of keeping authority at lower levels, but it is not necessarily a very efficient one
Another idea is decentralization: the separation _______. the organization into competing autonomous divisions
But one solution to this is matrix management, in _______. people report to more than one superior
By that time you’ll be gone and someone _______ will have to handle the problems
Companies that cannot be divided _______ autonomous divisions with their own markets can simulate decentralization, setting up divisions that deal with each other using internally determined transfer prices
Connection between divisions can be improved by the introduction of matrix management or _______.
For a large organization manufacturing a range of products, having a single production department is _______. inefficient
If you do like your job at Apple, watch _______
In their well-known book In Search of Excellence, they insist on the necessity of pushing authority and autonomy down the _______, but they argue that one element – probably the product – must have priority; four-dimensional matrices are far too complex
Instead of _______ all fired up about something, they go through one or two reorgs and get disorientated
It means, that Apple still _______ the bright young people
It might be internally divided into functional _______
Most large companies are decentralized, following the _______ of Alfred Sloan, who divided General Motors into separate operating divisions in 1920
Most organizations are hierarchical, with a number of levels and a line of command running from the top to the _______., so hierarchies should be avoided because they make decision-making slow and difficult
Organizational systems include matrix management and teams, both of which combine people from different functions and keep decision-making at lower _______
Separating functions _______ unlikely to encourage innovation
So, each division had its _______ engineering, production and sales departments, made a different category of car (but with some overlap, to encourage internal competition), and was expected to make a profit
Some banks, _______. example, have established commercial, corporate, private banking, international and investment divisions
Some big organizations are often further divided into autonomous divisions, each with its _______ functional sections
Some business organizations have a hierarchy consisting of several levels _______ a clear line of command
Some businesses are organized as hierarchies, with a clear chain of command: a boss who has subordinates, who in turn have their own subordinates, and so _______
Some companies offering a large _______ of products or services might also be subdivided into autonomous divisions
Such an organization might also be divided _______. functional departments, such as production, finance, marketing, sales and personnel
Such teams are often not very good for decision-making, and they run the risk of relational _______., unless they are small and have a lot of self-discipline
The biggest difference between the old Apple, which was crazy, and the new Apple is anomie. People are _______
The continual reorganizations mean that nobody has long-_______ responsibility for anything
The minus with reorgs is that they _______ to happen overnight, and many times they are handled by groups being demolished and people being told to go to Human Resources and find a new job at Apple
The sense is at Apple that if you don’t like where you are, don’t worry, because three to six months from now everything is going to be different
The sense of anomie – alienation, disconnectedness – at Apple is _______
They still require a definite leader, on whom their success probably _______.
A functional organization is _______, but there are two standard criticisms
A limited company has limited _______ and this is indicated by the letters ltd after its name
A lot of medium-_______ companies in manufacturing and retailing are of this type
A lot of people in an organization have colleagues who help _______: for example, there might be an Assistant to the Marketing Manager
A private company is controlled by a _______ of Directors elected by the shareholders – one share, one vote
Choose the right preposition: ... the car business, the challenger actually advertises this fact: for many years Avis used the slogan ‘We’re number two. We try harder.’
Choose the right preposition: ...that business their assets were worth more than the companies’ market value
Choose the right preposition: If the product does not have a ‘unique selling proposition’ there is no reason ... anyone to buy it
Choose the right preposition: In that time a big wave of takeovers in the US created conglomerates – collections ... unrelated businesses combined into a single corporate structure
Choose the right preposition: Such companies might have been more efficient if liberated ... central management
Choose the right preposition: The perfect targets for such buyouts were companies with huge cash reserves that enabled the buyer to pay the interest ...the debt, or companies with successful subsidiaries that could be sold to repay the principal, or companies in fields that are not sensitive to a recession, such as food and tobacco
Choose the right preposition: There was little risk ... making a loss with a buyout, as the debts incurred were guaranteed by the companies’ assets
Choose the right preposition: This is the case in local and central government and _______ the publicly owned industries. Such unionisation brings some benefits and some disadvantages to the organisation
Choose the right preposition: Also, one indication that the people who warn against takeovers might be right is the existence ...leveraged buyouts
Choose the right preposition: Any company will lose its investment if a raider tries to break it up as soon ...its share price falls below expectations
Choose the right preposition: But... the other hand, the permanent threat of a takeover or a buyout is clearly a disincentive to long-term capital investment
Choose the right preposition: Challengers can either attempt to attack the leader, or to increase their market share ... attacking various market followers
Choose the right preposition: Disputes and grievances are often dealt with by joint consultative committees (to compose) of representatives from management and workers
Choose the right preposition: It's clear that the majority of companies ... any industry are merely market followers which present no threat to the leader
Choose the right preposition: Lazy companies that fail to do this will be taken over ... raiders who will use assets more efficiently, cut costs, and increase shareholder value
Choose the right preposition: perhaps membership of trade unions is no longer confined _______ workers in produc­tion, but extends to cover office workers, computer staff and even supervisors and managers
Choose the right preposition: Small companies are generally flexible and can quickly respond to market conditions, but their narrow range ...customers causes problematic fluctuations in turnover and profit
Choose the right preposition: Such managements have learnt a lesson _______ the experience of an American company which lost control to its work-force through the issue of shares with voting rights as bonuses, where the numbers of shares subsequently held by workers exceeded those held by the original owners
Choose the right preposition: Some market followers concentrate on market segmentation: finding a profitable niche in the market that is not satisfied by other goods or services, and that offers growth potential or gives the company a differential advantage because ... its specific competencies
Choose the right preposition: The market could understand data concerning companies’ earnings, but it was highly inefficient ...valuing assets, including land, buildings and pension funds
Choose the right preposition: There is often also a distinct market challenger, ... the second largest market share
Choose the right preposition: They are vulnerable ... a recession when, largely for psychological reasons, distributors, retailers and customers all prefer to buy from big well-known suppliers
Choose the right preposition: Their supporters argue that the permanent threat ... takeovers is a challenge to company managers
Choose the right preposition: That theory argues that stock markets are efficient, meaning that all relevant information about companies is built ... their share prices
Choose the right preposition: Then he created a huge and liquid market ... up to 300 billion dollars
Choose the right preposition: Then later it became clear that many ... these conglomerates consisted of too many companies and not enough synergy
Choose the right preposition: We believe that a market follower which does not establish its own niche is ... a vulnerable position
Choose the right preposition:After the recession time there were many large companies ... the US stock market with good earnings but low stock prices
Choose two possible answers: Your _______ or accountant can help you make the right choice
Choose two possible answers: it means your _______will affect daily operations of the business, the taxes to be paid and the degree of liability of the entrepreneur and of any partners he may have
Choose two possible answers: So, you can _______groups and end up not knowing anyone
Choose two possible answers: They suppose it is important to choose the legal form that will enable your business to _______, while taking into consideration the activities to be carried on
Choose two possible answers: To choose the legal structure of the business is a _______ step in the decisions you will have to make
Choose two possible answers: We don’t hear people who are _______ happy to be at Apple any more
Choose two possible answers: We think there are two steps to be _______ before starting your business
Choose two possible answers: A major _______, governing the company is the articles of association
Choose two possible answers: And the short forms – ’Ltd’ and ‘plc’ – are _______
Choose two possible answers: and there are also stated different questions _______ the regulation of the company
Choose two possible answers: Another rule is that a public _______ must end its name with the words ‘public limited company’
Choose two possible answers: Any company is _______ a legal person but, like a human being, it must have a name
Choose two possible answers: As soon as you _______. a joint-stock company, you need to prepare its Memorandum of Association, which must contain the following clauses
Choose two possible answers: In the document this clause _______ the things which the company can do
Choose two possible answers: It's clear that the actual address _______ be changed by an ordinary resolution of the members. This requires a 51 per cent majority
Choose two possible answers: It's the system that the articles together with the memorandum _______registered are a contract which binds the company and its members as if signed and sealed by each member
Choose two possible answers: It's true that there is only a statement that the registered office is _______ in England
Choose two possible answers: Obviously this clause simply _______ that the liability of the membership is limited
Choose two possible answers: Presumably this clause must _______ the amount of the company’s authorised capital and its division into fixed nominal value
Choose two possible answers: So it contains the shareholders’ rights and the amount of shares; _______ and procedures on general meeting and the list of the directors and their rights and duties
Choose two possible answers: So, a joint stock company has its own assets and _______ its own debts. The liability of the shareholders is limited to their investment
Choose two possible answers: The commission is appointed by the shareholders at the general meeting, but if the winding-up is compulsory then a court, in _______ cases an arbitration, must appoint this committee to solve the problem
Choose two possible answers: The company itself has rights and powers separate and different from those of the natural or legal _______ who compose it and are its shareholders
Choose two possible answers: The rule is that a private _______, whether limited by shares or guarantee, must end its name with the word ‘limited’
Choose two possible answers: Then _______a liquidation committee is formed to regulate the process of winding up
Choose two possible answers: There is an association _______ which states that the subscribers wish to be formed into a company and that they agree to take the shares opposite their names
Choose two possible answers: Today the most popular form of business is a joint-stock _______, also called a company or corporation, a joint stock company is a “legal person”
Choose two possible answers: We know the actual address is not _______ but, as we have seen, it is filed with the Registrar when applying for registration
Choose two possible answers: We _______ why they are there, because they’ve had two bosses in six months, and their job has changed twice
Choose two possible answers: When a joint-stock company _______ bankrupt and can not pay out its debts, then either the shareholders or the creditors are entitles to sell it out
Choose two possible answers: when it _______ into a transaction which is not included in the clause, that transaction will at common law be ultra vires (that is, beyond its powers) and void (that is, of no effect)
Chose three possible answers: As the chief executive he _______ a link between the board and his fellow managers, and to him falls the responsibility for seeing that management carries out the policies and decisions of the board
Chose three possible answers: He is involved in the _______ management work involved in implementing the board’s wishes
Chose three possible answers: He may be financially interested in _______ company with which a contract is being considered
Chose three possible answers: Impartiality on the part of a director is difficult because he may have a personal interest in a _______ that has come up for discussion or action
Chose three possible answers: In order to achieve these _______ the board has to formulate a policy which it considers will best serve to attain its goals
Chose three possible answers: In this case, as a director he partakes in the activities of the _______ - the formulation of policy, decisions on capital expenditure and so on
Chose three possible answers: So, the board is responsible for ensuring that the company _______ according to the law
Chose three possible answers: That gives the sharehol­ders the _______ to express their confidence in the retiring directors by re-electing them, or to show their dissatisfaction with the performance of the board by electing new directors
Chose three possible answers: The duties and responsibilities of the board of directors fall into two general _______, legal and domestic
Chose three possible answers: Their tenure of office is as _______ in the articles, which ensure that at regular intervals a stated proportion of the board must resign and offer themselves for re-election at the next annual general meeting
Chose three possible answers: _______ chief executive he is made aware of the day-to-day problems and requirements of the company in all significant areas such as capital requirements, staffing, liquidity and so on
Chose three possible answers: In this _______, because of his additional function as chief executive, his views at board meetings are looked upon with great respect, and he can command considerable authority
Chose three possible answers: He interprets and puts into _______, through his management team, the decisions taken at board level, and can follow them through down the organization chain
Chose three possible answers: He may be in a _______ position to bring these problems to the attention of the board, where necessary, for their advice and possible action
Chose three possible answers: It is self-evident that _______ must be fairly fixed in nature while policy is subject to easier modification
Chose three possible answers: It is usually required that the director concerned should declare his interest and refrain from joining in any _______ of the matter and from voting
Chose three possible answers: It must be _______ that there is a trustee relationship between the directors and the shareholders
Chose three possible answers: In that case the directors of a company are elected by the owners of the enterprise and may act only as a committee, known as a board, and not .
Chose three possible answers: Such rights are of special _______ in the case of a projected takeover or merger
Chose three possible answers: They have a right to expect the board to act _______ in the interests of the members, and the company is entitled to the unbiased advice of each director on any matter of concern to the company
Chose three possible answers: Thus the memorandum and the articles of association _______ the powers and the proceedings of a company
Chose three possible answers: We see that in _______ the board acts as trustee for the funds subscribed by the members, and for the proper application of those funds
Chose three possible answers: Then he has a dual _______, that of director on the board and that of chief executive
Chose three possible answers: A strong boss is likely to dominate the board of directors _______ his management team
Chose three possible answers: He does this through the process of delegation and through the reporting and control systems _______ to monitor company performance
Chose three possible answers: It becomes apparent that Agreeing objectives and formulating policy are _______ the most onerous of the domestic responsibilities of directors
Chose three possible answers: The responsibilities of the directors are most _______ in the running of the company
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If people open small _______, or work for themselves as plumbers, decorators and so on, they are usually sole proprietors
It can be possible for anyone _______ succeeds in buying 51% of the shares to gain control of a PLC
It is distributed to the shareholders in proportion to the number of . _______they own
It is not important to _______ the accounts and there are no special legal requirements except that the name of the business must be registered if it is different from the owner’s name
It is _______ to start this type of business, but it can be difficult to compete with large firms, and difficult to raise money for expansion
Just like sole proprietors, _______ have unlimited liability and there are no special legal requirements. Professional people such as doctors, accountants and solicitors often form partnerships
Like many private limited companies, plcs have limited liability, must _______ a Memorandum of Association, publish their accounts and are subject to many legal requirements as set out in the Companies Act, 1985
Limited _______ have at least two but usually not more than fifty members who provide the capital which is divided into shares
Most large manufacturing organizations have a functional _______, including (among others) production, finance, marketing, sales, and personnel or staff departments
Often a private limited company _______ a Public limited company, which must put the letters plc after its name
One of the first _______.. to be decided on is the method or “basis” of accounting
Part of the profit _______ is not re-invested in the company is paid out to shareholders as a dividend
People are usually more concerned with the success of their department than that of the company, _______ there are permanent battles between, for example, finance and marketing, or marketing and production, which have incompatible goals
Put the verb in brackets in the right form: The acquisition of shares by the workers poses a problem, especially as they can, if they work for a public company, purchase them through the stock market if they really desire to (become) co-owners
Put the verb in brackets in the right form: The first idea is to offer shares to workers at attractive prices and the second idea to (award) shares as bonus payments
Put the verb in brackets in the right form: The opportunity to share in the profits of their company is (to consider) to courage loyalty and a co-operative attitude in the workers and to provide a positive incentive for greater productivity
Put the verb in brackets in the right form: A lot of market followers (to concentrate) on market segmentation: finding a profitable niche in the market that is not satisfied by other goods or services, and that offers growth potential or gives the company a differential advantage because of its specific competencies
Put the verb in brackets in the right form: After the recession there(to be) many large companies on the US stock market with good earnings but low stock prices
Put the verb in brackets in the right form: And it is also essential that the reports and recommendations made by these joint consultative committees are seen to be (to give) due weight by management
Put the verb in brackets in the right form: Buyouts are almost unknown in these two countries, where business (to tend) to concentrate on long-term goals rather than seek instant stock market profits
Put the verb in brackets in the right form: Financial theory argues that stock markets are efficient, (to mean) that all relevant information about companies is built into their share prices
Put the verb in brackets in the right form: Frequently there is also a market challenger, with the second-largest market share, which (can) attempt to increase its market share by attacking either the leader or some market followers
Put the verb in brackets in the right form: He was later arrested and charged with 98 different felonies, (to include) a lot of insider dealing, and Drexel Burnham Lambert went bankrupt in 1990
Put the verb in brackets in the right form: It is assumed that shares will have voting rights, but some managements may (to view) this with apprehension and in some cases shares issued to employees have no voting rights so that control remains firmly in the hands of the existing shareholders and management
Put the verb in brackets in the right form: In modern business there (to be) a leader that strongly influences other firms in the introduction of new products, price changes, promotions, and so on
Put the verb in brackets in the right form: In most cases the majority of companies in any industry are merely market followers which (to present) no threat to the leader
Put the verb in brackets in the right form: in order to ensure that they are trusted by the workers, which is a major requirement for their success, they should (to be) composed of members from both sides who are knowledgeable and competent, whose integrity is unquestioned and whose judgement is dependable
Put the verb in brackets in the right form: It is a very wide topic sometimes (to see) as separate from personnel management, but nevertheless within the broad compass of the personnel function
Put the verb in brackets in the right form: It is often the first company to (to have) entered the field, or at least the first to have succeeded in it
Put the verb in brackets in the right form: It's true that The first company in a particular market nearly always becomes the market leader, a position it will (to try) to keep by regularly attacking distinct market challengers and followers
Put the verb in brackets in the right form: It's well-known that in the 1960s, a big wave of takeovers in the US (to create) conglomerates – collections of unrelated businesses combined into a single corporate structure
Put the verb in brackets in the right form: Japanese managers and financiers, for example, seem to consider companies as places where people work, rather than as assets to be bought and (to sell)
Put the verb in brackets in the right form: Lazy companies that fail to do this will be (to take) over by raiders who will use assets more efficiently, cut costs, and increase shareholder value
Put the verb in brackets in the right form: Later it (to become, past simple) clear that many of these conglomerates consisted of too many companies and not enough synergy
Put the verb in brackets in the right form: Lay-offs in Japan (to be) instead a cause for shame for which managers are expected to apologize
Put the verb in brackets in the right form: Legislation was passed, some to (strengthen) and some to mitigate the strength of union power which, while it might be beneficial to workers generally, was seen to be damaging to the economy as a whole
Put the verb in brackets in the right form: Logically market followers often concentrate on profitable niche products that (to be) in some way differentiated from the products of larger companies
Put the verb in brackets in the right form: Many followers can either concentrate on small market segments or niches, or follow the safer strategy of (to imitate) the leader’s products
Put the verb in brackets in the right form: Often there is a definite market leader, with the largest market share, which frequently (to help) other firms to introduce new products
Put the verb in brackets in the right form: Once in a while market challengers can either (to attempt) to attack the leader, or to increase their market share by attacking various market followers
Put the verb in brackets in the right form: Opposite to a common belief, wholly dominating a market, or (to have) a monopoly, is seldom an advantage: Sometimes competitors expand markets and find new uses and users for products, which enriches everyone in the field, but the market leader more than its competitors
Put the verb in brackets in the right form: Perhaps, one indication that the people who warn against takeovers might (to be) right is the existence of leveraged buyouts
Put the verb in brackets in the right form: Selling off the assets of poorly (to perform) or under-valued companies proved to be highly lucrative
Put the verb in brackets in the right form: Small companies are generally flexible and can quickly respond to market conditions, but their narrow range of customers (to cause) problematic fluctuations in turnover and profit
Put the verb in brackets in the right form: Some of the money for LBOs was provided by the American investment bank Drexel Burnham Lambert, where Michael Millken was able to convince investors that the high returns on debt (to issue) by risky enterprises more than compensated for their riskiness, as the rate of default was lower than might be expected
Put the verb in brackets in the right form: Some raiders in the 1980s (to discover) that this was quite simply untrue
Put the verb in brackets in the right form: Some individual companies (may) have been more efficient if liberated from central management
Put the verb in brackets in the right form: Sometimes there is also a market challenger, which wants to replace the leader, and various market followers, which (to seek) out particular niches that do not interest the leader
Put the verb in brackets in the right form: Such businesses that are not undervalued (to be) at little risk
Put the verb in brackets in the right form: Takeovers (to use) borrowed money are called ‘leveraged buyouts’ or ‘LBOs’. Leverage means having a large proportion of debt compared to equity capital
Put the verb in brackets in the right form: The best targets for such buyouts were companies with huge cash reserves that (to enable) the buyer to pay the interest on the debt, or companies with successful subsidiaries that could be sold to repay the principal, or companies in fields that are not sensitive to a recession, such as food and tobacco
Put the verb in brackets in the right form: The other followers merely (to imitate) the products of larger companies, but this is a dangerous strategy during recessions
Put the verb in brackets in the right form: The permanent threat of a takeover or a buyout is clearly a disincentive to long-term capital investment, as a company will (to lose) its investment if a raider tries to break it up as soon as its share price falls below expectations
Put the verb in brackets in the right form: The power of the trade unions in Britain was significantly (to curtail) by Government legislation, with the result that there is now less anxiety on the part of employers and Government over the strike threat
Put the verb in brackets in the right form: Then he (to create) a huge and liquid market of up to 300 billion dollars for ‘junk bonds’
Put the verb in brackets in the right form: They are vulnerable in a recession when, largely for psychological reasons, distributors, retailers and customers all (to prefer) to buy from big well-known suppliers
Put the verb in brackets in the right form: They, however, (to seem) to be largely an American phenomenon
Put the verb in brackets in the right form: Usually level negotiations were (to carry) out which set the pattern for pay and conditions throughout a particular industry
Put the verb in brackets in the right form: Usually, a market can also be (to expand) by stimulating more usage: for example, many households no longer have only one radio or cassette player, but perhaps one in each room, one in the car, plus a Walkman or two
Put the verb in brackets in the right form: We believe one way to do this is to try to find ways to (increase) the size of the entire market
Put the verb in brackets in the right form: Industrial relations are concerned with the relations between management and production workers and concentrate very largely upon the conditions of service, the (to work) environment and wages
Put the verb in brackets in the right form: Several solutions have been successfully (to apply) in practice
Put the verb in brackets in the right form:A further device to endeavour to solve industrial disputes, (to set up) under the auspices of the British government, is the Advisory, Conciliation and Arbitration Service, known as ACAS
Put the verb in brackets in the right form:It (to propose) that workers become actual shareholders in their companies, thus participating in the distribution of profits and having the power to vote at annual general meetings
Put the verb in brackets in the right form:It is considered that the fact of profit-sharing (to be) sufficient participation and incentive
Put the verb in brackets in the right form:It must be noted that no mention of pay (to have) been made in the range of matters subject to joint consultation
Put the verb in brackets in the right form:The first factor was greater direct intervention of Government into industrial negotiations through (to impose) pay policies and consequent legislation, and the second factor was the growth of the demand among trade unionists for comparable pay and conditions throughout the different plants of an organisation or throughout an industry
Put the verb in brackets in the right form:The Government is also now a large employer of direct labour which forces it to (be) a party to industrial relations negotiations
Put the verb in brackets in the right form: For many markets there (to be) a definite market leader: the firm with the largest market share
Put the verb in brackets in the right form: In that peroid the power of the trade unions to (grow) considerably and the influence of organized labour, as it is called, was evident in all issues concerning worker-management relations
Put the verb in brackets in the right form: Raiders (to be) able to borrow money, buy badly-managed, inefficient and underpriced corporations, and then restructure them, split them up, and resell them at a profit
Put the verb in brackets in the right form: Their supporters argue that the permanent threat of takeovers is a challenge to company managers and directors to (do) their jobs better, and that well-run businesses that are not undervalued are at little risk
Put the verb in brackets in the right form: There was little risk of making a loss with a buyout, as the debts (to incure) were guaranteed by the companies’ assets
Put the verb in brackets in the right form: The idea of a manager (to restructure) a company, laying off a large number of workers, and getting a huge pay rise (as frequently happens in Britain and the US), is unthinkable
Put the verb in brackets in the right form: The market could understand data concerning companies’ earnings, but it (to be) highly inefficient in valuing assets, including land, buildings and pension funds
Put the verb in brackets in the right form: The power (to hold) by a handful of skilled workers, for instance, to disrupt a whole manufacturing undertaking or local authority service, or to close down a whole industry, was a matter for great anxiety among employers and Government
Put the verb in brackets in the right form: The threat usually (to force) companies to put capital to productive use
Put the verb in brackets in the right form: Then they (to be) the concern exclusively of the trade unions and the employers’ organizations.
Put the verb in brackets in the right form: Today market leaders usually (to want) to increase their market share even further, or at least to protect their current market share
Put the verb in brackets in the right form: When a company is (to buy) by its existing managers, we talk of a management buyout or MBO
Put the verb in brackets in the right form: Because the trade union movement is historically directly linked in Britain with the Labour Party there has (to be) inevitably concern about the amount of influence and interference in Government that might occur
Put the verb in brackets in the right form:All this is because it was historically the custom in Britain for problems (to relate) to wages to be dealt with through collective bargaining
Put the verb in brackets in the right form:However, the basic pattern of procedure (to be) similar to joint consultation
Put the verb in brackets in the right form:It may be (to raise) with such committees from safety to discipline, from welfare to training
Put the verb in brackets in the right form:It formed the basis for separate negotiations between individual employers and union representatives, and the results of these negotiations were further (to modify) by agreements at local plant levels
Put the verb in brackets in the right form:This was, in very many industries, (to deal) with through joint industrial councils (JICs), supported by the Government, consisting of equal numbers of members from employers’ associations and relevant trade unions
Put the verb in brackets in the right form:To reduce disruption through industrial disputes it was historically the practice to (resort) to joint consultation
Put the verb in brackets in the right form:The attempts to (mediate) between the parties in dispute and is generally very successful
Put the verb in brackets in the right form:Two parties to collective bargaining are the trade unions on the employees’ side and the employers’ trade associations on the other, although there (can) be variations
Put the verb in brackets in the right form: In some markets there (to be) often also a distinct market challenger, with the second largest market share
Put the verb in brackets in the right form: The market leader is frequently able to (lead) other firms in the introduction of new products, in price changes, in the level or intensity of promotions, and so on
Put the verb in brackets in the right form: Workers are (to consider) to be at least as important as shareholders
Several legal requirements exist, including the submission of a Memorandum of Association and other _______ to the Registrar of Companies when the company is set up, and the publication of annual accounts
Shareholders _______ the owners of the company and elect the Board of Directors who control it
Some organizations have a hierarchical or pyramidal structure, _______ one person or a group of people at the top, and an increasing number of people below them at each successive level
Some people in the organization know what decisions they are able to make, who their superior (or boss) is (to whom they report), and who _______ immediate subordinates are (to whom they can give instructions)
Stakes can be transferred only with the _______. of other shareholders and cannot be offered for sale to the general public
Such companies do not usually .. very large since they must obtain capital for expansion either from the profits or by borrowing from a bank
The activities of most companies are too complicated _______ be organized in a single hierarchy
The best _______ of business organization is the sole trader or sole proprietor – one person who provides the capital (the money needed to start), has complete control of the business, keeps all the profit (or bears the loss), and has unlimited liability
The French industrialist Henry Fayol organized his coal-mining business according to the functions that it had to carry _______. He is generally credited with inventing functional organization
The holder has _______ line authority, and is not integrated into the chain of command, unlike, for example, the Assistant Marketing Manager, who is number two in the marketing department.
The production and marketing departments cannot take financial _______ without consulting the finance department
The quantity of _______ available for investing in a business can be increased by forming a partnership of at least two people, who all contribute capital to the business and share the profit in agreed proportions
The share price _______ go up if the plc is making good profits and will go down if it is not doing so well
There exists a clear line or chain _______ command running down the pyramid
They are ‘one-man businesses’ but they can, of _______, employ others
plc _______ at least two members but no maximum since it can offer its shares for sale to the public and may, therefore, have hundreds of thousands of shareholders, who have one vote for each share they own