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18: Review Questions
Explain the differences among the three forms of business ownership.
Who owns a corporation?
What are the two major advantages to the corporate form of ownership?
Describe the two basic types of work that must be done in a business.
Explain the differences between owner-managed and hired management.
Explain the differences between chains and franchises.
Describe each of the five major functions of management.
Why is delegating authority important for owners?
Why do businesses develop an organizational chart?
What five steps are involved in controlling?
List and describe the three levels of management.
What is the function of a corporate headquarters in a multiple-unit business?
What is a revenue center?
What is a support center?
What is the difference between revenue and profit?
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