Match the Term with Its Definition

question 63

Multiple Choice

Match the term with its definition.
-A simple organizational structure in which each person reports to one supervisor

• A)budget
• B)chain of command
• C)delegation of authority
• D)empowerment
• E)line-and-staff organization
• F)line organization
• G)long-range plan (strategic plan)
• H)negotiation
• I)networking
• J)professional manager
• K)Service Corps of Retired Executives (SCORE)
• L)short-range plan
• M)Small Business Development Centers (SBDCs)
• N)span of control

Recognize duties and rights regarding the use and contribution to partnership property.

Comprehend the allocation of partnership losses in the absence of a specific agreement.

Understand the basic principles of the Revised Uniform Partnership Act (RUPA) regarding partner profits, work contribution, and liability.

Identify the liability of partners for partnership losses resulting from various actions.

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Definitions:

Oil

A natural fossil fuel that is used primarily for energy production and as a raw material in manufacturing.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period.

Compound Return

It refers to the phenomenon where the interest earned on an investment is reinvested to earn additional interest, leading to exponential growth over time.

Inflation

The rate at which the general level of prices for goods and services is rising, eroding purchasing power.