Quinn Has Landed a Management Position with a Pioneering New

question 15

Multiple Choice

Quinn has landed a management position with a pioneering new small business after many years of working as a regional manager for a nationally known nonprofit. As Quinn starts her new job, she is likely to find that

• A) due to the significant differences in large and small firms, her previous experience will be of little value in her new position.
• B) the principles of management are much the same at large and small firms.
• C) nonprofit organizations are motivated by their desire to help people and so financial management is of little concern.
• D) planning is more important to a nonprofit organization and less important to a small business so she will need to adjust the time she spends on the planning function.

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Definitions:

Good Title

A legal term indicating that a property title is valid and free of any liens or other encumbrances that might hinder its sale or use.

Fair Market Value

The price at which property would sell on the open market between a willing buyer and a willing seller, each having reasonable knowledge of the relevant facts.

Recourse

Recourse refers to the legal right to demand compensation or payment from an individual or entity responsible for a loss, debt, or other obligation.

Inventory

The total amount of goods and materials held by a business for the purpose of resale or production.