A Struggling Manufacturing Company Recently Developed a New Vision and Radical

question 46

Multiple Choice

A struggling manufacturing company recently developed a new vision and radical new strategies to reduce the number of products sold in order to reduce costs. This strategy worked and the company remained in business. The company utilized ________ by developing the new vision and strategies.

• A)turnaround management
• B)crisis management
• C)total quality management
• D)stratification
• E)restructuring

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Definitions:

RMBCA

The Revised Model Business Corporation Act, which serves as a guide for states in drafting their corporation statutes.

Organizational Meeting

An organizational meeting is the initial meeting held by the incorporators or initial directors of a corporation to complete the formation of the business and to adopt bylaws.

Corporate Veil

A legal concept that separates the identity of a corporation from its shareholders, protecting them from being personally liable for the company’s debts and obligations.

Closely Held Corporations

Companies whose shares are owned by a small group of individuals or families, often with restricted stock sales.