A Small Business with Low Departmentalization, Wide Spans of Control

question 13

Multiple Choice

A small business with low departmentalization, wide spans of control, centralized authority, and limited formalization can be said to possess a ________ structure.

• A) matrix
• B) functional
• C) divisional
• D) simple

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Definitions:

Nonexempt Assets

Assets that can be seized or used towards the satisfaction of debts under bankruptcy proceedings because they are not protected by exemption laws.

Liquidation

The process of winding up a business's operations and distributing its assets to claimants, often occurring when a company is insolvent.

Duties of a Trustee

The legal responsibilities held by a trustee to manage assets in the best interest of the trust's beneficiaries.

Chapter 7

Chapter 7 represents a provision of the Bankruptcy Code that provides for the liquidation of a debtor's assets to pay off creditors.