Which of the Following Statements About Service Businesses That Are

question 108

Multiple Choice

Which of the following statements about service businesses that are classified as small businesses is TRUE?

• A) Service businesses appeal to the innovative nature of many entrepreneurs.
• B) A service company that gift wraps gifts for people too busy to do it themselves is an example of a small business if it is privately owned and has only four employees.
• C) A small business offering a car repair service is like other service businesses in that it offers a higher return on time invested.
• D) The service industry attracts small business owners because it requires so few start-up resources.
• E) All of these choices

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Definitions:

Management By Objectives (MBO)

A performance management approach where managers and employees work together to set, record, and monitor goals for a specific period, aiming for organizational alignment and performance enhancement.

Peter Drucker

A prominent Austrian-born American management consultant, educator, and author, known for his influential writings on business management practices and principles.

Setting Priorities

The process of determining the order in which tasks, projects, or goals should be addressed based on their importance, urgency, and impact.

Management By Objectives (MBO)

A management strategy focusing on aligning the goals of employees with the objectives of the organization through participative goal setting and performance assessment.