Part 1-Multiple Choice (5 questions: each question is worth 2 marks) Instructions: Circle the correct letter which represents the answer (one answer only) Use the table below to answer questions 12 1) Under the Characteristic, "Protection against Lability" for a Partnership, which of the following is the correct word: a. Low b. Median c. High d. Average: e. None of the above 2) Under the Characteristic, Tax Advantages" for a Corporation, which of the following is the correct word: 3. Low b. Median c. High d. Average e. None of the above 3) The word to describe "if business assets aren't enough to pay business debts, then personal assets, such as the sole proprietor's house, personal investments, or retirement plans, can be used to pay the balance" is: a. Liability b. Uimited Llability c. Unlimited Lability d. Legal Liability e. None of the above 4) "Controlling" is defined as: 3. Ensures that the plans and strategies set in place by employees are properly carried out b. Ensures that the objectives and goals set in place by management are properly carried out c. Ensures that the mission statement and vision set in place by the company is properly carried out d. Ensures that the plans and strategies set in place by management are properly carried out e. None of the above 5) A formal document that states the goals of the business as well as the plan for reaching those goals is called: a. A company's mission statement b. A company's vislon c. A company's business plan d. A company's procedures e. None of the above Part 2 - True or False Statements (5 questions each question is worth 1mark ) Instructions: On the left side of the question, indicate "T" for True or "F" for false depending on if you feel the statements is true or false. 1) One of the three reasons a small business may fail is, "Due to Experienced Management" 2) Companies whose shares of stockare held by only a few people and are not generally available for sale are called Public Corporations 3) The diagram below is an organizational chart, which falls under the Organizing function of Management? 4) A type of partnership that is similar to the sole proprietorship in that all the partners are jointly liable for the obligations of the business, is called a "Limited Partnership" 5) A SWOT analysis stands for Strength, Weakness, Operations, and Threats Part 3. Short Answer 15 questionsi each question is worth 2 marks) Instructions: In one sentence (minimum) only, please answer the questions below. 1) List four reasons why it could be a disadvantage to start a business from scratch. 2) List two systems which Managers can use to measure performance. 3) What is a merger? 4) List four items which can go into a partnership agreement. 5) What are the five stages of decision making? Part 4 - Long Answer ( 3 questions; each question is worth 5 marks) Instructions: In a paragraph (minimum) please answer the questions below: 1) You have been hired as a Manager for "lan's Real Canadian Coffee Shop". Ian has created a Mission Statement as follows: "At lan's Real Canadian Coffee Shop you will always get fresh coffee, great service, honest prices and friendly foces to keep you warm on those cold Canodian Days" Based on this, you need to outline the four types of planning required for a Manager and how it relates to this scenario. 2) You are a Uimited Partner in a business selling used Textbooks. Your partner is a friend of yours. and the business operates in Manitoba and Ontario. Business (revenue) has grown in the last three years on a consistent basis (at least 10% per year). Your friend (partner) feels the business should become incorporated so you can grow nationally. What do you need to consider in this decision? Use the scenario to outline the pro's and con's and your decision. 2) You are a Limited Partner in a business selling used Textbooks. Your partner is a friend of yours and the business operates in Manitoba and Ontario. Business (revenue) has grown in the last three years on a consistent basis (at least 10% per year). Your friend (partner) feels the business should become incorporated so you can grow nationally. What do you need to consider in this decision? Use the scenario to outline the pro's and con's and your decision. 3) Due to the immense popularity (and results) of lan's Introduction to Business Class, Navitas (the parent organization of ICM) has asked him to expand his teaching program to every campus they work with. Currently, Navitas is in seven countries world wide and represented in eighteen different University Partnerships. lan has decided to hire a full time Manager to help him with this undertaking. You have been hired to find a person who can fill this role, with the correct skills required for the Management Position. Using this example, describe the five skill sets a Manager requires and how it would relate to this scenario