Organizational Finance, Management, And Leadership

Question 1

What is the profitability formula?

Answer 1

Profit= total revenues - total cost

Question 2

What are the basic aspects of a non-profit organization?

Answer 2

Encourage recreation and getting people to participate

Question 3

What are the basic aspects of a sole- proprietorship?

Answer 3

One owner
No legal separation, no government protection
Receives all profits and liable for all debts and loses
Report income and expenses on their own tax returns,

Question 4

What are the basic aspects of a partnership?

Answer 4

2-3 people
Liabilities
Taxed once

Question 5

What are the basic aspects of a corporation?

Answer 5

Multiple owners
Liability is limited to a huge amount of money
Board of directors
Taxed twice
Shareholders and business

Question 6

What are the three dimensions of organizational structure?

Answer 6

Specialization
Formalization or standardization
Centralization

Question 7

What is the definition for income statement?

Answer 7

30 day statement that provides results over a specific time
Like a mobile app
( revenue and expenses)

Question 8

What is the definition of a balance sheet?

Answer 8

Financial decisions from one day
Assets, liabilities, owner’s equity