GENERAL KNOWLEDGE

Detailed explanation-1: -One reason why many small businesses develop an organizational design that requires a board of directors is because a board usually: provides experience that increases the business’s credibility. Which affects the business environment because it provides the most options for consumers?

Detailed explanation-2: -The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a business structure allowed by state statute. Legal and tax considerations enter into selecting a business structure.

Detailed explanation-3: -The key ways that a company embraces social responsibility include philanthropy, promoting volunteering, ethical labor practices, and environmental changes. For example, companies managing their environmental impact might look to reduce their carbon footprint and limit waste.

Detailed explanation-4: -This may be subdivided into two categories, wholesale and retail. Wholesale trade is concerned with buying goods from manufacturers or dealers or producers in large quantities and selling them in smaller quantities to others who may be retailers or even consumers.

Detailed explanation-5: -A divisional organizational structure is often broken down into units by product, by process, by territory, or by customer type. The traditional functional structure is broken down by function (sales, marketing, etc.). No common organizational designs are divided by manager or job type.