A control mechanism for making sure the right people do the right things at the right time is called hierarchy of authority or ______.

Specialty Packaging Corporation began business in 2007 by issuing 20,000 shares of $5 par common stock for $8 per share and 5,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2007 balance sheet, Specialty Packaging would report

a. Common Stock of $200,000. b. Common Stock of $100,000. c. Common Stock of $160,000. d. Paid-in Capital of $150,000.

Bureaucracy can be defined a

A. a classical management approach that applied scientific methods to analyze and determine the “one best way” to complete production tasks. B. a classical management approach that attempted to understand and explain how human psychological and social processes interact with the formal aspects of the work situation to influence performance. C. a classical management approach that attempted to build into operations the specific procedures and processes that would ensure coordination of effort to achieve established goals and plans. D. a contemporary management approach that emphasizes the application of quantitative analysis to managerial decisions and problems. E. a classical management approach emphasizing a structured, formal network of relationships among specialized positions in the organization.