Answer the following statements true (T) or false (F)
1. Some firms do not have a board of directors.
2. In an organization’s environment, internal stakeholders include the customers of an organization.
3. Rafael sits on the board of directors for Pierson Fabrication, Inc., but he is not among the executive leadership of the organization. In fact, he works for an American carmaker. Therefore Rafael is an external stakeholder for Pierson.
4. The two parts of the external environment are the task environment and the socio-political environment.
1. True
Not all firms have a board of directors. A lawyer, for instance, may operate as a sole proprietor, making all her own decisions.
2. False
Internal stakeholders include employees, owners, and the board of directors. Customers are one of the external stakeholders in the task environment.
3. False
Internal stakeholders include employees, owners, and the board of directors. Some of the directors on the board (inside directors) may be top executives of the firm. The rest (outside directors) are elected from outside the firm.
4. False
The external environment consists of the task environment and the general environment.
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