Intro to Business-Chapter 5- Business Organization – Flashcards
Unlock all answers in this set
Unlock answersquestion
Contingent Worker
answer
One who has no explicit or implicit contract for long-term employment.
question
Intermediaries
answer
Businesses involved in selling the goods and services of producers to consumers and other businesses.
question
Service Business
answer
Carries out activites that are consumed by its customers.
question
Proprietorship
answer
A business owned and run by just one person.
question
Partnership
answer
A business owned and controlled by two or more people who have entered into an agreement.
question
Corporation
answer
A separate legal entity formed by documents filed with a state.
question
Partnership Agreement
answer
A written agreement among all owners.
question
Articles of Incorporation
answer
A written legal document that defines ownership and operating procedures and conditions for the business.
question
Franchise
answer
A written contract granting permission to operate a business to sell products and services in a set way.
question
Mission Statement
answer
A short, specific written statement of the reason a business exists and what it wants to achieve.
question
Goal
answer
A precise statement of results the business expects to achieve.
question
Policies
answer
Guidelines used in making consistents decisions.
question
Procedures
answer
Descriptions of the way work is to be done.
question
Organization Chart
answer
A diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classification.
question
Business Activies
answer
Generating ideas, Raising Capital, Employing and Training Personnel, Buying Goods and Services, Marketing Goods and Services, Maintaining Business Records
question
Producers
answer
Create the products and services used by individuals and other businesses.
question
Extractor
answer
A business that takes resources from nature for direct consumption or for use in developing other products.
question
Manufacturers
answer
Get supplies from other producers and convert them into products.
question
Corporate Bylaws
answer
The operating procedures for the corporation.
question
Board of Directors
answer
The people who will make the major policy and financial decisions for the business.
question
Limited Liability Partnership
answer
Identifies some investors who cannot lose more than the amount of their investment, but they are not allowed to participate in the day to day management of the business.
question
Joint Venture
answer
A unique business organized by two or more other businesses to operate for a limited time and for a specific project.
question
S-corporation
answer
Offers the limited liability of a corporation.
question
Limited Liability Company
answer
Provides liability protection for owners.
question
Nonprofit Corporation
answer
A group of people who join to do some activities that benefits the public.
question
Cooperative
answer
Owned by members, serves their needs, and is managed in their interest.
question
Responsibility
answer
The obligation to complete specific work.
question
Authority
answer
The right to make the decisions about how responsibilities should be accomplished.
question
Accountability
answer
Taking the responsibility for the results achieved.
question
Unity of Command
answer
Clear reporting relationship for all staff of a business.
question
Span of Control
answer
The number of employees who are assigned to a particular work task and manager.
question
Functional Organizational Structure
answer
Work is arranged within main business functions such as production, operations, marketing and Human Resources.
question
Matrix Organizational Structure
answer
Work is structured around specific projects, products, or customer groups.
