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Intro to Business c5

Chapter 5

From 1992 to 2002, total employment...? grew by nearly 17 percent
The average age of U.S. workers in 2010 will be...? over 40
Currently, white workers make up _____% of the labor force. 75
By 2012, nearly one half of all jobs (48%) in the U.S. will be held by...? woman
Why hasn't technology decreased work hours? Economic stress, businesses required employees to take on new tasks and work extra hours
contingent worker one who has no explicit or implicit contract for long-term employment.
What percent of the U.S. workforce is make up of contingent workers? 5% or 6 million people
some people take contingent workers because...? they cannot find permanent employment, they like the flexibility it offers
Size of businesses? most u.s. businesses are quite small. the largest number, nearly 18 million businesses, have no employees other than the owner.
about 5 million companies employ...? less than 20 people
about 103,000 large u.s. businesses employ 100 or more workers
Roles of businesses? provide employment for millions of people, make and distribute products and services needed by consumers, government, and other businesses; they make things you use everyday
Business activities generating ideas, raising capital, employing and training personnel, buying goods and services, marketing goods and services, maintain business records
Types of Businesses Producers, Intermediaries, Service Businesses
Producers create the products and services used by individuals and other businesses; responsible for using resources to make something that is needed by others
Types of producers extractor, farmer, and manufacturers
extractor a business that takes resources from nature for direct consumption or for use in developing other products is an extractor; extractors pump oil, mine coal, or cut timber
farmers cultivate land and use other natural resources to grow crops and livestock for consumption.
manufacturers get supplies from other producers and convert them into products; they sell their products to consumers and other businesses
Intermediaries businesses involved in selling the goods and services of producers to consumers and other businesses
Types of intermediaries retailers, wholesalers, transportation companies, advertising agencies, storage centers, sales officers, data processing centers
Service Businesses carries out activities that are consumed by its customers; it does not offer products for sale
Types of service businesses dentists, physicians, lawyers, pet sitters, painters, and furniture movers, internet service providers, web designers, online travel agencies
service businesses are the fastest growing part of the economy. Over ___ percent of all u.s. employment is not in service producing businesses 60
Forms of business ownership proprietorship, partnership, corporation
propietorship a business owned and run by just one person
partnership a business owned and controlled by two or more people who have entered into a written agreement
corporation a separate legal entity formed by documents filed with your state; it is owned by one or more shareholders and managed by a board of directors
most businesses begin as a ________. proprietorship
partnership agreement a written agreement among all owners; it details the rules and procedures that guide ownership and operations.
articles of inocorporation a written legal document that defines ownership and operating procedures and conditions for the business
corporate bylaws the operating procedures for the corporation
board of directors the people who will make the major policy and financial decisions for the business
other forms of ownership limited liability partnership, joint venture, s-corporation, limited liability company, nonprofit corporation, cooperatives, franchises
limited liability partnership 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
joint venture a unique business organized by two or more other businesses to operate for a limited time and for a specific project (type of partnership)
s-corporation a corporate form that is favored by small businesses
limited liability company provides liability protection for owners
nonprofit corporation a group of people who join to do some activity that benefits the public
cooperative owned by members, serves their needs, and is manages in their interest
franchise a written contract granting permission to operate a business to sell products and services in a set way
mission statement a short, specific written statement of the reason a business exists and what is wants to achieve
goal a precise statement of results the business expects to achieve
policies guidelines used in making consistent decisions
procedures descriptions of the way work is to be done
principles of effective organization responsibility, authority and accountability; utility of command; span of control
responsibilty is the obligation to complete specific work
authority the right to make decisions about how responsibilities should be accomplished
accountability taking responsibility for the results achieved
utility of command means there is a clear reporting relationship for all staff of a business
span of control the number of employees who are assigned to a particular work task and manager
types of organizational sturctures functional organization structure, matrix organizational structure
organization chart a diagram that shows the structure of an organization, classification of work and jobs, and the relationship among those classifications
functional organizational structure in this work is arranged within main business functions such as production, operations, marketing, and human resources
matrix organizational sturcture work is structured around specific projects, products, and customer groups
Created by: hjerge6