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Biz - 5 - Biz Org.

General Buisness - 5 - Buisness Organization

What is one who has no explicit or implicit contract for long-term employment? Contingent Worker
Who create the products and services used by individuals and other buisness? Producers
What is a buisness that takes resources from nature for direct consumption or for use in developing other products? Extractor
Who cultivates land and uses other natural resources to grow crops and raise livestock for consumption? Farmers
Who gets supplies from other producers and convert them into products? Manufacturers
What are buisnesses involved in selling the goods and services of producers to consumers and other buisnesses? Intermediaries
What carries out activities that are consumed by its consumers? Service business
What is a buisness owned and ran by just one person? Proprietorship
What is a buisness owned and controlled by two or more people who have entered into an agreement? Partnership
What is a separate legal entity formed by documents filed with a state? Corporation
What is a written agreement among all owners? Partenership Agreement
What is a written legal document that defines ownership and operating procedures and conditions for the business? Articles of Incorporation
What are the operating procedures for the corporation? Corporate Bylaws
Who are people who will make the major policy and financial decisions for the business? Board of Directors
What identifies some inventors who cannot lose more than the amount of their investment? Limited Liability Partnership
What is a unique business organized by two or more other business to operate for a limited time and for a specific project? Joint Venture
What offers the limited liability of a corporation? S-Corporation
What provides liability protection for owners? Limited Liability Company
What is a group of people who join to do some activity that benefits the public? Nonprofit Corporation
What is owned by members, serves their needs, and is managed in their interest? Cooperative
What is a written contract granting permission to operate a buisness to sell products and services in a set way? Franchise
What is the company that owns the product or service and grants the rights to another business? Franchiser
What is the company purchasing the rights to run the business? Franchisee
Where does the direction for a business come from? Mission Statement
What is a precise statement of results the business expects to achieve? Goal
What are the guidelines used in making consistent decisions? Policies
What are descriptions of the way work is to be done? Procedures
What is the obligation to complete specific work? Responsibility
What is the right to make decisions about how responsibilities should be accomplished? Authority
What is taking responsibility for the results achieved? Accountability
What means there is a clear reporting relationship for all staff of a business? Unity of Command
What is the number of employees who are assigned to a particular work task and manager? Span of Control
What is a diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications?
Created by: Mrs. Waara (PHS)