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Intro to Business c5
Chapter 5
| Question | Answer |
|---|---|
| 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 |
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hjerge6
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