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Business
| Question | Answer |
|---|---|
| The most important role of business is to provide employment for people. (T or F) | False |
| All businesses buy goods and services.(T or F) | True |
| Service jobs are the lowest paying jobs in the U.S. economy.(T or F) | True |
| Most states require proprietorships to register a business name.(T or F) | False |
| A corporation's owner have access to profits only if the board of directors.(T or F) | False |
| A goal is a precise statement of results the business expects to achieve.(T or F) | True |
| There is no difference between policies and procedures.(T or F) | False |
| Unity of command is the number of employees who are assigned to a particular work task and manager.(T or F) | False |
| What percentage of U.S.business have no employees other than the owner? | Almost 80 Percent |
| All the following types of business are producers EXCEPT | Retailers |
| The easiest form of business to start is the? | Proprietorship |
| A partnership? | Requires at least two owners |
| A unique business organized by two or more other business to operate for a limited time and for a specific project is a? | Joint venture |
| The direction for a business comes from its? | Mission statement |
| The obligation to complete specific work is called? | Responsibility |
| In a matrix organizational structure, | Work is structured around particular projects,products,or customer groups |
| This type of business is owned and operated by only one person. | Proprietorship |
| The operating procedures for a corporation | Corporate bylaws |
| An automobile factory is this type of business | Producer |
| Guidelines used in making consistent decisions | Policies |
| The people who make the major policy and financial decisions for a corporation | Board of directors |
| A grocery store is this type of business. | Intermediary |
| A business owned and controlled by at least two people who have entered into a written agreement. | Partnership |
| A written contract granting permission to operate a business | Franchise |
| An internet service provider is this type of business | Service business |
| Descriptions of the way work is to be done | Procedures |
| Owned and controlled by two or more people | Partnership |
| A written agreement defines ownership | Partnership |
| Owned and run by one person | Sole proprietorship |
| Shareholders have a voice in business decisions | Corporation |
| No protection for personal assets | Sole proprietorship |
| Managed by a board of directors | Corporation |
| Usually must be dissolved if an owner leaves | Sole proprietorship |
| The easiest form of business to start and run | Sole proprietorship |
| Protects the liability of owners | Corporation |
| Business income is taxed as personal income | Sole proprietorship |
| Two or more people can invest in the business | Partnership |
| Must create bylaws or operating procedures | Must create bylaws or operating procedures |
| Does not even require a business name | Sole proprietorship |
Created by:
Chelsea Belsea