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Chpt. 5 GB

Business Organization

QuestionAnswer
What is a contingent worker? One who has no explicit or implicit contract for long-term employment
What is a partnership? A business owned and controlled by two or more people who have entered into a written agreement.
What is a mission statement? A short, specific written statement of the reason a business exists and what it wants to accomplish.
What are procedures? Descriptions of the way work is to be done.
What is a goal? A specific statement of results the business expects to achieve.
What is articles of incorporation? A written legal document that idetifies ownership and operationg procedures and conditions for the business.
What are intermediaries? Businesses involved in selling the goods and services of producers to consumers and other businesses.
What is a corporation? A seperate legal entity, formed by documents filed with the state, which is owned by one or more shareholders and managed by a board of directors.
What is a franchise? A written contract granting permission to operate a business to sell products and services in a prescribed way.
What is a proprietorship? A business owned and controlled by one person.
Created by: main92