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ch 5 vocab
| Term | Definition |
|---|---|
| contingent worker | is one who has no explicit or implicit contract for long term employment |
| intermediary | are businesses involved in selling the goods and services of producer to consumers and other businesses |
| service business | carries out activities that are consumed by its customers |
| proprietorship | is a business owned and run by just one person |
| partnership | is a business owned and controlled by two or more people who have entered into an agreement |
| corporation | is a separate legal entity formed by documents filed with a state |
| partnership agreement | is a written agreement among all owners |
| articles of incorporation | is a written legal document that defines ownership and operating procedures and conditions for the business |
| franchise | is 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 it wants to achieve |
| goal | is a precise statement of results the business experts to achieve |
| policies | are guidelines used in making consistent decisions |
| procedures | are descriptions of the way work is too be done |
| organization chart | is a diagram that shows the structure of an organization classification of work and jobs |
| producers | a person, company, or country that makes, grows, or supplies goods or commodities for sale. |
| extractor | a machine or device used to extract something. |
| farmers | a person who owns or manages a farm. |
| manufacturers | a person or company that makes goods for sale. |
| Corporate by laws | are the rules of a corporation, established by the board of directors during the process of starting a corporation |
| Board of directors | is a recognized group of people who jointly oversee the activities of an organization |
| Limited liability company | a corporate structure whereby the members of the company are not personally liable for the company's debts or liabilities |
| non-profit corporation | is a special type of corporation that has been organized to meet specific tax-exempt purposes. |
| Cooperative | involving mutual assistance in working toward a common goal. |
| Franchiser | s a person or company that grants the license to a third party for the conducting of a business under the franchisor's marks |
| Franchisee | an individual or company that holds a franchise for the sale of goods or the operation of a service. |
| responsibility | he state or fact of having a duty to deal with something or of having control over someone. |
| authority | he power or right to give orders, make decisions, and enforce obedience. |
| accountability | responsibility |
| unity of command | an operational-level, turn-based strategy wargame |
| span of control | he area of activity or number of functions, people, or things for which an individual or organization is responsible. |
| functional organizational structure | hierarchical organization structure wherein people are grouped as per their area of specialization |
| matrix organizational structure | a combination of two or more types of organizational structures |
Created by:
DanielRuthe
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