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ch 5 vocab

TermDefinition
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