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Intro to Biz Ch 5
| Term | Definition |
|---|---|
| contingent worker | one who has no contract for long-term employment |
| intermediaries | businesses involved in selling the goods and services of producers to consumers and other businesses |
| service business | a business that carries out activities that are consumed by its customers |
| proprietorship | 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 a state. It is owned by one or more shareholders and managed by a board of directors |
| partnership agreement | a written agreement among all owners detailing the rules and procedures that guide ownership and operations |
| articles of incorporation | a written legal document that defines ownership and operating procedures and conditions for the business |
| franchise | a written contract granting permission to operate a business to sell products and services in a set way |
| mission statement | short, specific written statement of the reason a business exists and what it wants to achieve |
| goal | a precise statement of results the business expects to achieve |
| policies | guidelines used in making consistent decisions |
| procedures | a list of steps to be followed for performing a particular work activity; a description of the way work is to be done |
| organizational chart | a diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications |
Created by:
ts2819
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