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BTM Chapter 5 Test
| Question | Answer |
|---|---|
| One who has no explicit or implicit contract for long-term employment? | Contingent Worker |
| Businesses involved in selling the goods and services of producers to consumers and other businesses. | Intermediaries |
| Carries out activities that are consumed by its consumers. | Service Businesses |
| A business owned and run by just one person. | Proprietorship |
| A business owned and controlled by two or more people who have entered an agreement. | Partnership |
| A separate legal entity formed by documents filed with a state. | Corporation |
| A written agreement among all owners. | Partnership Agreement |
| A written legal document that defines ownership and operating procedures and conditions for the business. | Articles of Incorporation |
| A written contract granting permission to operate a business to sell products and services in a set way. | Franchise |
| A short, specific written statement of the reason a business exists and what it wants to achieve. | Mission Statement |
| A precise statement of the results the business expects to achieve. | Goal |
| Guidelines used in making consistent decisions. | Policies |
| Descriptions of the way work is to be done. | Procedures |
| A diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications. | Organization Chart |
| T/F: The percentage of white workers in the U.S. labor force is expected to increase greatly over the next 5 to 10 years. | False |
| T/F: The most important role of business is to provide employment for people. | False |
| T/F: All businesses buy goods and services | True |
| T/F: Service jobs are the lowest paying jobs in the US economy. | False |
| T/F: Most states require proprietorships to register a business name. | False |
| T/F: A corporation's owner has access to profits only if the board of directors approves it. | True |
| T/F: A cooperative is a special type of corporation that allows all income to be passed through to owners based on their investment and is taxed on their individual tax returns. | False |
| T/F: A goal is a precise statement of results the business expects to achieve. | rue |
| T/F: There is no difference between policies and procedures. | False |
| T/F: Unity of command is the number of employees who are assigned to a particular work task and manager. | False |
| Baby boomers have dominated the U.S. labor market since they began working in the: | 1960s |
| Over the next ten years, the number of contingent workers in the United States is expected to: | Nearly double |
| The form of ownership most common among U.S. businesses is: | Proprietorship |
| All of the following types of businesses are producers EXCEPT: | Retailers |
| The easiest form of business to start is the: | Proprietorship |
| A partnership: | Requires at least two people |
| A unique business organized by two or more other businesses to operate for a limited time and for a specific project is a: | Joint venture |
| The direction of 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 |
| An automobile factory is this type of business: | Producer |
| The operating procedures for a corporation: | Corporate bylaws |
| A grocery store is this type of business: | Intermediary |
| An internet service provider is this type of business: | Service Business |
Created by:
mep10836