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CH 5 Intro Biz JW

Vocabulary

QuestionAnswer
A worker 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
Business that carries out activities that are consumed by its customers. Does not offer products for sale. Service Business
Business owned and run by just one person. Proprietorship
Business owned and controlled by two or more people who have entered into an agreement. Partnership
Separate legal entity formed by documents filed with a state. Corporation
A written agreement among all owners that details the rules and procedures that guide ownership and operations. Partnership Agreement
Written legal document that defines ownership and operating procedures and conditions for the business. Articles of Incorporation
Written contract granting permission to operate a business to sell products and services a set way. Franchise
Short, specific written statement of the reason a business exists and what it wants to achieve. Mission Statement
A precise statement of results the business expects to achieve. Goal
Guidelines used in making consistent decisions. Policies
Descriptions of the way work is to be done. Procedures
Diagram that shows the structure of an organization. Organization Chart
Created by: joannw15
Popular Business sets

 

 



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