Chapter 5
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| From 1992 to 2002, total employment...? | grew by nearly 17 percent
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| The average age of U.S. workers in 2010 will be...? | over 40
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| Currently, white workers make up _____% of the labor force. | 75
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| By 2012, nearly one half of all jobs (48%) in the U.S. will be held by...? | woman
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| Why hasn't technology decreased work hours? | Economic stress, businesses required employees to take on new tasks and work extra hours
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| contingent worker | one who has no explicit or implicit contract for long-term employment.
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| What percent of the U.S. workforce is make up of contingent workers? | 5% or 6 million people
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| some people take contingent workers because...? | they cannot find permanent employment, they like the flexibility it offers
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| Size of businesses? | most u.s. businesses are quite small. the largest number, nearly 18 million businesses, have no employees other than the owner.
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| about 5 million companies employ...? | less than 20 people
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| about 103,000 large u.s. businesses employ | 100 or more workers
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| Roles of businesses? | provide employment for millions of people, make and distribute products and services needed by consumers, government, and other businesses; they make things you use everyday
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| Business activities | generating ideas, raising capital, employing and training personnel, buying goods and services, marketing goods and services, maintain business records
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| Types of Businesses | Producers, Intermediaries, Service Businesses
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| Producers | create the products and services used by individuals and other businesses; responsible for using resources to make something that is needed by others
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| Types of producers | extractor, farmer, and manufacturers
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| extractor | a business that takes resources from nature for direct consumption or for use in developing other products is an extractor; extractors pump oil, mine coal, or cut timber
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| farmers | cultivate land and use other natural resources to grow crops and livestock for consumption.
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| manufacturers | get supplies from other producers and convert them into products; they sell their products to consumers and other businesses
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| Intermediaries | businesses involved in selling the goods and services of producers to consumers and other businesses
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| Types of intermediaries | retailers, wholesalers, transportation companies, advertising agencies, storage centers, sales officers, data processing centers
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| Service Businesses | carries out activities that are consumed by its customers; it does not offer products for sale
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| Types of service businesses | dentists, physicians, lawyers, pet sitters, painters, and furniture movers, internet service providers, web designers, online travel agencies
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| service businesses are the fastest growing part of the economy. Over ___ percent of all u.s. employment is not in service producing businesses | 60
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| Forms of business ownership | proprietorship, partnership, corporation
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| propietorship | a business owned and run by just one person
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| partnership | a business owned and controlled by two or more people who have entered into a written agreement
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| corporation | a separate legal entity formed by documents filed with your state; it is owned by one or more shareholders and managed by a board of directors
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| most businesses begin as a ________. | proprietorship
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| partnership agreement | a written agreement among all owners; it details the rules and procedures that guide ownership and operations.
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| articles of inocorporation | a written legal document that defines ownership and operating procedures and conditions for the business
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| corporate bylaws | the operating procedures for the corporation
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| board of directors | the people who will make the major policy and financial decisions for the business
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| other forms of ownership | limited liability partnership, joint venture, s-corporation, limited liability company, nonprofit corporation, cooperatives, franchises
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| limited liability partnership | identifies some investors who cannot lose more than the amount of their investment, but they are not allowed to participate in the day to day management of the business
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| joint venture | a unique business organized by two or more other businesses to operate for a limited time and for a specific project (type of partnership)
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| s-corporation | a corporate form that is favored by small businesses
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| limited liability company | provides liability protection for owners
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| nonprofit corporation | a group of people who join to do some activity that benefits the public
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| cooperative | owned by members, serves their needs, and is manages in their interest
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| franchise | a written contract granting permission to operate a business to sell products and services in a set way
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| mission statement | a short, specific written statement of the reason a business exists and what is wants to achieve
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| goal | a precise statement of results the business expects to achieve
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| policies | guidelines used in making consistent decisions
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| procedures | descriptions of the way work is to be done
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| principles of effective organization | responsibility, authority and accountability; utility of command; span of control
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| responsibilty | is the obligation to complete specific work
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| authority | the right to make decisions about how responsibilities should be accomplished
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| accountability | taking responsibility for the results achieved
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| utility of command | means there is a clear reporting relationship for all staff of a business
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| span of control | the number of employees who are assigned to a particular work task and manager
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| types of organizational sturctures | functional organization structure, matrix organizational structure
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| organization chart | a diagram that shows the structure of an organization, classification of work and jobs, and the relationship among those classifications
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| functional organizational structure | in this work is arranged within main business functions such as production, operations, marketing, and human resources
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| matrix organizational sturcture | work is structured around specific projects, products, and customer groups
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