Business Terminology Chapter 5 Quiz

A business that carries out activities that are consumed by its consumers.

<p>A business that takes resources from nature for direct consumption or for use in developing other products.</p> Signup and view all the answers

<p>A business that gets supplies from other producers and converts them into products.</p> Signup and view all the answers

<p>Create the products and services used by individuals and other businesses.</p> Signup and view all the answers

<p>A business owned and run by just one person.</p> Signup and view all the answers

<p>A business owned and controlled by two or more people who have entered into a written agreement.</p> Signup and view all the answers

<p>A separate legal entity formed by documents filed with your state.</p> Signup and view all the answers

<p>A written agreement among all owners.</p> Signup and view all the answers

<p>A written legal document that defines ownership and operating procedures and conditions for the business.</p> Signup and view all the answers

<p>Operating procedures for the corporation.</p> Signup and view all the answers

<p>People who make the decisions for the business.</p> Signup and view all the answers

<p>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.</p> Signup and view all the answers

<p>A unique business organized by two or more other businesses to operate, for a limited time and for a specific project (type of partnership).</p> Signup and view all the answers

<p>Offers the limited liability of a corporation, all income is passed through to the owners based on their investment and is taxed on their individual tax returns.</p> Signup and view all the answers

<p>Provides liability protection for owners, has a simpler set of organizing and operating requirements than a corporation.</p> Signup and view all the answers

<p>A group of people who join to do some activity that benefits the public, in areas such as education, health care, charity, or the arts.</p> Signup and view all the answers

<p>A written contract granting permission to operate a business to sell products and services in a set way.</p> Signup and view all the answers

<p>A short, specific written statement of the reason a business exists and what it wants to achieve.</p> Signup and view all the answers

<p>A precise statement of results the business expects to achieve.</p> Signup and view all the answers

<p>Guidelines used in making consistent decisions.</p> Signup and view all the answers

<p>Descriptions of the way work is to be done.</p> Signup and view all the answers

<p>Obligation to complete specific work.</p> Signup and view all the answers

<p>Taking responsibility for the results achieved.</p> Signup and view all the answers

<p>Means there is a clear reporting relationship for all staff of a business.</p> Signup and view all the answers

<p>The number of employees who are assigned to a particular work task and manager.</p> Signup and view all the answers

<p>A diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications.</p> Signup and view all the answers

<p>Work is arranged within main business functions such as production, operations, marketing, and human resources.</p> Signup and view all the answers

<p>Work is structured around specific projects, products, or customer groups.</p> Signup and view all the answers