Vocab
A group of people that are elected by shareholders of a corporation to act on their behalf in making business decisions.
What is Board of Directors?
disadvantages of operating a sole proprietorship -3
It is difficult to raise financial capital by one’s self.
There is difficulty found in finding and hiring skilled workers.
The owner is held completely liable for every aspect of the business.
example of what a partnership may offer a business owner - 3
Resources, Equipment, Employees.
Creativity and Ingenuity.
Money to help funds.
Boy Scouts/Girl Scouts of America are examples of what form of business
What is nonprofit
Businesses that are owned by a group of people, operate under a license, and are treated as if they were people
What is corporation?
A situation in which union and company officials submit the issues they cannot agree on to a neutral third party for final decision.
What is arbitration?
A business owned by one person.
Sole proprietorship
document states and explains the conditions and stipulations of entering a partnership
Article of partnership
the employer’s strongest tool in collective bargaining negotiations
What is lockout?
A business that does not intend to make a profit for the goods and services it provides.
What is non-proft?
A process by which unions and employers negotiate the conditions of employment.
What is collective bargaining?
rights/responsibilities of a corporation
Enter into Contracts.
Pays Taxes.
Can Sue/Be Sued.
Board of Directors of a corporation is elected and makes decisions on behalf of this group
Stockholders
largest union in the United States
American Federation of Labor and Congress of Industrial Organizations (AFL-CIO)
The process of making business deals or conditions visible to everyone (the public)
What is transparency?
A situation in which an employer closes a workplace to prevent union members from working
What is a lockout?
Publicly traded businesses (corporations) are required to release __________ statements to provide owners with full and accurate information about company performance
What is financial?
responsibilities businesses have to consumers -3
Telling the truth in advertising.
Selling products that are safe and work properly.
Treating all customers fairly and non-discriminately.
number of people in the largest union?
12m
Organizations of workers that seek to improve wages and working conditions of its members.
What is Union?
A situation in which union and company officials bring in a third party to help each reach agreement
What is mediation?
responsibilities businesses have to employees - 3
Maintaining a safe workplace environment.
Treating all workers fairly without discrimination.
Paying men and women the same wages based on position/skill
known as the most common form of business organization
What is sole proprietor?
How can a laborer’s tools/methods in collective bargaining negotiations most notably affect his/her status
Loss of Income.