5-1
What percentage of businesses fail within the first five years of operation?
50%
Business owned and run by just one person.
Proprietorship
Short, specific written statement of the reason a business exists and what it wants to achieve.
Mission Statement
A retailer is an example of a(n)
What does the phrase "Hakuna matata" mean?
No worries
One who has no explicit or implicit contract for long-term employment.
Contingent Worker
Which type of business is the most difficult to start?
Corporation
Diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications.
Organization Chart
A precise statement of results a business expects to achieve is a
Goal
What year did the Titanic sink?
1912
What does an intermediary do?
Sells goods and service of producers to consumers and other businesses
Which form of business generates the most revenue nation wide?
Corporation
A written legal document defining ownership and operating procedures for a corporation are:
Articles of Incorporation
A form of business organization that combines advantages of a corporation and partnership is a
Limited Liability Company
Which body organ filters blood in humans?
How many businesses in the U.S. have no employees other than the owner?
19.5 Million
The people who make the major policy and financial decisions in a corporation.
Board of Directors
What is the difference between a functional organization structure and a matrix organizational structure?
Functional – work is arranged by business functions
Matrix – work is structured around projects
T or F: The direction for a business comes from its policies and procedures
True
What is the only mammal capable of true flight?
Bat
What are the 3 of the 6 basic activities that all businesses must perform.
Generate Ideas
Raise Capital
Train Employees
Buy Goods and Services
Market Goods and Services
Maintain Business Records
What is the current corporate income tax?
21%
The largest number of U.S. businesses employ
No one besides the owner
Which of the following is not shown on an organizational chart?
a. The structure of an organization
b. Work Relationship
c.Job Descriptions
d. Classifications of Jobs
C. job descriptions
Which mammal has the most powerful bite?
Hippo