Business in the U.S. Economy
They are generating ideas, raising capital, employing and training personnel, buying goods and services, marketing goods/services, and maintaining business records.
What are the six basic activities of all business?
This is a business owned and controlled by two or more people who have entered into a written agreement.
What is a partnership?
This is a precise statement o results the business expects to achieve.
What is a goal?
What are Producers.
This is a special form of business organization that combines advantages of a corporation and a partnership.
What is a Limited Liability Corporation (LLC).
What is the business impact on the community?
What is a corporation?
These are guidelines used to make consistent decisions.
What are policies?
A business owned and controlled by just one person.
What is a proprietorship.
The people who make the major policy and financial decisions in a corporation.
Who are the board of directors?
These are the small businesses that have zero employees outside of their owner.
What is the size of the largest number of U.S. businesses?
This is a written contract granting permission to operate a business to sell products and services in a set way.
What is a franchise?
This is a diagram that shows the structure of the organization.
What is an organization(al) chart?
What is procedure?
This is a group of people who join to do some activity that benefits the public.
What is a nonprofit corporation?
This is an example of an intermediary.
What is a retailer or wholesaler? (storage centers, sales offices, transportation companies, ad agencies. etc)
This is owned by its members, serves their needs, and is managed in their interest.
What is a cooperative (Co-Op)?
These are the problems that can result from the use of a functional structure.
What is little interaction with people in the other parts of the business?
This is a short, specific written statement of the reason a business exists and what it wants to accomplish.
What is a mission statement?
What is an extractor?
Employee wages are used to purchase goods and services. Profits are earned by businesses are used to compensate owners and investors. Taxes are paid; therefore government creates services to the public.
What are roles of a business?
This is the most complex form of business ownership and the most difficult to create.
What is a corporation?
Without effective communication and leadership, it can be confusing and inefficient.
What is a disadvantage to the matrix structure?
One who has no explicit or implicit contract for long term employment.
What is a contingent worker?
What are articles of incorporation?