Business in a Global Society
Forms of Business Ownership
Business Operations
Business Organizational Structures
More Vocabulary
100
Goods and services one country buys from another country
What is imports
100
Shares of ownership in a corporation
What is stock
100
A precise statement of results the business expects to achieve
What is goal
100
A chart that shows how a business is structured and who is in charge of whom
What is organizational chart
100
Goods and services one country sells to another country
What is exports
200
The price at which the currency of one country can buy the currency of another country
What is exchange rate
200
A business owned by only one person
What is sole proprietorship
200
Descriptions of the way work is to be done
What is procedures
200
Managers responsible for setting goals and planning the future for a company
What is top level managers
200
Few or no limits on trade between countries
What is free trade
300
A tax placed on imported products to make them more expensive than domestic products
What is tariff
300
A contractual agreement to use the name and sell the goods or services of an existing company
What is franchise
300
Guidelines used in making consistent decisions
What is policies
300
Dividing responsibilities in an organization among specific units or departments
What is departmentalization
300
Business that acts as a go-between in moving goods from producers to consumers, such as wholesalers, retailers, and distributors
What is intermediary
400
A ban on the import or export of a product
What is embargo
400
A business owned by two or more persons who share the risks and rewards
What is partnership
400
A short, specific written statement of the reason a business exists and what it wants to achieve
What is mission statement
400
Managers who are responsible for the daily operations of a business, such as supervision and office managers
What is operational managers
400
A business that sells goods or services directly to the public
What is retailer
500
A company that does business and has facilities in many countries around the world
What is multinational corporation
500
A type of business that buys goods in large amounts and resells them to other businesses in smaller lots
What is wholesaler
500
A business plan that divides a company into different departments run by different managers
What is management plan
500
An organization that gives authority to a number of different managers to run their own departments
What is decentralizaed organization
500
A business whose main purpose is to provide a service rather than to make a profit
What is nonprofit organization
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