Chapter 5 Terms
A business owned and controlled by two or more people who have entered into a written contract.
What is a Partnership?
A written legal document that identifies ownership and operating procedures to consumers and other businesses.
What are articles of incorporation?
A business owned and controlled by just one person.
What is a proprietorship?
These people were born between 1946-1964 and are called this.
What are baby boomers?
This is how many toes I have?
What is 10?
A short, specific written statement of the reason a business exists and what it wants to accomplish.
What is a mission statement?
Businesses involved in selling the goods and services of producers to consumers and other businesses.
What are intermediaries?
A written agreement among all owners that specifies the rules and procedures that guide ownership and operations.
What is a partnership agreement?
These people create the products and services used by individuals and other businesses.
What are producers?
This is what number I wore for basketball when I was on varsity.
What is 5?
One who has no explicit or implicit contract for long-term employment.
What is a contingent worker?
A separate legal entity, formed by documents filed with the state, which is owned by one or more shareholders and managed by a board of directors.
What is a corporation?
Guidelines used in making consistent decisions.
What are policies?
Within the articles of incorporation, this is the group of people who make the major policy and financial decisions for their business.
What is a board of directors?
This is the instrument I played from 6th grade through Senior Year.
What is the trumpet?
Descriptions of the way work is to be done.
What are procedures?
A written contract granting permission to operate a business to sell products and services in a prescribed way.
What is a franchise?
A diagram that shows the structure of an organization, classifications of jobs, and the relationships among those classifications.
What is an organizational chart?
One of these is owned by members, serves their needs, and is managed in their interest.
What is a cooperative?
This is my favorite school-appropriate beverage.
What is Dt. Mountain Dew?
A specific statement of results the business expects to achieve.
What is a goal?
A business that completes activities that are consumed by customers rather than offers products for sale.
What is a service business?
This is called taking responsibility for the results achieved.
What is accountability?
This is the number of employees who are assigned to a particular work task and manager.
What is a span of control?
This is how many were in my graduating class in high school.
What is 24?