A short, specific written statement of the reason a business exists and what it wants to achieve.
What is a mission statement?
100
A business owned and run by just one person.
What is a proprietorship?
100
Taking responsibility for results achieved.
What is accountability?
100
The company purchasing the rights to run the business.
What are franchisees?
100
A diagram that shows the structure of an organization, classification of work and jobs, and the relationship among those classifications.
What is an organizational chart?
200
A precise statement of results the business expects to achieve.
What are goals?
200
A business owned and controlled by two or more people who have entered into a written agreement.
What is a partnership?
200
Clear reporting relationship for all staff of a business.
What is unity of command?
200
Businesses owned by members, serve their needs and is managed in their interest.
What are cooperatives?
200
Work is arranged within the main business functions such as production, operations, marketing and human resources.
What is a functional organizational structure?
300
Guidelines used in making consistent decisions.
What are policies?
300
A separate legal entity formed by documents filed with your state. It is owned by shareholders.
What is a corporation?
300
The number of employees who are assigned to a particular work task and manager.
What is span of control?
300
A unique business organized when two or more other businesses operate together for a limited time and for a specific project.
What is a joint venture?
300
Work is structures around specific projects, products or customer groups.
What is a matrix organizational structure?
400
A description of the way work is to be done.
What are procedures?
400
This type of business carries out activities that are consumed by its customers (intangible products)
What are service businesses?
400
The obligation to complete specific work.
What is responsibility?
400
A group of people who join to do some activity that benefits the public.
What is a nonprofit corporation?
400
Offers the limited liability of a corporation, but all income is passed through the owners based on their investment and is taxed on their individual tax returns.
What is an S-corporation?
500
This has led to downsizing the number of people employed by many companies.
What is economic stress?
500
The company that owns the product or service and grants the rights to another business.
What is a franchiser?
500
The right to make decisions about how responsibilities should be accomplished.
What is authority?
500
Businesses involved in selling the goods and services of producers to consumers.
What are intermediaries?
500
Provides liability protection for owners, but has a simpler set of organizing and operating requirements than a corporation.