Chapter 5-8
Form of business that is owned by one person
What is sole proprietorship?
The board of directors for a corporation is elected by
What are stockholders?
A written document that details the business idea, target market, the business's competitive advantage, financial resources and qualifications of management
What is a business plan?
The overall explanation of why an organization exists and where it is trying to head
What is a vision?
This planning is a part of contingency planning that is used to deal with sudden and unexpected changes in the business environment
What is crisis?
A Partner (owner) who invests money in a business and does not take an active role in the managment
What is a limited partner?
This occurs when one company buys the property and obligations of another company
What is a acquisition?
A firm or individual providing financial capital to small business in exchange for an ownership stake in the company
What is a venture capitalist?
Broad, long-term accomplishments an organization wants to achieve
What are goals?
Dividing the required work among a group of employees
What is division of labor?
An owner of a corporation
What is a stockholder?
The share of profits or percentage of sales of a franchisee pays to a franchisor
What is a royalty?
A government agency responsible for encouraging the development of small business
What is the Small Business Administration?
An analysis that is used to help companies evaluate their internal strengths and weaknesses, and develop an awareness of external threats and opportunities
What is SWOT?
A visual device which shows relationships among people and divides the organization's work
What is a organizational chart?
Normally considered a disadvantage of the corporate form of business
What is Double taxation of earnings?
Accepting the risk of starting and running a business
What is Entrepreneurship?
The art of utilizing organizational resources to accomplish goals at work
What is management?
This planning determines the major goals of an organization and lays the foundation for obtaining and using resources to achieve those goals
What is strategic?
The line of authority that moves from the top of a hierarchy to the lowest level
What is chain of command?
Two firms combining to form one company
What is a merger?
The percentage of new jobs small business creates in the US
What is 65%
The management function concerned with anticipating future trends and determining the best strategies to achieve an organization's goals and objectives
What is planning?
This planning prepares alternative courses of action that may be used if the primary plan is not achieving objectives
What is Contingency?
The optimum number of subordinates a manager can supervise is referred to as
What is span of control?