Business Essentials Chapter 5

The most important role of business is to provide employment for people.

• True
• False

An Internet service provider is this type of business.

• Franchise
• Service Business
• Producer
• proprietorship

Service jobs are the lowest paying jobs in the U.S. economy.

• True
• False

The operating procedures for a corporation.

• board of directors
• corporate bylaws
• policies
• franchise

All of the following types of businesses are producers EXCEPT

• extractors
• farmers
• retailers
• manufacturrers

Most states require proprietorships to register a business name.

• True
• False

There is no difference between policies and procedures.

• True
• False

Baby boomers have dominated the U.S. labor market since they began working in the 

• 1950's
• 1960's
• 1970's
• 1980's

Over the next ten years, the number of contingent workers in the United States is expected to

• decrease by half
• stay the same
• increase about 10%
• nearly double

The easiest form of business to start is the

• S corporation
• proprietorship
• partnership
• nonprofit corporation