PBMF Chapter 5 Review

The form of ownership most common among U.S. businesses is a

• nonprofit

• partnership

• proprietorship

• corporation

The direction for a business comes from its

• policy manual

• mission statement

• code of ethics

• corporate by laws

Which of the following is not shown on an organizational chart?

• classifications of jobs

• work relationships

• job descriptions

• the structure of an organization

A partnership

• is the most common form of business owernship

• is funded through the sale of stock

• does not require a business name

• requires at least two owners

A retailer is an example of a(n)

• intermediary

• producer

• extractor

• service business

Which of the following is not one of the common activities of all businesses?

• producing goods and services

• employing and training personnel

• marketing goods and services

• maintaining business records

The most important role in business is to provide employment for people

• TRUE

• FALSE

Managed by a board of directors

• partnership

• corporation

• sole proprietorship

• partnership & corporation

There is no difference between policies and procedures

• TRUE

• FALSE

Service businesses represent the fastest-growing segment of the economy.

• TRUE

• FALSE