Intro to Business - Chapter 5

A _________ is a worker who has no explicit or implicit contract for long term employment.

Most businesses have how many employees?

• Less than 100

• 100-500

• Over 10,000

• None, other than the owner

A retailer is an example of a(n)

• extractor

• producer

• intermediary

• service business

A _________ is a business owned and run by just one person

• LLC

• Corporation

• Proprietorship

• Partnership

True or False: Service jobs are the lowest paying jobs in the U.S. economy?

• True

• False

True of False: There is no difference between policies and procedures?

• True

• False

The direction of a business comes from its

• mission statement

• code of ethics

• corporate bylaws

• policy manual

The _________________ is a written legal document that defines ownership and operating procedures and conditions for a corporation.

A(n) _________________ partnership identifies some investors who cannot lose more than the amount of their investment, but they are not allowed to participate in the daily management of the business.

A description of how work should be done is a

• policy

• procedure

• goal

• mission statement