PBMF Chapter 5 Review

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

• True

• False

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

• True

• False

Most states require proprietorships to register a business name.

• True

• False

All businesses buy goods and services.

• True

• False

A corporation’s owners have access to profits only if the board of directors approves it.

• True

• False

A cooperative is a special type of corporation that allows all income to be passed through to owners based on their investment and is taxed on their individual tax returns.

• True

• False

A goal is a precise statement of results the business expects to achieve.

• True

• False

There is no difference between policies and procedures.

• True

• False

Unity of command is the number of employees who are assigned to a particular work task and manager.

• True

• False

U.S. businesses were responsible for nearly ____ percent of the $77.6 trillion dollars of goods and services produced worldwide in 2014.

• 10

• 20

• 30

• 40