Chapter 5 Assessment Review-Business Organization

The percentage of hispanic workers in the US labor force is expected to increase greatly over the next 5-10 years.

• True

• False

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

• True

• False

All businesses buy goods and services.

• True

• False

Service jobs are the lowest paying jobs in the US.

• True

• False

Most states require proprietorships to register a business name.

• True

• False

A corporation's owners have access to profits only if the board of directors approve 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