CH 5 Business Organization

a precise statement of results the business expects to achieve

• organization chart

• ethics

• procedure

• goal

guidelines used in making consistent decisions

• policies

• goals

• ethics

• procedures

 a list of steps to be followed for performing a particular work activity; a description of the way work is to be done

• intermediaries

• procedures

• corporation

• articles of incorporation

a diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications

• procedures

• span of control

• articles of incorporation

• organization chart

one who has no explicit or implicit contract for long-term employment

• contingent worker

• short-term employee

• temporary worker

• service business

businesses involved in selling the goods and services of producers to consumers and other businesses

• corporation

• intermediaries

• retailers

• contingent workers

a business that carries out activities that are consumed by its customers

• franchise

• corporation

• partnership

• service business

a business owned and run by just one person

• ownership

• partnership

• proprietorship

• corporation

What percentage of businesses in the US are run only by the owner?

• 50%

• 80%

• 10%

• less than 1%

a business owned and controlled by two or more people who have entered into a written agreement

• franchise

• articles of incorporation

• corporation

• partnership