Chapter 5 Quiz Review

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

• True

• False

Producers use resources to make things that are needed by others.

• True

• False

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

• True

• False

Nonprofit corporations do not pay corporate income taxes.

• True

• False

An S corporation is a corporation involved in the service industry.

• True

• False

A mission statement defines what the business wants to achieve.

• True

• False

In a matrix organization structure, work is arranged around business functions.

• True

• False

An organizational chart is a detailed list of job duties and responsibilities.

• True

• False