Quiz Chapter 5: Business Organization Key Terms and Definitions

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

• intermediaries
• articles of incorporation
• contingent worker
• corporation
• franchise

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

• service business
• articles of incorporation
• contingent worker
• corporation
• franchise

3. a business owned and run by just one person.

• proprietorship
• articles of incorporation
• contingent worker
• corporation
• franchise

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

• contingent worker
• articles of incorporation
• corporation
• franchise
• goal

5. a written agreement among all owners detailing the rules and procedures that guide ownership and operations.

• partnership agreement
• articles of incorporation
• contingent worker
• corporation
• franchise

6. a separate legal entity formed by documents filed with a state. It is owned by one or more shareholders and managed by a board of directors.

• corporation
• articles of incorporation
• contingent worker
• franchise
• goal

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

• partnership
• articles of incorporation
• contingent worker
• corporation
• franchise

8. a written contract granting permission to operate a business to sell products and services in a set way.

• franchise
• articles of incorporation
• contingent worker
• corporation
• goal

9. guidelines used in making consistent decisions.

• policies
• articles of incorporation
• contingent worker
• corporation
• franchise

10. short, specific written statement of the reason a business exists and what it wants to achieve.

• mission statement
• articles of incorporation
• contingent worker
• corporation
• franchise