All businesses buy goods and services.

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

Most states require proprietorships to register a business name.

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

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.

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

There is no difference between policies and procedures.

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

Over the next ten years, the number of contingent workers in the United States is expected to:

The form of ownership most common among U.S. businesses is:

All of the following types of businesses are producers EXCEPT:

The easiest form of business to start is the:

A partnership...

A unique business organized by two or more other businesses to operate for a limited time and for a specific project is a:

The direction for a business comes from its:

The obligation to complete specific work is called:

In a matrix organizational structure...

A temporary or _____________ worker is one who has no explicit or implicit contract for long-term employment:

The _______________ is a written legal document that defines ownership and operating procedures and conditions for a corporation.

A(n) __________ identifies some investors who cannot lose more than the amount of their investment, but they are not allowed to participate in the daily management of the business. They also have a layer of protection to their own personal assets.

A(n) _______________ is a diagram that shows the structure of a business, classifications of work and jobs, and the relationships among those classifications.

A business is owned and operated by only one person.

The operating procedures for a corporation.

An automobile factory is this type of business.

Guidelines used in making consistent decisions:

The people who make the major policy and financial decisions for a corporation.

A grocery store is this type of business.

A business owned and controlled by at least two people who have entered into a written agreement.

A written contract granting permission to operate a business.

An Internet service provider is this type of business.

Descriptions of the way work is to be done.

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

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

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

Nonprofit corporations do not pay corporate income taxes.

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

A mission statement defines what the business wants to achieve.

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

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

The large number of people born between 1946 and 1964.

A statement of results a business's plans to achieve.

Businesses involved in selling goods produced by others.

The number of people assigned to a specific work task or manager.

A business organized by two or more other businesses for a limited time.

Someone who has no contract for long-term employment.

A business owned by members and managed in their interest.

Owned and controlled by two or more people.

Owned and run by one person.

Shareholders have a voice in business decisions.

Managed by a board of directors.

Usually must be dissolved if an owner leaves.

The easiest form of business to start and run.

Protects the liability of owners.

Must create bylaws or operating procedures.

The majority of U.S. businesses.

Must register the business name and the names of all owners.

The percentage of white workers in the U.S. labor force is expected to increase greatly over the next 5 to 10 years.