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

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.

Baby boomers have dominated the U.S. labor market since they began working in the

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) ________ partnership 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.

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 is known as a/an

The operating procedures for a corporation is known as a/an

An automobile factory is known as this type of business

Guidelines used in making consistent decisions is known as a/an

The people who make the major policy and financial decisions for a corporation are known as a/an

A grocery store is known as this type of business

A business owned and controlled by at least two people who have entered into a written agreement is known as a/an

A written contract granting permission to operate as a business is known as a/an

An internet service provider (ISP) is known as this type of business

Descriptions of the way work is to be done is known as a/an

Weighing tomatoes from bushel baskets into three-pound trays is known as which business activity?

Hiring an accountant is known as which business activity?

Ordering steel for making cabinets is known as which business activity?

Purchasing aluminum for shaping into soft-drink cans is known as which business activity?

Obtaining a loan from a bank in order to expand a factory is known as which business activity?

Research the products you think will be needed by the increasing older population is known as which business activity?

Determining the expenses, income, and profit/loss is known as which business activity?

Serving a new brand of popcorn to customers and asking their opinions on it is known as which business activity?

I should know six items that need to be in an article of partnership for the test (in a short-answer/extended response scenario).

Mrs. Logue is a boomer?

Budgeting is much easier for a new business than for a well-established business.

The main source of financial information established businesses use to prepare a budget is

Managers are usually held accountable if their part of the company faces financial problems.

This is an estimate of the actual money a business received and paid out for a specific period.

Identifies the companies from which credit purchase were made.

Liabilities are

All of the following are fixed assets EXCEPT

With direct deposit, an employer transfers net pay electronically into an employee’s bank account.

Records that name the buildings and equipment owned by the business.

A company’s sales and profits for a specific period are listed in the company’s

Which of the following payroll deductions is NOT a payroll tax?

An earnings report includes

Records of accounts identify all purchases and sales made using credit.

Records that identify the type and number of products on hand for sale.

A company’s liabilities divided by the owner’s equity is the

Ratio that tells you how much the business is relying on money borrowed from others.

The net income ratio will show the rate of return the owners are getting on the money they invested in the company.

If a budget contains several discrepancies, the LAST adjustment that managers should attempt is to

The basic financial equation is

There is no point in comparing your financial statements with those of another company.

Assets, liabilities, and owner’s equity for a specific date are listed on a financial statement called the

All income that a business receives over a period of time.

If you owe Smith Printing Company money it is identified as what kind of business element?

The documentation used to track each employee’s pay history is a(n)

Because they are so vital to businesses, financial records are still usually prepared manually using paper documents.

Ratio that tells you if the business can pay its debts when they become due.

______________ are comparisons of a company’s financial elements that indicate how well the business is doing.

Discrepancies are differences between ______________ performance (s).

Amounts a company will pay off within a year.

What is the standard estimation for how long it takes a business to be profitable?

A payroll is the financial record of employee compensation, deductions, and net pay.

MariClare Logue, Capital is what kind of business element?

Explaining the budget to people who need financial information to make decisions is the first step of the business budgeting process.

Refers to income taxes, Social Security, Medicare, and unemployment taxes.

If expenses are less than revenue, the business will suffer a loss.

Cash and items that can readily be converted to cash.

Prepaid Insurance is what kind of business element?

The costs of operating a business.

Records that contain information on all employees, their compensation, and benefits.