Types of business ownership include which of the following?

Fill in the blank: Producers develop products from ______ for distribution.

Fill in the blank: Processors change raw goods into a more finished form for ______.

Fill in the blank: Manufacturers change raw or processed goods into ______ goods.

Fill in the blank: Intermediaries are referred to as the ______ and move finished goods from one business to another.

Which of the following best describes a wholesaler?

Fill in the blank: A retailer typically buys finished goods from wholesalers, but can also buy directly from a manufacturer and ultimately sells the goods to the ______.

Fill in the blank: The supply chain connects the producer to the processor to the manufacturer to the intermediaries and ultimately to the ______.

Fill in the blank: Non-profit organizations operate on ______, volunteers and philanthropists rather than income or profit.

The types of business ownerships differ in which of the following ways?

Which of the following is NOT a type of business ownership?

Fill in the blank: The most common form of business ownership is ________.

A sole proprietorship is owned and operated by more than one individual.

Fill in the blank: A partnership is a ________ agreement between two or more people to be responsible for a business.

A general partnership is:

Fill in the blank: One disadvantage of a limited partnership is ______ about business decisions.

In a limited partnership, actions of one partner are legally binding for the other partners.

What happens if one partner in a limited partnership should die?

What is a corporation? Fill in the blank: A corporation is a ______ entity which has rights and responsibilities separate from its owners.

Ownership in a corporation is achieved by purchasing what?

Who are often called stockholders or shareholders in a corporation?

Which of the following is an advantage of a corporation?

Fill in the blank: The process of ______ can be complex, time-consuming, and expensive for corporations.

Organizational structure of business is defined as:

A franchise is a business which has the right or ______ to sell a company’s product or service at a designated location. (Fill in the blank)

Who leases its trade name and operating system to another person in a franchise?

The franchisee pays a ______ to the franchisor to operate a business under the franchisor’s trade name.

Which of the following is a disadvantage of a franchise?

The arrangement of a business to establish a chain of command and define roles and responsibilities is called ______.

Business organizational structure identifies ______. (Fill in the blank)

An organizational chart or diagram is often used by businesses to ______ display the organizational structure which establishes the chain of command of a business.

Fill in the blank: Top management sets an organization’s ______ and objectives.

Fill in the blank: Middle managers are responsible for establishing and achieving the goals of a specific department set by ______ management.

Fill in the blank: Supervisors are considered ______-level managers.

Fill in the blank: Operative employees make up the ______ level of the pyramid.

Fill in the blank: Departmentalization is used to ______ the manageability of an organization.

Which of the following is NOT a characteristic of operative employees?

Businesses can be structured by departments.

Informal structures are normally found in ______ businesses with fewer employees.

Formal structures can be found in ______ business large or small.

Which of the following is a characteristic of informal structures?

Which type of authority is direct and straightforward authority of the supervisor to the employees who the supervisor is responsible for?

Staff authority allows for input and suggestions from others to ______ and assist the supervisor.

Functional authority breaks the chain of command and allows individuals outside of a specific division to give commands as related to ______ functions.

Centralized decision-making is considered a ______ approach to decision making.

In centralized decision-making, the primary focus would be ______ management.

Structural design of business is defined as:

A simple business structure is a non-elaborate, ______ structure with centralized authority.

Fill in the blank: A simple business structure is a ______ organization with only two or three levels and is widely used in smaller businesses with few employees.

Fill in the blank: A functional business structure groups employees with ______ and related work functions.

Fill in the blank: A divisional business structure is divided by ______ produced and then subdivided by functions.

Organizational functions of business are defined as:

The organizational functions of business can be categorized as:

The business cycle refers to:

The phases of the business cycle are defined as which of the following?

The business cycle is also referred to as the ______ cycle. (Fill in the blank)

Which of the following is NOT a phase of the business cycle?

The growth phase of the business cycle may also be called ______. (Fill in the blank)

Sales is the action of selling ______.

Distribution is delivering produced goods and services to consumers in a ______ manner.

Which phase accounts for the increase in business activity toward full production?

What does a rise in price during the expansion phase cause?

During the expansion phase, unemployment has:

Which of the following is NOT a cause of the expansion phase?

Full employment is a characteristic of which phase?

A transition point from growth to recession occurs during the:

Which of the following is a cause of the peak phase?

A period of decreasing business activity is known as the ______ phase.

Gross domestic product or GDP is defined as:

Which of the following is a cause of the recession phase?

What does the Trough Phase mark in the business cycle?

The Trough Phase accounts for the ______ amount of output and employment.

Which of the following is NOT a cause of the Trough Phase?

Business Cycle Indicators include which of the following?

Business Cycle Indicators are used to foresee ______ in the economy and in a business.

Business Cycle Indicators should always be trusted to accurately predict change.