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The percentage of white workers in the U.S. labor force is expected to rise greatly over the next 5 to 10 years.
True
The most important role of business is to provide employment for people.
False
All businesses buy goods and services.ย
True
Service jobs are the lowest paying jobs in the U.S. economy
False
Most states require proprietorships to register a business name.ย
False
A corporation's owners have access to profits only if the board of directors approves it.ย
True
A goal is a precise statement of results the business expects to achieve.ย
True
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.ย
False
There is no difference between policies and procedures.
False
Unity of command is the number of employees who are assigned to a particular work task and manager
False
Baby boomers have dominated the U.S. labor market since they began working in theย
1960s
Over the next ten years, the number of temporary workers in the U.S. is expected toย
Nearly double
What percentage of the U.S. businesses have no employees other than the owner?
almost 80%
All the following types of businesses are producers EXCEPT
Retailers
The easiest form of business to start is the
proprietorship
A partnership
requires at least two owners
A unique business organized by two or more other businesses to operate for a limited time and for a specific project is aย
joint venture
The direction for a business comes from its
mission statement
The obligation to complete specific work is called
responsibility
In a matrix organizational structure
work is structured around particular projects, or customer groups
A business is owned and operated by only one person
proprietorship
The operating procedures for a corporation
corporate bylaws
An automobile factory is the type of business
producer
Guidelines used in making consistent decisions
policies
The people who make the major policy ad financial decisions for a corporation
board of directors
A grocery store is this type of business
intermediary
A business owned and controlled by at least two people who have entered into a written agreement
partnership
A written contract granting permission to operate a business
franchise
An Internet service provider is this type of business
service business
Descriptions of the way work is to be done
procedures
A temporary or _ worker is one who has not explicit or implicit contract for long-term employment.
contingent
The six basic business activities are generating ideas, , employing and training personnel, goods and services, _ goods and services, and maintaining business records.ย
rasing capital, buying, and marketing
The _ is a written legal document that defines ownership and operating procedures and conditions for a corporation.
articles of incorporation
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.
Limited Liability
A(n) _ is a diagram that shows the structure of a business, classifications of work and jobs, and the relationships among those classifications.
organizational chart