Intro to Business ch.5

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. 

True

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

False

Most states require proprietorships to register a business name. 

False

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

True

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

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. 

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 the 

1960s

Over the next ten years, the number of temporary workers in the U.S. is expected to 

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 a 

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. 

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