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Vocabulary - Chapter 5

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1.
1 point
A diagram that shows the structure of an organization, classifications of jobs, and the relationships among those classifications.
2.
1 point
Businesses involved in selling the goods and services of producers to consumers and other businesses.
3.
1 point
Guidelines used in making consistent decisions.
4.
1 point
A business owned and controlled by two or more people who have entered into a written agreement.
5.
1 point
A specific statement of results the business expects to achieve.
6.
1 point
A written contract granting permission to operate a business to sell products and services in a perscribed way.
7.
1 point
A separate legal entity, formed by documents filed with the state, which is owned by one or more shareholders and managed by a board of directors.
8.
1 point
Descriptions of the way work is to be done
9.
1 point
One who has no explicit or implicit contract for long-term employment.
10.
1 point
A written agreement among all owners that speficies the rules and procedures that guide ownership and operations.
11.
1 point
A written legal document that identifies ownership and operating procedures and conditions for the business.
12.
1 point
Businesses that complete activities that are consumed by customers rather than offering products for sale.
13.
1 point
A business owned and controlled by just one person.
14.
1 point
A short, specific written statement of the reason a business exists and what it wants to accomplish
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