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Intro to Business-Chapter 5- Business Organization

Contingent Worker
One who has no explicit or implicit contract for long-term employment.
Intermediaries
Businesses involved in selling the goods and services of producers to consumers and other businesses.
Service Business
Carries out activites that are consumed by its customers.
Proprietorship
A business owned and run by just one person.
Partnership
A business owned and controlled by two or more people who have entered into an agreement.
Corporation
A separate legal entity formed by documents filed with a state.
Partnership Agreement
A written agreement among all owners.
Articles of Incorporation
A written legal document that defines ownership and operating procedures and conditions for the business.
Franchise
A written contract granting permission to operate a business to sell products and services in a set way.
Mission Statement
A short, specific written statement of the reason a business exists and what it wants to achieve.
Goal
A precise statement of results the business expects to achieve.
Policies
Guidelines used in making consistents decisions.
Procedures
Descriptions of the way work is to be done.
Organization Chart
A diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classification.
Business Activies
Generating ideas, Raising Capital, Employing and Training Personnel, Buying Goods and Services, Marketing Goods and Services, Maintaining Business Records
Producers
Create the products and services used by individuals and other businesses.
Extractor
A business that takes resources from nature for direct consumption or for use in developing other products.
Manufacturers
Get supplies from other producers and convert them into products.
Corporate Bylaws
The operating procedures for the corporation.
Board of Directors
The people who will make the major policy and financial decisions for the business.
Limited Liability Partnership
Identifies some investors who cannot lose more than the amount of their investment, but they are not allowed to participate in the day to day management of the business.
Joint Venture
A unique business organized by two or more other businesses to operate for a limited time and for a specific project.
S-corporation
Offers the limited liability of a corporation.
Limited Liability Company
Provides liability protection for owners.
Nonprofit Corporation
A group of people who join to do some activities that benefits the public.
Cooperative
Owned by members, serves their needs, and is managed in their interest.
Responsibility
The obligation to complete specific work.
Authority
The right to make the decisions about how responsibilities should be accomplished.
Accountability
Taking the responsibility for the results achieved.
Unity of Command
Clear reporting relationship for all staff of a business.
Span of Control
The number of employees who are assigned to a particular work task and manager.
Functional Organizational Structure
Work is arranged within main business functions such as production, operations, marketing and Human Resources.
Matrix Organizational Structure
Work is structured around specific projects, products, or customer groups.

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