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Principles of Business, Chapter 5

Accountability
taking responsibility for the results achieved.
Articles of incorporation
a written legal document that defines ownership and operating procedures and conditions for the business.
Authority
the right to make decisions about how responsibilities should be accomplished.
Baby boomers
people born between 1946 and 1964.
Board of directors
the people who make the major policy and financial decisions for the business.
Contingent worker
one who has no explicit or implicit contract for long-term employment.
Cooperative
a business formed to market products produced by members or to purchase products needed by the members. It is owned by members, serves their needs, and is managed in their interest.
Corporate bylaws
the operating procedures for the corporation.
Corporation
a separate legal entity formed by documents filed with a state. It is owned by one or more shareholders and managed by a board of directors.
Extractor
a business that takes resources from nature for direct consumption or for use in developing other products.
Farmers
people who cultivate land and use other natural resources to grow crops and raise livestock for consumption.
Franchise
a written contract granting permission to operate a business to sell products and services in a set way.
Franchisee
the company purchasing the rights to run the business.
Franchiser
the company that owns the product or service and grants the rights to another business.
Goal
a precise statement of results the business expects to achieve.
Intermediaries
businesses involved in selling the goods and services of producers to consumers and other businesses.
Joint venture
a unique business organized by two or more other businesses to operate for a limited time and for a specific project. It is a type of partnership.
Limited liability company (LLC)
form of business ownership that provides liability protection for owners. It has a simpler set of organizing and operating requirements than a corporation. No articles of incorporation or bylaws are needed. A simple document much like a partnership agreement must be developed.
Limited liability partnership (LLP)
a partnership that 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.
Manufacturers
businesses that get supplies from other producers and convert them into products. They sell their products to consumers and other businesses.
Mission statement
short, specific written statement of the reason a business exists and what it wants to achieve.
Nonprofit corporation
a group of people who join to do some activity that benefits the public.
Organization chart
a diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications.
Partnership
a business owned and controlled by two or more people who have entered into a written agreement.
Partnership agreement
a written agreement among all owners detailing the rules and procedures that guide ownership and operations.
Policies
guidelines used in making consistent decisions.
Procedure
a list of steps to be followed for performing a particular work activity; a description of the way work is to be done.
Producers
individuals and organizations that determine what products and services will be available for sale.
Proprietorship
a business owned and run by just one person.
Responsibility
the obligation to complete specific work.
S corporation
a corporate form of business that offers the limited liability of a corporation.
Service business
a business that carries out activities that are consumed by its customers.
Span of control
the number of employees who are assigned to a particular work task and manager.
Unity of command
a clear reporting relationship for all staff of a business.

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