Intro Quiz

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A statement of results a businesses plans to achieve

Goal

Business income is taxed as personal income.

Sole Proprietorship

Does not even require a business name.

Sole Proprietorship

The easiest form of business to start and run.

Sole Proprietorship

The majority of U.S. businesses

Sole Proprietorship

The number of people assigned to a specific work task or manager

Span of Control

F for Function and M for Matrix People work with others who have the same skills.

F

In a matrix organization structure, work is arranged around business functions.

Disagree

An S corporation is a corporation involved in the service industry.

Disagree

An organizational chart is a detailed list of job duties and responsibilities.

Disagree

F for Function and M for Matrix Work is arranged within main business functions such as production and marketing.

F

Owned and run by one person

Sole Proprietorship

F for Function and M for Matrix All people with jobs related to a specific function work together.

F

A mission statement defines what the business wants to achieve.

Agree

Nonprofit corporations do not pay corporate income taxes.

Agree

Producers use resources to make things that are needed by others.

Agree

Service businesses represent the fastest-growing segment of the economy

Agree

F for Function and M for Matrix People often have little interaction with people in other parts of the business.

F

The large number of people born between 1946 and 1964

Baby Boomers

A written agreement defines ownership.

Both Partnership and Corporation

Two or more people can invest in the business.

Both Partnership and Corporation

No protection for personal assets.

Both Sole Proprietorship and Partnership

Someone who has no contract for long-term employment

Contnigent Worker

A business owned by members and managed in their interest

Cooperative

Managed by a board of directors.

Corporation

Must create bylaws or operating procedures.

Corporation

Protects the liability of owners.

Corporation

Shareholders have a voice in business decisions.

Corporation

Agree/Disagree The most important role of business is to provide employment for people.

Disagree

Businesses involved in selling goods produced by others

Intermediaries

A business organized by two or more other businesses for a limited time

Joint Venture

F for Function and M for Matrix Assignments may be temporary or long-term.

M

F for Function and M for Matrix People with varied backgrounds work together to serve the customer.

M

F for Function and M for Matrix Work is structured around specific projects, products, or customer groups.

M

Must register the business name and the names of all owners

Partnership

Owned and controlled by two or more people.

Partnership

Usually must be dissolved if an owner leaves.

Partnership


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