Intro to Business chapter 5 and 6

True or False. Everyone who owns or manages a business is an entrepreneur.

false

What percentage of the U.S. workforce is made up of contingent workers?

5%

The Small Business Administration considers a business small if it employs fewer than ______ employees.

500

Which of the following is not a characteristic of entrepreneurship in the United States?

About 3 percent of people ages 18-64 are involved in entrepreneurship activity.

A(n) ____ is a written contract granting permission to operate a business to sell products and services in a set way.

Franchise

A unique business organized by two or more other businesses to operate for a limited time and for a specific project is called a

Joint Venture

About what percentage of U.S. businesses employ more than 100 workers?

Less than 1%

After receiving a shipment, the warehouse supervisor and warehouse clerk must check the goods against the shipping invoice to verify that all items have been delivered as required. If the items are satisfactory, the supervisor may take delivery by signing and dating the invoice." The above is an example of a

Procedure

Which major category of business is the fastest-growing in the U.S. economy?

Service Business

True or False. All investors in a general partnership have full liability for the debts of the business.

True

Money provided by large investors to finance new products and new businesses that have a good chance to be very profitable is known as

Venture Capital

Over the next decade, which of the following groups will experience a DECLINE in employment growth rates in the United States?

white non-Hispanic workers

A competitive advantage that small businesses have over larger businesses is

attention to unique customer needs

True or False. The direction for a business comes from its policies and procedures.

False

A written legal document defining ownership and operating procedures and conditions for a corporation is called the

Articles of incoorparation

The people who make the major policy and financial decisions in a corporation are the

Board of directors

A retailer is an example of a(n)

intermediary

Which of the following is not shown on an organizational chart?

job descriptions

A special form of business organization that combines advantages of a corporation and a partnership is a

limited liability company

Every business performs all of the following activities EXCEPT

manufacturing products

The largest number of U.S. businesses employ

no employees other than the owner

Which of the following is not one of the reasons small business fail?

not enough employees to do the work

A major advantage of a functional organizational structure is that

people work with others who have the same skills

Which of the following is not one of the common activities of all businesses?

producing goods and services

The form of ownership that gives one person sole control over all business decisions is the

proprietorship

The obligation to complete specific work is

responsibility