Intro Quiz
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
