Intro to Business: Chapter 5

What percentage of U.S. businesses have no employees other than the owner?

79% of small business owners have no employees.

What is a functional organizational structure? A matrix organizational structure? Know the differences.

Functional: Work is arranged within main business functions such as production, operations, marketing, and human resources. Matrix: Work is structured around specific projects, products, or customer groups.

Name the 6 Basic Business Activities.

Generating ideas, raising capital, employing and training personnel, buying goods and services, marketing goods and services, maintaining business records.

What type of jobs are the highest paying jobs in the U.S.?

Jobs with the most education needed. Ex. Doctors, Dentists, Lawyers.

Know the 3 different business types, and be able to identify examples of each.

Proprietorship: A business owned and ran by just one person. Partnership: A business owned and controlled by to or more people who have entered into a written agreement. Corporation: A separate legal entity formed by documents filed with your state, owned and ran by one or more shareholders.

Know the differences between responsibility, authority, and accountability.

Responsibility: The obligation to complete specific work. Authority: The right to make decisions about how responsibilities should be accomplished. Accountability: Taking responsibility for the results achieved.

Know the advantages and disadvantages of the three main forms of business ownership in the U.S.

Self explanatory.

Who are corporation owners?

Share/stockholders are the ultimate owners of corporations.

When do corporation owners have access it products?

When the board of directors approves it.

Do all businesses buy Goods and Services?

Yes!