| A | B |
|---|
| Articles of Incorporation | A written legal document that identifies ownership and operating proedures and conditions for the business |
| Contigent Worker | One who has no explicit or implicit contract for long-term employment |
| Corporation | A separate legal entity, formed by documents filed with the state, which is owned by one or more shareholders and managed by a board of directors |
| Franchise | A written contract granting permission to operate a business to sell products and services in a prescribed way |
| Goal | A specific statement of results the business expects to achieve |
| Intermediaries | Businesses involved in selling the goods and services of producers to consumers and other businesses |
| Mission Statement | A short, specific written statement of th reason a business exists and what it wants to accomplish |
| Organization Chart | A diagram that shows the structure of an organization, classifications of 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 that specifies the rules and procedures that guide ownership and operations |
| Proprietorship | A business owned and controlled by just one person |
| Policies | Guidelines used in making consistent decisions |
| Procedures | Descriptions of the way work is to be done |
| Service Business | Businesses that complete activities that are consumed by customers rather than offering products for sale |
| Liability | Anything a Company Owes |
| Employment Liability | Example: Firing of an employing that missed significant days from work |
| Accidents and Injuries on Premises Liability | Example: Customer breaks a leg |
| Company Vehicle-Related Liability | Example: Driver runs into a building |
| Product-Related Liability | Example: Toys easily injure toddlers |
| Errors and Omissions Liability | Example: Employee accidentally damages a customer’s property |
| Producers | Create the products and services used by individuals and other businesses |
| Extractor | A business that takes resources from nature for direct consumption or for use in developing other products |
| Farmer | Cultivate land and use other natural resources to grow crops and livestock for consumption |
| Manufacturers | Get supplies from other producers and convert them into products |
| Corporate Bylaws | The operating procedures for the corporation |
| Board of Directors | The people who will make the major policy and financial decisions for the business |
| Limited Liability Partnership | 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 |
| Joint Venture | A unique business organized by two or more other businesses to operate for a limited time and for a specific project |
| S-Corporation | Favored by many small businesses, offers the limited liability of a corporation |
| Limited Liability Company | Provides the liability protection for owners |
| Nonprofit Corporation | A group of people who join to do some activity that benefits the public |
| Cooperative | Is owned by members, serves their needs, and is managed in their interest |
| Franchiser | The company that owns the product or service and grants the rights to another business is known as the: |
| Franchisee | The company purchasing the rights to run the business is the: |
| 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 |
| Unity of Command | Means there is a clear reporting relationship for ll staff of a business |
| Span of Control | The number of employees who are assigned to a particular work task and manager |
| Functional Orgainizational Structure | Work is arranged within main business functions such as production, operations, marketing, and human resources |
| Matrix Organizational Structure | Work is structured around specific projects, products, or customer groups |
| Dormant Partner | plays no role and is not known to the public |
| General Partner | plays an active role and has unlimited liability (every partnership must have at least one general partner) |
| Limited Partner | participate as investors and have limited liability |
| Secret Partner | plays an active role but is secret from society |
| Silent Partner | does not have an active role but is known to the public |
| Business-Format Franchise | requires franchisee to sell products or service in a specific format |
| Product-Trade Franchise | allows franchisee to sell specific products. This format is usually formed by automobile, appliance, and petroleum product |
| Domestic Corporations | are chartered in a specific state |
| Foreign Corporations | are chartered in one state but doing business in another state |
| Alien Corporations | are chartered in another nation but doing business in a state |
| Public Corporations | are established for governmental purposes |
| Private Corporations | are established by individuals for business or charitable purposes |
