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Chapter 5 - Business Organizations Study Guide

AB
Contingent workersA worker who has no contract for long-term employment.
Manufacturer/producerThis type of business creates the products and services used by individuals and other businesses.
IntermediaryThis type of businesses is involved in the selling of goods and services of producers to consumers and other businesses.
Service businessThis type of business carries out activities consumed by its customers.
Sole proprietorshipA business owned and operated by one person.
PartnershipA business owned and operated by more than two or more people.
CorporationA business that is a seperate legal entity formed by filing documents with a state.
Board of directorsManagers and decsion-makers of an organization.
Limited Liability PartnershipIn this type of business, some partners are strictly financial partners and cannot lose more than their investment.
Joint ventureIn this type of business, two or more business who operate together for a limited time.
FranchiseIn this type of business, a written contract is granted to give permission to operate a business and sell goods and services in a certain way.
Nonprofit corporationThis type of business does work to benefit the general public.
GoalsThese results are expected to be achieved.
ResponsibilityThis is the obligation to complete specific work.
AccountabilityThis is taking responsibility for the results achieved.


Shawnee High School
Medford, NJ

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