| A | B |
|---|
| articles of incorporation | written legal document that identifies ownership and operating procedures and conditions for the business |
| authority | the right to make decisions about how responsibilities should be accomplished |
| 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 | business involved in selling the goods and services of producers to consumers and other businesses |
| mission statement | a short, specific written statement of the 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 | a business that completes activities that are consumed by customers rather than offer products |
| producer | creates products and services used by individuals and other businesses |
| manufacturer | get supplies from other producers and convert them into products |
| extractor | take resources from nature |
| cooperative | owned by members, serves their needs and is managed in their interest |
| responsibility | the obligation to complete specific work |
| contingent worker | one who has no explicit or implicit contract for long-term employment |
