Chapter 5
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| Contingent Worker | No explicit or implicit long term contract of employment.
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| Producer | Create the products and services used by individuals and other businesses.
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| Extractor | A business that takes resources from nature for direct consumption or for use in developing other products.
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| Farmer | Cultivate land and use other natural resources to grow crops and raise livestock for consumption.
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| Manufacturer | Get supplies from other producers and convert them into products. Sell products to consumers and other businesses.
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| Intermediaries | Businesses involved in selling goods and services of producers to consumers and other businesses. Most common are retailers and wholesalers.
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| Service Business | Carries out activities that are consumed by its customers. It does not sell products.
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| Proprietorship | Business owned and run by one person.
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| Partnership | Business owned and controlled by two or more people who have entered into an agreement.
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| Corporation | A separate legal entity formed by documents filed with a state. Owned by one or more shareholders and managed by a board of directors.
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| Partnership Agreement | A written agreement among all owners.
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| Articles of Incorporation | A written legal document that defines ownership and operating procedures and conditions fore the business.
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| Corporate Bylaws | Operating procedures for the business.
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| Board of Directors | The people who will make the major policy and financial decisions for the business.
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| Limited Liability Company | Provides liability protection for owners.
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| Nonprofit Corporation | A group of people who join to do some activity that benefits the public.
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| Cooperative | Owned by members, serves their needs, and is managed by their interest.
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| Franchise | A written contract granting permission to operate a business to sell products and services in a set way.
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| Franchiser | The company that owns the product or service and grants the rights to another business.
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| Franchisee | The company that purchases the rights is the franchisee.
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| Mission Statement | A short, specific written statement of the reason a business exists and what it wants to achieve.
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| Goal | A precise statement of results the business expects to achieve.
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| Policies | Guidelines used in making consistent decisions.
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| Procedures | Descriptions of the way work is to be done.
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| Responsibility | The obligation to the complete specific work.
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| Authority | The right to make decisions about how responsibilities should be accomplished.
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| Accountability | Taking responsibility for the results achieved.
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| Unity of Command | Means there is a clear reporting relationship for all staff of a business.
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| Span of Control | The number of employees who are assigned to a particular work task and manager.
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| Organization Chart | A diagram that shows the structure of an organization, classification of work and jobs, and the relationships among those classifications.
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| Functional Organizational Structure | Work is arranged within main business functions such as production, operations, marketing, and human resources.
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| Matrix Organizational Structure | Work is structured around specific projects, products, or customer groups.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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