Term
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Definition
| people born between 1946 and 1964; dominated the work force |
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Term
| What are Pressures on Employees? |
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Definition
| people are working more hours, companies are downsizing, employees are taking on new tasks, wage rates decrease, increased use of contingent workers |
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Term
| What are Some Roles of Businesses? |
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Definition
| provide employment, pay taxes, make and distribute goods/services needed by consumers, businesses, and government, positive impact on community |
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Term
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Definition
| generating ideas, raising capital, employing and training personnel, buying goods and services, marketing goods and services, maintain business records |
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Term
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Definition
| Producers, Intermediaries, and Service Businesses |
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Term
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Definition
create products/services
(Ex: farmers, miners, manufacturers) |
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Term
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Definition
businesses involved in selling goods/services of producers to consumers and other businesses or consumers
(Ex: Jack Links) |
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Term
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Definition
carries out activities that are consumed by customers
(Ex: dentists, painters, pharmacists) |
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Term
| 3 Main Forms of Business Ownership |
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Definition
| Sole Proprietorship, Partnership, and Corporation |
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Term
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Definition
business owned and run by one person, not as many rules or regulations
Pros - more profit Con - lot of responsibilities |
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Term
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Definition
| businesses owned and controlled by two or more people, must have written agreement, owners responsible for other's decisions, shared risk and skills |
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Term
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Definition
| owned by shareholders and managed by board of directors, board of directors must approve sharing of profits, stockholders only lose what they have invested |
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Term
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Definition
| most businesses start as proprietorship, easy to start, name not needed, all income is taxed as part of your personal income |
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Term
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Definition
| more complex than proprietorship, must register business name and name of each partner, partnership is dissolved when a partner dies |
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Term
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Definition
| most popular form of ownership for large businesses; subject to more laws, difficult to form; have articles of incorporation, corprate bylaws, board of directors; liability is limited to amount invested; double taxation |
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Term
| Articles of Incorporation |
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Definition
| written legal documents that defines ownership, procedures, and conditions for the business |
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Term
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Definition
| operating procedures for the corporation |
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Term
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Definition
| group of people who make policy and decisions |
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Term
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Definition
| taxes paid on profits and on dividends |
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Term
| Limited Liability Partnership |
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Definition
| some investors cannot lose more than their investment |
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Term
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Definition
| two or more businesses join together to operate for a limited time and for a specific project |
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Term
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Definition
| income is based on an owner's investment and taxed on their individual tax returns |
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Term
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Definition
| activities that benefit the public, free from corporate income tax |
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Term
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Definition
| owned by members and is managed in their interest |
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Term
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Definition
| written contract granting a permission to operate a business to sell products/services in a certain way |
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Term
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Definition
| written statement of the reason a business exists and what it wants to acheive |
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Term
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Definition
| statement of results the business expects to achieve |
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Term
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Definition
| guidelines used in making consistent decisions |
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Term
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Definition
| descriptions of the way work should be done |
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Term
| 1st Principle of Effective Organization |
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Definition
| Responsibility, Authority, and Accountability |
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Term
| 2nd Principle of Effective Organization |
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Definition
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Term
| 3rd Principle of Effective Organization |
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Definition
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Term
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Definition
| obligation to complete specific work |
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Term
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Definition
| the right to make decisions about how responsibilities should be accomplished |
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Term
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Definition
| taking responsibility for the results achieved |
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Term
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Definition
| clear reporting relationship for all staff |
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Term
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Definition
| number of employees who are assigned to a particular work task and manager |
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Term
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Definition
| diagram that shows the structure of an organization |
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Term
| Functional Organizational Structure |
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Definition
| work is arranged within main business functions (marketing, production, etc) working with people of like skill |
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Term
| Matrix Organizational Structure |
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Definition
| work is structured around specific projects, products or customer groups |
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