Ch. 5 Business Organization

3. a written contract granting permission to operate a business to sell products and services in a set way.
7. the number of employees who are assigned to a particular work task and manager.
8. a business owned and run by just one person.
11. a diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications.
12. a corporate form of business that offers the limited liability of a corporation.
14. a business owned and controlled by two or more people who have entered into a written agreement.
15. work is structured around specific projects, products, or customer groups.
16. individuals and organizations that determine what products and services will be available for sale.
17. a business that carries out activities that are consumed by its customers.
20. a written legal document that defines ownership and operating procedures and conditions for the business.

1. a partnership that 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.
2. the obligation to complete specific work.
4. guidelines used in making consistent decisions.
5. the operating procedures for the corporation.
6. one who has no explicit or implicit contract for long-term employment.
9. business involved in selling the goods and services of producers to consumers and other businesses.
10. a precise statement of results the business expects to achieve.
13. the people who make the major policy and financial decisions for the business.
18. a unique business organized by two or more other businesses to operate for a limited time and for a specific project.
19. a list of steps to be followed for performing a particular work activity; description of the way work is to be done.