Ch.5/6 mini quiz

4. the people who make the major policy and financial decisions for the business.
7. a diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications.
8. type of business that carries out activities that are consumed by its cutomers
10. a business owned and controlled by two or more people who have entered into a written agreement.
12. created to benefit the public (501C3).
14. type of business that takes producer's products and sells to consumers
15. a separate legal entity formed by documents filed with a state. It is owned by one or more shareholders and managed by a board of directors.
17. business owned by one person
18. individuals and organizations that determine what products and services will be available for sale.
20. a unique business organized by two or more other businesses to operate for a limited time and for a specific project. It is a type of partnership.
21. taking responsibility for the results achieved.
22. the right to make decisions

1. the number of employees who are assigned to a particular work task and manager.
2. taking responsibility for results
3. chart where work is structured around a specific project, product, or concern
5. a written legal document that defines ownership for the business.
6. form of business ownership that provides liability protection for owners. It has a simpler set of organizing and operating requirements than a corporation. No articles of incorporation or bylaws are needed.
9. obligation to complete a task
11. a business formed to market products produced by members or to purchase products needed by the members.
13. a written contract granting permission to operate a business to sell products and services in a set way.
16. defines the operating procedures of a corporation
19. the right to make decisions about how responsibilities should be accomplished.