Chapter 5

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Across
  1. 2. the people who make the major policy and financial decisions for the business.
  2. 5. 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.
  3. 7. the obligation to complete specific work.
  4. 9. a diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications.
  5. 10. a written legal document that defines ownership and operating procedures and conditions for the business.
  6. 12. a business that carries out activities that are consumed by its customers.
  7. 13. the number of employees who are assigned to a particular work task and manager.
  8. 17. group of people who join to do some activity that benefits the public.
  9. 20. a corporate form of business that offers the limited liability of a corporation.
  10. 22. a written agreement among all owners detailing the rules and procedures that guide ownership and operations.
  11. 23. a list of steps to be followed for performing a particular work activity; a description of the way work is to be done.
  12. 25. a business owned and run by just one person.
  13. 26. guidelines used in making consistent decisions.
  14. 28. people who cultivate land and use other natural resources to grow crops and raise livestock for consumption.
  15. 29. the company purchasing the rights to run the business.
  16. 30. one who has no explicit or implicit contract for long-term employment.
  17. 31. a precise statement of results the business expects to achieve.
  18. 32. the company that owns the product or service and grants the rights to another business.
  19. 33. 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.
  20. 34. 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. A simple document much like a partnership agreement must be developed.
Down
  1. 1. taking responsibility for the results achieved.
  2. 3. a business that takes resources from nature for direct consumption or for use in developing other products.
  3. 4. a written contract granting permission to operate a business to sell products and services in a set way.
  4. 6. a clear reporting relationship for all staff of a business.
  5. 8. individuals and organizations that determine what products and services will be available for sale.
  6. 11. short specific written statement of the reason a business exists and what it wants to achieve.
  7. 14. the right to make decisions about how responsibilities should be accomplished.
  8. 15. a business formed to market products produced by members or to purchase products needed by the members. It is owned by members, serves their needs, and is managed in their interest.
  9. 16. 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.
  10. 18. businesses involved in selling the goods and services of producers to consumers and other businesses.
  11. 19. a business owned and controlled by two or more people who have entered into a written agreement.
  12. 21. peopleborn between 1946 and 1964.
  13. 24. businesses that get supplies from other producers and convert them into products. They sell their products to consumers and other businesses.
  14. 27. the operating procedures for the corporation.