chapter 5 vocab

2. a business that carries out activities that are consumed by its customers
3. a precise statement of results the business expects to achieve.
4. a diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications.
11. a written agreement among all owners detailing the rules and procedures that guide ownership and operations.
12. guidelines used in making consistent decisions.
13. businesses involved in selling the goods and services of producers to consumers and other businesses.
14. 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.

1. a written legal document that defines ownership and operating procedures and conditions for the business.
5. a business owned and controlled by two or more people who have entered into a written agreement.
6. one who has no explicit or implicit contract for long-term employment.
7. a list of steps to be followed for performing a particular work activity; a description of the way work is to be done.
8. short, specific written statement of the reason a business exists and what it wants to achieve.
9. a written contract granting permission to operate a business to sell products and services in a set way.
10. a business owned and run by just one person.