Intro to Bus Chp 5 Review

2. a written contract granting permission to operate a business to sell products and services in a set way.
5. the company that owns the product or service and grants the rights to another business.
7. taking responsibility.
9. an obligation.
10. create the products and services used by individuals and other businesses
11. guidelines used in making consistent decisions.
12. business owned by members, serves their needs, and is managed in their interest.
17. one who has no explicit or implicit contract for long-term employment (2 words).
19. a business owned and run by just one person - easiest form of business to start.
21. the company purchasing the rights to run a franchise.
22. a separate legal entity formed by filing Articles of Incorporation with the State.
23. a written legal document that defines ownership and operating procedures and conditions for the business (3 words).
24. a short, specific written statement of the reason a business exists and what it wants to achieve (2 words).

1. they get supplies from other producers and convert them into products.
3. organizational chart that is arranged within main business functions.
4. businesses that carry out activities that are consumed by its customers, they offer something that is intangible.
6. businesses involved in selling the goods and services of producers to consumers and other businesses.
8. a right.
13. the people who will make the major policy and financial decisions for the business (3 words).
14. organizational chart where work is structured around products, projects, customers.
15. business owned and controlled by two or more people who have entered into an agreement.
16. a precise statement of results the business expects to achieve.
18. a business that takes resources from nature for direct consumption or for use in developing other products
20. are descriptions of the way work is to be done.