Business Chapter 5

5. A diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications.
7. The people who make the major policy and financial decisions for the business.
9. The right to make decisions about how responsibilities should be accomplished.
11. 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.
12. A business that takes resources from nature for dirct consumption or for use in developing other products.
14. A business that carries out activities that are consumed by its customers.
15. A written agreement among all owners detailing the rules and procedures that guide ownership and operations.

1. A corporation form of business that offers the limited liability of a corporation.
2. A clear reporting relationship for all staff of a business.
3. Short, specific written statement of the reason a business exists and what it wants to achieve.
4. Guidelines used in making consistent decisions.
6. One who has no explicit or implicit contract for long-term employment.
8. The operating procedures for the corporation.
10. People who cultivate land and use other natural resources to grow crops and raise livestock for consumption.
13. A precise statement of results the business expects to achieve.