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17 Cards in this Set
- Front
- Back
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How is the labor force in the US today? |
The labor force is older but is getting younger as the baby boomers are retiring. |
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What is the most important role of business? |
The most important role of businesses is to make and distribute products and services needed by consumers, government, and other businesses. |
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Service jobs are not the lowest paying jobs. Why? |
Many businesses are offering professional and technical services requiring highly educated employees.
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What business ownership must register with the state?
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Corporation |
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What business ownership has access to profits? |
Proprietorship |
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Difference between goal and mission statement? |
Goal - a precise statement of results the business expects to achieve. Mission statement - the direction for a business |
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What is an organizational chart? |
This is a diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications. |
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What are baby boomers doing? |
They are retiring. They have been dominating the work force since the 60's. |
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Contingent Worker |
One who has no explicit or implicit contract for long-term employment |
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Proprietorship |
A business owned and run by just one person |
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What is the easiest business to form? |
A proprietorship is the easiest business to start and end because there are very few legal requirements regarding the business ownership or capital needs that must be met. |
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Partnership |
A business owned and controlled by TWO OR MORE people who have entered an agreement. |
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Joint Venture |
An agreement between two or more companies to share a business project. |
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What sets forth business direction? |
A businesses mission statement |
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Responsibility |
Obligation to complete specific work |
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Matrix Organizational |
Work is structured around specific projects, products, or customer groups. |
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Producers |
People/businesses who make goods and services |
