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35 Cards in this Set

  • Front
  • Back
Articles of partnership describe how business partners will
share profits and losses
One advantage of a sole proprietorship is that the owner
receives all the profits
What is the most common type of business in the United States?
sole proprietorship
How do corporations finance their start-up and operation?
by selling stock
When people buy stock in a business, they become
part owners of the company
One way that businesses demonstrate their responsibility to consumers is to provide
products that work as promised
Workers organize labor unions in order to
win better pay and working conditions
What benefit of union membership is shown in this document?
higher wages to union members
Which of these is a responsibility of businesses to workers?
follow fair hiring practices
Why do businesses give money to foundations and charities?
a sense of social responsibility
Which type of organization is most likely to need donations from corporations to work?
nonprofit corporation
What does the social responsibility of a business refer to?
desire to give back to the community
Which of these topics is a required subject of collective bargaining?
decisions about wages and work hours
How does a nonprofit differ from a corporation?
makes no profit
Which of these is most likely to be a nonprofit organization?
public hospital
Who shares the profits of a corporation?

Which form of business is most likely for a company that makes automobiles?
corporation
What is the difference between a general partner and a limited partner?

Check all that apply. Which of the following states do not have right-to-work laws?
Ohio, New York, Montana
The owners of a corporation are the ___, but the board of directors and top managers run the business
stockholders
In a ___, workers must join the union once they are hired
union shop
The type of business in which an owner buys the sole right to sell a company's products in a particular area is called a ___

franchise
A corporation must file a document called a ___ with the state government in order to do business
charter
Workers join together in labor unions so they can carry out ___ with companies in order to win better wages and working conditions
collective bargaining
Truthful advertising is a responsibility that businesses have to ___, the people who buy their products
consumers
The type of business that has only a single owner is a ___
sole proprietorship
process in which a third party helps labor and management reach a compromise
mediation
work arrangement in workers are required to pay a fee to the union for representing them even if they do not join the union

agency shop

work arrangement in which workers are not required to join a union to be hired or to keep a job; but workers must, however remain in the union if they decide to join

modified union shop
negotiating a contract on behalf of a group of workers
collective bargaining
group elected to act on behalf of stockholders and set policy for a corporation
board of directors
obligation of businesses to pursue goals that benefit society
social responsibility
the process of making business deals or conditions more visible to everyone
transparency
rule that prevents mandatory union membership
right-to-work law
use of a third party to decide how to settle a disagreement
arbitration