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Chapter 5: Business Organization

Horizontales
A business owned and run by just one person.
A business that carries out activities that are consumed by its consumers.
A written legal document that defines ownership and operating procedures and conditions for the business.
A precise statement of results the business expects to achieve.
One who has no explicit or implicit contract for long-term employment.
A written contract granting permission to operate a business to sell products and services in a set way.
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.
Verticales
A written agreement among all owners detailing the rules and procedures that guide ownership and operations.
A short, specific written statement of the reason a business exists and what it wants to achieve.
A diagram that shows the structure of an organization, classifications of work and jobs, and the relationships among those classifications.
Business involved in selling the goods and services of producers to consumers and other businesses.
Guidelines used in making consistent decisions.
A list of steps to be followed for performing a particular work activity; a description of the ay work is to be done.
A business owned and controlled by two or more people who have entered into a written agreement.