Business Structures and Practices Flashcards
3 need of people in the workplace?
Affiliation
Achievement
Power
What is a Corrective Action?
Series of verbal and written warnings from supervisor to the employee
3 forms of business ownership used in the cabinetmaking industry?
Sole proprietorship
Partnership
Corporation
Describe a Sole proprietorship
Owner owns and operates the business
Provides required capital
Supplies all equipment required to conduct the business
Definition of a general partnership?
Two or more people that Co-own a business
What is a Limited Partner?
Contributes Cash or property to business
Share in Profits and Losses
No voice or vote in matters of management
Company mission statement?
States fundamental purpose of the company
4 basic traits identified in leadership training?
Self confidence
Enthusiasm
Intelligence
Honesty & integrity
3 basic method of supervising people?
Autocratic
Team-centered democratic
Laissez-faire
3 methods of obtaining corporate financing
Equity Financing
Debt Financing
Internal Financing
What type of corporate financing is a loan ?
Equity Financing
Used to make a company collect taxes on behalf of the government?
GST
