chp 5-8 study guide

Question 1

Identify and provide an example for the 4 kinds of business.

Answer 1

extractor (oil company), manufacturing (custom manufacturing) marketer (advertising), service (does things for you)

Question 2

Name 3 sources for raising capital for businesses.

Answer 2

your own pocket, bank, investor

Question 3

What activities are involved when a business is using human resources?

Answer 3

recruiting, finding, interviewing, hiring, firing, and training.

Question 4

Why is it important for a business to keep records?

Answer 4

need to know if your making profit or losing money, provide information for management decisions, taxes and forms for the government

Question 5

How does a new business impact a community?

Answer 5

new jobs, prices of houses, more money from increased population, increased demand for the house and prices go up

Question 6

What are the 3 types of business ownership? How many owners are involved in each?

Answer 6

corporation, partnership, sole proprietorship. lots, a few, one

Question 7

What are owners of a corporation called? What do they receive to prove they are owners?

Answer 7

stock holders, stock certificate

Question 8

What is the document called that provides the details of a partnership?

Answer 8

articles of partnership

Question 9

Who guides the operations of a corporation?

Answer 9

board of directors

Question 10

The part of profit that shareholders receive is called __________dividend_____________.

Answer 10

hhhh

Question 11

Identify and provide examples of the 3 specialized forms of business organizations.

Answer 11

franchise (McDonalds), cooperative (Dairy Farmers of America), non profit corp (Ronald McDonald House Charities)