Unit 1

Question 1

Sole Proprietorship (Owned)

Answer 1

Owned by only one person

Question 2

What fraction do sole proprietorships makeup in the US

Answer 2

3/4

Question 3

Disadvantage of Sole Proprietorship

Answer 3

unlimited liability

Question 4

Partnership (owned)

Answer 4

2+ who shared risks and rewards

Question 5

Partnership Agreement

Answer 5

• Job description/duty/responsibility
• financial investment
• ownership %/profit share

Question 6

Producer

Answer 6

a business that gathers raw products in their natural state

Question 7

Producer examples

Answer 7

Agriculture, mining, fishing, forestry

Question 8

Processors

Answer 8

change raw materials into more finished products

Question 9

Processors examples

Answer 9

paper mills, oil refineries, smelting plants

Question 10

Manufacturers

Answer 10

businesses that make finished products out of processed goods

Question 11

Manufacturers examples

Answer 11

Bakery: bread from wheat
Furniture: table from word

Question 12

Intermediaries

Answer 12

a business that moves goods from one business to another. Buys/stores/resells.

Question 13

Wholesaler

Answer 13

distributes goods

Question 14

retailer

Answer 14

purchases goods from a wholesaler and resells them to the consumer or final buyer.

Question 15

Wholesaler example

Answer 15

clothing store buys jackets from a manufacturer

Question 16

Retailer example

Answer 16

record stores or auto dealers

Question 17

Services

Answer 17

Provide services or skill rather than goods

Question 18

Services example

Answer 18

law firms, medical clinics, taxi companies

Question 19

Management plan

Answer 19

divides a company into different departments run by different managers

Question 20

Organizational chart

Answer 20

show how the business is structured and who is in charge of whom

Question 21

line of authority

Answer 21

A way to organize management

Question 22

Centralized organization

Answer 22

puts authority in one place, with top management

Question 23

Decentralized organization

Answer 23

gives authority to a number of different managers to run their own departments

Question 24

Departmentalization

Answer 24

divides responsibility among specific units or departments

Question 25

Informal structure

Answer 25

easier for small businesses

Question 26

Top-level managers

Answer 26

are responsible for setting goals and planning for the furture

Question 27

Top-level managers examples

Answer 27

president, vice president, CEO

Question 28

Middle managers

Answer 28

carry out decisions of top management

Question 29

Middle managers examples

Answer 29

plant managers, regional managers, department heads

Question 30

operational managers

Answer 30

responsible for the daily operations of the business

Question 31

operational managers examples

Answer 31

Supervisors, office managers, crew leaders

Question 32

4 functions of management

Answer 32

planning/staffing, organizing, controlling, leading

Question 33

Planning/staffing

Answer 33

setting realistic goals

Question 34

Organizing

Answer 34

Assign managers to different tasks and coordinate their activities

Question 35

Leading

Answer 35

create a vision to inspire employees

Question 36

Controlling

Answer 36

Keeping company on track and making sure goals are met

Question 37

Advantages of being a manager

Answer 37

``` payed more good ones are respected influence over how employees do things authority control options ```

Question 38

Disadvantages of being a manager

Answer 38

get most of the blame and criticism mistakes are costly a lot of pressure hard to form relationships with lower level workers

Question 39

leadership

Answer 39

providing direction and vision for a company

Question 40

Motivation

Answer 40

requires initiative, a goal, enthusiam

Question 41

initiative

Answer 41

desire to take action and get things done

Question 42

confidence

Answer 42

need self-confidence, the more convinced you are the more confident employees will be of you

Question 43

Communication

Answer 43

vision and confidence (human relations)

Question 44

human relations

Answer 44

the ability to communicate with people

Question 45

integrity

Answer 45

holding principles like honesty, loyalty, and fairness

Question 46

Autocratic leadership

Answer 46

when you like to run everything yourself and answer to no one.

Question 47

Democratic leadership

Answer 47

managers and employees work together to make decisions.

Question 48

Free-Rein

Answer 48

requires the leader to set goals for your managers and employees and then leave them alone to do their jobs (delegating)

Question 49

Delegating

Answer 49

giving managers and employees the power to tun things and make decisions

Question 50

self managed teams

Answer 50

work groups supervise themselves

Question 51

where did self managed teams start?

Answer 51

japan

Question 52

what type of business was Henry Ford?

Answer 52

Autocratic

Question 53

Self managed: organization

Answer 53

1. each team member has special skill | 2. team selects a team leader

Question 54

Sole Proprietorship startup

Answer 54

hard-money from friends/family/yourself

Question 55

Partnership startup

Answer 55

hard-money from owners

Question 56

corporation startup

Answer 56

easy-stocks

Question 57

Franchise start-up

Answer 57

investment pay annual fee/%

Question 58

Non-profit start-up

Answer 58

like corporate/funding from bank

Question 59

cooperative start-up

Answer 59

pool resources with others to share exapnses

Question 60

Sole Proprietorship taxes

Answer 60

owners pay

Question 61

Partnership taxes

Answer 61

owners pay

Question 62

corporation taxes

Answer 62

corporation is taxed

Question 63

franchise taxes

Answer 63

owner

Question 64

nonprofit taxes

Answer 64

none

Question 65

cooperative taxes

Answer 65

less than normal corprations

Question 66

Sole Proprietorships liability

Answer 66

unlimited

Question 67

partnerships liability

Answer 67

unlimited

Question 68

corporation liability

Answer 68

limited

Question 69

franchise liability

Answer 69

limited

Question 70

nonprofit liabilty

Answer 70

limited

Question 71

cooperative liabilty

Answer 71

shared liabilty

Question 72

Sole Proprietorship Decision maker

Answer 72

owner

Question 73

Partnership decision maker

Answer 73

partners decide breakdown w/contract

Question 74

Corporation decision maker

Answer 74

board of directors

Question 75

Franchise decision maker

Answer 75

made by corporate

Question 76

Nonprofit decision maker

Answer 76

board of directors

Question 77

Cooperative decision maker

Answer 77

share facilities/ marketing

Question 78

Corporation

Answer 78

a business owned by many people but treated by law as one person

Question 79

Franchise

Answer 79

a contractual agreement to sell a company's products or services in a designated area

Question 80

Nonprofit

Answer 80

a type of business that focuses on providing a service rather than making a profit

Question 81

Cooperative

Answer 81

an organization owned and operated by its members for the purpose of saving money on the purchase of certain goods and services

Question 82

stock

Answer 82

shares of ownership in your corporation