Business Structure and Management Flashcard

Front

What is a graphic representation of a company’s structure showing roles and relationships?

Back

Organizational Chart

Front

Which type of business is owned by one person who assumes all financial and legal responsibility?

Back

Sole Proprietorship

Front

Which business organization is owned by shareholders with limited liability?

Back

Corporation

Front

Which term refers to a business owned by two or more people who share responsibilities and profits?

Back

Partnership

Front

A statement that describes a company’s long-term aspirations and goals is called a:

Back

Vision Statement

Front

A business structure where two or more people share ownership and responsibility is known as a:

Back

Partnership

Front

The process of influencing and guiding individuals to achieve goals is called:

Back

Leadership

Front

Which of the following is an advantage of a corporation? Unlimited liability, Easier access to funding, Simple to set up, Owned by one person

Back

Easier access to funding

Front

A business entity that allows owners to share profits but limits their liability to their investment is called:

Back

Corporation

Front

Which leadership style involves employees in decision-making?

Back

Democratic