Chapters 5 & 6.1 Principles of Business

Front

Producers use resources to make things that are needed by others.

Back

True

Front

Service businesses represent the fastest-growing segment of the economy.

Back

True

Front

Nonprofit corporations do not pay corporate income taxes.

Back

True

Front

An S corporation is a corporation involved in the service industry.

Back

False

Front

A mission statement defines what the business wants to achieve.

Back

True

Front

In a matrix organization structure, work is arranged around business functions.

Back

False

Front

An organizational chart is a detailed list of job duties and responsibilities.

Back

False

Front

In what type of business organization is each owner liable for all business debts, even if the debts were created by other owners? Options: S Corporation, Corporation, Proprietorship, Partnership

Back

Partnership

Front

Which organizational structure does this describe?
All people with jobs related to a specific function work together.

Back

Functional

Front

Which organizational structure does this describe? Assignments may be temporary or long-term.

Back

Matrix