Introduction to Business - Unit 2 - Management

Every partnership must have at least 5 General Partners.

A Sole Proprietorship is the most popular form of business to create in the US.

Charitable causes include feeding the hungry and providing job training for the unemployed.

There is no right or wrong way to set up an organizational chart.

________ is a participant in a partnership who has unlimited personal liability.

Many nonprofit foundations are created to advance science, education and the arts.

________ is a participant in a partnership whose liability is limited to his or her investment.

_________ is a corporation that is taxed like a partnership.

Owners of a partnership share:

A Sole Proprietorship:

____________ is a legal entity that makes money for reasons other than the owner's profit.

____________ is the most common type of corporation to form.

C-Corporations, Subchapter S Corporations and Nonprofit Organizations are the three types of

_____________ is the most popular form of business in the US that includes 2 or more people.

Subchapter S Corporations cannot have more than ________ stockholders.

A ___________ is a "Human Resources Road Map" showing who reports to who and at which level.

__________ is a business that is owned an operated by one person.

______________ of all businesses in the US are Sole Proprietor ships.

____________ is the founder of modern management.

Trade associations, sports leagues and political groups are formed to benefit a specific group.

Limited Partners are only liable for the amount of money they invest in the business.

You cannot be a US Citizen and be a shareholder in a Subchapter S Corporation.

______ is the organization & coordination of the activities of a business to achieve objectives

_________  is a company whose owners and managers enjoy limited liability and some tax benefits

In a C-Corporation, the business and the shareholders each pay taxes.

_________ is a business that is registered by a state and operates apart from its owners.