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Business Characteristics Vocab Review Flashcards | StudBud
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Business Characteristics Vocab Review
Business Characteristics Vocab Review
20 terms
·
StudBud Administration
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63 plays
Students will develop their vocabulary in Business Characteristics.
Flashcards
20 cards
F
Practice quiz
P
Host live
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Questions
20
Answers
1
Procedures
– are descriptions of the way work is to be done.
False
True
2
firms or businesses that uses components, parts, or raw materials to make a finished good.
None of these
Manufacturing firms
Manufacturing business
Production
3
Franchisor
– an individual who is allowed by a company to run a location of their business
False
True
4
Entrepreneur
– a person who who works for someone else.
False
True
5
Franchisee
– an individual who purchases a franchise then runs that location.
True
False
6
is a separate legal entity formed by documents filed with a state.
Enterprise
Business
Franchise
Corporation
7
is a written legal document that defines ownership and operating procedures.
Contract
Corporation
Articles of incorporation
Binding agreement
8
is a short specific written statement of the reason a business exists and what it's to achieve.
Agreement
Mission Statement
Contract
Articles of Corporation
9
Small business
– is an independently owned and operated company that is large in size
False
True
10
the action of making or manufacturing from components or raw materials.
Make
Production
Produce
Manufacture
11
The activity of making, buying and selling goods.
Business
None of these
Franchise
Franchisor
12
Franchise -
acontract granting permission to operate a business to sell products & services
False
True
13
Service business
– carries out activities that are consumed by its customers.
False
True
14
Partnership
– is a business owned and controlled one person.
False
True
15
is a diagram that shows the structure of an organization
Diagram
Organization chart
Flowchart
Business chart
16
is a precise statement of results the business expects to achieve.
Goal
Contract
Mission Statement
Requirement
17
businesses involved in selling the goods and services of producers to consumers and businesses
Intermediaries
Business
Corporation
None of these
18
Finance
– the management of large amounts of money especially by governments or large companies
False
True
19
are guidelines used in making consistent decisions.
Policies
Regulations
Rules
Procedures
20
Partnership agreement
– is a written agreement among all employees.
False
True
