POBF Chapter 5 Vocabulary
| A | B |
|---|---|
| Span of Control | The number of employees who are assigned to a particular work task and manager |
| Functional Orgainizational Structure | Work is arranged within main business functions such as production, operations, marketing, and human resources |
Is the number of employees who are assigned to a particular work task and manager?
Unity of command is the number of employees who are assigned to a particular work task and manager.
What is the obligation to complete specific work called?
Business Chapter 5 – Ownership
| A | B |
|---|---|
| procedures | descriptions of the way work is to be done |
| responsibility | the obligation to complete specific work |
| authority | the right to make decisions about how responsibilities should be accomplished |
| matrix organizational structure | designed around projects, projects or customers |
What is a business organized by two or more other businesses for a limited time?
A joint venture (JV) is not a partnership. That term is reserved for a single business entity that is formed by two or more people. Joint ventures join two or more different entities into a new one, which may or may not be a partnership. The term “consortium” may be used to describe a joint venture.
Is a diagram that shows the structure of a business?
An organizational chart is a diagram that visually conveys a company’s internal structure by detailing the roles, responsibilities, and relationships between individuals within an entity. Organizational charts are alternatively referred to as “org charts” or “organization charts.”
What type of business is best for Juanita to start?
The correct answer is B. A sole proprietorship, because she will work alone from home. Sole proprietorship is the simplest business one can start to operate.
