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Business Organization

CHAPTER 5. Business Organization. 5-1 Business in the U.S. Economy 5-2 Forms of Business Ownership 5-3 Organizational Structure for Businesses. 5-1. Business in the U.S. Economy. Goals Describe the changing status of U.S. employment. Discuss the role of business in the U.S. economy.

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Business Organization

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  1. CHAPTER 5 Business Organization 5-1 Business in the U.S. Economy 5-2 Forms of Business Ownership 5-3 Organizational Structure for Businesses

  2. 5-1 Business in the U.S. Economy Goals Describe the changing status of U.S. employment. Discuss the role of business in the U.S. economy. Describe three major types of businesses.

  3. Chapter 5 Key Terms • contingent worker • producer • intermediary • service business

  4. Chapter 5 THE CHANGING U.S. JOB MARKET • Employment data • Pressures on employees

  5. Checkpoint >> List several groups that will increase as a percentage of the total U.S. workforce in the next decade. Chapter 5 Answer • Younger workers (16–24 years of age) • Asian-, Hispanic-, African-American groups • Women

  6. Chapter 5 BUSINESS AND THE ECONOMY • Size of businesses • Roles of business • Impact on a community

  7. Percent of Businesses by Employee Size Chapter 5 Source: U.S. Census Bureau

  8. Chapter 5 BUSINESS ACTIVITIES • Generating ideas • Raising capital • Employing and training personnel • Buying goods and services • Marketing goods and services • Maintaining business records

  9. Checkpoint>> What are the basic activities completed by all businesses? Chapter 5 Answer • are generating ideas • raising capital • employing and training personnel • buying goods and services • marketing goods and services • maintaining business records

  10. Chapter 5 TYPES OF BUSINESSES • Producers • Intermediaries • Service businesses

  11. Checkpoint>> How does a manufacturer differ from an extractor? Chapter 5 Answer • An extractor takes natural resources, such as oil or timber, for direct consumption or for use in developing other products. • A manufacturer takes resources supplied by others and converts them into useable products.

  12. 5-2 Forms of Business Ownership Goals Understand the three major forms of business ownership. Determine when each form of business ownership is most appropriate. Recognize other specialized business ownership forms.

  13. Chapter 5 Key Terms • proprietorship • partnership • corporation • partnership agreement • articles of incorporation • franchise

  14. Chapter 5 BUSINESS OWNERSHIP • Proprietorship • Partnership • Corporation

  15. Forms of Ownership Chapter 5 Source: Internal Revenue Service

  16. Checkpoint>> What are the differences between the three main forms of business ownership? Chapter 5 Answer • Business forms differ in the ways in which decision-making and investments are made and to whom liabilities are distributed.

  17. Chapter 5 CHOOSING A FORM OF BUSINESS OWNERSHIP • Choosing a proprietorship • Choosing a partnership • Choosing a corporation

  18. Checkpoint>> Which form of business ownership is the most complex and difficult to form? Chapter 5 Answer • The corporation is more complex to begin than other business forms. • Forming a corporation requires much more bureaucracy, is more subject to government regulations, requires the organization of a board, and must have clearly defined bylaws.

  19. Chapter 5 OTHER FORMS OF OWNERSHIP • Specialized partnerships and corporations • Cooperatives and franchises

  20. Checkpoint>> What are the other specialized forms of business ownership? Chapter 5 Answer • limited liability partnership • joint venture • S-corporation • limited liability companies (LLC) • nonprofit corporations.

  21. 5-3 Organizational Structure for Businesses Goals Understand important principles in designing an effective organization. Compare alternative organizational structures for businesses.

  22. Chapter 5 Key Terms • mission statement • goal • policies • procedures • organization chart

  23. Chapter 5 DESIGNING AN EFFECTIVE BUSINESS ORGANIZATION • Setting direction • Principles of effective organization • Responsibility, authority, and accountability • Unity of command • Span of control

  24. Checkpoint>> What is the difference between a mission statement and a goal? Chapter 5 Answer • A mission statement states the purpose of existence for a business and what it hopes to achieve. • A goal is a more specific statement of what a business expects to achieve and may be used to measure a business’ success.

  25. Chapter 5 TYPES OF ORGANIZATIONAL STRUCTURES • Functional organization structure • Matrix organizational structure

  26. Business Organization Chart Chapter 5

  27. Checkpoint>> What problems can result from the use of a functional organizational structure? Chapter 5 Answer • Employees in a functional organizational structure may tend to loose sight of overall corporate goals. • Workers tend to be limited to specific duties and may not see their relationship to the organization as a whole. • This can result in lack of interest and motivation over time.

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