WGU D078 - Business Environment Applications I: Business Structures and Legal Environment

WGU D078 - Business Environment Applications I:

Business Structures and Legal Environment Leave the first rating Students also studied Terms in this set (36) Save D078 36 terms JADAMS486Preview Probability and Statistics, WGU C95...51 terms kwild64Preview

WGU D775

223 terms amber5021Preview C955 104 term Nig Practice questions for this set Learn1 / 7Study using Learn How procedures, rules, and guidelines are implemented, the behavioral norms and expectations, and how it influences and facilitates the overall culture Scientific managementOrganizational theory that analyzes work flows to improve efficiency, especially labor productivity in manufacturing industries, typically by focusing on employee selection, training, and testing Sole proprietorshipA sole proprietorship is an unincorporated business owned by an individual.Choose an answer 1Level of formality2Scientific management 3Contingency or situational4Taxation Don't know?

stakeholdersIndividuals or organizations who are recipients of an organization's legal and ethical obligations structureAn arrangement of components within an organization that helps determine its mission and channel the behavior of its members TaxationTaxation is the manner in which the business owner reports profits and losses on personal tax returns.TeamsStructure most often found in high-tech companies as a newer type of organizational structure that includes a group of workers, with complementary skills, all working toward a common goal, such as a specific project AdministrativeOrganizational theory that focuses on efficiency through management training and behavioral characteristics with the goal of improving workplace productivity BureaucraticOrganizational theory that focuses on creating rules and regulations to simplify complex procedures in societies and workplaces C-levelRefers to high-level corporate positions in an organization, where the C stands for chief in positions such as chief executive officer (CEO), chief financial officer (CFO), chief operations officer (COO), and chief technology officer (CTO) CentralizedDecision-making function lies with a central figure or group, such as the CEO or board of trustees Chain of commandHierarchy of control and decision making from superiors down through subordinates codifyTo arrange or organize laws in a systematic fashion Contingency or situationalOrganizational theory that emphasizes managers must have the ability to make adjustments and to adapt how they manage their organizations contingent upon changing environmental conditions CorporationA corporation is a legal entity chartered by the state, with a separate and distinct existence from its owners.decentralizedDecision-making function does not lie with a central figure or group, but with department managers and other key personnel DivisionalStructure is most often found in consumer products companies, grouped by organizational function, such as product division (specific make/model of vehicle) or geographical division (northeast/southwest or North America/South America) doing business asFiling as a sole proprietorship under your own name or a fictitious name.ethicsMoral principles that guide behavior and decisions

Functional or departmentalStructure most often found in manufacturing companies, based on departments and their functions, such as marketing, finance, production, sales, customer service, and so on Functions or departmentsServe to define the division of work along task-oriented lines General partnershipA general partnership is formed when two or more persons agree to share profits and losses in a joint business venture.goal approach modelStrategy that focuses on an organization attaining its goals with respect to preferred levels of output and sees effectiveness with respect to its internal organizational objectives and performance intellectual propertyIt is a creative work or invention to which the author or inventor has rights and may apply for a patent, copyright, or trademark.Level of formalityHow procedures, rules, and guidelines are implemented, the behavioral norms and expectations, and how it influences and facilitates the overall culture LiabilityLiability is the risk and responsibility for business debts and other actions related to a business.Limited liability company (LLC)A limited liability company (LLC) is a hybrid form of business that provides limited liability to owners while being treated as a partnership for tax purposes.Limited liability partnership (LLP)A limited liability partnership (LLP) is similar to the LLC, except it is designed for professionals who do business as partners.Limited partnershipA limited partnership must be formed in compliance with state statutes that provide limited liability to certain limited partners who agree to refrain from management of the business.MatrixStructure most often found when combining two different forms of departments, such as functional and product, that have complementary strengths and weaknesses ModernOrganizational theory that espouses the belief that changing one variable impacts many other variables, so adjusting and adapting to changes in the environment is essential to maintain equilibrium NeoclassicalOrganizational theory that emphasizes differences among people and social interactions with a goal of developing stronger relationships among coworkers noncompeteA noncompete clause, also called a covenant not to compete or a restrictive covenant, is a clause often included in employment contracts requiring an employee to not enter into a similar profession in competition against the employer.

nondisclosureA nondisclosure agreement, or confidentiality agreement, is often included in a legal contract between at least two parties. It outlines confidential material, knowledge, or information that the parties need to share with one another.However, they may also need to restrict third parties from accessing the information.organizationAn organized body of people who have a particular purpose, such as to form a business, a society, or an association organizational effectivenessEfficiency with which an organization is able to meet its objectives, most often indicated by profitability, growth data, and customer satisfaction Ownership or controlOwnership or control is the designation of who either owns or controls a business.