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Business Essentials- Final Exam

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A business owned and controlled by two or more people who have entered into a written agreement is
Corporation
A short, specific written statement of the reason a businesss exsits and what it want to accomplish is a
Mission Statment
One who has no explict or implicit contract for long-term employment is
Contingent Worker
Descriptions of the way work is to be done is
a(n)
Procedure
A specific statement of results the business excepts to achieve is
Goals
A written legal document that identifies ownership and operating procedures and conditions for the business is
Articles of Incorporation
A business owned and controlled by just one person is called a
Proprietorship
A diagram that shows the struture of an organization, classifacation of jobs, and the relationships among those classifacations is known as
Organizational Chart
Someone who has advanced math training and calculates the risks based on loss percentages and determines insurance rates and premiums
Actuary
A representative of an insurance compant who sells insurance contracts (policies) and provides customer services. He/she must be licensed by the state in which the policy is sold
Agent
A person named in a life insurance policy as the recipient of the insurance money in the event of the insured person's death.
Beneficiary
The contract or agreement made between the insurer and the insured.
Policy