Unit 3
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Unit 3. Econ EOC Review. Question 1. Which of the following is an advantage of a sole proprietorship? A. No one is responsible if it fails. B. It is the least-regulated form of business organization. C. It is an easy way to make a lot of money.

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Unit 3

Unit 3

Econ EOC Review


Question 1

Question 1

  • Which of the following is an advantage of a sole proprietorship?

  • A. No one is responsible if it fails.

  • B. It is the least-regulated form of business organization.

  • C. It is an easy way to make a lot of money.

  • D. It is easy to get financing to start one.


Question 11

Question 1

  • Which of the following is an advantage of a sole proprietorship?

  • A. No one is responsible if it fails.

  • B. It is the least-regulated form of business organization.

  • C. It is an easy way to make a lot of money.

  • D. It is easy to get financing to start one.


Question 2

Question 2

  • Why is it easier for a partnership to borrow money and to hold good employees than it is for a sole proprietorship to do so?

  • A. The more limited access to a partner’s personal funds make the business more careful.

  • B. The large number of partners makes it more likely that the business will be a success.

  • C. The larger number of partners means that people are easier to get along with.

  • D. A partnership has more personal stability and access to more money.


Question 21

Question 2

  • Why is it easier for a partnership to borrow money and to hold good employees than it is for a sole proprietorship to do so?

  • A. The more limited access to a partner’s personal funds make the business more careful.

  • B. The large number of partners makes it more likely that the business will be a success.

  • C. The larger number of partners means that people are easier to get along with.

  • D. A partnership has more personal stability and access to more money.


Question 3

Question 3

  • If a general partnership fails, who is responsible for the debts?

  • A. anyone who works for the partnership

  • B. all of the partners

  • C. only the most senior general partner

  • D. no one


Question 31

Question 3

  • If a general partnership fails, who is responsible for the debts?

  • A. anyone who works for the partnership

  • B. all of the partners

  • C. only the most senior general partner

  • D. no one


Question 4

Question 4

  • Which of the following is a disadvantage of a sole proprietorship?

  • A. lack of permanence

  • B. legal constraints

  • C. high taxes

  • D. difficult to start up


Question 41

Question 4

  • Which of the following is a disadvantage of a sole proprietorship?

  • A. lack of permanence

  • B. legal constraints

  • C. high taxes

  • D. difficult to start up


Question 5

Question 5

  • What are organizations that are in the business of benefiting society and operate like a business called?

  • A. trade associations

  • B. producer cooperatives

  • C. nonprofit organizations

  • D. limited partnerships


Question 51

Question 5

  • What are organizations that are in the business of benefiting society and operate like a business called?

  • A. trade associations

  • B. producer cooperatives

  • C. nonprofit organizations

  • D. limited partnerships


Question 6

Question 6

  • Your running shoes were designed in the United States but assembled in Asia by a company called RunnerPro. RunnerPro is a

  • A. general partnership.

  • B. multinational corporation.

  • C. trade association.

  • D. producer cooperative.


Question 61

Question 6

  • Your running shoes were designed in the United States but assembled in Asia by a company called RunnerPro. RunnerPro is a

  • A. general partnership.

  • B. multinational corporation.

  • C. trade association.

  • D. producer cooperative.


Question 7

Question 7

  • Your uncle owns a convenience store that has branches nationwide. His store is an example of a

  • A. business franchise.

  • B. multinational.

  • C. professional organization.

  • D. consumer cooperative.


Question 71

Question 7

  • Your uncle owns a convenience store that has branches nationwide. His store is an example of a

  • A. business franchise.

  • B. multinational.

  • C. professional organization.

  • D. consumer cooperative.


Question 8

Question 8

  • What is a fringe benefit?

  • A. a cash payment for casual work

  • B. a business other than sales or marketing

  • C. a payment other than wages or salaries

  • D. an accounting term meaning profits


Question 81

Question 8

  • What is a fringe benefit?

  • A. a cash payment for casual work

  • B. a business other than sales or marketing

  • C. a payment other than wages or salaries

  • D. an accounting term meaning profits


Question 9

Question 9

  • What term means “an establishment formed to carry on commercial enterprise”?

  • A. nonprofit organization

  • B. labor union

  • C. corporation

  • D. business organization


Question 91

Question 9

  • What term means “an establishment formed to carry on commercial enterprise”?

  • A. nonprofit organization

  • B. labor union

  • C. corporation

  • D. business organization


Question 10

Question 10

  • Sole proprietorships

  • A. are complicated to establish.

  • B. make up about 6 percent of all businesses.

  • C. are the most common form of business in the United States.

  • D. offer owners little control over operations.


Question 101

Question 10

  • Sole proprietorships

  • A. are complicated to establish.

  • B. make up about 6 percent of all businesses.

  • C. are the most common form of business in the United States.

  • D. offer owners little control over operations.


Question 111

Question 11

  • Ellen started a catering business, but soon decided that catering was too stressful for her. She could close her business relatively easily and return to school because the business was a

  • A. producer cooperative.

  • B. sole proprietorship.

  • C. general partnership.

  • D. closely held corporation.


Question 112

Question 11

  • Ellen started a catering business, but soon decided that catering was too stressful for her. She could close her business relatively easily and return to school because the business was a

  • A. producer cooperative.

  • B. sole proprietorship.

  • C. general partnership.

  • D. closely held corporation.


Question 12

Question 12

  • All of the following are advantages of incorporation EXCEPT

  • A. the responsibility for the business is shared

  • B. capital is easier to raise than in other business forms

  • C. corporations face double taxation

  • D. corporations have more potential for growth


Question 121

Question 12

  • All of the following are advantages of incorporation EXCEPT

  • A. the responsibility for the business is shared

  • B. capital is easier to raise than in other business forms

  • C. corporations face double taxation

  • D. corporations have more potential for growth


Question 13

Question 13

  • What is “a certification of ownership of a corporation”?

  • a. control

  • b. stock

  • c. public

  • d. affidavit


Question 131

Question 13

  • What is “a certification of ownership of a corporation”?

  • a. control

  • b. stock

  • c. public

  • d. affidavit


Question 14

Question 14

  • What term means “an establishment formed to carry on commercial enterprise”?

  • A. nonprofit organization

  • B. labor union

  • C. corporation

  • D. business organization


Question 141

Question 14

  • What term means “an establishment formed to carry on commercial enterprise”?

  • A. nonprofit organization

  • B. labor union

  • C. corporation

  • D. business organization


Question 15

Question 15

  • What is “liability”?

  • a. when one person tells another a lie to protect their company

  • b. piece of paper showing all debts

  • c. when you are legally bound to pay all debts

  • d. when the business organization can pay its own debts


Question 151

Question 15

  • What is “liability”?

  • a. when one person tells another a lie to protect their company

  • b. piece of paper showing all debts

  • c. when you are legally bound to pay all debts

  • d. when the business organization can pay its own debts


Question 16

Question 16

  • Which type of partnership has all partners sharing in at least some of the liability?

  • a. general

  • b. limited

  • c. limited liability

  • d. none of the above


Question 161

Question 16

  • Which type of partnership has all partners sharing in at least some of the liability?

  • a. general

  • b. limited

  • c. limited liability

  • d. none of the above


Question 17

Question 17

  • Which of the types of business organizations is the most regulated?

  • a. corporation

  • b. partnership

  • c. nonprofit

  • d. sole proprietorship


Question 171

Question 17

  • Which of the types of business organizations is the most regulated?

  • a. corporation

  • b. partnership

  • c. nonprofit

  • d. sole proprietorship


Question 18

Question 18

  • A business franchise

  • (a) attempts to improve the image and working conditions of people in a particular occupation.

  • (b) operates without the aim of profit.

  • (c) is a semi-independent business tied to a parent company.

  • (d) is not required to pay income taxes.


Question 181

Question 18

  • A business franchise

  • (a) attempts to improve the image and working conditions of people in a particular occupation.

  • (b) operates without the aim of profit.

  • (c) is a semi-independent business tied to a parent company.

  • (d) is not required to pay income taxes.


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