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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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