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Chapter 8 & 9

Chapter 8 & 9. Test Review. If a person wanted to open up a shoe store in Richmond, what would be the first step?. Acquire funds $$$$$$$$$$$$$$$$$$$. Sole proprietorships are businesses owned by how many people?. One owner. What is a disadvantage of a sole proprietorship?. Limited funds.

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Chapter 8 & 9

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  1. Chapter 8 & 9 Test Review

  2. If a person wanted to open up a shoe store in Richmond, what would be the first step?

  3. Acquire funds • $$$$$$$$$$$$$$$$$$$

  4. Sole proprietorships are businesses owned by how many people?

  5. One owner

  6. What is a disadvantage of a sole proprietorship?

  7. Limited funds

  8. Partnerships are owned by how many people?

  9. Multiple owners/ two or more

  10. Which of these is an example of a partnership? • -Nintendo • -Smith Medical Practice • -Willis Brothers Construction • -Olive Garden

  11. Willis Brothers Construction

  12. What type of partnership is it where partners share responsibility, including debts and loans?

  13. General partnership

  14. If a partner is not involved in the day to day operations of the business what type of partnership is it?

  15. Limited partnership

  16. What is an advantage of a partnership?

  17. Access to resources

  18. What is a disadvantage of a partnership?

  19. Unlimited liability

  20. Who owns corporations?

  21. stockholders

  22. Corporations that offer stock for sale that can be bought or sold freely are called what?

  23. Public company

  24. Corporations that retain rights over who can buy their stock are called what?

  25. Private corporations

  26. Why did Phillip Morris (tobacco company) purchase Kraft Foods?

  27. To gain a new company identity

  28. What type of merger is it when companies like Adidas and Reebok merge together?

  29. Horizontal merger

  30. The fact that Walt Disney has many different business interests make is a ___________ ?

  31. conglomerate

  32. Burger King is an example of a ____________.

  33. franchise

  34. Which of the following occupations would earn the least? • -plumber • -construction worker • -housekeeper • -lawyer

  35. housekeeper

  36. Which of the following is a “professional”? • -sanitation worker • -electrician • -housekeeper • -lawyer

  37. lawyer

  38. How has the US government affected wages of workers?

  39. By establishing a minimum wage

  40. Which occupation category would a farmer or fisherman fall under?

  41. Primary sector

  42. Which occupation category would a insurance salesperson or accountant fall under?

  43. Tertiary sector

  44. Which occupation category would a factory worker or welder fall under?

  45. Secondary sector

  46. When a US company moves its factory to a foreign county it is called _____________.

  47. outsourcing

  48. Labor unions are responsible for what benefits for workers?

  49. 8 hr work day • Vacations • Sick leave • 5 day work week

  50. What was the 1st major labor union in the US?

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