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SOL CE.12
Test Description: 12a-d
Instructions: Answer all questions to get your test result.
1) In a proprietorship, the profits are kept by-
A
two people
B
a group of people
C
the government
D
one person
2) Jean is opening a pizza restaurant. She will take all the risks in order to keep all the profits. She is-
A
an entrepreneur
B
a partner
C
a government worker
D
a corporation
3) What type of business organization can act as one legal entity regardless of its number of owners?
A
proprietorship
B
corporation
C
partnership
D
entrepreneurship
4) In the United States economy, what do businesses buy from consumers?
A
interest
B
resources
C
taxes
D
goods and services
5) In the United States economy, what does the government provide to consumers and producers
A
public goods and services
B
human labor
C
taxes
D
interest
6) How does a financial institution encourage savings?
A
pay interest
B
advertisement
C
give away free prizes
D
provide a safe place for you to keep your money
7) Choose the term from the bank that means borrowing money.
A
withdrawl
B
loan
C
place in savings
D
deposit
8) Innovations in technology contribute to all of the following EXCEPT-
A
increase in goods and services
B
increase in the cost of production
C
flow of information
D
increase in capital
9) Virginia and the United States seek out international trade to-
A
increase opportunities to travel
B
become more powerful
C
purchase less expensive goods
D
gather knowledge
10) What is one way to lower the cost of production?
A
create new technologies
B
offer discount prices
C
hire additional workers
D
use more resources
*select an answer for all questions
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