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CE.12 A,b - Structure And Operation Of U.S. Economy
Test Description: Virginia SOL Prep
Instructions: Answer all questions to get your test result.
1) Someone who is willing to take risks in order to make a profit is known as an −
A
lawyer.
B
entrepreneur.
C
artist.
D
accountant.
2) •authorized by law to act as a legal person • liability limited to investment • owners share profits
A
An appropriate title for the list above is: Characteristics of Proprietorship.
B
An appropriate title for the list above is: Advantages of Partnerships.
C
An appropriate title for the list above is: Advantages to Private Ownership.
D
An appropriate title for the list above is: Characteristics of Corporation.
3) Sharing resources and risks are advantages to a −
A
monopoly.
B
sole proprietorship.
C
limited liability corporation.
D
partnership.
4) In a free enterprise system, a person who starts and runs a new business is −
A
an abolitionist.
B
an entrepreneur.
C
an indentured servant.
D
a consumer.
5) Robert and Sheila started a computer repair business. Both parties contributed an equal amount of money and are assuming equal risk. What type of business did they form?
A
Dual ownership corporation
B
Partnership
C
Corporation
D
Proprietorship
6) A business organization that is solely run by one individual who assumes all risks and earns all of the profits can BEST be described as a −
A
corporation.
B
venture capitalist.
C
partnership.
D
proprietorship.
7) Reinvesting tax dollars into public goods and services shows one aspect of the government’s involvement in the −
A
economic flow.
B
consumer product safety.
C
market equilibrium.
D
supply and demand curve.
8) In our economy, individuals (households) do all except −
A
reinvest profits by buying more resources.
B
sell their resources (labor).
C
use their income to purchase goods and services.
D
limit their purchases according to government recommendations.
9) Businesses most frequently participate in the economic circular flow of resources by −
A
providing investment capital to expand.
B
consuming products.
C
buying resources and making products to sell to consumers.
D
providing public goods and services by use of tax dollars.
10) When the government uses tax dollars to purchase products and/or services from the public, they are participating in what economists consider the −
A
spread of money.
B
stock purchases.
C
economic flow.
D
purchasing of products.
*select an answer for all questions
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