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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
accountant.
D
artist.
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: Characteristics of Corporation.
C
An appropriate title for the list above is: Advantages of Partnerships.
D
An appropriate title for the list above is: Advantages to Private Ownership.
3) Sharing resources and risks are advantages to a −
A
monopoly.
B
limited liability corporation.
C
sole proprietorship.
D
partnership.
4) In a free enterprise system, a person who starts and runs a new business is −
A
a consumer.
B
an abolitionist.
C
an indentured servant.
D
an entrepreneur.
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
Proprietorship
B
Partnership
C
Dual ownership corporation
D
Corporation
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
proprietorship.
B
venture capitalist.
C
corporation.
D
partnership.
7) Reinvesting tax dollars into public goods and services shows one aspect of the government’s involvement in the −
A
market equilibrium.
B
economic flow.
C
supply and demand curve.
D
consumer product safety.
8) In our economy, individuals (households) do all except −
A
limit their purchases according to government recommendations.
B
reinvest profits by buying more resources.
C
use their income to purchase goods and services.
D
sell their resources (labor).
9) Businesses most frequently participate in the economic circular flow of resources by −
A
buying resources and making products to sell to consumers.
B
consuming products.
C
providing public goods and services by use of tax dollars.
D
providing investment capital to expand.
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
economic flow.
B
spread of money.
C
stock purchases.
D
purchasing of products.
*select an answer for all questions
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