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Business Organizations CE.12
Test Description: Review on CE.12
Instructions: Answer all questions to get your test result.
1) A form of business with one owner
A
Partnership
B
Corporation
C
Proprietorship
2) Why do Virginia and the U.S. pursue international trade?
A
Opportunity Cost
B
To increase wealth
3) The use of technology does this to the cost of production
A
Lowers it
B
Drives it higher
4) A form of business with 2 or more owners who share risk profits
A
Corporation
B
Proprietorship
C
Partnership
5) A person who takes a risk to sell goods and services in search of profit.
A
Entrepreneur
B
Corporation
6) A form of business authorized by law to act as a legal entity. Liability is limited to investment
A
Corporation
B
Partnership
C
Proprietorship
7) A reason states and nations trade is to create
A
Production
B
Jobs
8) A reason states and nations trade is to buy goods at a lower
A
Scarcity
B
Opportunity Cost
9) In the circular flow of economics, who sells resources and uses income to buy products?
A
Businesses
B
Governments
C
Individual Households
10) In the circular flow of economics, who buys resources to make products?
A
Individual Households
B
The Government
C
Businesses
11) In the circular flow of economics, who owns the resources?
A
Government
B
Businesses
C
Individuals
12) In the circular flow of economics, who uses tax revenue to provide public goods and services?
A
Individuals
B
The Government
C
Businesses
D
Governors
13) Specializing in the production of certain goods and services promotes
A
Efficiency
B
Global Economy
14) A worldwide market in which the buying and selling of goods and services by all nations takes place
A
National Market
B
World Wide Web
C
Global Market
15) Banks, savings and loans, and credit unions are examples of
A
Public financial institutions
B
Private financial institutions
16) How do private financial institutions encourage saving and investing?
A
Advertisements
B
Paying Interest
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