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Reform/Sectionalism Notes 1
Test Description: Recap of notes
Instructions: Answer all questions to get your test result.
1) production of goods and services carried out by an owner risking their own money is called?
A
Private Property
B
Free Enterprise
C
Consumer Soveriegnty
D
Private Enterprise
2) The effort of a person to attract business by offering the best deal is known as what?
A
profit motive
B
competition
C
private enterprise
D
socialism
3) Ownership of property by an individual is called what?
A
private property
B
coporation
C
competition
D
sovereignty
4) The money after all the expenses are subtracted from the amount recieved is known as what?
A
private property
B
profit motive
C
consumer sovereignty
D
private enterprise
5) The idea that assumes that consumers decide the types, quality and quantity of goods provided
A
consumer sovereignty
B
private property
C
free enterprise
D
private enterprise
6) Freedomof private business to organize and operate for profit in a competitive system without governement control is called what?
A
free enterprise
B
profit motive
C
competition
D
private sovereignty
7) A unit of ownership in a company
A
debtors note
B
bond
C
share of stock
D
profit motive
8) Payment to stockholders from a corporations profits
A
stock
B
divident
C
monthly payment
D
debt
9) Irish moved to the US in mid 1800's because what happened in Ireland?
A
famine/drought
B
attack of the clones
C
revolutionary war
D
gold rush
10) What is an advantage of a corporation over private ownership?
A
less taxes owed
B
someone to take the blame if it fails
C
easier to hire workers
D
less financial risk
*select an answer for all questions
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