CE.12 A,b - Structure And Operation Of U.S. Economy Question Preview (ID: 24256)
Virginia SOL Prep.
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Someone who is willing to take risks in order to make a profit is known as an −
a) lawyer.
b) accountant.
c) artist.
d) entrepreneur.
•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 to Private Ownership.
c) An appropriate title for the list above is: Characteristics of Corporation.
d) An appropriate title for the list above is: Advantages of Partnerships.
Sharing resources and risks are advantages to a −
a) partnership.
b) monopoly.
c) sole proprietorship.
d) limited liability corporation.
In a free enterprise system, a person who starts and runs a new business is −
a) an abolitionist.
b) an entrepreneur.
c) a consumer.
d) an indentured servant.
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) Corporation
b) Partnership
c) Proprietorship
d) Dual ownership corporation
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.
Reinvesting tax dollars into public goods and services shows one aspect of the government’s involvement in the −
a) supply and demand curve.
b) market equilibrium.
c) economic flow.
d) consumer product safety.
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.
Businesses most frequently participate in the economic circular flow of resources by −
a) buying resources and making products to sell to consumers.
b) providing public goods and services by use of tax dollars.
c) providing investment capital to expand.
d) consuming products.
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) economic flow.
c) purchasing of products.
d) stock purchases.
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