SOL CE.12 Question Preview (ID: 37863)


12a-d.

In a proprietorship, the profits are kept by-
a) one person
b) two people
c) a group of people
d) the government

Jean is opening a pizza restaurant. She will take all the risks in order to keep all the profits. She is-
a) an entrepreneur
b) a corporation
c) a partner
d) a government worker

What type of business organization can act as one legal entity regardless of its number of owners?
a) corporation
b) proprietorship
c) partnership
d) entrepreneurship

In the United States economy, what do businesses buy from consumers?
a) resources
b) goods and services
c) taxes
d) interest

In the United States economy, what does the government provide to consumers and producers
a) public goods and services
b) taxes
c) interest
d) human labor

How does a financial institution encourage savings?
a) pay interest
b) give away free prizes
c) advertisement
d) provide a safe place for you to keep your money

Choose the term from the bank that means borrowing money.
a) loan
b) deposit
c) withdrawl
d) place in savings

Innovations in technology contribute to all of the following EXCEPT-
a) increase in the cost of production
b) flow of information
c) increase in capital
d) increase in goods and services

Virginia and the United States seek out international trade to-
a) purchase less expensive goods
b) become more powerful
c) increase opportunities to travel
d) gather knowledge

What is one way to lower the cost of production?
a) create new technologies
b) hire additional workers
c) use more resources
d) offer discount prices

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