Business Organizations CE.12 Question Preview (ID: 41448)
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A form of business with one owner
a) Corporation
b) Partnership
c) Proprietorship
d)
Why do Virginia and the U.S. pursue international trade?
a) To increase wealth
b) Opportunity Cost
c)
d)
The use of technology does this to the cost of production
a) Drives it higher
b) Lowers it
c)
d)
A form of business with 2 or more owners who share risk profits
a) Corporation
b) Partnership
c) Proprietorship
d)
A person who takes a risk to sell goods and services in search of profit.
a) Corporation
b) Entrepreneur
c)
d)
A form of business authorized by law to act as a legal entity. Liability is limited to investment
a) Partnership
b) Corporation
c) Proprietorship
d)
A reason states and nations trade is to create
a) Production
b) Jobs
c)
d)
A reason states and nations trade is to buy goods at a lower
a) Opportunity Cost
b) Scarcity
c)
d)
In the circular flow of economics, who sells resources and uses income to buy products?
a) Businesses
b) Governments
c) Individual Households
d)
In the circular flow of economics, who buys resources to make products?
a) Businesses
b) Individual Households
c) The Government
d)
In the circular flow of economics, who owns the resources?
a) Individuals
b) Government
c) Businesses
d)
In the circular flow of economics, who uses tax revenue to provide public goods and services?
a) Governors
b) Businesses
c) Individuals
d) The Government
Specializing in the production of certain goods and services promotes
a) Global Economy
b) Efficiency
c)
d)
A worldwide market in which the buying and selling of goods and services by all nations takes place
a) National Market
b) Global Market
c) World Wide Web
d)
Banks, savings and loans, and credit unions are examples of
a) Public financial institutions
b) Private financial institutions
c)
d)
How do private financial institutions encourage saving and investing?
a) Advertisements
b) Paying Interest
c)
d)
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