Economics: Today and Tomorrow © 2012

Chapter 8: Business Organizations

Business Organizations

1
To determine whether a business made a profit, you must _____.
A)subtract total expenses from receipts
B)subtract taxes from other expenses
C)subtract the cost of new equipment from income
D)subtract wages from receipts
2
When you run a business, you should pay yourself a wage that is ______.
A)higher than you pay anyone else
B)lower than you pay your workers
C)equal to what you could earn elsewhere
D)based on the profits you expect to make
3
What is the main goal of a small business incubator?
A)to generate job creation and economic growth
B)to provide financing for start-ups.
C)to train individuals to become entrepreneurs
D)to provide planning and accounting services to businesses.
4
A beginning business enterprise is called a ______.
A)entrepreneur
B)startup
C)small business incubator
D)inventory
5
In a partnership, the partners ______.
A)share the profits or losses
B)have no say in how the business is run
C)share only the profits
D)have no liability for debts and damages
6
A joint venture is a _____.
A)temporary partnership
B)limited partnership
C)general partnership
D)sole proprietorship
7
Which of the following best describe a business that two or more individuals own and operate?
A)Sole proprietorship
B)Unlimited liability
C)Assets
D)Partnership
8
A corporate charter is granted by _____.
A)the federal government
B)the state where the corporation is established
C)stockholders
D)a franchiser
9
Which of the following is defined as a contract in which one business sells to another business the right to use its name and sell its products?
A)Franchise
B)Corporation
C)Stock
D)Limited liability
10
Which of the following is defined as a portion of a corporation's profits paid to its stockholders?
A)Corporation
B)Stock
C)Limited liability
D)Dividend
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