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Business Organizations & Labor Flashcards | StudBud
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Business Organizations & Labor
Business Organizations & Labor
25 terms
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StudBud Administration
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An #economicsreview of unit 2 covering #bussinessorganizations and #labor
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Three dairy farmers decide to come together and create an organization to sell their milk:
Consumer cooperative
Producer cooperative
Labor union
Service cooperative
2
If a general partnership fails, who is responsible for its debts?
All of the partners
Only one partner
The partnerships' employees
No one
3
Money or other valuables belonging to an individual or business
Liabilities
Royalties
Debts
Assets
4
How have right-to-work laws affected union membership?
They have increased union membership
They have decreased union membership
They have kept membership rates steady
They have had no effect on union membership
5
Which group is counted in the labor force?
retired workers
discouraged workers
active military personnel
workers without jobs who are seeking employment
6
One reason the strength of labor unions has declined in recent years is that:
Unions oppose free trade
More women have joined the workforce
Manufacturing jobs have decreased
Union dues have become too expensive
7
Demand for labor caused by the demand for another good or service:
Limited demand
Derived demand
Law of demand
Marginal demand
8
What is it called when union and company management meet to negotiate a new labor contract?
Outsourcing
Offshoring
Arbitration
Collective bargaining
9
A KEY reason an entrepreneur might choose to establish a corporation rather than a partnership:
equal sharing of profits
no personal liability
ability to pass the business on to children
limited start-up costs
10
Temporary and part-time jobs are examples of:
Unemployment
Outsourcing
Contingent employment
Professional labor
11
When a neutral third-party listens to both sides in a dispute and then imposes a decision:
Arbitration
Featherbedding
Mediation
Collective bargaining
12
Labor unions were formed because workers wanted to change:
1938 Fair Labor Standards Act which banned child labor
Dangerous working conditions and long hours of factory jobs
Practice of featherbedding in the railroad industry
Hiring and maintaining the most highly skilled workers
13
Business organization owned by two or more people who agree on a division of responsibilities
Conglomerate
Partnership
Nonprofit organization
Business franchise
14
Legal obligation to pay debts
Vertical merger
Asset management
Mediation
Liability
15
What is an organized work stoppage intended to force an employer to address union demands?
Derived demand
Arbitration
Collective bargaining
Strike
16
Which of the following is a disadvantage of a sole proprietorship?
High taxes
Legal constraints
Difficult to start up
Lack of permanence
17
Foreign-born workers allowed to live and work in the United States temporarily:
Contingent workers
Guest workers
Professional workers
Clerical workers
18
Ellen decided that her catering business was too stressful-she easily closed it because it was
A general partnership
A sole proprietorship
A producer cooperative
A closely-held corporation
19
Acme Party Supply is a consumer cooperative-its prices are lower than other stores because it
Helps members sell their products
Charges annual membership fees
Buys goods in large quantities
Makes little profit
20
A business that pays fees to a parent company for the exclusive right to sell a good/service
Partnership
Nonprofit organization
Business franchise
Conglomerate
21
Institution that operates for a purpose other than generating profit
Partnership
Conglomerate
Nonprofit organization
Multinational corporation
22
the federal government watches mergers to ensure they do not threaten:
Competition
Profits
Production costs
Taxes
23
Which of the following would be considered no longer part of the labor force?
Anyone who had sought work but has given up looking for work
Anyone who worked only one hour for pay within the past week
Anyone who worked 15 hours in a family business for no pay
Anyone who has a job, but was out sick for more than a week
24
When a third party meets with each side in a dispute to find a solution both sides will accept
Arbitration
Screening effect
Mediation
Collective bargaining
25
All nonmilitary people who are employed or unemployed:
Skilled labor
Professional labor
Labor force
Strike force
