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Economics Basics and Types of Businesses Flashcards | StudBud
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Economics Basics and Types of Businesses
Economics Basics and Types of Businesses
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1
Telling prospective clients that if they choose your company, you will personally and discreetly pay them
is theft
is a case of bribery
is a case of fraud
is ethical
2
This form of business is easy to start, you can rely on good company's reputation, and company will help you
Corporation
Partnership
Sole proprietorship
Franchise
3
American Eagle is has not made any profits over the past two years, American Eagle is a _______ business
not-for-profit
for profit business
4
In a limited partnership
has full ownership of the business
does not contribute capital
one partner has limited liability
buys shares in the business
5
Taking printer paper from your work office to refill your printer at home is considered
fraud
theft
all of the above
bribery
6
All of the following are franchises except
Tim Hortons
MacDonalds
Mr. Tim Barber Shop
KFC
7
Which form of business has shareholders
sole proprietorship
partnership
all of the above
corporation
8
Which is of the following is not a corporation?
public company
private company
crown
sole proprietorship
9
Sole proprietors have
limited liability
unlimited liability
shared ownership
the ability to sell shares to the public
10
Is the business shown below for-profit or not-for-profit?
For Profit
Not-for-Profit
11
Is the Hudson Bay Company for-profit or not-for-profit?
Not-for-Profit
For Profit
12
Starbucks is
a not-for-profit business and a sole proprietorship
a for profit business and a franchise
a for profit business and a sole proprietorship
A not-for-business and a franchise
13
A farmer changes the packaging of his eggs to say “free-range” even though his chickens are raised in factories.
This is a bribe
This is ethical
This is a fraud
This is theft
14
One of the main disadvantage of franchising is
limted liability
the cost
the ability of the franchise to expand
having access to an established business
15
Which statement accurately expresses the law of demand
As price increase the supply decrease
As price increases the supply increase
As price increases the consumes buys more
As price increases the consumer buys less
16
This form of business ownership is quick, easy and inexpensive to set up
corporation
sole proprietorship
cooperative
franchise
17
In this form of business ownership: profits are shared, there is a possibility of disagreements, and contract is needed
corporation
none of the above
partnership
sole proprietorship
18
Limited liability means
that the owner owes the business a limited amount of money
that the owner may lose personal possession in the case of bankruptcy
The owner of a business is personally liable for all debts of the business
that the owner only loses the amount invested in the business
19
Which is an advantage of a corpoation?
shares can be sold to the public to raise additional finance
Owners have unlimited liability
Financial accounts are published
shares can only be sold to invited investors to raise finance
20
Which of the following is not a service
legal consultation
a concert T-Shirt
a guitar lesson
accounting done for a business
