Unit 3 Quiz

Question 1

Which if the following is not a type of merger?

Accepted Answer

Diagonal Merger

Question 2

What is a KEY reason that an entrepreneur might choose to establish a corporation rather than a partnership or a sp?

Accepted Answer

no personal liability

Question 3

What does the cartoon suggest about why a nonprofit might hire lobbyists to promote the interests of its organization?

Accepted Answer

Lobbyists generally have ready access to lawmakers.

Question 4

Labor unions participate in this practice when negotiating with management over issues.

Accepted Answer

collective bargaining

Question 5

Why might these people structure their business as a limited liability partnership rather than a limited partnership?

Accepted Answer

in order to limit personal responsibility if one of them is sued

Question 6

The party leasing out their business is known as the franchisee.

Accepted Answer

False

Question 7

What is the MOST LIKELY cause of the peaks in the unemployment rate?

Accepted Answer

economic downturns

Question 8

Which group is counted in the labor force?

Accepted Answer

workers without jobs who are seeking employment

Question 9

The key characteristic of a sole proprietorship represented in this photo is

Accepted Answer

the right of the business owner to set prices on the products.

Question 10

Which of the following is not a type of union workplace?

Accepted Answer

Open Shop

Question 11

A seizure is a temporary takeover of opperations.

Accepted Answer

True

Question 12

What were the main goals of the early labor movement in the United States?

Accepted Answer

higher wages, shorter hours, and a safer workplace

Question 13

This type of stock has no voting power but stockholders with it get paid paid dividends first.

Accepted Answer

Preferred Stock

Question 14

Which statement is TRUE for both mediation and arbitration?

Accepted Answer

A neutral third party imposes a decision that both sides must accept.

Question 15

Which of the following is not a theory of wage determination?

Accepted Answer

Collective Bargaining

Question 16

Some businesses work for the good of all their members or to work for the good of society in general.

Accepted Answer

cooperatives and nonprofits

Question 17

Which of the following is not a way businesses are funded?

Accepted Answer

Angel Capitalist

Question 18

Arbitration is the process of brining in a neutral third person to help settle a dispute.

Accepted Answer

False

Question 19

Which of the following is not a type of cooperative?

Accepted Answer

Supply

Question 20

The trends shown in this graph suggest that, in the year 2020,

Accepted Answer

jobs will be readily available for workers in service-producing industries

Question 21

Wage rate is the rate leaving neither a surplus nor a shortage of workers in the market.

Accepted Answer

False

Question 22

Which of the following is not an advantage of corporations?

Accepted Answer

Double Taxation

Question 23

Which of the following is not a category of labor?

Accepted Answer

Overskilled

Question 24

Frank and I are both evenly responsible for costs associated with our business. What type of partnership are we in?

Accepted Answer

General Partnership

Question 25

Which type of business organization might offer low-interest loans to its members?

Accepted Answer

a service cooperative

Question 26

Which of the following government bureaus would be responsible for regulating wastes produced the business in the photo?

Accepted Answer

Nuclear Regulatory Commission

Question 27

Which of the following is not a way to resolve labor disputes?

Accepted Answer

Seniority

Question 28

Which of the following is not an advantage of a sole proprietorship?

Accepted Answer

Attracts more financial capital

Question 29

All responsibility is shared jointly in a limited partnership.

Accepted Answer

False

Question 30

Which of the following is not an advantage of a partnership?

Accepted Answer

Limited Liability

Question 31

All responsibility is shared jointly in a general partnership.

Accepted Answer

True

Question 32

Which of the following statements is accurate, based on this graph?

Accepted Answer

Nearly 90 percent of sole proprietorships earned less than $100000 per year

Question 33

Why would these workers MOST LIKELY earn a higher wage than a carpenter building a single-story elementary school?

Accepted Answer

The risk of being injured while working on this building is greater.

Question 34

Which of the following is not a reason businesses merge?

Accepted Answer

Slow Growth

Question 35

If a sole proprietor’s expenses exceeded his income, what would be the result for the sole proprietor?

Accepted Answer

A loss

Question 36

Fact-Finding is an agreement between union and management to have a neutral third party collect facts about a dispute.

Accepted Answer

True

Question 37

What types of businesses have shareholders?

Accepted Answer

Corporation

Unit 3 Quiz

Questions 37

Unit 3 Quiz

Questions 37