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Chapter 3: Business Organizations Flashcards | StudBud
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Chapter 3: Business Organizations
Chapter 3: Business Organizations
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Forms of business organizations, business growth & expansion, and nonprofit organizations.
Flashcards
34 cards
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Questions
34
Answers
1
Nonprofit organizations may...
pay income tax
issue stock
pay dividends
provide goods/services to its members.
2
An example of a service cooperative is...
Metropolis Chamber of Commerce
Better Business Bureau
Association of Manufacturing Workers
Smallville Teacher's Credit Union
3
The most common form of business organization in the U.S. is a...
nonprofit
limited partnership
sole proprietorship
corporation
4
A corporation with 4 businesses that make unrelated, non-majority sales products is a...
conglomeration
limited partnership
cooperative
multinational
5
A major reason for conglomerate mergers is...
diversification
depreciation
unlimited life
multinationals
6
Noted for its ability to move resources/products/money across national boundaries with ease is
an international corporation
a chamber of commerce
a multinational
a conglomerate
7
A business owned and run by one person is a...
corporation
sole proprietorship
limited partnership
principality
8
A corporation that has operations in a number of different countries is know as a...
conglomerate
partnership
multinational
merger
9
A merger that involves two or more firms that produce the same kind of product is a...
conglomerate merger
multinational merger
horizontal merger
vertical merger
10
An advantage of a corporation is that...
owners pay less tax than owners of other forms of business
owners have direct/immediate control over daily management
owners have limited liability for debt
the business is subject to little government regulation
11
The local chamber of commerce works to...
aid member companies in negotiating with labor unions
earn dividends for its members
protect its members from consumer complaints
promote the welfare of its member businesses & the community
12
Negotiations between representative of labor & management is known as...
a labor union
a cooperative
achamber of commerce
collective bargaining
13
The main advantage of the corporate form of business organization is...
freedom from business income tax
ease of start up
ease of management
ease of raising money
14
The main disadvantage of a general partnership is that ...
Partnerships must pay special taxes on profits.
Patnerships are harder to establish than corporations.
Each partner is fully responsible for the acts all partners.
Partnerships are less efficient than sole proprietorships.
15
An example of a professional association would be the...
American Medical Association
Tennessee Valley Authority
U.S. Postal Service
Ocean Spray cranberry co-op
16
A voluntary association that buys bulk amounts of goods on behalf of its members is a...
labor union
nonprofit organization
chamber of commerce
consumer cooperative
17
In a general partnership, partners usually draw up legal papers called
the collective bargaining addendum.
the unlimited liability note
the bond certificate
the articles of partnership
18
A business organization that's a separate legal entity having all the rights of an individual.
principal
corporation
limited partnership
sole proprietorship
19
The main reason government controls are needed on public utilities is that public utilities...
are investor-or municipal-owned
provide important public services
usually have no competition
are responsible for water & electric services
20
True or false: A multinational is often a conglomerate.
True
False
21
The amount borrowed when getting a loan or issuing a bond is known as...
principal
interest
income
cash flow
22
A combination of two or more businesses to form a single firm is a...
corporation
limited partnership
labor union
merger
23
A workers organization formed to represent its members' interests in employment matters is a...
cooperative
labor union
chamber of commerce
nonprofit
24
I learned about business organizations this week
True
False
25
Business organization where at least one partner isn't active in daily business activities.
limited partnership
limited life
corporation
nonprofit
26
A non-cash charge a firm takes for the general wear & tear on its capital goods is known as...
asset allocation
an expense
net income
depreciation
27
An economic institution that works in a businesslike manner but does no seek financial gain is
a nonprofit organization
a limited partnership
a chamber of commerce
a labor union
28
A government document granting permission to create a corporation is called a...
charter
dividend
bond
proxy
29
A business combination of firms involved in different manufacturing or marketing steps is a...
horizontal merger
conglomeration
vertical merger
multinational
30
The price paid for the use of another's money is called...
interest
a loan
principal
depreciation
31
The indirect role of government is illustrated by ...
the regulation of public utilities
a city's fire department
a state park
the Tennessee Valley Authority
32
An organization that promotes the welfare of its member businesses is a...
chamber of commerce
partnership
cooperative
labor union
33
This is determined by subtracting expenses, including taxes, from revenue.
Net assets
Net income
Real income
Net expenses
34
A voluntary association formed to carry on economic activity for the members' benefit is...
a cooperative
a chamber of commerce
a labor union
a nonprofit organization
