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Chapter 8
Chapter 8
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Chapter 8 economics quiz
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Payments to employees rather than wages or salaries
fringe benefits
assests
stocks
liability
2
What does UPA stand for?
None of the above
Unified Partnership Act
Uniform Partnership Act
United Postal Act
3
A corporation is...
very big
legal entity owned by stock holders
public
a certificate of ownership
4
Organized group of workers that improve working conditions, hours, wages, and fringe benefits
labor union
trade association
break room
cooperative
5
What do nonprofit organizations do?
compete with others
benefit society
eat all the food
make a profit
6
What is a business owned and managed by a single individual called?
liability
business organization
franchise
sole proprietorship
7
If you own stock in a company, are you a part-owner?
maybe
no
only on Tuesdays
yes
8
Disadvantages of franchise
purchasing restrictions
all of the above
Strict operating standards
limited product line
9
What is a service cooperative?
cooperative that provides a service
cooperative that provides goods
cooperative that provides land
cooperative that provides outlet for gods
10
Which of the following is NOT an advantage of partnerships?
Ease of start-up
larger pool of capital
shared decision making and specialization
Unlimited liability
11
Two or more firms competing in the same market with the same good or service
vertical merger
MNC
conglomerate
horizontal merger
12
What is a retail outlet owned and operated by consumers?
Service Cooperatives
Consumer Cooperatives
Producer Cooperatives
Cooperative Cooperatives
13
What is a general partnership?
two people that court eachother
both partners equally share responsibility and liability
a partnership agreement
only one partner is required to have liability
14
What does MNCs stand for?
Multinational Corporations
Multinational Companies
Multinational Conglomerates
Muffin Nest Cats
15
Share of earnings given as payment
caring
bond
royalties
nonprofit
16
What is the portion of corporate profits paid out to stockholders?
bond
conglomerate
dividend
yes
17
A formal contract to repay borrowed money with interest at fixed intervals
double taxation
bond
dividen
expensive
18
Which of the following is NOT an example of a nonprofit organization?
YMCA
Pet Store
hospitals
Churches
19
What is a disadvantage of sole proprietorships?
easy to discontinue
limited partnership
lack of permanence
potential conflict
20
What is the biggest disadvantage of sole proprietorship?
rent
loneliness
zoning laws
liability
