Economic flow indicates that money and resources move between

government, businesses, and individuals

What are the three types of businesses ownership?

corporation, proprietorship, partnership

Virginia trades with other states and countries to

earn wealth, create jobs, lower costs, and obtain new things

profits are shared, but liability is limited

When banks accept deposits from savers, what do they do with the money?

loan it out to other individuals

All of the following are true of new technology except

it leads to more handmade products

partners share profit and loss equally

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US Economy

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A review of US Economic Concepts aligned to VA SOL 12

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Questions 15

Answers

1
A business where one person takes all the risks and receives all the profit is
a global economy
a proprietorship
a partnership
a corporation
2
Economic flow indicates that money and resources move between
government and businesses
businesses and individuals
government and individuals
government, businesses, and individuals
3
Public goods and services are paid for through
profits earned by businesses
other countries and states
individuals' income
taxes paid to goverment
4
What are the three types of businesses ownership?
entrepreneurship, proprietorship, corporation
proprietorship, partnership, entrepreneurship
corporation, proprietorship, partnership
partnership, entrepreneurship, corporation
5
Banks encourage people to make deposits by offering incentives in the form of
decorative checkbooks
convenient features like ATMs
free gifts for opening accounts
interest earned on savings
6
Virginia trades with other states and countries to
earn wealth, create jobs, lower costs, and obtain new things
avoid paying taxes to the government
buy American made products
keep peace between states and countries
7
In a corporation
profits are shared, but liability is limited
all investors take equal profits
all investors take an equal loss
profits automatically go to the government
8
Someone who takes risks to make a profit is called
a businessman
a businesswoman
a banker
an entrepreneur
9
During economic flow, who buys resources, makes and sells products, and invests profits?
businesses
individuals
government
10
When banks accept deposits from savers, what do they do with the money?
gamble with it
loan it out to other individuals
store it in a vault
pay it to the government in taxes
11
Who is responsible for providing public goods and services?
businesses
individuals
government
12
All of the following are true of new technology except
it leads to more handmade products
it creates new jobs
it contributes to the global flow of ideas
it lowers production costs
13
Businesses specialize in a single product or type of product in order to
minimize competition
promote efficiency and growth
prevent others from stealing secrets
avoid making employees work too hard
14
In a partnership
no taxes are owed to the government
some partners make more profit and some take more loss
taxes paid to the government are higher
partners share profit and loss equally
15
Buying and selling goods and services worldwide is called
global marketing
international peace treaty
global economy
international currency

US Economy Flashcards | StudBud