Unit 3: Business/Market Structures

What IS an advantage of a sole proprietorship?

• Shares can be sold to raise capital (money)

• Decisions are responsibilities can be shared

• The owner has independence

• It is hard to start up

All are ways to raise money to start a business except

• Savings

• Borrow

• Issue Stocks

• Win the Lotto

Your car was designed in the US but made in Europe, what type of enterprise is this?

• Multinational Corporation

• General partnership

• Domestic Monopoly

• Oligopoly

What government commission ensures work places are free of hazards that may cause death or serious injury?

• EEOC

• FDA

• FLSA

• OSHA

What government commission ensures hiring practices are fair and non discriminating

• OHSA

• EEOC

• FDA

• None of the above

A sole proprietorship is described as

• a business owned by 2 or more people

• a business owned by one person

• a business owned by a corporation

• None of the above

What is liability

• Being responsible for all financial losses

• Meeting deadlines on time

• Being able to pay employees

• Lies

What is an advantage of a limited liability partnership vs. a general partnership

• Business involvement

• Investment in the business

• limited liability

• They don't have any

If there is something wrong a a food product who is responsible for informing the public?

• OSHA

• FDA

• FEMA

• NLRB

All are types of monopolies except

• Natural

• Technology

• geographic

• National