EOPA REVIEW DAY 23

Assets includes...

• Items (tangible and intangible) a company owns that have monetary value.

• Tangible items that a company owns that have monetary value, but not intangible items such as accounts receivable that have not been collected on yet.

• money that has been invested in the business plus the cumulative net profits and losses the company has generated.

• capital stock or owners stock

Liabilities are...

• all debts that a company has that must be paid

• only the debts that are payable in one year or less.

• only the debts that are to be repaid in more than one year.

• the cumulative amount of profit retained by the company and not paid out in the form of dividends to the owners.

A common disadvantage of a sole proprietorship is

• Difficulty starting the business
• The limited life of the business
• That the owner must share profits with others
• double taxation of earnings

A ________ must name a board of directors that will make the major policy and financial decisions for the business.

• limited liability company
• proprietorship
• corporation
• limited liability partnership

In what type of business organization is each owner personally liable for all business debts, even if the debts were created by other owners?

• corporation
• partnership
• proprietorship
• multinational corporation

When groups of workers band together for higher pay  and better working conditions they are forming a________________.

• labor union
• Collective Bargaining
• Blacklst 
• Yellow Dog Contract

When the labor refuses to work, this is known as ________________.

• strike
• collective bargaining
• yellow dog contract
• injunction

A monopoly is the total or complete control of a service, product or industry. Unfortunately for consumers, this prevents _______________. 

• Unions
• Capitalism
• Competition
• regulation

settling a dispute by agreeing to accept the decision of an impartial outsider

• lockout
• arbitration
• industrial union
• closed shop

What are companies doing when they agree to divide market, set price & limit production?

• commodity
• economies of scale
• collusion
• monopolistic