CE.12c Quiz

In a proprietorship, the profits are kept by - 

• two people 
• a group of people 
• one person
• the government

A person who takes a risk to produce goods and services in search of profit - 

• entrepreneur
• magistrate
• profiteer
• baliff

What kind of business is BEST described by these statements?
I am the only owner of my business. 
I take all the risks of doing business. 
I keep all the profits. 

• proprietorship
• corporation
• partnership
• cooperative

In which type of organization does one person take all the risks?

• corporation 
• partnership
• monopoly 
• proprietorship

A form of business organization that is authorized to act as a legal entity regardless of the number of owners. 

• corporation 
• proprietorship
• partnership
• distributor

A form of business organization with two or more owners who share the risks and the profits - 

• proprietorship
• corporation
• wholesale
• partnership

Which is NOT a basic type of business ownership?

• proprietorship
• partnership
• corporation
• retail

Julie buys used clothes at garage sales and then auctions them off herself off the internet. Which type of business does she have?

• partnership
• proprietorship
• corporation
• conglomerate

A form of business organization with two or more owners who share the risks and the profits - 

• proprietorship
• corporation
• wholesale
• partnership

In 2000, the Heinz Corporation began selling purple ketchup.  Sales were low and within a few years Heinz stopped selling it.  Which characteristic of our economy was demonstrated in this example?

• Private Property
• Consumer Soveregnity
• Profit
• Competition