This form of business ownership has unlimited liability for ownership, is easy to form, and the owner makes all the decisions is known as a:

• Proprietorship

• Partnership

• Corporation

• Subchapter S

Which of the following legal forms of business ownership has the highest revenue of businesses in the U.S.?

• Proprietorship

• Partnership

• Corporation

• Subchapter S

This type of legal form of ownership is free from corporate income taxes and the government must approve their purpose and operations

• franchise

• joint venture

• limited liability corporation

• non-profit corporation

A written contract granting a licensee permission to operate an established business to sell products and services in a specific way is known as a:

• joint venture

• non-profit corporation

• franchise

• cooperative

Multinational corporations must adhere to the laws of which country (check all that apply)

• Home country (country in which the business is incorporated

• Host country (country in which the business is conducted)

• Switzerland - where the world trade organization sets rules

• None of the above

All of the following are benefits of multinational corporations EXCEPT:

• Lower prices

• Exploit the local workers

• Foster communication, understanding, and respect

• Career opportunities

All of the following countries are members of the European Union (EU) except:

• Great Britain

• France

• Germany

• Italy

The current trade war with China is based on the U.S. raising ... on selected imported goods

• quotas

• embargoes

• tariffs

• boycotts

The most likely outcome of a trade war is ...

• The other country raises their tariffs on your goods

• The other country backs down

• The other country does nothing

• The other country lowers its prices on your imports

If the U.S. is wanting to make sure that sensitive military products don't end up in the hands of unfriendly groups or nations, the U.S. should

• create a trade embargo

• raise quotas

• raise tariffs

• boycott products from that nation