Intro Chapter 4 Review

A(n) ____ business is an organization that generates revenue.

• consumer

• for-profit business

• collective

• union

A(n) ____ exists to serve some public purpose.

• company

• union

• not-for-profit organization

• collective

____ are businesses that use supplies from other producers to make products.

• Assemblers

• Factories

• Manufacturers

• Extractors

A business that purchases large quantities of products directly from producers and sells the products in smaller quantities to retailers is a ____.

• wholesaler

• middle-man

• store

• company

In a private enterprise system, ____ directly provide consumers with products that meet their needs and wants.

• service business

• wholesaler

• retailers

• stores

A ____ is the simplest and most common form of business ownership.

• corporation

• partnership

• store

• proprietorship

A ____ is an association of two or more persons who co-own a business with the objective of earning a profit.

• store

• partnership

• proprietorship

• company

The numeric system used to classify businesses and collect economic statistics is called the ____.

• Bureau of Labor Statistics (BLS)

• economic indicators

• North American Classification System (NAICS)

• Employer identification number (EIN)

The ____ is a group of individuals who make high-level management decisions for a corporation and establish company policies.

• board of directors

• collective

• assembly

• management team

A share of ownership in a corporation is called a____.

• stock

• partnership

• dividend

• liability