VA SOL CE 12 c, d, e Modified time/choice for inclusion

What is the name of a business owner who provides jobs for people?

• operator

• entrepreneur

What are the three basic ways that businesses organize to earn profits? (Select 3)

• corporation

• flock

• entrepreneur

• partnership

• proprietorship

Which type of business organization has one owner who takes all the risks and keeps all the profits.

• proprietorship

• corporation

Which type of business organization has two or more owners who share the risks and the profits.

• proprietorship

• partnership

Which type of business organization is authorized by law to act as a legal entity regardless of the number of owners. Owners share the profits, but owner liability is limited to the amount of their investment.

• proprietorship

• corporation

What is a person who takes a risk to produce and sell goods and services in search of a profit? This person may establish a business according to any of the three organizational structures.

• seller

• entreprenuer

Resources, goods and services, and money flow continuously among...

• households, businesses, and markets in the U.S. economy.

• businesses and markets in the U.S. economy

• entrepreneurs, suppliers, and the government in the U.S. economy.

In the economic/circular flow diagram, who owns the resources used in production, sells the resources, and uses income to purchase products?

• households

• businesses

In the economic/circular flow diagram, who buys the resources, makes products to sell to individuals, other businesses, and governments, and uses profits to buy more resources?

• households

• businesses

In the economic/circular flow diagram, who uses tax revenue from individuals and businesses to provide public goods and services?

• governments

• businesses