Business and Labor

What are the 5 types of Business Organizations

• Sole Proprietorship, partnership, corporation, franchise and non-profit

• Franchise, Corporation, Partnership, Conglomerate, and Monopoly

• Sole Proprietorship, partnership, monopoly, franchise and non-profit

• Sole Proprietorship, partnership, corporation, monopoly and oligopoly

What is the most common business type in America?

• Non- profit

• Corporation

• Sole Proprietorship

• Franchise

Which of the following is an advantage for corporations?

• Inexpensive

• Stocks

• Full autonomy

• Well known brand

Which business type is Double Taxed?

• Sole Proprietorship

• Partnership

• Corporation

• Franchise

Which is an example of fixed cost?

• shopping

• electric

• personal care

• rent

Which is an example of variable cost?

• Rent

• Electric

• Insurance

• Equipment

True or false:

Total Revenue - Total cost = total profit

• True

• False

The nature and degree of competition among firms operating in the same industry...

• Market Structure

• Collective Bargaining

• Sole proprietorship

• Telecommuting

What is a monopoly?

• When the number of workers needed equals the number of workers available

• There are few very large sellers that dominate an industry

• There is only one seller on the market of a certain product, gaining all the profit

• Many sellers of nearly identical products

Who uses collective bargaining?

• Labor unions

• Corporations

• Sole Proprietorships

• Monopolies