21 Economic System and Business Ownership Quiz

21 Economic System and Business Ownership Quiz

11th Grade

10 Qs

quiz-placeholder

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21 Economic System and Business Ownership Quiz

21 Economic System and Business Ownership Quiz

Assessment

Quiz

Business

11th Grade

Practice Problem

Easy

Created by

BRIDGOTTE GRIFFIN

Used 1+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

Media Image

What was America's main industry during the early development of the country? What major era in history moved America in a new direction of economic development?

agriculture

farming

factories

services

2.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

What are other names used to describe free enterprise?

Profit System

Capitalism

Market

Economy

All the above

3.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

The six basic factors on which the US free enterprise system is based are:

Private ownership, control of productive resources, free market, profit motive, supply and demand, competition, and limited government involvement.

False

True

4.

MULTIPLE SELECT QUESTION

1 min • 10 pts

Name three things a company might do to become more profitable in a free market.

reorganize the company

lay off workers

install new technology

cheat and steal

5.

MULTIPLE SELECT QUESTION

1 min • 10 pts

Media Image

What are the disadvantages of a monopoly?

open competition

prevents competition

limits the

Free Market

charges Fair

prices

6.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

Which is NOT a legal form of business ownership.

Sole Proprietorship

Partnership

Human Trafficking

Corporation

7.

REORDER QUESTION

1 min • 10 pts

Order from simple, easy to start Business Structure to most complex.

LLC (Corporation)

Partnership

Sole

Proprietorship

C Corporation

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