21 Economic System and Business Ownership Quiz

Quiz
•
Business
•
11th Grade
•
Easy
BRIDGOTTE GRIFFIN
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 10 pts
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
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.
C Corporation
Partnership
Sole
Proprietorship
LLC (Corporation)
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