ECON ONE

Which form of business organization is authorized by law to act as a legal entity (person) regardless of the number of owners?

• Entrepreneurship

• Proprietorship

• Partnership

• Corporation

 In what form of business is the owners’ financial liability limited to just their own investment?

• Entrepreneurship

• Proprietorship

• Partnership

• Corporation

In a corporation, who earns the profits?

• Entrepreneurs

• Shareholders

• Partners

What type of business has only one owner?

• Proprietorship

• Partnership

• Corporation

Why term best fits the person being described below?

• Entrepreneur

• Partner

• Shareholder

• Clerk

In a partnership, who keeps the profit or pays the debt resulting from the business?

• The owners

• The government

• The shareholders

_______ consists of the earnings after all expensive have been paid.

• Opportunity Cost

• Profit

• Consumer Sovereignty

• Demand

In the United States, individuals and businesses have the right to own _____________________________, which includes real estate, personal property, and the means of production, without undue interference from the government. 

• Consumer Sovereignty

• Profit

• Resources

• Private Property

The characteristic of the U.S. economy, in which consumers determine through their purchases what goods and services are produced, is called____________.

• Consumer Sovereignty

• Profit

• Private Property

• competition

The _____________________ intervenes in a market economy when the perceived benefits of the proposed policy outweigh the anticipated costs. 

• government

• shareholders

• market

• consumer sovereignty