SOL Standards 12/13/14 Review

Which type of business is made up of one owner who takes all the risks and keeps all the profit?

• Sole-Proprietorship
• Partnership
• Corporation

Which type of business acts a legal entity where owners share profits and their liability is limited to the amount they invest?

• Sole-Proprietorship
• Partnership
• Corporation

A person who starts their own business-

• entrepreneur
• executive
• capitalist
• manager

Which of the following is NOT a private financial institution?

• banks
• credit unions
• The Federal Reserve
• savings and loans

In the circular flow model, what does the government use tax revenues from individuals and businesses for?

• to provide public goods and services
• to sell resources
• to invest in the stock market
• to provide financial capital to businesses

Which of the following is one way private financial institutions encourage saving and investing?

• by paying interest on deposits
• by increasing taxes
• by denying loans
• by providing public goods and services

The worldwide market in which the buying and selling of goods and services between nations takes place--

• global economy
• command economy
• worldwide economy
• circular flow

Which of the following is NOT a reason that states and nations trade?

• to obtain goods and services they cannot produce themselves
• to buy goods at a lower price
• to decrease revenue of other countries
• to create jobs

Which of the following is NOT a type of money used in the United States?

• federal reserve notes
• coins
• deposits in bank accounts accessed by debit cards and checks
• credit cards

Which of the following is NOT a role of the Federal Reserve?

• acts as the federal government's bank
• maintains the value of the dollar
• manages the amount of money circulating in the economy to keep inflation low
• increases taxes for individuals and businesses