Semester Pre/Post Assessment

In a general partnership, how is ownership shared?

• One person owns everything

• Ownership is shared equally among partners

• Ownership is determined by stock shares

• Ownership is not shared

What does an LLC combine features of?

• Sole Proprietorships and Corporations

• Corporations and Partnerships

• Franchises and Sole Proprietorships

• General and Limited Partnerships

What are assets in a business context?

• Debts a business must pay

• Items owned by a business that hold value

• Ownership value in a business

• Shares sold by a corporation

What are liabilities?

• Items that generate cash flow

• Obligations or debts a business must pay

• Ownership value in a business

• Investments made by partners

Which type of business structure is legally separate from its owners?

• Sole Proprietorship

• General Partnership

• Corporation

• Franchise

What is a common example of a liability?

• Cash

• Land

• Technology

• Credit card debt

What is an economic system?

• A method of personal finance management

• A way a society produces, provides, and distributes goods and services

• A type of government policy

• A form of international trade agreement

Which economic system allows some freedoms, such as career choice, but the government typically owns significant assets?

• Capitalism

• Socialism

• Communism

• Feudalism

Which economic system is associated with high taxation and medium to high government control?

• Capitalism

• Socialism

• Communism

• Feudalism

Which economic system is characterized by the lowest amount of government control?

• Socialism

• Communism

• Capitalism

• Feudalism