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WorksheetsECONOMICS: UNIT 3 REVIEW "Business Organization"
Total questions: 26
Worksheet time: 13mins
Name
Class
Date
1.
The sole proprietorship is the most commonly found form of business organization in the U.S.
a)
True
b)
False
2.
A merger of corporations involved in different steps of manufacturing or marketing is known as a
a)
multinational merger
b)
horizontal merger
c)
vertical merger
d)
conglomerate
3.
One advantage to creating a corporation is double taxation.
a)
true
b)
false
4.
Which letter represents the proper location on the diagram for “unlimited liability”?
a)
T
b)
W
c)
V
d)
Y
5.
a firm legally ceases to exist when an owner dies, quits, or sells the business
a)
nonprofit organization
b)
collective bargaining
c)
credit union
d)
limited life
6.
ownership certificates in a firm
a)
collective barganing
b)
charter
c)
stock
d)
dividend
7.
organization that promotes the collective interests of its members rather than seeking financial gain for its owners
a)
limited life
b)
nonprofit organization
c)
proprietorship
d)
partnership
8.
negotiation by a labor union with management over issues such as pay, working hours, health care coverage, and vacation
a)
collective bargaining
b)
net income
c)
cash flow
d)
principal
9.
financial organization that accepts deposits from, and makes loans to, employees of a particular company or government agency
a)
net income
b)
inventory
c)
limited life
d)
credit union
10.
form of business organization recognized by law as a separate legal entity having all the rights of an individual
a)
corporation
b)
multinational
c)
interest
d)
sole proprietorship
11.
corporation that has manufacturing or service operations in a number of countries
a)
consumer cooperative
b)
interest
c)
sole proprietorship
d)
multinational
12.
price paid for the use of another's money
a)
interest
b)
sole proprietorship
c)
labor union
d)
inventory
13.
business owned and run by one person
a)
consumer cooperative
b)
partnership
c)
sole proprietorship
d)
corporation
14.
voluntary association that buys bulk amounts of goods on behalf of its members
a)
unlimited liability
b)
depreciation
c)
partnership
d)
consumer cooperative
15.
Partnerships do not have to deal with the issue of limited life as a disadvantage
a)
True
b)
False
16.
According to the illustration, what is the second most common form of business organization in the United States?
a)
proprietorships
b)
partnerships
c)
corporations
17.
a check that transfers a portion of the corporate earnings to a stockholder
a)
dividend
b)
partnership
c)
cash flow
d)
net income
18.
funds left over after all of the firm’s expenses, including taxes, are subtracted from its sales
a)
proprietorship
b)
cash flow
c)
partnership
d)
net income
19.
business that is jointly owned by two or more persons
a)
stock
b)
partnership
c)
depreciation
d)
dividend
20.
sum of net income and non-cash charges, such as depreciation
a)
net income
b)
corporation
c)
cash flow
d)
limited life
21.
Business owned and run by 1 person
a)
partnership
b)
nonprofit organization
c)
sole proprietorship
d)
corporation
22.
stock of finished goods and parts in reserve
a)
principal
b)
depreciation
c)
labor union
d)
inventory
23.
amount borrowed when getting a loan or issuing a bond
a)
inventory
b)
depreciation
c)
principal
d)
unlimited liability
24.
organization of workers formed to represent its members' interests in various employment matters
a)
principal
b)
labor union
c)
multinational
d)
corporation
25.
non-cash charge a firm takes for the general wear and tear on its capital goods
a)
interest
b)
unlimited liability
c)
consumer cooperative
d)
depreciation
26.
requirement that an owner is personally and fully responsible for all losses and debts of the business
a)
limited liability
b)
unlimited liability
c)
principal
d)
depreciation
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