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WorksheetsWyatt CE 12 a&b
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
How many basic ways are there that businesses organize to earn profits?
a)
One
b)
Two
c)
Three
d)
Four
2.
What is a form of business organization with one owner who takes all the risks and all the profits?
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Business
3.
What is a form of business organization with two or more owners who share the risks and the profits?
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Business
4.
What is a form of business organization that is authorized by law to act as a legal entity regardless of the number of owners. Owners share the profits.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Business
5.
What is the BEST definition of an entrepreneur?
a)
person who purchases raw materials from businesses and sells them to the government
b)
person who improves on an invention
c)
person who invents a brand new product
d)
person who takes a risk to produce and sell goods and services in search of profit
6.
Which is NOT a part of the economic flow of the United States economy?
a)
Resources
b)
Strength
c)
Goods and services
d)
Money
7.
What can people and businesses do to increase consumption later?
a)
Save and invest
b)
Spend and retire
c)
Buy and sell
d)
Parkour!!
8.
According to the notes, who owns the resources used in production?
a)
Individuals
b)
Businesses
c)
The government
9.
According to the notes, who uses tax revenue to provide goods and services?
a)
Individuals
b)
Businesses
c)
The government
10.
According to the notes, who makes products and sells them?
a)
Individuals
b)
Businesses
c)
The government
11.
What type of business organization is authorized by law to act as a legal person regardless of the number of owners?
a)
partnership
b)
corporation
c)
proprietorship
d)
government
12.
What type of business organization has one owner who takes all the risks and all the profits?
a)
partnership
b)
corporation
c)
proprietorship
d)
dictatorship
13.
What type of business organization has two or more owners who share risks and profits?
a)
proprietorship
b)
partnership
c)
corporation
d)
friendship
14.
What do you call a business owner who takes risks to produce goods and services in search of a profit?
a)
banker
b)
consumer
c)
entrepreneur
pr
pr
d)
investor
15.
What are individuals and groups that buy and use goods and services called?
a)
producers
b)
consumers
c)
entrepreneurs
d)
investors
16.
A business partnership has ___________ who share the risks and the profits.
a)
One owner
b)
No more than three owners
c)
Two or more owners
d)
Five or more owners
17.
What do we call a person who is willing to take the risks of starting a business in order to make a profit?
a)
Proprieter
b)
Partner
c)
Entrepreneur
d)
Incorporater
18.
Sole proprietorship, partnerships, and corporations are the three types of WHAT?
a)
Schools
b)
Companies
c)
Businesses
d)
Corporations
19.
In which of the following would one person be responsible for all of the risks but also receive all of the profits?
a)
Corporation
b)
Propreitership
c)
Partnership
d)
Dual owner business
20.
In order to ensure you pass your SOLs when should you start studying?
a)
A smart person would've started already!
b)
a week before testing starts
c)
On the ride to school
d)
Day before the test
e)
Wait you mean I have to study?
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