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Block 1 - Twenties and American Economics and Business

Total questions: 162

Worksheet time: 2hrs 18mins

Name
Class
Date
1.
Who likely made this statement? “I wear bobbed hair and powder my nose. I wear fringed short skirts and bright-colored sweaters with low-heeled shoes. I adore smoking, drinking, and dancing.”
a)
A post-World War II subordinate
b)
A Roaring Twenties flapper
c)
A Depression-era homemaker
d)
A Gilded Age feminist
2.
Which development most contributed to the increasing social independence of Americans in the early twentieth century?
a)
Rise of the Populist movement
b)
Emergence of Victorian ideals
c)
Improved telecommunications
d)
Greater access to automobiles
3.
This person helped increase interest in airplanes and air travel with their first flight across the Atlantic Ocean.
a)
Charles Lindbergh
b)
Langston Hughes
c)
Charles Chaplin
d)
Henry Ford
4.
The ________Amendment started Prohibition.  
a)
10th 
b)
19th 
c)
20th 
d)
18th 
5.
Which Amendment allowed American women the right to vote?
a)
15th Amendment
b)
19th Amendment
c)
16th Amendment
d)
18th Amendment
6.
Which invention allowed news and entertainment to reach large audiences in a very short amount of time in the 1920's?
a)
the newspaper
b)
the radio
c)
the television
d)
the mail
7.
Which person below is known as a famous gangster during the 1920's?
a)
Johnny Ray
b)
Ray Capone
c)
Al Capone
d)
Charles Lindbergh
8.
What type of music was popular in speakeasies during the 1920’s?
a)
Rock and Roll
b)
Jazz
c)
Rap
d)
Country
9.
Which Amendment repealed (canceled) Prohibition?
a)
17th Amendment
b)
18th Amendment
c)
19th Amendment
d)
21st Amendment
10.
During the Great Migration, African Americans moved from
a)
South to West
b)
East to West
c)
South to North
d)
North to South
11.
What was the name given to people who illegally transported and sold alcohol during Prohibition?
a)
Diabolical Drivers
b)
Bootleggers
c)
Rule Breakers
d)
Tricksters
12.
Illegal bars during Prohibition were called:
a)
Sidebars
b)
Underbars
c)
Speakeasies
d)
juke joints
13.
Which event is credited with starting the Great Depression
a)
The election of Herbert Hoover as president
b)
The increased spending of the U.S. government
c)
the Great Crash of 1929
d)
The U.S. involvement in World War II
14.
famous defense attorney; defending John T. Scopes in the “Monkey Trial”
a)
William Jennings Bryan
b)
Clarence Darrow
c)
Marcus Garvey
d)
Calvin Coolidge
15.
famous defense attorney; defending John T. Scopes in the “Monkey Trial”
a)
William Jennings Bryan
b)
Clarence Darrow
c)
Marcus Garvey
d)
Calvin Coolidge
16.
courtroom battle over the teaching of modern scientific theories and the traditional religious beliefs
a)
Shenck v. US
b)
Brown v. Board of Education
c)
Plessy v. Ferguson
d)
Scopes "Monkey" Trial
17.
hostile group that was anti-immigrant, anti-catholic, anti-jewish, anti-african-american
a)
Nativists
b)
Ku Klux Klan
c)
White Liners
d)
Make America Great Again
18.
was referred to as the “Grand Experiment”
a)
Prohibition
b)
Direct Election of Senators
c)
Suffrage for Women
d)
U.S. Constitution
19.
new optimism and growth of African-American culture
a)
Beat Generation
b)
Hip-Hop
c)
Harlem Renaissance
d)
Harlem Shake
20.
This Jazz musician would become the most popular jazz musician of his time.
a)
Paul Lawrence Dunbar
b)
Eugene O'Neill
c)
Louis Armstrong
d)
Ernest Hemingway
21.
Henry Ford’s main contribution to the US industry was the idea of the assembly line and __________.
a)
automobile
b)
mass production
c)
sports car
d)
transportation
22.
An important feature of the Harlem Renaissance of the 1920's can best be summed up by which of the following? 
a)
African Americans expressed themselves through songs and dance
b)
African Americans supported Prohibition 
c)
African Americans moved into cities in order to find jobs 
d)
African Americans called for equality and civil rights 
23.
Which event is credited with starting the Great Depression
a)
The election of Herbert Hoover as president
b)
The increased spending of the U.S. government
c)
the Great Crash of 1929
d)
The U.S. involvement in World War II
24.
Prohibition led to all of the following EXCEPT:
a)
a rise in organized crime
b)
the growth of speakeasies
c)
more profits for bootleggers
d)
a decrease in the amount of alcohol consumed by Americans
25.
Making a small down payment, with regular monthly payments that follow is called... 
a)
installment buying 
b)
buying on margin 
c)
bull market 
d)
inflation 
26.
During the 1920s, Clarence Darrow and William Jennings Bryan were most closely identified with the —
a)
increased use of credit by U.S. consumers
b)
development of new forms of popular entertainment
c)
decline of public support for Progressive reforms
d)
conflict between modernism and traditionalism
27.
The "NEW WOMAN" of the 1920s referred to which changes happening at the time
a)
availability in birth control
b)
new work opportunities
c)
casual dating
d)
All of the above
28.
Which of the following is most closely associated with the picture?
a)
KKK
b)
Smuggling Alcohol and Speakeasies
c)
Jazz Age and Radio
d)
Women's freedom and Flappers
29.
Prohibition created which one of the following?
a)
Reduction in crime.
b)
Reduction in alcohol related deaths
c)
Organized Crime.
d)
More money being made.
30.
What was a bootlegger?
a)
Criminals who brought clothing made in other countries into the U.S.
b)
Criminals who brought guns made in other countries into the U.S.
c)
Criminal who sold alcohol in the United States to make a profit
d)
Criminals who immigrated to the U.S. 
31.
What did the Eighteenth Amendment state?
a)
This amendment outlawed the manufacture, sale, and transportation of alcohol.
b)
This amendment outlawed the advertisement of alcohol.
c)
This amendment changed the age a person had to be to buy alcohol.
d)
This reversed prohibition.
32.

For the first time in history, people could buy things without paying for them up front. Which term describes this?

a)

bartering

b)

margin

c)

installment plan/buying on credit

d)

stock

33.

This invention allowed people to hear music, listen to games, and listen to news without leaving their house.

a)

airplane

b)

television

c)

radio

d)

printing press

34.

How did mass media like radio and movies help change the U.S. in the 1920s?

a)

It influenced people to drink alcohol illegally.

b)

People learned California was a state.

c)

It helped create a common culture in America that united different regions.

d)

Yellow Journalism made people not want to read newspapers in the 1920s.

35.

This virus spread during World War One and killed millions after the war in the U.S. and all over the world.

a)

Smallpox

b)

Spanish Flu

c)

tuberculosis

d)

shingles

36.
Buying stock without knowing the risks, assuming it will just go up is known as ________.
a)
speculation
b)
buying on margin
c)
market capitalization
d)
hammering the market
37.
Which of the following directly contributed to the economic instability of the United States in 1929?
a)
The implementation of a personal income tax
b)
Overspeculation in the stock market
c)
New regulations on banking
d)
The elimination of import tariffs U.S.
38.
What does it mean to buy stocks on margin?
a)
buying the stock for someone else 
b)
purchasing the stock outside the regular stock exchange 
c)
paying less than the market price of the stock
d)
borrowing money to help pay for the stock
39.
The  Roaring Twenties were characterized by –
a)
Internment camps, the rationing of goods, and the first use of an atomic bomb
b)
Bank failures, the New Deal, and bread lines
c)
Installment plans, Prohibition, and flappers
d)
Brinkmanship, McCarthyism, and a policy of containment
40.
What is a service?
a)
A job
b)
Something someone does for you
c)
A need
d)
Something you do for another person
41.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
42.
What is a good?
a)
A need
b)
A baseball game
c)
Things people do for money
d)
Things that people make or grow
43.
What is a want?
a)
A person
b)
Something you would like to have but don't need to live
c)
Purple
d)
Something you need to live
44.
A person who uses and buys goods and services 
a)
money 
b)
producer 
c)
consumer 
d)
economics 
45.
A person who makes goods or provides a service 
a)
goods 
b)
service producer 
c)
producer
d)
consumer 
46.
Which of the following is not a service?
a)
Dry Cleaner
b)
Car Wash
c)
Clothes
d)
Babysitter
47.
Things we buy that we can touch or hold
a)
services
b)
opportunity cost
c)
goods
d)
natural resources
48.
Things that were not made by humans and are found in nature
a)
natural resources
b)
human resources
c)
capital resources
d)
services
49.
Which of these is a need?
a)
car
b)
water
c)
video games
d)
candy
50.
Your teacher is providing a _______.
a)
good
b)
service
c)
commercial 
51.
This is a place where buyers go to find things they want or need. What is this place called?
a)
library
b)
market
c)
forest 
52.
Individuals who come up with a new idea for a good or service, then they make it a reality
a)
resource
b)
human resources
c)
consumer
d)
entrepreneur
53.
A general increase in prices
a)
price
b)
inflation
c)
scarcity
d)
demand
54.
The amount of money we pay for a good or service
a)
currency
b)
price
c)
inflation
d)
economics
55.
The idea that resources are limited; we don't have an unlimited supply of what we want
a)
scarcity
b)
supply
c)
demand
d)
inflation
56.
The money that remains after all the costs of production have been paid.
a)
Loss
b)
Supply
c)
Profit
d)
Tax
57.
Money that the government collects from individuals and businesses to pay for public goods and services
a)
Profit
b)
Tax
c)
Service
d)
Loss
58.
How much there is of a good or service.
a)
Incentive
b)
Supply
c)
Demand
d)
Loss
59.
Resources that can be replaced or renewed like wood, plastic, and rubber.
a)
Human Resources
b)
Renewable Resources
c)
Nonrenewable Resources
d)
Capital Resources
60.
When 2 people make a trade and feel they are better off because of that exchange.
a)
Tax
b)
Voluntary Exchange
c)
Economics
d)
Specialization
61.
Something that encourages a person to take a certain action.
a)
Tax
b)
Entrepreneur
c)
Incentive
d)
Specialization
62.
Resources that can't be replaced like oil, gold, and silver.  Once they are taken out of the ground, they can't grow back or be replaced.
a)
Human Resources
b)
Renewable Resources
c)
Nonrenewable Resources
d)
Natural Resources
63.
The sacrifice that is made when a person chooses between two goods or services.
a)
Profit
b)
Economics
c)
Productivity
d)
Opportunity Costs
64.
What is the basic principle of the law of demand?
a)
The higher the price, the more people will want the good.
b)
Everyone has a limited income that they will spend.
c)
When a good's price is lower, people will buy more of it.
d)
Services are of interest in the same way that goods are.
65.
What is the basic principle of the law of supply?
a)
The higher the price, the more people will want to produce the good.
b)
Everyone has a limited supply that they will make.
c)
When a good's price is lower, people will produce more of it.
d)
Services are of interest in the same way that goods are.
66.

A government tax on imports.

a)

incentive

b)

revenue

c)

opportunity costs

d)

tariff

67.

The rivalry among producers to attract consumers while lowering costs

a)

supply

b)

competition

c)

demand

d)

specialization

68.

In what economic systems do private citizens determine what to produce, how to produce it, and how to market it?

a)

Traditional Economy

b)

Market Economy

c)

Command Economy

d)

Mixed Economy

69.

In what economic system does the government determine what to produce, how to produce it, and how to market it?

a)

Traditional Economy

b)

Market Economy

c)

Command Economy

d)

Mixed Economy

70.

What is the total amount of payment received from a consumer for a good or service?

a)

Costs

b)

Profits

c)

Deductions

d)

Revenue

71.

What is the total amount of a good or service available for purchase?

a)

Producer

b)

Consumer

c)

Demand

d)

Supply

72.
Economic System where there is limited technology and ideas are passed down from generation to generation
a)
Command
b)
Traditional
c)
Mixed
d)
Market
73.
When I choose one item over another because I cant afford both, this is called an ...
a)
scarcity
b)
opportunity cost
c)
choice
d)
incentive
74.

A sale is an example of an _________________________. This is a reward for buying something now rather then later.

a)

choice

b)

opportunity cost

c)

incentive

d)

trade off

75.
Considering all the questions above, it all comes down to ___________________. These are decisions we all must make due to scarcity.
a)
trade offs
b)
scarcity
c)
choice
d)
incentive
76.
Which is NOT a Factor of Production?
a)
Land
b)
Capital
c)
Entrepreneurs
d)
Labor
77.
Zack works hard at his job, but he doesn't get any reward for it because the government won't let him. He lives in a...
a)
Market economy
b)
Command economy
78.
North Korea uses a...
a)
Command economy
b)
Market economy
79.
The central government makes decisions and determines how resources will be used. NO consumer choice and the government sets the prices for goods and services.
a)
Command
b)
Free Market
c)
Mixed
d)
Traditional
80.
Supply and demand determines the price of goods and services. Buyers determine what is produced. 
a)
Command
b)
Free Market
c)
Mixed
d)
Traditional
81.
Government and individuals share in the decision making process. The most effective economy for producing goods and services.
a)
Command
b)
Free Market
c)
Mixed
d)
Traditional
82.
Primarily found in underdeveloped regions.Communities use primitive tools and methods, often resulting in little economic growth.
a)
Command
b)
Free Market
c)
Mixed 
d)
Traditional
83.

Best Buy is the only store who has the newest Call of Duty game. They are running out of games. Which of the following is most likely to happen?

a)

Best Buy will close

b)

The price of the game will go up

c)

Demand for the game will go down

d)

No one will buy the game

84.

US Oil Consumption- 20 million barrels a year

China Oil Consumption- 11 million barrels a year

Japan Oil Consumption- 8 million barrels a year


Which of the following would happen if a major shortage of oil production occurred?

a)

Consumers of oil would stop using it

b)

The US would pay more for oil

c)

Consumers would find other sources of energy

d)

Consumers would see no change in oil price or consumption

85.

In a Mixed Economy, individuals and the government..

a)

Compete with each other for resources and profit

b)

Have limited interaction

c)

Share responsibility in the economy

d)

Increase the amount of money in circulation

86.
Which of the following do households provide businesses?
a)
Labor
b)
Taxes
c)
Goods and Services
d)
Final Products
87.
What do businesses provide households?
a)
Taxes
b)
Goods and Services
c)
Capital
d)
Resouces
88.
What is an example of a service the government might provide households?
a)
Post Office
b)
Dry Cleaner
c)
Food Delivery
d)
None of these
89.
Which of the following is an example of a public goods or service?
a)
BB&T Banks
b)
Franklin County Public Schools
c)
Walmart
d)
Local Restaurants
90.
What is the most common resource that individuals sell to businesses?
a)
Captial
b)
Natural
c)
Entrepreneurship
d)
Human (Labor)
91.

In the United States economy, what do consumers buy from businesses?

a)

Interest

b)

Goods and services

c)

Taxes

d)

Resources

92.

All of the following agencies regulate business EXCEPT-

a)

Federal Trade Commission

b)

Federal Protection Commission

c)

Federal Communications Commission

d)

Environmental Protection Agency

93.

In the United States economy, there is a circular flow of what three things between households, businesses, and markets?

a)

Resources, goods, interest

b)

Resources, dividends, taxes

c)

Resources, stocks, bonds

d)

Resources, goods, and services

94.

The United States government provides public goods and services because-

a)

the states asked for them

b)

they need the tolls and fees these projects generate

c)

the U.S. Constitution requires them

d)

these goods and services would not be available otherwise

95.

Which of the following is NOT an example of a public good or service provided by the government?

a)

Shopping mall

b)

Interstate 81

c)

Army

d)

Post office

96.

In the United States, what does the government collect from consumers in order to pay for public services?

a)

Intersest

b)

Taxes

c)

Goods

d)

Human Resources

97.

Radio and television programming fall under the control of the-

a)

FTC

b)

EPA

c)

NRA

d)

FCC

98.
Businesses sell __________ to individuals and in return businesses earn a __________.
a)
products, profit
b)
businesses, individuals
c)
resources, profit
d)
income, profit
99.
Money taken by the government from the amount individuals or businesses make at work.  This can be defined as....
a)
Interest Rate
b)
Money
c)
Currency
d)
Income Tax
100.
Paper money issued by the government that people accept in exchange for goods and services (also called cash) can be defined as...
a)
Currency
b)
Money
c)
Income Tax
d)
Financial Capital
101.
If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 
a)
Traditional 
b)
Market 
c)
Command 
d)
Mixed
102.
In the USA, people have _______ to work hard because we can make profits in our market economy!
a)
Scarcity
b)
Opportunity Costs
c)
Production Factors
d)
Incentives
103.
Banks provide allow _______ to flow to both Households and Business Firms.
a)
public goods
b)
loans
c)
final goods/services
d)
income
104.

Hint what to you earn from a business?

a)

Taxes

b)

Income

c)

Savings

d)

Investment

105.
What is created when prices are too low?
a)
surplus
b)
shortage
c)
equilibrium price
d)
subsidy
106.
What is the perfect price for a supplier to sell a product & make sure it does not stay for long periods in the store?
a)
surplus
b)

shortage

c)
equilibrium price
d)
subsidy
107.
What determines price & quantity produced of goods?
a)
supply
b)
demand
c)
consumers
d)
supply & demand
108.
What is quantity of a good or service that producers sell at a market price?
a)
supply
b)
demand
c)
law of demand
d)
law of supply
109.
What is the desire to buy a good or service?
a)
supply
b)
demand
c)
law of demand
d)
law of supply
110.
What answers what to produce, how to produce and for whom to produce?
a)
technology
b)
price
c)
supply
d)
demand
111.
What is a government payment for certain actions?
a)
tax
b)
profit
c)
tariff
d)
subsidy
112.
A government payment made to a business is a
a)
tax
b)
regulation
c)
subsidy
d)
resource
113.
The Supply Curve is upward-sloping because...
a)
as price increases, consumers demand less.
b)
none of the choices
c)
as price increases, so do costs.
d)
As the price increases, suppliers can earn higher levels of profit or justify higher marginal costs to produce more.
114.
When the supply of a product or service goes up and the demand stays the same the Price will typically do what? 
a)
rise
b)
fall
c)
stay the same
d)
Consumer
115.
When there is a shortage the price will usually? 
a)
rise
b)
fall
c)
remain the same
d)
equilibrium
116.
The market equilibrium price is the price at which
a)
surpluses depress the number of goods supplied
b)
shortages and surpluses will have no effect on the market
c)
the government will not intervene in the market
d)
the quantity demanded is the same as the quantity supplied
117.
For the law of demand, as price rises, what happens to quantity demanded?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
118.
For the law of supply, as price rises, what happens to quantity supplied?
a)
it goes up
b)
it goes down
c)
it stays the same
d)
it is not effected
119.
In a command economy, who holds power over the economy?
a)
The people
b)
The government
c)
Beyonce
d)
The traditions of your ancestors
120.
What are the three economic questions?
a)
What to produce? How to produce? For whom to produce?
b)
Who to produce? Why you produce? Like to produce?
c)
Why to produce? Tell who to produce? Things to produce?
121.
If I produce fish for my town because my mom and dad were fishermen/fisherwomen, what economic system is this?
a)
Mixed
b)
Market
c)
Traditional
d)
Command
122.
Which of the following is not an economic system?
a)
Traditional
b)
Market
c)
Command
d)
Democratic
123.
The fundamental economic questions that all economies must answer are
a)
Who will rule, who will vote, and who will pay taxes?
b)
What will be produced, how will it be produced, and for whom it will be produced?
c)
Who determines the cost, who will set the prices, and who determines how much is made?
d)
How much will be produced, of what quality it will be, and who will pay for it?
124.
Each society must determine how to best use its_______
a)
People
b)
Land
c)
Natural Resources
d)
All of the above
125.
The term "factors of production" means:
a)
things or skills needed to produce goods or services
b)
how we spend our money
c)
the resources of the government
d)
how society creates jobs
126.
What federal government agency oversees and regulates the non-governmental wireless and wired communication industry?
a)
SEC
b)
FCC
c)
NRC
d)
NFL
127.
The ________________ Bureau of the FCC regulates the broadcast industry.
a)
Enforcement
b)
Internal Revenue
c)
Media
d)
Communications
128.
This is the federal organization that ensures that all Americans are protected against specific hazards to the environment and human health where they learn, work and live.
a)
Department of Energy
b)
Nuclear Regulatory Commission
c)
Environmental Protection Agency
d)
Energy Policy Act
129.

The ________________ is the central bank of the United States.

a)

The U.S. National Bank

b)

Bank of America

c)

BB & T

d)

The Federal Reserve

130.

Which amendment allows the government to tax income?

a)

15th

b)

16th

c)

14th

d)

10th

131.

In the United States, if an oil pipeline leaked large amounts of oil into a lake or river, which federal agency would most likely respond?

a)

Federal Trade Commission

b)

Consumer Protection Agency

c)

Environmental Protection Agency

d)

Federal Communications Commission

132.

Payments made by individuals and businesses based on income received.

a)

property tax

b)

real estate tax

c)

sales tax

d)

income tax

133.

The Federal Reserve

a)

influences the money supply and interest rates in the economy to keep inflation low and stable

b)

assures healthy and safe working conditions for workers/employees

c)

protects public health by assuring foods and medical products are safe

d)

enforces laws which makes it illegal to discriminate against job applicants or employees

134.

Which agency required AT & T to refund money to customers which were charged for premium text message services"without their consent?

a)

Federal Communications Commission

b)

Federal Trade Commission

c)

Environmental Protection Agency

d)

Central Intelligence Agency

135.

This agency fined a church in New Jersey for operating an unlicensed FM radio station.

a)

Federal Bureau of Investigation

b)

Federal Trade Commission

c)

Environmental Protection Agency

d)

Federal Communications Commission

136.

Which agency will regulate what is said on TV, Radio, and Internet?

a)

Food and Drug Administration

b)

Federal Communications Commission

c)

Federal Trade Commission

137.

Which agency will take businesses to court that are accused of creating a monopoly?

a)

Federal Communications Commission

b)

Federal Deposit Insurance Corporation

c)

Federal Trade Commission

138.

Which agency will take a business to court if they are found to be violating anti-pollution standards?

a)

Federal Trade Commission

b)

Food and Drug Assocation

c)

Environmental Protection Agency

139.
The___________________________ was established in December 1970. The EPA is an agency of the United States federal government whose mission is to protect human and environmental health. 
a)
Environment and People Agency
b)
Earth and People Agency
c)
Earth Protection Agency
d)
Environmental Protection Agency 
140.
The ______________________is an independent federal agency whose main goals are to protect consumers and to ensure a strong competitive market by enforcing a variety of consumer protection and antitrust laws. These laws guard against harmful business practices and protect the market from anti-competitive practices such as large mergers and price-fixing conspiracies.
a)
Securities and Exchange Commission
b)
Federal Communications Commission
c)
Federal Trade Commission
d)
Environmental Protection Agency
141.
The _____________________is an independent U.S. government regulatory agency that oversees all interstate and international communications. The FCC maintains standards and consistency among ever-growing types of media and methods of communications while protecting the interests of both consumers and businesses. 
a)
Federal Communications Commission
b)
Federal Trade Commission
c)
Food and Drug Administration
d)
Securities and Exchange Commission
142.
What is the primary source of revenue for the government?
a)
Social Security payroll taxes
b)
Individual income taxes
c)
Borrowing
d)
Customs duties 
143.
What means the government has spent more than it has raised
a)
revenue
b)
surplus
c)
defecit
d)
appropriations
144.
What is it called when the government takes in more in revenue than it appropriates?
a)
surplus
b)
revenue
c)
defecit
d)
appropriations
145.

Which is a goal of the Federal Reserve?

a)

Create a high level of inflation

b)

Create price stability in the economy

c)

Print currency for American citizens

d)

Develop fiscal policy for the United States

146.

If the Fed wanted to contract or tighten the economy to help fight inflation, they might

a)

Increase reserves to limit what banks can loan out

b)

Lower the interest rate

c)

Decrease reserves allowing banks to loan more

d)

Decrease government spending

147.

If the Fed wanted to expand or ease monetary policy, which might they do?

a)

Increase reserves, limiting what banks can loan

b)

Increase the interest rate

c)

Decrease the interest rate

d)

Lower taxes

148.
Fee charged to borrow money
a)
Inflation
b)
Interest
c)
Discount rate
d)
Reserve requirement
149.
What does Inflation do to the value of money?
a)
Makes it go up.
b)
Makes it go down.
c)
Makes it stay the same.
150.
The primary role of the Federal Reserve Bank is to steer the economy by
a)
controlling the budget
b)
setting spending levels.
c)
controlling the money supply.
d)
loaning out money.
151.
In a recession, the Fed would likely
a)
Increase the supply of money in the economy
b)
Decrease the supply of the money in the economy
152.
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
153.
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
154.
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
155.
This type of business is owned by many people called stockholders.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
156.
Nike, Google and Apple are examples of.....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
157.
Advantages of this business type are that the owner is their own boss and gets to keep all the profits.
a)
Partnership
b)
Sole Proprietorship
c)
Corporation
d)
Franchise
158.
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
159.
Advantages of this business include: easier to get money from the bank to start, share skills and share risks.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
160.
Disadvantages of this business type include: needs a partnership agreement, partners might not get along, owners share profits, unlimited liability.
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
d)
Franchise
161.

Which statement is not true about Mr. Cory's Cookies?

a)

The owner of the company is a teenager and his mom.

b)

They started their business to get a car.

c)

On the owner's wish list was to one day meet Amazon's Jeff Bezos

d)

Neither the owner, nor co-owner had finished high school.

162.

Which was not a problem in Jacksonville, FL's Sweet Pete's business?

a)

Marcus Lemonis's faith in Pete and his wife.

b)

The location of their store.

c)

The size of their work space

d)

Their partner, Dain.

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7th Review

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7th Review

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7th Grade