WorksheetsBusiness Organizations & Market Structures
Total questions: 15
Worksheet time: 8mins
What is the true of a market structure?
It is the way an individual business is set up.
It describes the level of competition between businesses.
An example is a partnership.
A purely competitive market sells similar products.
Cameron is an owner of a business, and she has limited liability. Cameron's business must be which of the following?
Monopoly
Partnership
Corporation
Sole Proprietorship
Ryan Brown and Leighton Jones have a partnership. Leighton embezzles the company's profits and moves to Mexico. Which of the following describes Ryan's liability?
Because Ryan didn't do anything illegal, he is not responsible.
Ryan's personal assets are at risk.
Ryan's personal assets are completely safe.
Michaela starts a business making video games. She invests all of her savings and hires Haylie to help with design. At the end of the year, Haylie insists on half of the profits. Which is true?
Don't choose me
Michaela & Haylie are stockholders and receive a dividend check.
Michaela & Haylie are partners and split the profits evenly.
Michaela is a sole proprietor and Haylie is an employee so Michaela does not have to share her profits with Haylie.
The selllers in which market are price makers?
Pure/Perfect Competition
Oligopoly
Monopoly
Monopolistic Competition
Tara is a seller in a purely competitive market. Which characteristic of this mkt. structure is true?
Tara has a lot of control.
Tara has a lot of competition.
Tara is a sole proprietorship.
Tara has no competition.
Reagan buys stock in Nick's company. Which is true?
They are both owners.
Neither of them have to pay taxes on dividends.
Reagan has unlimited liability; Nick has limited liability.
If Nick dies, the company has to close.
Apart from each other, Ja'mya, M'Cayla, & Ashlyn own most of the rental houses in Eastman. Which is true?
The market for rental houses in monopolistically competitive.
The market for rental houses is a monopoly.
The market for rental houses is an oligopoly.
The market for rental houses is purely competitive.
Gabrielle, Zalyn, and Aaron each have their own sole proprietorship in the market for cakes. Together, they decide that none of them will sell cakes for less than $50, causing the market price of cakes to go up. Which type of market structure are they probably doing business in?
purely competitive
monopoly
monopolistically competitive
Oligopoly
Keyshawn & Daniyah operate in a market where there are a lot of sellers. Which of the following is true?
They are playing in market that is a partnership.
There are few barriers to entry.
They are operating in an oligopoly.
They cannot be operating in a monopolistically competitive market.
Josie owns stock in Crosby Enterprises. What is a disadvantage Josie faces?
unlimited liability
bothered by many company decisions
double taxation
losing her multi-million dollar estate
Makari and Jenna are discussing the benefits of a sole proprietorship. Which might you hear them say?
unlimited liability
long lasting life
dividends
keeping all the profits
Rashaun and Blaine are discussing the characteristics of a corporation. What might you hear them say?
corporate owners have unlimited liability
corporations have a limited life
corporations are like a person
corporations are inexpensive and quick to start
If Annie & Skye need to raise a lot of capital, which type of organization might they choose & what tradeoff might they make?
Partnership; gain $ & give up limited liability
Partnership; gain $ & give up most control
Corporation;gain $ & give up most control
Corporation; gain $ & give up unlimited life
What do oligopolies and monopolistically competitive markets have in common?
both have low barriers to entry
many sellers
both have some control over the price
all businesses are corporations
