WorksheetsCE.12 Business Organization
Total questions: 25
Worksheet time: 13mins
In which business model are profits kept by 1 person?
Proprietorship
Partnership
Corporation
Financial Institutions
Dan has $5,000. He wants to invest his money in the type of business that has the least amount of risk. What type of business should he invest his money?
Proprietorship
Partnership
Corporation
Liability
The soil and climate in Virginia is good for growing certain plants and bad for others. Because of this, farmers in Virginia will grow corn, peanuts, and cotton but not pineapples. This choice results in more efficient production and cheaper goods. What economic principle describes the farmers' choice to grow corn, peanuts, and cotton?
Export
Innovation
Specialization
Interest
Which innovation/invention has contributed most to the global flow of information, capital, goods, and services?
Railroads
Interstate highways
Shipping
Internet
Horses
In which business model are the owners called stockholders?
Proprietorship
Partnership
Corporation
Financial Institutions
In which business model would an entrepreneur begin a business without any assistance?
Proprietorship
Partnership
Corporation
Financial Institutions
In which business model is the business organized by law to act as a legal entity (body) regardless of the number of owners?
Proprietorship
Partnership
Corporation
Financial Institutions
What is the difference between limited liability and unlimited liability?
limited = can lose everything you own
unlimited = can only lose your investments
limited = only lose investments
unlimited = can lose everything you own
there is no difference
they both have the same amount of risk
Some of the profits a business makes are often used to buy more —
Goods and services
Resources
Taxes
Interest
In the United States economy, what do individuals and businesses give/provide for the government?
Goods and services
Resources
Taxes
Interest
In the United States economy, what do consumers sell to businesses?
Goods and services
Resources
Taxes
Interest
In the United States economy, all of the following move continuously among markets, businesses, and households EXCEPT —
Goods and services
Resources
Taxes
Interest
What do we call (the official name of) banks, savings and loans, and credit unions?
Financial Capital
Corporation
Commercial Banks
Financial Institutions
Which type of financial institution has membership and is non-profit?
Financial Capital
Credit Union
Commercial Banks
Savings and Loans Association
Keyla put $1,000 in her savings account last year and has not added any more money to the account. Her last bank statement showed her savings account had $1,034.62 in it. Why is this?
The bank paid interest on the money she saved.
The bank charged interest on her loan
The bank made a mistake
The bank was being kind
Which of the following do banks do? Select all correct answers:
Offer savings and checking accounts
Sell real estate (houses and land)
Charge interest on loans
Coin (print) money
Sell home insurance
How do private financial institutions make money?
Paying interest on deposits
Offering savings and checking accounts
Charging interest on loans
Importing illegal substances
The following are characteristics of a service that banks offer:
Earn Higher Interest, You cannot write checks, Money is backed by the FDIC.
What service are these examples of?
Checking Accounts
Loans
Savings Accounts
Stock Market
Financial institutions act as intermediaries between savers and borrowers by-
Receiving deposits and making loans
Charging interest on savings
Spending money that is deposited
Discouraging saving and investing
What is the main reason Virginia and the US seek to trade?
To show how much they can produce
To become smarter
To travel to more countries
To increase wealth
What is the difference between an export and import?
Import = something the government does
Export = something businesses do
Import = A loan given to other countries
Export = A loan other countries pay the US
Import = A good brought in from another country
Export = A good made here & sent to another country
Import = A good made here & sent to another country
Export = A good brought in from another country
From 2008-2010, which countr(ies) had a decrease in imports?
Japan
Mexico
United Kingdom
Bahrain
During which month would consumers have most likely been willing to purchase a new car?
April 2010
October 2010
February 2011
March 2011
In the United States economy, what does the government provide to individuals and businesses?
Goods and services
Public Goods and Services
Taxes
Resources
What are the four reasons that states and nations trade?
To sell goods and services to other countries
To buy goods and services at a lower cost
To buy goods and services at a higher cost
To get goods and services they cannot produce
To create jobs
