WorksheetsCh 8 Business Organizations & Ch 9 Labor
Total questions: 20
Worksheet time: 22mins
Sole proprietorships ____________________________.
are complicated to establish
make up about 6% of all businesses
are the most common form of business in the U.S.
offer owners little control over operations
Some benefits to sole proprietorships are:
relatively few regulations
full control
sole receiver of profit
all of the above
What advantage does a partnership have over a sole proprietorship?
The responsibility for the business is shared.
The business is easy to start up.
The partners are not responsible for the business debts.
The business will easily fail.
For the Shark Tank project, if you worked with a partner, you were a __________.
sole proprietorship
partnership (general, limited or limited liability)
coporation
monopoly
What is a corporation?
two owners responsible for each other's actions
an individual responsible for raising capital
business that does not pay taxes
a legal entity owned by individual stock holders
Which type of business organization can you most commonly purchase stock/shares from?
a corporation
an limited liability partnership
a sole proprietorship
taxation
What is an example of a corporate combination?
horizontal mergers
vertical mergers
a conglomerate
all of the above
What are some disadvantages to incorporation?
difficulty and expense of start-up
loss of control
double taxation
all of the above
A multinational corporation or MNC is a large corporation headquartered in one country and have subsidiaries throughout the world. True or False?
true
false
Which company or companies is/are an example of a multinational corporation?
Midland High
Apple (TM)
Starbucks (TM)
Both B & C
A business franchise is a semi-independent business that pays fees to a parent company in return for the exclusive right to sell a certain product or service in a given area, true or false?
True
False
A cooperative is a business organization owned and operated by a group of individuals for their shared benefit.
True
False
What is a labor union?
a place to take your work break
an organization of workers that tries to improve working conditions for its members
an agricultural group to help their members sell their crops
financial assistance
What factors have led to the decline in union membership?
right-to-work laws
economic trends
fulfillment of union goals, like safer working conditions
all of the above
What is collective bargaining?
when individuals go to their bosses to voice their opinions on their own
when union representatives meet to negotiate new labor agreements
when labor union members bring a lawsuit to their employer
when wages are improved
Who is considered the "labor force"?
union members
children under 18
all nonmilitary people who are employed or unemployed
families expecting children
According to the notes, at what age do economists consider a person 'employable'?
15
16
17
18
Occupational trends in the U.S. show the ___________ industry as growing the fastest
factory
agricultural
manufacturing
service
College graduates have two (or more) effects working for them, which are _________________ and _____________ effects.
screening and learning
typing and writing
attendance and pay
labor and wage
What can be counted as an employee benefit for full time workers?
health insurance
retirement account (401k)
vision insurance
all of the above
