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WorksheetsBusiness in the Free Enterprise
Total questions: 29
Worksheet time: 21mins
What is For-Profit?
An organization that generates revenue
An organization that exists to serve some public purpose
Wholesalers means a Business that purchases large quantities of products directly from producers and sell the products in smaller quantities to retailers
True
False
Not-For-Profit is:
An organization that generates revenue
An organization that exists to serve some public purpose
Private Sector's are: Producers, Intermediaries, and Service Businesses
True
False
Goods and Services are public
True
False
Manufactures are:
Businesses or people that take natural resources from the land
Businesses that use supplies from other products to make products
Consumer Market:
Customers who buy products for use in a business
Customers who buy products for their own use
Customers who are in the national, state, and local government offices and agencies
Business Market:
Customers who are in the national ,state, and local government offices and agencies
Customers who buy products for their own use
Customers who buy products for use in a business
A business owned and operated by a single individual
Proprietorships:
Customers who buy products for their own use
An association of two or more persons who co-own a business with the objective of earning a profit
A business owned and operated by a single individual
What is one ADVANTAGE for Proprietorship?
Unlimited Liability
Limited expertise
Limited life of business
Simple tax structure
Partnerships:
A business owner and operated by a single individual
An association of two or more persons who co-own a business with the objective of earning a profit
A business that earns profit by providing consumers with services that meets their needs and wants
Corporations:
An association of two or more persons who co-own a business with the objective of earning a profit
An artificial being, invisible, intangible, and existing only in contemplation of the law
A business owned and operated by a single individual
A business that earns profits by providing consumers with services that meets their needs and wants
A example for Intermediaries
Extractors
Retailers
Manufactures
Performs activities for customers
Government Market:
Customers who buy products for their own use
Customers who are in the national, State, and local government offices and agencies
Customers who buy products for use in a business
People and businesses that sell the goods and services from producers to customers
General Partnership:
A business co-owned by at least one general partner and one or more limited partners
A business that is owned by two or more general partners who are responsible for business operations
Understanding another person's point of view is
(a)
Limited Partnership:
A business that is owned by two or more general partners who are responsible for business operations
The most common type of business ownership
A business co-owned by at least one general partner and one or more limited partners
Can operate under your name or a business name
Goods and services are:
Public Sectors
Private Sectors
A Government is a Private Sector
True
False
Which two are Public Sectors?
Government
Goods
Schools
Services
A military is NOT a Public Sector
True
False
Businesses or people that take natural resources from the land are..
(a)
Producers means:
A business that create goods and services
A business that earns profit by providing consumers with services that meets their needs and wants
People and businesses that sell the goods and services from producers to customers
Respect means
Telling the truth
Considering the feelings and view points of others when you act
Treat others as you would like to be treated
Understanding another person's point of view
Integrity means to
Be committed to certain people or groups
Take care of all aspects of your job
Standing up for what you believe is right
Considering the feelings and view points of others when you act
Being committed to certain people or groups is The Golden Rule
True
False
Confidentiality means:
Keeping other people's personal information private
Understanding another person's point of view
Being committed to certain people or groups
Telling the truth
Telling the truth is
(a)
Responsibility means to..
Keeping other people's personal information private
Take care of all aspects of your job
Telling the truth
Being committed to certain people or groups
