wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Economics quiz 2

Total questions: 15

Worksheet time: 7mins

Name
Class
Date
1.
What is an entrepreneur?
a)
A person who is in charge of a specific location.
b)
A person who works for someone else in order to learn skills.
c)
A person who organizes and operates a business or businesses.
d)
None of these
2.
Most entrepreneurs work long hours, but they create their own schedule.
a)
True
b)
False
3.
ALL entrepreneurs have a college degree.
a)
True
b)
False
4.
The act of assuming the risk of organizing productive resources to produce goods and services.
a)
business
b)
critical thinking
c)
entrepreneurship
d)
risk management
5.
Who created Facebook?
a)
Mark Zuckerberg
b)
Elon Musk
c)
JK Rowling
d)
Walt Disney
6.
Business entity that is usually owned by multiple stockholders and operates as a separate legal entity.
a)
proprietorship
b)
partnership
c)
limited liability company
d)
corporation
7.
What is a business owned and operated by two or more people?
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
8.
Disadvantages include limited life and
the potential for conflict between partners
a)
Sole Propriotorship
b)
Partnership
c)
Corporation
9.
Sara’s Hair Palace is a small, locally owned beauty salon in Sterling. This represents what type of business?
a)
corporation
b)
partnership
c)
sole proprietorship
10.

It is an artificial being created by the operation of law, having right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence is called_________.

a)

Cooperative

b)

Corporation

c)

Partnership

d)

Sole Proprietorship

11.

Which of the following is defined as a business in which partners have an unequal share and liability in the business?

a)

sole partnership

b)

limited partnership

c)

general partnership

d)

franchise partnership

12.

A tax that Is paid entities that are exempt from VAT, with gross annual sales not exceeding a limit prescribe by the BIR, and subject to additional guidelines.

a)

VAT

b)

Percentage Tax

c)

Capital Gain Tax

d)

Income Tax

13.

The most common tax filed by employed and self employed individual or those who derive their income from business or professional practices.

a)

VAT

b)

Percentage Tax

c)

Capital Gain Tax

d)

Income Tax

14.

Which office will you go to to register your single-owned business?

a)

A. SEC

b)

B. DTI

c)

C. BIR

d)

D. Mayor’s Office

15.

To secure a Tax Identification Number (TIN), which office will you go to?

a)

A. SEC

b)

B. DTI

c)

C. BIR

d)

D. Mayor’s Office