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WorksheetsCH 4 Business in the Free Enterprise (Pretzel)
Total questions: 40
Worksheet time: 1hrs 6mins
A business that buys large quantities of products directly from producers and sells the products in smaller quantities to retailers.
not-for-profit organization
producer
wholesaler
retailer
business market
An organization that exists to serve some public purpose.
not-for-profit organization
producer
wholesaler
retailer
business market
A business that creates goods and services.
not-for-profit organization
producer
wholesaler
retailer
business market
A business that buys products from wholesalers or directly from producers, and sells them to consumers to make a profit.
not-for-profit organization
producer
wholesaler
retailer
business market
A market that consists of customers who buy products for use in a business.
not-for-profit organization
producer
wholesaler
retailer
business market
A business that is owned and often operated by a single individual.
proprietorship
stock
dividend
cooperative
partnership
A share of ownership in a corporation.
proprietorship
stock
dividend
cooperative
partnership
A portion of a corporation’s earnings distributed to stockholder.
proprietorship
stock
dividend
cooperative
partnership
A business that is owned and operated by those using its services.
proprietorship
stock
dividend
cooperative
partnership
An association of two or more persons who co-own a business with the objective of earning a profit.
proprietorship
stock
dividend
cooperative
partnership
Which of the following is an example of an intermediary?
Auto manufacturer
Auto parts manufacturer
New car dealership
Auto repair shop
__ is a numeric system to classify businesses and collect economic statistics.
B2B
NAICS
LLC
B2C
Which is not an example of a not-for-profi t organization?
United Way
American Cancer Society
Microsoft
American Red Cross
An accounting fi rm that prepares taxes for an advertising agency operates in the___ market.
business-to-consumer
consumer-to-business
business-to-business
consumer-to-consumer
Which of the following is a business that is owned and operated by a single individual?
Partnership
Proprietorship
Corporation
Cooperative
The two common types of partnerships are _____.
general and unlimited
general and cooperative
general and limited
limited and unlimited
Which is not an advantage of a partnership form of ownership?
Limited liability
Easy to start
Combined financial resources
Simple tax structure
Which is a form of business ownership provides limited liability to its owners, but is taxed as a partnership?
S Corporation
Cooperative
Green business
Limited partnership
A major advantage of forming a corporation is __.
profit
limited life
management
limited liability
Cooperatives are run __.
by the government
democratically
similarly to an LLC
without voting members
One of the sole purposes of a for-profit business is to be productive and generate money for its (a) .
Governmental organizations are part of the (a) sector
The customer of a service business is often called a (a) .
The (a) market consists of customers who buy products for their own use.
Wholesalers are often called (a) .
A partner who does not participate in managing the business is a(n) (a) partner.
. The simplest and most common form of business ownership is a(n) (a) .
The form of business ownership described as an “artifi cial person” is a(n) (a) .
The group of individuals who makes high-level management decisions for a corporation and establishes company policies is called the (a) .
The form of business ownership that combines the benefi ts of a corporation with those of proprietorships and partnerships is a(n) (a) .
The free enterprise system is the driving force that enables retailers to make a profit and stay in business. Central Products is a manufacturer that generated sales of $838,515 last year. Total expenses were $719,311. What was the profi t or loss last year?
(a)
Sigma Gears is a manufacturer that operates in the same industry as Central Products. Sigma’s sales were $1,325,875 last year, with total expenses of $1,269,288. What was Sigma Gear’s profi t or loss? Compare Sigma Gear’s profi t or loss to Central Products in the previous question. Which company earned more money last year?
(a)
Price $17.95
Tax 6%
Mr. Barrett bought a new battery for his car. The battery cost $72. Since batteries are a taxable item, he had to pay a sales tax of 7.5%. What was the total cost of the battery in dollars and cents?
$79.50
$5.40
$77.40
$66.60
Mr. Lucas bought a new lounge chair for his game room. The one he chose was $425. He had to pay a sales tax of 8.2%. What was the amount of sales tax he paid on the chair?
$24.90
$44.30
$34.85
Not Here
Price $2.75
Tax 5%
