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Worksheets

SOL Review-CE11-CE14

Total questions: 20

Worksheet time: 30mins

Name
Class
Date
1.

Which Constitutional amendment gives the government the authority to tax the income of individuals and businesses?

a)

10th

b)

1st

c)

12th

d)

16th

2.

What is the name for the type of company that helps people buy and sell stock, as well as helping them invest money?

a)

Deposit Center

b)

Securities Brokerage

c)

Credit Union

d)

Bank

3.

What type of economy is set up where private individuals, businesses, and the government share economic decision making?

a)

Mixed Economy

b)

Free-Market Economy

c)

Foreign Economy

d)

Command Economy

4.

The definition of ______________ states that consumers determine through purchases what goods and services will be produced.

a)

Entrepreneur

b)

Proprietorship

c)

Consumer Sovereignty

d)

Competition

5.

Rivalry between producers/sellers of a good or service result in better quality goods and services at a lower price. This is called __________.

a)

Consumer Sovereignty

b)

Capitalism

c)

Corporation

d)

Competition

6.

Enforcing antitrust legislation discourages the development of __________.

a)

Low Wages

b)

Monopolies

c)

New Businesses

d)

Competition

7.

What government agency regulates what is seen and heard on television and radio?

a)

Environmental Protection Agency

b)

Federal Trade Commission

c)

Federal Communications Commission

d)

National Aeronautics and Space Administration

8.

What is a form of business organization with 1 owner who takes all the risks and all the profit?

a)

Partnership

b)

Corporation

c)

Incorporation

d)

Proprietorship

9.

What is a form of business that is authorized by law to act as a legal person regardless of the number of owners. Owners share the profits, and owner liability is limited to what they have invested.

a)

Partnership

b)

Monopoly

c)

Corporation

d)

Proprietorship

10.

A person who takes a risk to produce goods and services in search of a profit is called a(an)_____________.

a)

Competitor

b)

Entrepreneur

c)

Politician

d)

Environmentalist

11.

Which of these is NOT a way the Federal Reserve Bank stimulates the economy?

a)

Purchase government securities

b)

Lower the reserve requirement

c)

Fire workers

d)

Lower the discount rate

12.

Government tax ________ increase funds for private and business spending.

a)

increases

b)

do not change

c)

drastically change

d)

decreases

13.

The Federal Reserve Bank is the central bank of the United States and acts as a ___________>

a)

Bankers' bank

b)

People's bank

c)

The government of Russia's bank

d)

Virginia's Bank

14.

One of thse is NOT an example of a public service or good. It is__________.

a)

Banks

b)

National Defense

c)

Interstate Highways

d)

Postal Service

15.

The two ways the government provides public goods and services is through borrowed money and ________.

a)

Illegal seizure of money

b)

Community Services

c)

Forced Labor

d)

Tax Revenue

16.

Increased government spending may result in higher taxes. Decreased government spending may result in _____________taxes.

a)

Lower wages

b)

Lower taxes

c)

Higher wages

d)

Higher taxes

17.

Individuals have the right of private ownership, which is protected by negotiated _________ that are enforcable by law.

a)

arguments

b)

divorce settlements

c)

hostages

d)

contracts

18.

Which of these is NOT a way the Federal Reserve Bank slows the economy?

a)

Increase the reserve requirement

b)

Restrict the money supply

c)

Raise the discount rate

d)

Hire new workers

19.

Government agencies establish guidelines that protect public ________ and _____.

a)

privacy and homelife

b)

health and safety

c)

privacy and secrets

d)

interest and health

20.

In the United Staes, who is it that determines through their purchases what businesses will produce and sell?

a)

Credit analysts

b)

Corporations

c)

Capybaras

d)

Consumers