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Civics SOL Review Part 4 (CE.11-13)

Total questions: 15

Worksheet time: 11mins

Name
Class
Date
1.

Which person would most likely be considered an entrepreneur?

a)

Travis works as a mechanic at a car dealership

b)

Jose took a risk to make a profit from home storage units

c)

Emma sells cellular devices for a national company.

d)

Ming teaches math in a public high school

2.
If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 
a)
Traditional 
b)
Market 
c)
Command 
d)
Mixed
3.

There are four types of economic systems. Most economies are _____.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

4.

"Households receive money (payments) for the labor." Which label on the circular flow best describes this?

a)

Expenditures

b)

revenue

c)

Income

d)

none of the above

5.
A business where owners share profits and risks is called what?
a)
Partnership
b)
Proprietorship
c)
Entrepreneurship
6.
A business that has one owner would be an example of a -
a)
Sole Proprietorship
b)
Partnership
c)
Corporation
7.
The number of electors of each state is based on..
a)
Congressional Representation
b)
# of Senators
c)
# of the Representatives
d)
Population of the State
8.
The requirement for a majority vote in order to win in the electoral college favors..
a)
Third Parties
b)
One Party System
c)
Two Party System 
d)
Three Party System 
9.
What do you call the system where the presidential candidate who wins the majority of that states popular vote gets all of the states electoral votes?
a)
Winner takes all system
b)
Majority rule system
c)
Large state system
d)
Presidential system
10.

CE 13c

This candidate supports the removal of-

a)

Business

regulations

b)

Pollution controls

c)

Import tariffs

d)

Income taxes

11.

CE 13d

This cartoon shows that the Federal Reserve System is-

a)

The federal government's bank

b)

Responsible for legislative purchases

c)

The federal government's tax collector

d)

Accountable for legislative actions

12.

CE 13d

A goal of the Federal Reserve System is to-

a)

Set the tax rate

b)

Maintain the value of currency

c)

Keep the inflation rate high

d)

Give tax money to the government

13.

CE 13f

What is the best title for the diagram?

a)

Stocks and Bonds

b)

Public Goods

c)

Money

d)

Barter System

14.

In 1978, two friends decided to take a risk and open an ice cream business in Vermont. What type of business ownership did Ben & Jerry’s start out as?

a)

Proprietorship

b)

Partnership

c)

Corporation

d)

Competition

15.

Select ALL of the ways governments pay for public goods and services.

a)

Taxes

b)

Borrowing

c)

Fees

d)

Donations

e)

Fines