Worksheets21 Economic System and Business Ownership Quiz
Total questions: 10
Worksheet time: 10mins
What was America's main industry during the early development of the country? What major era in history moved America in a new direction of economic development?
agriculture
farming
factories
services
What are other names used to describe free enterprise?
Profit System
Capitalism
Market
Economy
All the above
The six basic factors on which the US free enterprise system is based are:
Private ownership, control of productive resources, free market, profit motive, supply and demand, competition, and limited government involvement.
False
True
Name three things a company might do to become more profitable in a free market.
reorganize the company
lay off workers
install new technology
cheat and steal
What are the disadvantages of a monopoly?
open competition
prevents competition
limits the
Free Market
charges Fair
prices
Which is NOT a legal form of business ownership.
Sole Proprietorship
Partnership
Human Trafficking
Corporation
Order from simple, easy to start Business Structure to most complex.
Sole
Proprietorship
Partnership
LLC (Corporation)
C Corporation
What is the promotion, selling and distribution of goods and services?
Supply
Marketing
Demand
Advantages of a Partnership include having a Board of Directors and Vertical Structure.
false
true
If a Stockholder invests $10,000 in a Corporation, he is liable for ALL liabilities of the corporation.
False
True
