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WorksheetsUnit 3 Test Business and Labor
Total questions: 21
Worksheet time: 10mins
Name
Class
Date
1.
The legal obligation to pay debts or be responsible for damages is called:
a)
Asset
b)
Equity
c)
Liability
d)
Profit
e)
Dividend
2.
A business owned by shareholders who share in profits but have limited liability is a:
a)
Sole proprietorship
b)
Corporation
c)
Partnership
d)
Cooperative
e)
Franchise
3.
When a large firm owns several different companies in unrelated industries, it is a:
a)
Vertical merger
b)
Conglomerate
c)
Monopoly
d)
Cartel
e)
Cooperative
4.
A business in which two or more owners share equal responsibility and liability is a:
a)
Corporation
b)
Limited partnership
c)
General partnership
d)
Nonprofit
e)
Franchise
5.
A business owned and managed by a single individual is called a:
a)
Corporation
b)
Sole proprietorship
c)
Partnership
d)
Nonprofit organization
e)
Cooperative
6.
A merger between firms at different stages of producing or marketing a product is a:
a)
Vertical merger
b)
Horizontal merger
c)
Conglomerate
d)
Cartel
e)
Acquisition
7.
A partnership where some partners have limited liability for business debts is a:
a)
General partnership
b)
Limited liability partnership
c)
Corporation
d)
Sole proprietorship
e)
Nonprofit
8.
Payments made to a company or person for the ongoing use of their assets, like trademarks or music, are called:
a)
Dividends
b)
Royalties
c)
Fees
d)
Commissions
e)
Salaries
9.
An organization that operates to benefit society rather than make a profit is a:
a)
Corporation
b)
Franchise
c)
Nonprofit organization
d)
Conglomerate
e)
Cartel
10.
A retail business owned and operated by a group of consumers for mutual benefit is a:
a)
Consumer cooperative
b)
Corporation
c)
Franchise
d)
Conglomerate
e)
Partnership
11.
When workers stop working to force an employer to meet their demands, it’s called a:
a)
Boycott
b)
Strike
c)
Lockout
d)
Negotiation
e)
Arbitration
12.
When a neutral third party makes a legally binding decision to resolve a labor dispute, it’s called:
a)
Mediation
b)
Arbitration
c)
Negotiation
d)
Collective bargaining
e)
Litigation
13.
The total number of people 16 and older who are employed or actively seeking work is the:
a)
Unemployment rate
b)
Labor force
c)
Workforce participation
d)
Civilian population
e)
Labor union
14.
The wage rate that produces neither a labor surplus nor shortage in the market is called the:
a)
Minimum wage
b)
Equilibrium wage
c)
Living wage
d)
Fair wage
e)
Union wage
15.
An organization of workers that seeks to improve wages, working conditions, and benefits is a:
a)
Labor union
b)
Nonprofit
c)
Corporation
d)
Trade association
e)
Franchise
16.
Temporary or part-time employment is referred to as:
a)
Full-time work
b)
Contingent employment
c)
Permanent labor
d)
Unionized labor
e)
Contracted service
17.
The process by which unions and employers negotiate employment terms is called:
a)
Mediation
b)
Arbitration
c)
Collective bargaining
d)
Litigation
e)
Negotiation
18.
The theory that education increases worker productivity and earnings is known as the:
a)
Screening effect
b)
Learning effect
c)
Human capital theory
d)
Productivity effect
e)
Education effect
19.
The idea that education signals intelligence and reliability to employers is called the:
a)
Learning effect
b)
Screening effect
c)
Education effect
d)
Productivity model
e)
Signaling theory
20.
An invisible barrier that prevents women or minorities from advancing to top positions is the:
a)
Glass ceiling
b)
Equal pay act
c)
Labor barrier
d)
Opportunity gap
e)
Wage wall
21.
Using at least three of the terms from test (for example: collective bargaining, equilibrium wage, glass ceiling, labor union, contingent employment, etc.), write a well-developed argument either for or against the expansion of labor unions in the modern economy.
Your response should:
Clearly state your position (for or against).
Use and correctly apply three or more key terms.
Provide reasoning and/or examples to support your argument.
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