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Unit 3

Unit 3. Econ EOC Review. Question 1. Which of the following is an advantage of a sole proprietorship? A. No one is responsible if it fails. B. It is the least-regulated form of business organization. C. It is an easy way to make a lot of money.

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Unit 3

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  1. Unit 3 Econ EOC Review

  2. Question 1 • Which of the following is an advantage of a sole proprietorship? • A. No one is responsible if it fails. • B. It is the least-regulated form of business organization. • C. It is an easy way to make a lot of money. • D. It is easy to get financing to start one.

  3. Question 1 • Which of the following is an advantage of a sole proprietorship? • A. No one is responsible if it fails. • B. It is the least-regulated form of business organization. • C. It is an easy way to make a lot of money. • D. It is easy to get financing to start one.

  4. Question 2 • Why is it easier for a partnership to borrow money and to hold good employees than it is for a sole proprietorship to do so? • A. The more limited access to a partner’s personal funds make the business more careful. • B. The large number of partners makes it more likely that the business will be a success. • C. The larger number of partners means that people are easier to get along with. • D. A partnership has more personal stability and access to more money.

  5. Question 2 • Why is it easier for a partnership to borrow money and to hold good employees than it is for a sole proprietorship to do so? • A. The more limited access to a partner’s personal funds make the business more careful. • B. The large number of partners makes it more likely that the business will be a success. • C. The larger number of partners means that people are easier to get along with. • D. A partnership has more personal stability and access to more money.

  6. Question 3 • If a general partnership fails, who is responsible for the debts? • A. anyone who works for the partnership • B. all of the partners • C. only the most senior general partner • D. no one

  7. Question 3 • If a general partnership fails, who is responsible for the debts? • A. anyone who works for the partnership • B. all of the partners • C. only the most senior general partner • D. no one

  8. Question 4 • Which of the following is a disadvantage of a sole proprietorship? • A. lack of permanence • B. legal constraints • C. high taxes • D. difficult to start up

  9. Question 4 • Which of the following is a disadvantage of a sole proprietorship? • A. lack of permanence • B. legal constraints • C. high taxes • D. difficult to start up

  10. Question 5 • What are organizations that are in the business of benefiting society and operate like a business called? • A. trade associations • B. producer cooperatives • C. nonprofit organizations • D. limited partnerships

  11. Question 5 • What are organizations that are in the business of benefiting society and operate like a business called? • A. trade associations • B. producer cooperatives • C. nonprofit organizations • D. limited partnerships

  12. Question 6 • Your running shoes were designed in the United States but assembled in Asia by a company called RunnerPro. RunnerPro is a • A. general partnership. • B. multinational corporation. • C. trade association. • D. producer cooperative.

  13. Question 6 • Your running shoes were designed in the United States but assembled in Asia by a company called RunnerPro. RunnerPro is a • A. general partnership. • B. multinational corporation. • C. trade association. • D. producer cooperative.

  14. Question 7 • Your uncle owns a convenience store that has branches nationwide. His store is an example of a • A. business franchise. • B. multinational. • C. professional organization. • D. consumer cooperative.

  15. Question 7 • Your uncle owns a convenience store that has branches nationwide. His store is an example of a • A. business franchise. • B. multinational. • C. professional organization. • D. consumer cooperative.

  16. Question 8 • What is a fringe benefit? • A. a cash payment for casual work • B. a business other than sales or marketing • C. a payment other than wages or salaries • D. an accounting term meaning profits

  17. Question 8 • What is a fringe benefit? • A. a cash payment for casual work • B. a business other than sales or marketing • C. a payment other than wages or salaries • D. an accounting term meaning profits

  18. Question 9 • What term means “an establishment formed to carry on commercial enterprise”? • A. nonprofit organization • B. labor union • C. corporation • D. business organization

  19. Question 9 • What term means “an establishment formed to carry on commercial enterprise”? • A. nonprofit organization • B. labor union • C. corporation • D. business organization

  20. Question 10 • Sole proprietorships • A. are complicated to establish. • B. make up about 6 percent of all businesses. • C. are the most common form of business in the United States. • D. offer owners little control over operations.

  21. Question 10 • Sole proprietorships • A. are complicated to establish. • B. make up about 6 percent of all businesses. • C. are the most common form of business in the United States. • D. offer owners little control over operations.

  22. Question 11 • Ellen started a catering business, but soon decided that catering was too stressful for her. She could close her business relatively easily and return to school because the business was a • A. producer cooperative. • B. sole proprietorship. • C. general partnership. • D. closely held corporation.

  23. Question 11 • Ellen started a catering business, but soon decided that catering was too stressful for her. She could close her business relatively easily and return to school because the business was a • A. producer cooperative. • B. sole proprietorship. • C. general partnership. • D. closely held corporation.

  24. Question 12 • All of the following are advantages of incorporation EXCEPT • A. the responsibility for the business is shared • B. capital is easier to raise than in other business forms • C. corporations face double taxation • D. corporations have more potential for growth

  25. Question 12 • All of the following are advantages of incorporation EXCEPT • A. the responsibility for the business is shared • B. capital is easier to raise than in other business forms • C. corporations face double taxation • D. corporations have more potential for growth

  26. Question 13 • What is “a certification of ownership of a corporation”? • a. control • b. stock • c. public • d. affidavit

  27. Question 13 • What is “a certification of ownership of a corporation”? • a. control • b. stock • c. public • d. affidavit

  28. Question 14 • What term means “an establishment formed to carry on commercial enterprise”? • A. nonprofit organization • B. labor union • C. corporation • D. business organization

  29. Question 14 • What term means “an establishment formed to carry on commercial enterprise”? • A. nonprofit organization • B. labor union • C. corporation • D. business organization

  30. Question 15 • What is “liability”? • a. when one person tells another a lie to protect their company • b. piece of paper showing all debts • c. when you are legally bound to pay all debts • d. when the business organization can pay its own debts

  31. Question 15 • What is “liability”? • a. when one person tells another a lie to protect their company • b. piece of paper showing all debts • c. when you are legally bound to pay all debts • d. when the business organization can pay its own debts

  32. Question 16 • Which type of partnership has all partners sharing in at least some of the liability? • a. general • b. limited • c. limited liability • d. none of the above

  33. Question 16 • Which type of partnership has all partners sharing in at least some of the liability? • a. general • b. limited • c. limited liability • d. none of the above

  34. Question 17 • Which of the types of business organizations is the most regulated? • a. corporation • b. partnership • c. nonprofit • d. sole proprietorship

  35. Question 17 • Which of the types of business organizations is the most regulated? • a. corporation • b. partnership • c. nonprofit • d. sole proprietorship

  36. Question 18 • A business franchise • (a) attempts to improve the image and working conditions of people in a particular occupation. • (b) operates without the aim of profit. • (c) is a semi-independent business tied to a parent company. • (d) is not required to pay income taxes.

  37. Question 18 • A business franchise • (a) attempts to improve the image and working conditions of people in a particular occupation. • (b) operates without the aim of profit. • (c) is a semi-independent business tied to a parent company. • (d) is not required to pay income taxes.

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