Econ Quiz – Flashcards
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what percentage of businesses are sole proprietorships?
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75 percent
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If a general partnership fails, who is responsible for debts?
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all of them
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A joining of two or more businesses that are involved in different stages of producing the same good or service is called which of the following?
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vertical merger
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Which of the following is a disadvantage of sole proprietorship?
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lack of permanence
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What are the the money and other valuables tat belong to a corporation or partnership called?
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assests
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What are the organizations that are in the business of benefiting society and operate like a business called?
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nonprofit organizations
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Which of the following is a business organization owned by a group of people for their mutual benefit?
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cooperative
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The family-owned Italian restaurant in your neighborhood is probably an example of
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general partnership
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Good wireless and better wireless merge to form best wireless. the federal government watches this merger carefully for evidence of a
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monopoly
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Your running shoes were designed in the US but assembled in Asia by a co called RunnerPro This is a
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multinational corporation
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Your uncle owns a convenience store that has branches nationwide. His store is an example of
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business franchise
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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 her business was a
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sole proprietorship
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You own a successful bicycle repair business. You are considering incorporating in order to
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raise money more easily
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YOu are part-owner of NewBrands corporation because you
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own the company's stock
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Every day on your way to basketball practice you wave to mr. martin who owns the neighborhood flower stand Mr. Martin's store is probably a
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sole proprietorship
