Quiz’s For Chapter 8 and 9 – Flashcards
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a business owned and managed by a single indivudal
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sole proprietorship
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an authorization from the local government to carry on an enterprise
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business license
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an arrangement whereby cities and towns designate separate areas for businesses
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zoning law
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the legal obligation to pay debts
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liability
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a payment to employees other than wages or salaries
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fringe benefit
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any establishment formed to carry on commercial enterprise is a
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business organization
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all of the following are major advantages of a sole proprietorship except
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unlimited personal liability
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if a sole proctorship fails, the owner of the business
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must pay all the business debts
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a major disadvantage of the sole proprietorship is that
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banks are often unwilling to lend money to the business
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a major advantage of a sole proprietorship is that
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the owner is completely responsible for the business decisions
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a business in which all partners share in both responsibility and liability
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general partnership
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a business in which all partners are limited from person liability in certain situations
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limited liability partnership
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a business in which only one person had unlimited personal liability for the business's actions
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limited partnership
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a state law that established rules for partnerships
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Uniform Partnership Act
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a legal agreements that sets out each partner's right and responsibilities in a particular partnership
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articles of partnerships
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What percentage of all businesses are partnerships?
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7 percent
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what is a major advantage of a business that is a partnership rather than a sole proprietorship?
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the responsibility for the business is shared
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what is the difference between a limited partnership and limited liability partnership?
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in limited liability partnership, all members are limited from liability in some situations
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What are assets
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money and other valuable s
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How is a general partnership organized?
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Every partner shares equally in both responsibility and liability
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portion of corporate profits paid out to stockholders
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dividend
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joining of two or more firms competing in the same market with the same good or service
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horizontal merger
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combination of more than three businesses that make unrelated products
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conglomerate
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share representing a portion of ownership in a company
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stock
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certificate issued by a corporation promising to repay the amount is had borrowed
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bond
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What is a certificate of incorporation
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a license to form a corporation issued by the state government
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what defines a corporation
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a business owned by individual stockholders
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what percentage of the net income earned in the United States is generated by corporations
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70 percent
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what is the term for the going of two or more firms invalid in different staged of producing the same good or service?
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vertical merger
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What does the limited lability of the owners of stock in corporation mean?
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the stockholders of a corporation can lose only what they have invested in corporation
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a retail outlet and operated by its members
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consumer cooperative
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a nonprofit organization that promotes the interest of a particular industry
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trade association
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a semi-independent business that pays fees to a parent company for exclusive rights to do business in a certain area
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business franchise
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organization such as museums, the Red Cross, and churches that promote a benefit to society
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nonprofit organizations
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an agricultural marketing organization that helps members sell their products
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producer cooperative
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an organization that attempts to improve the image and working conditions of people in a particular occupation is a
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professional organization
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the share of earnings that a business owner pays for the right to be part of a certain business are
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royalties
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the function of a retail or purchasing cooperative business or co-op is to
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obtain lower prices for members
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all of the following are disadvantages of a franchise business except
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the parent company's guidance on running the business
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a common factor in all nonprofit businesses is that they
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pay no income tax
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the theory that education increases productivity and results in higher wages
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learning effects
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the theory that the completion of college indicated to employees that a job applicant is intelligent and hard working
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screening effect
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temporary jobs or part time jobs
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contingent employment
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Which of the following jobs was held by most working in the United States at the founding of the country
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farm workers
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Why are U.S. firms moving manufacturing jobs overseas
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labor cost less overseas
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what percentage of adult women are in the work force today
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60 percent
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what is on reason many firms hire temporary workers to do a particular job
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flexible work arrangements
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how have the earning of U.S. workers changed over the last 20 years
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wages of college graduated only have gone up
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what percentage of tots compensation in the U.S. economy today is composed of benefits
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28 percent
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which of the following jobs is expected to double in the next few years
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computer engineer
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all nonmilitary people who are employed or unemployed
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labor force
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the wages that produce neither an excess supply of workers nor an excess demand for workers in laborer markets
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equilibrium wage
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an unofficial barrier that prevents woman and minorities from advancing in business
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glass ceiling
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the practice of negotiating labor contracts that keep unnecessary workers on company's payroll
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featherbedding
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what is the basic economic principle that decided how high wages will be?
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supply and demand control wages
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what is one strategy that employers used to continue to do business despite high ages
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replace some of the workers with machines
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what factors can affect wages
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all of the above
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which of the following is generally considered to be a skilled worker
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machinist
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how does the pay level of men compare to women?
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women earn about 75 percent of what meant earn
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what is generally one of the major differences between union and nonunion workers?
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union workers earn more money for similar work
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the process by which union and company representatives meet to negotiate and form new labor contacts
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collective bargaining
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a settlement technique in which a third party review the case and imposes a legally binding decision
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arbitration
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an organization of workers that tries to improve working conditions, wages, and benefits for its members
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labor union
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an organized work stoppage intended to force employer to address union demand
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strike
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a measure that bans mandatory union membership
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right-to-work law
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what is generally the difference between blue-collar workers and white-collar workers
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blue workers have industrial jobs; white have professional or clerical jobs
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which legislation enacted in 1847 may have been a reason for decline in union membership
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the Taft-Hartley Act
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what is one of a labor union's primary goals
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to make decisions about the workplace
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what is considered a negative impact caused by a strike
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all of the above
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what has been the pattern of union membership in recent years
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growth of public sector unions only
