Download Survivor Quiz Notes 10

Name: ________________________________________
SOL Survivor Questions - Quiz #10
_____ 1. A business’ profit is its
A.
B.
C.
D.
net worth minus earnings.
earnings minus expenses.
price per share of stock.
investment divided by income.
_____ 7. A business owned by one person is called a:
A. corporation
B. sole proprietorship
C. partnership
D. trust
_____ 2. The amendment that authorizes personal and
business income tax is the
_____ 8. Which is NOT a right held by individuals and
businesses in the United States?
A.
B.
C.
D.
A. Owning personal property without undue influence
from the government
B. Determining which goods and services can be
produced
C. Making profits on business investments
D. Acting without any government regulation
14th Amendment.
16th Amendment.
17th Amendment.
26th Amendment.
_____ 3. The value of the next best alternative or the
best option not chosen is called:
A.
B.
C.
D.
opportunity cost
supply and demand
scarcity
incentive cost
•
•
•
Two or more owners
Share all risks
Share all profits
_____ 9. The circular flow of economic activity includes
interactions between all EXCEPT
A.
B.
C.
D.
businesses.
incentives.
government.
households (individuals).
_____ 4. What type of business organization is
characterized by the list above?
_____10. What does the government use to finance the
public goods and services it produces?
A.
B.
C.
D.
A.
B.
C.
D.
Corporation
Cooperative
Proprietorship
Partnership
_____ 5. The type of business organization that limits
the owners’ risk to the amount of money invested is
A.
B.
C.
D.
a corporation.
an entrepreneurship.
a proprietorship.
a partnership.
_____ 6. What is the most important source of financial
capital for business expansion in the United States
economy?
A.
B.
C.
D.
Individual and business savings and investment
Opportunity costs
Consumer sovereignty
Taxes paid by the state and federal government
taxes
tariffs
tax on imported goods
interest payments
_____11. When the government uses tax dollars to
purchase products and/or services from the public, they
are participating in what economists consider the:
A.
B.
C.
D.
spread of money
economic flow
purchasing of products
stock purchases
_____ 12. A form of business organization that is
authorized by law to act as a legal person regardless of
the number of owners is called:
A.
B.
C.
D.
corporation
sole proprietorship
partnership
trust