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Q 1/30
Score 0
A market situation in which a few large businesses provide products for many consumers is known as ________________________________
60
a monopoly
perfect competition
nonprice competition
an oligopoly
Q 2/30
Score 0
A disadvantage of organizing a business as a sole proprietorship is _______________________________
60
limited control
shared profits
limited capital
limited liability
30 questions
Q.
A market situation in which a few large businesses provide products for many consumers is known as ________________________________
1
60 sec
Q.
A disadvantage of organizing a business as a sole proprietorship is _______________________________
2
60 sec
Q.
A business that is owned and operated by its members is a ______________________________
3
60 sec
Q.
Which term refers to a person whose liability, if a business fails, is the amount of money he/she invested?
4
60 sec
Q.
An advantage of organizing a business as a partnership is ___________________________
5
60 sec
Q.
Which term refers to an application to operate as a corporation?
6
60 sec
Q.
The legal owners of a corporation are the________________
7
60 sec
Q.
Many small and family owned businesses operate as ___________
8
60 sec
Q.
If a corporation goes out of business owing millions of dollars to its creditors, its stockholders
9
60 sec
Q.
A disadvantage of organizing a business as a corporation is ______________
10
60 sec
Q.
A disadvantage of a sole proprietorship is unlimited liability for business debts.
11
60 sec
Q.
A general partner has no decision authority
12
60 sec
Q.
Price competition means buyers will choose the lowest priced products available.
13
60 sec
Q.
A limited liability company is a business that operates and pays taxes as a partnership
14
60 sec
Q.
A parent corporation is a company that sells franchises
15
60 sec
Q.
A closely held corporations sells its shares openly in stock markets
16
60 sec
Q.
Agency power legally obligates a partnership to a contract signed by one of the parties
17
60 sec
Q.
Limited life is a disadvantage of a partnership
18
60 sec
Q.
A board of trustees oversees the general affairs of a corporation
19
60 sec
Q.
A closely held corporation may decide to expand by going public and selling stock on the open market.
20
60 sec
Q.
License to operate a corporation
21
60 sec
Q.
Means that a business ceases to exist when the owner leaves or dies
22
60 sec
Q.
Assigned by the Internal Revenue Service (IRS) to a business and used by the government for income tax purposes
23
60 sec
Q.
All businesses not funded by the government
24
60 sec
Q.
A partner who does not take an active rile in decision making or running a business and whose liability is limited to the amount of his or her investments
25
60 sec
Q.
Rules by which a corporation will operate
26
60 sec
Q.
A business organization that operates as a legal entity seperate from its owners and is treated by law as an individual
27
60 sec
Q.
A written document that states how a partnership will be organized
28
60 sec
Q.
A contractual agreement to sell a company's products or services
