Unit 3/4 Review

Question 1

Which of the following is an advantage of a sole proprietorship?

Answer 1

It is the least-regulated form of business organization.

Question 2

Which of the following is not a disadvantage of a sole proprietorship?

Answer 2

Share decision making

Question 3

What is the most common type of partnership?

Answer 3

General Partnership

Question 4

If a general partnership fails, who is responsible for the debts?

Answer 4

All of the partners

Question 5

Publicly held corporations are owned by which of the following?

Answer 5

Everyone

Question 6

Which of the following make the major decisions for corporations?

Answer 6

Board of Directors

Question 7

Who is responsible for the day to day operations of corporations?

Answer 7

Corporate Officers

Question 8

Which of the following is an example of a horizontal merger?

Answer 8

Ford & Chevy

Question 9

Which of the following is not an example of an advantage of a multinational?

Answer 9

Do not have to pay taxes to host nation

Question 10

Which of the following is not a criticisms people have about multinationals?

Answer 10

Provide high wages, but unsafe conditions

Question 11

What type of economy did America have at the founding of the country?

Answer 11

Agriculture

Question 12

The US occupational trend that began in the 1950s?

Answer 12

Electronics

Question 13

What was the occupational trend in the US that occurred in the early 1900s?

Answer 13

Heavy Industry

Question 14

What occupational trend occurred in the 1970s?

Answer 14

Personal Computer

Question 15

Which of the following is not experiencing occupational growth in today’s economy?

Answer 15

Manufacturing

Question 16

International competition has diminished the demand for what type of labor in the US?

Answer 16

Unskilled

Question 17

This economic theory states education increases productivity and results in higher wages.

Answer 17

Learning Effect

Question 18

This economic theory suggests that people who complete college are intelligent and hardworking.

Answer 18

Screening Effect

Question 19

Who graduates college at a higher rate at all degree levels?

Answer 19

Women

Question 20

This type of labor has no specialized skills, education, or training.

Answer 20

Unskilled Labor

Question 21

This type of labor has advanced skills and education.

Answer 21

Professional Labor

Question 22

This type of labor has specialized training and abilities.

Answer 22

Skilled Labor

Question 23

This type of labor has minimal skills and training?

Answer 23

Semi-Skilled Labor

Question 24

Employers respond to high wages by doing which of the following?

Answer 24

Replace workers with technology

Question 25

Replace workers with technology

Answer 25

Quality of life

Question 26

Labor unions have the strongest ties with which of the following groups?

Answer 26

Blue-collar Workers

Question 27

Which of the following terms is used to describe the use of money as a comparison of value for G & S?

Answer 27

Unit of Account

Question 28

Describe the use of money and your ability to use it in the future?

Answer 28

Store of Value

Question 29

Modern money in denominations of $1, $2, $5, $10, $20, $50, & $100 bills is an example of what?

Answer 29

Divisibility

Question 30

Deals with its ability to withstand the wear & tear of everyday use is which of the following?

Answer 30

Durability

Question 31

Which of the following is the idea that money must be similar & recognizable?

Answer 31

Uniformity

Question 32

The characteristic of money where people have to agree to use the money?

Answer 32

Acceptability

Question 33

What type of money is only backed by the government saying its money?

Answer 33

Fiat Money

Question 34

What is the name of the federal agency that monitors the money supply and banks?

Answer 34

Federal Reserve Bank

Question 35

Bank accounts are insured through which of the following?

Answer 35

FDIC

Question 36

Bank accounts are insured for up to how much?

Answer 36

$250,000

Question 37

What is money called that can be accessed easily and immediately?

Answer 37

M1

Question 38

Money that can be converted to cash fairly easy, but is a little more complicated?

Answer 38

M2

Question 39

What type of interest is paid on the principal and accumulated interest?

Answer 39

Compound Interest

Question 40

ATM services allow consumers to do which of the following?

Answer 40

To withdraw or deposit money at any time—day or night.