Business Organizations and Market Structures
3 years ago
lizastlawrence
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  • Question 1
    30 seconds
    Q. In a general partnership,
    answer choices
    the business continues even if one partner dies
    partners must pay specific business taxes on stock they issue
    partners usually draw up legal papers called articles of partnership.
    partners are only liable for the business' debt up to the amount of their investment
  • Question 2
    30 seconds
    Q. An advantage of a corporation is that
    answer choices
    owners pay fewer taxes than owners of other forms of business.
    the business is subject to little government regulation.
    owners have limited liability for debt.
    owners have direct and immediate control over daily management of the business.
  • Question 3
    30 seconds
    Q. Perfect competition is characterized by
    answer choices
    a large number of sellers and buyers.
    diverse products.
    sellers acting together to set prices.
    uninformed buyers and sellers.
  • Question 4
    30 seconds
    Q. A monopoly that is based on the ownership or control of a manufacturing method, process, or other scientific advance is a 
    answer choices
    geographic monopoly
    natural monopoly
    government monopoly
    technological monopoly
  • Question 5
    30 seconds
    Q. Under perfect competition,
    answer choices
    products are similar but not identical.
    numerous restrictions prevent firms from entering the market.
    no seller can sell a product above the prevailing market price.
    a single seller can affect price.
  • Question 6
    30 seconds
    Q. When a major car company lowers its prices, other car makers will probably 
    answer choices
    maintain existing prices.
    raise their prices.
    go out of business.
    lower their prices.
  • Question 7
    30 seconds
    Q. A market structure in which one firm has a monopoly because of its location is a 
    answer choices
    natural monopoly.
    geographic monopoly.
    technological monopoly.
    government monopoly.
  • Question 8
    60 seconds
    Q. Barry and two associates have been operating a business that is not going well. Barry is stressed out because the company is over $200,000 in debt and he knows that if it goes out of business, he and his two associates will have to pay it out of their own pockets. It sounds like Barry and his two associates have a 
    answer choices
    partnership.
    corporation.
    sole proprietorship.
    stock.
  • Question 9
    60 seconds
    Q. Susan, Phil, Robert, and Martina are all lawyers. After several years of working for big firms, they decide to pull their resources and start their own law practice together. The four of them will make all their business decisions together and will share all of the profits and financial risk. Their new law firm is a 
    answer choices
    partnership
    corporation
    sole proprietorship
    monopoly
  • Question 10
    30 seconds
    Q. Mr. Simpson is liable for all the debts of his company. Mr.Simpson has which type of business organization?
    answer choices
    sole proprietorship
    monopoly
    perfect competition
    corporation
  • Question 11
    30 seconds
    Q. Which market has no competition?
    answer choices
    perfect competition
    oligopoly
    monopoly
    monopolistic competition
  • Question 12
    30 seconds
    Q. Which market structure is BEST indicated by the soda market?
    answer choices
    monopoly
    pure competition
    oligopoly
    natural monopoly
  • Question 13
    60 seconds
    Q. If Mark Etts expresses a desire to sell his corn at a local farmer's market, he must be aware that the product is standardized and that he will have no control over the price. The market structure he is MOST likely participating in is
    answer choices
    monopolistic competition
    oligopoly
    perfect competition
    monopoly
  • Question 14
    30 seconds
    Q. Ramon decided to open his own software business. He borrowed money from a bank to buy computers and office equipment, and he hired one assistant. What is one DISADVANTAGE of Ramon's type of business organization? 
    answer choices
    limited liability
    ease of start-up
    flexibility
    unlimited liability
  • Question 15
    60 seconds
    Q. Which scenario is an example of a monopoly? 
    answer choices
    A local water company is the sole provider of water for a small town.
    A dry cleaner specializes in environmentally friendly cleaning methods.  
    A farmer produces green beans for sale at a farmer's market.
    A small number of cereal companies produce most of the cereal on the market.
  • Question 16
    30 seconds
    Q. A market structure in which only one producer supplies a good that is in demand is called a 
    answer choices
    monopoly.
    oligopoly.
    competition.
    monopolistic competition.
  • Question 17
    60 seconds
    Q. Which type of business organization has the advantage of limited liability but the disadvantage of less control over business decisions?
    answer choices
    perfect competition
    partnership
    sole proprietorship
    corporation
  • Question 18
    30 seconds
    Q. The MOST LIKELY reason for an entrepreneur to start a new business is 
    answer choices
    to make a profit.
    to risk financial failure.
    to create a new social benefit.
    to discover a new product.
  • Question 19
    30 seconds
    Q. An industry that is dominated by a few large firms is 
    answer choices
    monopolistic competition.
    a monopoly.
    perfect competition.
    an oligopoly.
  • Question 20
    45 seconds
    Q. Bernice owns her own local gift shop. She acquired the necessary loans to open it, assumes all the financial risk herself, and makes all the decisions. It sounds like Bernice's business is a/an
    answer choices
    partnership
    franchise
    corporation
    sole proprietorship
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