1) Unlimited liability means that
Economics Unit 3 Test
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Economics Unit 3 Test
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Andrew Lobb
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35 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
shareholders of a company receive dividends only if the company earns a profit.
the owner of the business bears complete legal responsibility for all debts and damages arising from doing business.
a business cannot lose more than a preset amount.
credit can be obtained more easily than in a business that has limited liability.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
2) One of the advantages of purchasing a franchise is that the
franchisee pays a fee and a percentage of the revenues taken in.
franchisee signs a contract with the franchiser.
franchiser often provides advertising.
risk of losing money is small.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
3) In the United States, which type of business accounts for the greatest share of revenues?
sole proprietorship
partnership
corporation
shareholders
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
4) In a limited partnership
all partners are equal.
a bank limits the partnership's liability.
some partners bear no risk.
a general partner manages the business.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
5) DBQ: Which letter represents the proper location on the diagram for “owners earn dividends”?
W
X
Y
Z
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
6) The board of directors of a corporation is responsible for
running the company’s day-to-day operations.
hiring officers to run the business.
determining the price of the company’s shares.
paying dividends to shareholders.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
7) A partnership set up for a specific purpose for a short period of time is known as a
joint stock company.
acting board of directors.
joint venture.
committee.
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