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Econ Quiz

what percentage of businesses are sole proprietorships?
75 percent
If a general partnership fails, who is responsible for debts?
all of them
A joining of two or more businesses that are involved in different stages of producing the same good or service is called which of the following?
vertical merger
Which of the following is a disadvantage of sole proprietorship?
lack of permanence
What are the the money and other valuables tat belong to a corporation or partnership called?
assests
What are the organizations that are in the business of benefiting society and operate like a business called?
nonprofit organizations
Which of the following is a business organization owned by a group of people for their mutual benefit?
cooperative
The family-owned Italian restaurant in your neighborhood is probably an example of
general partnership
Good wireless and better wireless merge to form best wireless. the federal government watches this merger carefully for evidence of a
monopoly
Your running shoes were designed in the US but assembled in Asia by a co called RunnerPro This is a
multinational corporation
Your uncle owns a convenience store that has branches nationwide. His store is an example of
business franchise
Ellen started a catering business, but soon decided that catering was too stressful for her. She could close her business relatively easily and return to school because her business was a
sole proprietorship
You own a successful bicycle repair business. You are considering incorporating in order to
raise money more easily
YOu are part-owner of NewBrands corporation because you
own the company’s stock
Every day on your way to basketball practice you wave to mr. martin who owns the neighborhood flower stand Mr. Martin’s store is probably a
sole proprietorship

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