Employment
The labor force is all people who are employed or unemployed except this group?
What is the military?
This type has minimal specialized skills or training. A truck driver or lifeguard might be an example.
What is semi-skilled
A corporation is a legal entity that is owned by who?
What is (individual) stockholders?
The most common type of business. Over 70% of all businesses are this type
What is Sole-Proprietorship?
An organization that tries to improve the working conditions, wages, and benefits of its members is:
What is a labor union?
In order to be considered employed, I must be this many years old
What is 16?
This requires special talents to operate complicated equipment. Your local firefighter is an example:
What is skilled?
Corporations only make up 20% of the country's businesses, but sell this percent of products in our country
What is 90%?
In this type of Partnership, only one partner is the general partner, and other partners only lose their initial investment
What is a limited partnership?
What is contingent employment?
This is the number of hours I needed to work last week in order to be considered employed
What is 1?
This has no specialized skills, education or training. Examples are a janitor or a dishwasher
What is unskilled?
This negative aspect occurs when corporate income is reported to the IRS on a business and personal stockholder level.
What is double taxation?
There were 8 characteristics (positive and negative ) of opening a franchise. Name 3 of the 8- worth 100 points each
What is (Positives)- Franchise provides training, product is provided, nationally recognized, franchise advertises for you
Negatives- High franchising fees, strict standards, purchasing restrictions, limited product line
The process in which a union and company management meet to negotiate a new labor contract is:
What is collective bargaining?
This amount of hours is the threshold for being employed in a family business and receiving no pay.
What is 15?
Requires advanced skill and education. Doctors, lawyers and teachers are types of these
What is professional labor?
Name two of the positive attributes of opening a corporation
What is: Limited liability for owners, easy to transfer ownership, ability to attract capital, life-long business venture
There were 2 negatives for opening a Limited Liability partnership.
Name them (200 points each)
What is- Not all businesses can open an LLP
Rules can be different between states
Companies contract another company to do a job that is traditionally done by its own workers, called this
What is outsourcing?
There are 4 different situations that I had a job but I didn't work. Name 3 of the 4
What is : Due to illness, Vacation, labor disputes, or weather
An entrepreneur is a person who has skills to start and manage a business. I gave you 5 skills on the study guide name three of them.
What is: Belief in themselves, willing to take risks, high energy, forward thinking, and goal-oriented.
There are 4 ways that Corporations operate like individuals. Name 3
What is: pay taxes, engage in trade and business, make contracts, can sue or be sued
2 part (worth 250 points each) Must be in the right order
If Goodyear tires and Tesla merge, it is this type of merger
If T-Mobile and At&t merge, it is this type of merger
What is Vertical merger, and Horizontal merger
Demand for labor is called this; the result of the demand for another good or service
What is Derived?