Businesses
The type of business organization authorized by law to act as a legal person no matter how many people are involved.
What is a corporation?
This has legislative powers in a city or town
What is a city or town council?
The Supreme Court's power to look at any local, state, or federal law to see if it is constiutional.
What is judicial review?
In this economy, decisions are made based on historical precedent.
What is a traditional economy?
The type of business organization that has two or more owners that share the risks and the profits.
What is a partnership?
Runs the local school systems.
What are school boards.
Court case that created judicial review.
What is Marbury v Madison
In this type of economic system, there is central ownership of property and resources.
What is a command economy?
One person takes all the risks and makes all the decisions in this type of business organization.
What is a proprietorship?
This has legislative powers in a county
What is a Board of Supervisors?
The authority of a court to hear a case on appeal from a lower court.
What is appellate jurisdiction?
In this type of economy, private ownership, profit, competition, and individual choice exist with no government interference.
What is a free market economy?
In this type of business, owner liability is limited to the investment of shares purchased.
What is a corporation?
Another name for a local law
What is an ordinance?
Courts at the federal level.
What are District, Appeals, and Supreme?
In this type of economy, individuals and businesses act as decision makers for the private sector.
What is a mixed economy?
When businesses and individuals save and invest their money, they provide this, which can be borrowed for business expansion and increased consumption.
What is capital?
This person is required to be elected by the Virginia Constitution in each locality (4 correct answers)
What is a sheriff, a clerk of the circuit court, a commissioner of revenue, or a treasurer?
Part of a criminal trial where probable cause is review, a lawer is given, and a plea is entered.
What is arraignment?
In this type of economy the government acts as the decision maker for the public sector.
What is a mixed economy?