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Vocabulary
True & False
Multiple Choice
Random Questions
Possibly Seen Before
100
What is a report showing a firm's sales, expenses, net income, and cash flows for a certain period?
Income Statement
100
Limited Partnership is a form of partnership where on or more partners are not active in the daily running of business and have limited responsibility for debt.
True
100
What represents basic ownership of a corporation? a. Stock b. Preferred Stock c. Common Stock d. Stock Holders
C. Common Stock
100
What is the most common form of business organization in the U.S.?
Sole Proprietorship or Proprietorship
100
What is an example of a service cooperative? (Mentioned in Personal Finance, possibly U.S. History and it just something you hear often about)
Credit Union (Mentioned in Personal Finance, possibly U.S. History and it just something you hear often about)
200
A voluntary association that buys bulk amounts of goods on behalf of its members is a...
Cooperative or CO-OP
200
Vertical Merger is a combination of two or more firms producing the same kind of product.
False- Horizontal Merger
200
What is the main advantage of the corporation form of business organization? a. Ease of management b. Ease of raising financial capital c. Easy to start up d. Management is relatively simple
C. Easy to Start Up
200
What is an example of a Professional Association?
The American Medical Association (AMA) or The American Bar Association (ABA)
200
What is a nonprofit organization sponsored by local businesses? (Mentioned in Personal Finance)
Better Business Bureau (Mentioned in Personal Finance)
300
A nonprofit organization of professional or specialized workers seeking to improve working conditions, skill levels, and public perception of its profession.
Professional Association
300
The main disadvantage of a limited partnership is that each partner is fully responsible for the acts of all other partners.
False- General Partnership
300
What is one of the main reasons for conglomerate merges? a. Diversification b. Efficiency c. Limited Liability
A. Diversification
300
What is the main reason that government controls are needed on public utilities?
To help the market economy operate smoothly and efficiently
300
An organization that works for its members' interests concerning pay, working conditions, and benefits.
Labor Union (Mentioned in both Personal Finance and U.S. History)
400
A nonprofit organization of local businesses formed to promote their interests.
Chamber of Comerece
400
Public utilities is an example of a indirect role of government.
True
400
What is a written promise to repay the amount borrowed at a later date? a. Principle b. Charter c. Bond d. Depreciation
C. Bond
400
Which are noted for their ability to move resources, products, and financial capital across national boundaries with relative ease?
Multinational
400
What is the total amount of new funds a business generates from operations?
Cash Flow (Mentioned in Personal Finance)
500
What is a negotiation between union and company representatives over pay, benefits, and other job-related matters?
Collective Bargaining
500
Multinationals are a corporation that has at least four businesses, each making unrelated products, none of which is responsible for a majority of its sales.
False- Conglomerates
500
What is a voluntary association that buys bulk amount of goods such as food or clothing on behalf of its members? a. Service corporation b. Producer corporation c. Insurance corporation d. Consumer corporation
D. Consumer Corporation
500
What works in a business like way to promote the collective interests of its members rather than to seek financial gain for its owners?
Nonprofit Organization
500
What is the common measure of business profits determined by subtracting all expenses, including taxes, from revenues?
Net Income (Mentioned in Personal Finance)