Global Business
What is an export?
A. A good that is made on US soil and sold out of the country, even if it is produced by a foreign company
B. A good that is produced out of the country by a US based company.
A. A good that is made on US soil and sold out of the country, even if it is produced by a foreign company
Limited Liability is best described as:
A. Limited ability for the company to be sued
B. Limited ability for an owner to be personally sued
B. Limited ability for an owner to be personally sued
What kind of license is regulated by state agencies which administer tests to certify the individual has a certain level of mastery knowledge in a particular area?
A. Mastery License
B. Professional License
A. Mastery License
The current business tax rate is 18%. The current personal income tax rate is 25%.
The company had a income of $600,000.
What would the owner of a sole proprietorship have as a net (after taxes) income?
$500,000 c. $400,000
$450,000 d. $369,000
d. $369,000
Which of the following is not a main US export:
A. Airplanes
B. Coffee
B. Coffee
Limited Life is best described as:
A. When the owner of a business leaves, the business ends
B. When the owner of a business leaves, his share is liquidated
A. When the owner of a business leaves, the business ends
This illegal act occurs when two or more businesses agree to set prices at a certain amount to maximize profits:
A. Restitution
B. Price Fixing
B. Price Fixing
What would the owner of a 50/50 partnership have as a net income?
$225,000 c. $184,500
$250,000 d. $200,000
c. $184,500
Which of the following is an example of protectionism?
A. When you believe that free trade takes jobs from Americans
B. When you believe that free trade increases revenue for American
A. When you believe that free trade takes jobs from Americans
Which best explains a partnership?
A. A group of people in business together, and the business has unlimited liability
B. A group of people that go into business together, and the business has limited liability
A. A group of people in business together, and the business has unlimited liability
Being able to recover monies when a contract provision is not met is known as:
A. Non Compliance
B. Restitution
B. Restitution
What would the owner of a corporation have if they held 50% of the stock?
a. $225,000 c. $184,500
b. $250,000 d. $200,000
c. $184,500
Which of the following countries is not a top US trade partner:
A. Egypt
B. South Korea
A. Egypt
Which best explains a sole proprietorship?
A. This type of business has unlimited life
B. This type of business has limited life
B. This type of business has limited life
Which of the following is an example of an import to the United States?
A. Sugar Cane from South America
B. Toyota cars made in Mississippi
A. Sugar Cane from South America
Which best describes a corporation?
A. This type of business is owned in shares
B. This type of business has limited life
A. This type of business is owned in shares