Matching
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a. | articles of incorporation | f. | intermediaries | b. | contingent
worker | g. | mission
statement | c. | corporation | h. | partnership | d. | franchise | i. | proprietorship | e. | goal | j. | service business |
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1.
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A business owned and controlled by just one person.
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2.
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A written legal document that identifies ownership and operating procedures and
conditions for the business.
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3.
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Businesses that complete activities that are consumed by customers rather than
offering products for sale.
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4.
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A written contract granting permission to operate a business to sell products
and services in a prescribed way.
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5.
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One who has no explicit or implicit contract for long-term employment.
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6.
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A short, specific written statement of the reason a business exists and what it
wants to accomplish.
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7.
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A separate legal entity, formed by documents filed with the state, which is
owned by one or more shareholders and managed by a board of directors.
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8.
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Businesses involved in selling the goods and services of producers to consumers
and other businesses.
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9.
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A business owned and controlled by 2 or more people who have entered into a
written agreement.
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10.
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A specific statement of results the business expects to achieve.
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Multiple Choice
Identify the
letter of the choice that best completes the statement or answers the question.
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11.
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All are examples of intermediaries except:
a. | Karoly Law Offices | c. | Giant Food Stores | b. | Sam’s Club | d. | BJ’s Wholesale
Club |
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12.
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Of the MAJOR forms business ownership in the U.S., which is the MOST
common?
a. | partnership | b. | proprietorship | c. | franchise | d. | corporation |
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13.
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All of the following are advantages to a corporation except:
a. | double taxation | c. | they can issue shares of stock to generate
money. | b. | limited liability | d. | easily expanded |
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14.
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A______ is one who has no explicit or implicit contract for long-term
employment.
a. | marginal worker | c. | part-time worker | b. | contract worker | d. | contingent
worker |
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15.
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All of the following are examples of producers, except:
a. | farmers | c. | manufacturers | b. | extractors | d. | fast food
restaurant |
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16.
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A written legal document defining ownership and operating procedures and
conditions for a corporation is called the
a. | partnership agreement. | b. | articles of incorporation. | c. | articles of
confederation. | d. | corporate code of ethics. |
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17.
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All are examples of franchises except:
a. | Dell | c. | MAACO Auto Painting | b. | Jiffy Lube | d. | McDonalds |
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True/False
Indicate whether the
sentence or statement is true or false.
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18.
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The term baby boomers refers to the number of people born between 1946 and
1964.
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19.
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In a partnership, each partner is liable for all debts of the business should it
fail.
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20.
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One important advantage of forming a partnership is that this form of business
organization gives each owner sole control over the business.
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21.
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In the 21st century, there will be relatively few changes in employment and
career pattens in the U.S. economy.
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22.
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Most U.S. businesses are quite small, having no employees other than the
owners.
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23.
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In order to create a corporation, the potential business must request a charter
from the state.
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24.
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The form of ownership that gives one person sole control over all business
decisions is the partnership.
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25.
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Service businesses are the fastest growing part of the U.S. economy.
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26.
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A retailer is an example of a producer.
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