Review Quiz On Types Of Business Organization! Trivia

19 Questions | By Carrelv | Updated: Mar 21, 2022 | Attempts: 201

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The is the first of 3 quizzes that students can take online to review for the final.

Questions and Answers

1.

All of the following are factors of production EXCEPT
- A.
  
  Land
- B.
  
  Labor
- C.
  
  Capital
- D.
  
  Services
2.

An entrepreneur doe NOT
- A.
  
  Attempt to start a new business
- B.
  
  Attempts to introduce a new product
- C.
  
  Risks failure for financial gain
- D.
  
  Has absolute control over the resources
3.

Which of the following is NOT a type of good
- A.
  
  Capital
- B.
  
  Service
- C.
  
  Durable
- D.
  
  Consumer
4.

Which of the following is a service?
- A.
  
  Hair spray
- B.
  
  A haircut
- C.
  
  Scissors
- D.
  
  A blow dryer
5.

Which of the following is not an economic question?
- A.
  
  What will it cost ?
- B.
  
  What to produce?
- C.
  
  How to produce it?
- D.
  
  For whom to produce?
6.

Which of the following is NOT a type of economy?
- A.
  
  Command
- B.
  
  Democracy
- C.
  
  Traditional
- D.
  
  Market
7.

All of the following are characteristics of a free enterprise system EXCEPT
- A.
  
  Economic freedom
- B.
  
  Government control
- C.
  
  Voluntary exchange
- D.
  
  Private property
8.

Productivity refers to
- A.
  
  The process of creating goods and services
- B.
  
  The use of the four factors of production
- C.
  
  The efficient use of productive resources
- D.
  
  The specialization of productive inputs
9.

Which of the following is an example of a good?
- A.
  
  A car
- B.
  
  A tune-up
- C.
  
  A car wash
- D.
  
  An oil exchange
10.

How do consumers exercise their power in the American economy?
- A.
  
  By deciding what to purchase
- B.
  
  By working for business
- C.
  
  By becoming an entrepreneurs
- D.
  
  By saving their money
11.

All of the following are major types of cooperatives EXCEPT
- A.
  
  Consumer
- B.
  
  Government
- C.
  
  Producer
- D.
  
  Service
12.

What is the main strength of the corporate form of business organization?
- A.
  
  Ease of raising money
- B.
  
  Ease of establishment
- C.
  
  Ease of management
- D.
  
  Freedom from business income tax
13.

Which is the least common business organization in the United States?
- A.
  
  Sole proprietorship
- B.
  
  Partnership
- C.
  
  Corporation
- D.
  
  Cooperative
14.

Which of the following is NOT characteristic of the corporate form of business?
- A.
  
  Proxy
- B.
  
  Unlimited liability
- C.
  
  Limited life
- D.
  
  Board of directors
15.

Which is NOT a characteristics of Capitalism?
- A.
  
  Closest to the pure-market model
- B.
  
  Individuals own and control almost all factors of production
- C.
  
  Government intervention is limited
- D.
  
  Profits are limited
16.

Adam Smith did NOT
- A.
  
  Attribute economic growth to the Invisible Hand
- B.
  
  Was one of the people to explain how the market operates in a pure economy
- C.
  
  Believed producers must sell the right products for the most profit
- D.
  
  Was the Founder of Socialism
17.

A PPF curve does not
- A.
  
  Show the possible combinations of two products
- B.
  
  Measure production combinations in terms of opportunity costs
- C.
  
  Assumes that the amount of available resources will change with time
- D.
  
  Assumes that resources and technology are being used most efficiently
18.

Corporate combinations can increase
- A.
  
  Competition
- B.
  
  Costs
- C.
  
  Efficiency
- D.
  
  Employment
19.

What is the term refers to the value of a trade-off?
- A.
  
  Production possibility
- B.
  
  Opportunity costs
- C.
  
  Choice
- D.
  
  Frontier