Review Quiz On Types Of Business Organization! Trivia

19 Questions | Total Attempts: 155

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Student Quizzes & Trivia

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