Semester Pre/Post Assessment

Front

In a general partnership, how is ownership shared?

Back

Ownership is shared equally among partners.

Front

What does an LLC combine features of?

Back

Corporations and Partnerships

Front

What are assets in a business context?

Back

Items owned by a business that hold value

Front

What are liabilities?

Back

Obligations or debts a business must pay

Front

Which type of business structure is legally separate from its owners?

Back

Corporation

Front

What is a common example of a liability?

Back

Credit card debt

Front

What is an economic system?

Back

A way a society produces, provides, and distributes goods and services

Front

Which economic system allows some freedoms, such as career choice, but the government typically owns significant assets?

Back

Socialism

Front

Which economic system is associated with high taxation and medium to high government control? Options: Capitalism, Socialism, Communism, Feudalism

Back

Socialism

Front

Which economic system is characterized by the lowest amount of government control? Options: Socialism, Communism, Capitalism, Feudalism

Back

Capitalism