LIFE ECON Test #2 Study Quiz

LIFE ECON Test #2 Study Quiz

University

49 Qs

quiz-placeholder

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LIFE ECON Test #2 Study Quiz

LIFE ECON Test #2 Study Quiz

Assessment

Quiz

Specialty

University

Easy

Used 1+ times

FREE Resource

49 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the largest source of U.S personal income?

Agriculture

Jobs

Transfer Payments

Inherited Money

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What are transfer payments?

Money that is transferred to you from your job.

Money that is transferred to you from your parents.

Payments from the government for doing no work.

Payments from the government from doing work.

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the largest source of transfer payments?

Social Security

Veteran's Benefits

Teacher Retirement

Food Stamps

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the difference between a durable and non-durable good?

A durable good lasts for longer than one year.

A non-durable good lasts for longer than one year.

A durable good can be hit by a truck and still work.

A non durable good can be hit by a truck and still work.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is not a trait of a proprietorship?

One Owner

No Liability

Unlimited Liability

Difficulty Raising Money

Independent Decision Making

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Media Image

What does unlimited liability mean?

If you cannot pay a debt as a business, your personal items can be seized to pay that debt.

If you cannot pay a debt as a business, you will go to jail.

If you cannot pay a debt as a business, the mafia will hunt you down.

If you cannot pay a debt as a business, you will need to get a loan from the bank.

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What types of businesses have unlimited liability?

Proprietorship, Partnership

Partnership, Corporation

Corporation, Proprietorship.

Proprietorship

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