Economics Review

Which is an example of proprietorship?

• Mr. Wyatt has a water bottle business. He is responsible for all of the debts and profits.

• Milo owns stock in Mr. Wyatt;s business. He receives a portion of the company's profits.

• Jazz and Everett own a Gamestop. They are both responsible for the Gamestop's debts.

• Jordyn and Jalia own a flower shop. They share equally in the shop's profits.

If a corporation fails, the owners' liability is their —

• income

• investment

• savings

• property

Which type of business can only be owned by one person?

• Partnership

• Proprietorship

• Corporation

• Entrepreneurship

Finn has 3,000. He wants to invest his money in a business that has the least amount of risk. Which should he invest?

• coropration

• partnership

• proprietorship

• entrepreneurship

What is a form of business organization that is authorized by law to act as a legal entity regardless of the number of owners. Owners share the profits.

• Proprietorship
• Partnership
• Corporation
• Business

Who takes the risks and shares the profits in a partnership?

• Two or more people

• Government

• Investors

• One person

Which term below is what is given up when a choice is made (the second-best alternative)?

• opportunity cost

• choice

• production

• consumption

Which type of resource is the person who has the ideas for new businesses?

• natural

• human

• capital

• entrepreneurship

A person who buys goods and services

• consumer
• entrepreneur
• resource
• currency

Mason loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.

• Free Market

• Traditional

• Mixed

• Command