Economics Chapter 3 Test

1 ) This is a business jointly owned by two or more persons.

• Partnership
• Sole propriotorship
• Unlimited Liability
• Charter
• Common Stock

2) this is a business owned and ran by one person.

• Sole propriotorship
• Unlimited Liability
• Partnership
• Charter
• Common Stock

3) This is a combination of two or more businesses to form a single firm.

• Merger
• Sole propriotorship
• Unlimited Liability
• Partnership
• Charter

4) This is one of the main reasons for conglomerate mergers. (Making more than one product).

• Diversification
• Sole propriotorship
• Unlimited Liability
• Partnership
• Charter

5) This is a government document that gives permission to create a corporation.

• Charter
• Sole propriotorship
• Unlimited Liability
• Partnership
• Common Stock

6) This is a corporation that has manufacturing or service operations in a number of different countries.

• Multinational
• Sole propriotorship
• Unlimited Liability
• Partnership
• Charter

7) This is a group of people in a specialized occupation that works to improve the working conditions, skill level, and public perception.

• Professional Associations
• Sole propriotorship
• Unlimited Liability
• Partnership
• Charter

8) This promotes the welfare of its members and of the community.

• Chamber of Commerce
• Sole propriotorship
• Unlimited Liability
• Partnership
• Charter

8) This promotes the welfare of its members and of the community.

• Chamber of Commerce
• Sole propriotorship
• Unlimited Liability
• Partnership
• Charter

9) This means that the owner is personally and fully responsible for all losses and debts of the business.

• Unlimited Liability
• Sole propriotorship
• Partnership
• Charter
• Common Stock