Business/Labor Quiz

A business owned by an individual who makes all decisions, receives all profits, absorbs all losses and debts:

• Sole proprietorship

• Partnership

• Corporation

• Small Business

Business owned by two or more co-owners who share decision-making, profits, and losses:

• Sole proprietorship

• Partnership

• Corporation

• Small Business

A business that conducts business in its own name and is owned by stockholders:

• Sole proprietorship

• Partnership

• Corporation

• Small Business

The ultimate decision-maker in a corporation:

• Chief Executive Officer

• Chief Financial Officer

• Board of Directors

• Stockholders

Form of a business where a corporation lets a person or group use its name and sell its product:

• Small Business

• Partnership

• Franchise

• Sole Proprietorship

Which of the following most impacts the leverage held by a union?

• Antitrust laws

• Share of labor

• Price controls

• Wage regulations

The Taft-Hartley Act of 1947:

• Prohibited unions from requiring membership for employment.

• Prohibited unions from knowing how members vote in elections

• Prohibited government from banning union strikes

• Prohibited employers from forcing employees to work.

Government intervention in business affairs:

• Regulations

• Interventions

• Legislation

• Economism

What is the main driver of wages in a capitalist economy?

• Minimum wage laws

• Supply and demand

• Economic policies

• Taxes and spending

Which is an example of price discrimination?

• Charging different prices for the same product based on the customer's willingness to pay
• Charging different prices based on the product's quality
• Charging the same price for all customers regardless of their willingness to pay
• Charging different prices based on the cost of production