Economics

Almost all non-profit organizations?

• Sell goods to low income individuals

• Provide services rather than goods

• Are fully funded by the government

• Are in the business of limiting the growth of corporations

Which of the following is NOT a government requirement when starting a sole proprietorship?

• To obtain a site permit, if not working out of home

• To register a business name

• To give clients 90 days notice prior to shutting down operations

• To obtain a business license

In a limited liability partnership, all partners?

• Are free from liability

• Are limited from personal liability in certain situations

• Are required to be general partners

• Have personal liability

A disadvantage of a franchise is that a franchise owner must?

• Guarantee product quality

• Compete with other franchises

• Sacrifice some freedom in return for the parent company’s guidance.

• Send all profits to the parent company

The most common form of business organization is the?

• General partnership

• Franchise

• Sole proprietorship

• Corporation

Collective bargaining means that?

• Representatives of unions and companies negotiate new labor contracts

• The unions always attain all of their goals

• Workers go on strike to gain their objectives

• The court decides how much companies will pay workers

What type of work is growing fasted in the United States?

• Heavy manufacturing

• Teaching

• Information related

• Agriculture

When an employer believes that job applicants are intelligent and hard working based on their completion of college, it is an example of?

• The learning effect

• Contingent employment

• Skilled labor

• The screening effect

Which job is categorized as professional and would most likely earn a salary?

• Word processor

• Teacher

• Waiter

• Auto mechanic

Which of the following people is considered part of the labor force?

• A mother raising her children at home

• A person who has lost a job but is looking for one

• An army sergeant

• A 14 year old with an after-school job