Podcast
Questions and Answers
Which of the following best describes a consumer in a market economy?
Which of the following best describes a consumer in a market economy?
- An individual who buys products and services for personal use (correct)
- An individual who takes all the responsibility for a business
- An organization that engages in commercial activities
- An individual who sells products and services to others
What is a sole proprietorship?
What is a sole proprietorship?
- An individual who sells products and services to others
- An organization that engages in commercial activities
- An individual who buys products and services for personal use
- An individual who takes all the responsibility for a business (correct)
What is the main advantage of starting a sole proprietorship?
What is the main advantage of starting a sole proprietorship?
- Tax information
- Ease of start-up (correct)
- Limited regulations
- Government authorization
Which type of business structure is separate from its owners and can receive the perks as an individual?
Which type of business structure is separate from its owners and can receive the perks as an individual?
What is one advantage of operating a business as a corporation?
What is one advantage of operating a business as a corporation?
What is one disadvantage of operating a business as a corporation?
What is one disadvantage of operating a business as a corporation?
Which type of business structure functions on the premise of not making money, but providing necessary services?
Which type of business structure functions on the premise of not making money, but providing necessary services?
What is the role of the government in a market economy?
What is the role of the government in a market economy?
What is an example of a participatory role of the government mentioned in the text?
What is an example of a participatory role of the government mentioned in the text?
What is an unintended consequence of government policies?
What is an unintended consequence of government policies?
What is the purpose of the government supervising local cable providers or cell phone providers?
What is the purpose of the government supervising local cable providers or cell phone providers?
Which type of business has virtually no regulations other than industry specific regulations?
Which type of business has virtually no regulations other than industry specific regulations?
What is the term used to describe the legal obligation that must be paid and is usually in the form of debts incurred by the business?
What is the term used to describe the legal obligation that must be paid and is usually in the form of debts incurred by the business?
Which type of business allows for shared decision making and specialization, allowing partners to focus on specific tasks?
Which type of business allows for shared decision making and specialization, allowing partners to focus on specific tasks?
What happens to a sole proprietorship when the owner dies?
What happens to a sole proprietorship when the owner dies?
