Chapter 6 notes

You always do your homework. Now you have a chance to prove it. Take this quiz and show me what you know. This quiz covers material up to this point in the year.

I know your a genius, now show everyone. Ace the quiz and beat your neighbor. Try again if you don't do too well the first time. Don't forget, put away your notes before the quiz.

What is your age?
Under 18 Years Old
18 to 24 Years Old
25 to 30 Years Old
31 to 40 Years Old
41 to 50 Years Old
51 to 60 Years Old
Over 60 Years Old
What is your gender?
Male
Female
1. The largest 5% of businesses, produce what percent of sales in the US?
16
36
46
66
86
96
2. The term "Non-employers" refers to
People who don't work
People who work for someone else
Business with no one on the payroll
Business with no sales
3. Written permission from the state to operate as a corporate is called
Articles of Confederation
Federalist papers
Certificate of incorporation
Partnership agreement
4. A major downside of a corporation is
It's harder to raise money as a corporation
You face double taxation as a corporation
You business remains small as a corporation
Your business must be located in a major city
5. A written contracting granting permission to sell someone else's product is
A cooperative
A municipal corporation
A franchise
A Tax shelter
6. A business that takes things from the earth is
An extractor
A manufacturor
A Dividend
A marketer
7. A business makes jewelery specific for each customer. What type of production are doing
Mass production
Customer manufacturing
Refining
8. The company in question 7 has income from sales of $850 and expenses of $125 for rent,$45 for polishing equipment, $110 for gemstones and $20 for advertising. What is the profit
125
850
550
300
500
9. Standard of living is defined as
The economic system within which you live
How each country answer the three basic economic questions
The amount of private property rights in the economy
The way you live asmeasured by the kinds and quality of goods and services you can afford
10. Which one of the following is not one of your economic roles
Citizen
Manager
Worker
Consumer

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