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Quiz
1
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The American Business Enterprise System
Name
___________________________________________ Date _______________
True/False (Write true or
false for each statement.)
_________
1. Individually owned, partnerships, corporations, cooperative
corporations, and LLC's help to provide our
communities
with
needed goods and services.
_________
2. Cooperatives eliminate the profit motive among members.
_________
3. If an individually owned business firm were to fail, it would
not be possible for the owner to lose more than
he/she
invested
in the business.
_________
4. Cooperatives are owned and controlled by members.
_________
5. In a cooperative, capital is generally supplied by investors
seeking profits.
_________
6. In an investor-oriented corporation, profits are shared in
direct relation to the amount of stock owned.
_________
7. In partnerships, income is distributed among partners
according to the percentage of business each one owns.
_________
8. In a cooperative, net earnings are returned to members based
on how much the member patronized the
cooperative.
_________
9. Both the investor-oriented corporation and the cooperative
corporation must be legally chartered to do business.
_________ 10.
Cooperatives are common in such areas of business as: insurance,
credit, agriculture, consumer goods, and rural
electricity.
(Short answer section)
11. Our American
system of business is often described as the _________ or
_______________ enterprise system.
12. List and
briefly explain the four basic principles of the American business
system.
a)
__________________________________________________________________________________________________
__________________________________________________________________________________________________
b)
__________________________________________________________________________________________________
__________________________________________________________________________________________________
c)
__________________________________________________________________________________________________
__________________________________________________________________________________________________
d)
__________________________________________________________________________________________________
__________________________________________________________________________________________________
13. List the four basic
forms of business in America.
a)
__________________________________________________________________________________________________
b)
__________________________________________________________________________________________________
c)
__________________________________________________________________________________________________
d)
__________________________________________________________________________________________________
14. Corporations
are divided into two types. What are those two types?
a)
__________________________________________________________________________________________________
b)
__________________________________________________________________________________________________
15. What hybrid
business structure is becoming increasingly common?
__________________________________________________________________________________________________
__________________________________________________________________________________________________
16. Name a cooperative in
your hometown, or a nearby town.
____________________________________________________________________________________________________
__________________________________________________________________________________________________
__________________________________________________________________________________________________
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