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70 terms

Quiz's For Chapter 8 and 9

STUDY
PLAY
a business owned and managed by a single indivudal
sole proprietorship
an authorization from the local government to carry on an enterprise
business license
an arrangement whereby cities and towns designate separate areas for businesses
zoning law
the legal obligation to pay debts
liability
a payment to employees other than wages or salaries
fringe benefit
any establishment formed to carry on commercial enterprise is a
business organization
all of the following are major advantages of a sole proprietorship except
unlimited personal liability
if a sole proctorship fails, the owner of the business
must pay all the business debts
a major disadvantage of the sole proprietorship is that
banks are often unwilling to lend money to the business
a major advantage of a sole proprietorship is that
the owner is completely responsible for the business decisions
a business in which all partners share in both responsibility and liability
general partnership
a business in which all partners are limited from person liability in certain situations
limited liability partnership
a business in which only one person had unlimited personal liability for the business's actions
limited partnership
a state law that established rules for partnerships
Uniform Partnership Act
a legal agreements that sets out each partner's right and responsibilities in a particular partnership
articles of partnerships
What percentage of all businesses are partnerships?
7 percent
what is a major advantage of a business that is a partnership rather than a sole proprietorship?
the responsibility for the business is shared
what is the difference between a limited partnership and limited liability partnership?
in limited liability partnership, all members are limited from liability in some situations
What are assets
money and other valuable s
How is a general partnership organized?
Every partner shares equally in both responsibility and liability
portion of corporate profits paid out to stockholders
dividend
joining of two or more firms competing in the same market with the same good or service
horizontal merger
combination of more than three businesses that make unrelated products
conglomerate
share representing a portion of ownership in a company
stock
certificate issued by a corporation promising to repay the amount is had borrowed
bond
What is a certificate of incorporation
a license to form a corporation issued by the state government
what defines a corporation
a business owned by individual stockholders
what percentage of the net income earned in the United States is generated by corporations
70 percent
what is the term for the going of two or more firms invalid in different staged of producing the same good or service?
vertical merger
What does the limited lability of the owners of stock in corporation mean?
the stockholders of a corporation can lose only what they have invested in corporation
a retail outlet and operated by its members
consumer cooperative
a nonprofit organization that promotes the interest of a particular industry
trade association
a semi-independent business that pays fees to a parent company for exclusive rights to do business in a certain area
business franchise
organization such as museums, the Red Cross, and churches that promote a benefit to society
nonprofit organizations
an agricultural marketing organization that helps members sell their products
producer cooperative
an organization that attempts to improve the image and working conditions of people in a particular occupation is a
professional organization
the share of earnings that a business owner pays for the right to be part of a certain business are
royalties
the function of a retail or purchasing cooperative business or co-op is to
obtain lower prices for members
all of the following are disadvantages of a franchise business except
the parent company's guidance on running the business
a common factor in all nonprofit businesses is that they
pay no income tax
the theory that education increases productivity and results in higher wages
learning effects
the theory that the completion of college indicated to employees that a job applicant is intelligent and hard working
screening effect
temporary jobs or part time jobs
contingent employment
Which of the following jobs was held by most working in the United States at the founding of the country
farm workers
Why are U.S. firms moving manufacturing jobs overseas
labor cost less overseas
what percentage of adult women are in the work force today
60 percent
what is on reason many firms hire temporary workers to do a particular job
flexible work arrangements
how have the earning of U.S. workers changed over the last 20 years
wages of college graduated only have gone up
what percentage of tots compensation in the U.S. economy today is composed of benefits
28 percent
which of the following jobs is expected to double in the next few years
computer engineer
all nonmilitary people who are employed or unemployed
labor force
the wages that produce neither an excess supply of workers nor an excess demand for workers in laborer markets
equilibrium wage
an unofficial barrier that prevents woman and minorities from advancing in business
glass ceiling
the practice of negotiating labor contracts that keep unnecessary workers on company's payroll
featherbedding
what is the basic economic principle that decided how high wages will be?
supply and demand control wages
what is one strategy that employers used to continue to do business despite high ages
replace some of the workers with machines
what factors can affect wages
all of the above
which of the following is generally considered to be a skilled worker
machinist
how does the pay level of men compare to women?
women earn about 75 percent of what meant earn
what is generally one of the major differences between union and nonunion workers?
union workers earn more money for similar work
the process by which union and company representatives meet to negotiate and form new labor contacts
collective bargaining
a settlement technique in which a third party review the case and imposes a legally binding decision
arbitration
an organization of workers that tries to improve working conditions, wages, and benefits for its members
labor union
an organized work stoppage intended to force employer to address union demand
strike
a measure that bans mandatory union membership
right-to-work law
what is generally the difference between blue-collar workers and white-collar workers
blue workers have industrial jobs; white have professional or clerical jobs
which legislation enacted in 1847 may have been a reason for decline in union membership
the Taft-Hartley Act
what is one of a labor union's primary goals
to make decisions about the workplace
what is considered a negative impact caused by a strike
all of the above
what has been the pattern of union membership in recent years
growth of public sector unions only