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Test Review
CHAPTER 8 & 9
If a person wanted to open up a shoe store in Richmond, what would be the first step?
Acquire funds $$$$$$$$$$$$$$
$$$$$
Sole proprietorships are businesses owned by how many people?
One owner
What is a disadvantage of a sole proprietorship?
Limited funds
Partnerships are owned by how many people?
Multiple owners/ two or more
Which of these is an example of a partnership?
-Nintendo -Smith Medical Practice -Willis Brothers Construction -Olive Garden
Willis Brothers Construction
What type of partnership is it where partners share responsibility, including debts and loans?
General partnership
If a partner is not involved in the day to day operations of the business what type of partnership is it?
Limited partnership
What is an advantage of a partnership?
Access to resources
What is a disadvantage of a partnership?
Unlimited liability
Who owns corporations?
stockholders
Corporations that offer stock for sale that can be bought or sold freely are called what?
Public company
Corporations that retain rights over who can buy their stock are called what?
Private corporations
Why did Phillip Morris (tobacco company) purchase Kraft Foods?
To gain a new company identity
What type of merger is it when companies like Adidas and Reebok merge together?
Horizontal merger
The fact that Walt Disney has many different business interests make is a ___________ ?
conglomerate
Burger King is an example of a ____________.
franchise
Which of the following occupations would earn the least?
-plumber
-construction worker
-housekeeper
-lawyer
housekeeper
Which of the following is a “professional”?
-sanitation worker -electrician -housekeeper -lawyer
lawyer
How has the US government affected wages of workers?
By establishing a minimum wage
Which occupation category would a farmer or fisherman fall under?
Primary sector
Which occupation category would a insurance salesperson or accountant fall under?
Tertiary sector
Which occupation category would a factory worker or welder fall under?
Secondary sector
When a US company moves its factory to a foreign county it is called _____________.
outsourcing
Labor unions are responsible for what benefits for workers?
8 hr work day Vacations Sick leave 5 day work week
What was the 1st major labor union in the US?
American Federation of Labor
When can employers only hire union members?
Closed shop
When hired workers have to join the union within a given time period after being hired
Union shop
This law makes it illegal for workers to be forced to join a union.
Right-to-work laws
This is when employers and workers attempt to negotiate wages and working conditions.
Collective bargaining
This is when a neutral 3rd party make a decision when employers and workers cannot reach an agreement.
Binding arbitration