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Unit 06 (2a-4c)
White 07 - Unit 6 (2a-4c)
| Question | Answer |
|---|---|
| A form of business organization with one owner who takes all the risks and all the profits. | Proprietorship |
| A form of business organization with two or more owners who share the risks and the profits. | Partnership |
| Coca-Cola has stockholders, acts as a "legal person", and liability is limited to investment. | Coca-Cola is a Corporation |
| What do we call a person who takes a risk to produce goods and services in search of a profit? | Entrepreneur |
| What forms of business organizations can entrepreneurs establish and play an important role in? | Corporations, Partnerships, and Proprietorships |
| (TRUE/FALSE) Entrepreneurs boost competition by creating new products, finding better ways to deliver them, and driving economic growth. | TRUE |
| Resources, goods, and money move between businesses, people, and the government. What does this describe? | The Economic Flow (Circular) |
| During Economic Flow (Circular), money flows in the __________ direction as resources, goods, and services. | Opposite |
| Economic Flow: Who owns the resources used in production, sells the resources, and uses the income to purchase products? | Individuals |
| Economic Flow: Who buys resources, makes products that are sold, and uses the profits to buy more resources? | Businesses |
| Economic Flow: Who uses tax revenue from individuals and businesses to provide public goods and services? | Governments |
| What amendment allows the federal government to generate revenue by collecting an income tax? | 16th Amendment |