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Quiz 1
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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