1. Test Review C HAPTER 8 & 9

2.  If a person wanted to open up a shoe store in Richmond, what would be the first step?

3.  Acquire funds  $$$$$$$$$$$$$$ $$$$$

4.  Sole proprietorships are businesses owned by how many people?

5.  One owner

6.  What is a disadvantage of a sole proprietorship?

7.  Limited funds

8.  Partnerships are owned by how many people?

9.  Multiple owners/ two or more

10.  Which of these is an example of a partnership?  -Nintendo  -Smith Medical Practice  -Willis Brothers Construction  -Olive Garden

11.  Willis Brothers Construction

12.  What type of partnership is it where partners share responsibility, including debts and loans?

13.  General partnership

14.  If a partner is not involved in the day to day operations of the business what type of partnership is it?

15.  Limited partnership

16.  What is an advantage of a partnership?

17.  Access to resources

18.  What is a disadvantage of a partnership?

19.  Unlimited liability

20.  Who owns corporations?

21.  stockholders

22.  Corporations that offer stock for sale that can be bought or sold freely are called what?

23.  Public company

24.  Corporations that retain rights over who can buy their stock are called what?

25.  Private corporations

26.  Why did Phillip Morris (tobacco company) purchase Kraft Foods?

27.  To gain a new company identity

28.  What type of merger is it when companies like Adidas and Reebok merge together?

29.  Horizontal merger

30.  The fact that Walt Disney has many different business interests make is a ___________ ?

31.  conglomerate

32.  Burger King is an example of a ____________.

33.  franchise

34.  Which of the following occupations would earn the least?  -plumber  -construction worker  -housekeeper  -lawyer

35.  housekeeper

36.  Which of the following is a “professional”?  -sanitation worker  -electrician  -housekeeper  -lawyer

37.  lawyer

38.  How has the US government affected wages of workers?

39.  By establishing a minimum wage

40.  Which occupation category would a farmer or fisherman fall under?

41.  Primary sector

42.  Which occupation category would a insurance salesperson or accountant fall under?

43.  Tertiary sector

44.  Which occupation category would a factory worker or welder fall under?

45.  Secondary sector

46.  When a US company moves its factory to a foreign county it is called _____________.

47.  outsourcing

48.  Labor unions are responsible for what benefits for workers?

49.  8 hr work day  Vacations  Sick leave  5 day work week

50.  What was the 1 st major labor union in the US?

51.  American Federation of Labor

52.  When can employers only hire union members?

53.  Closed shop

54.  When hired workers have to join the union within a given time period after being hired

55.  Union shop

56.  This law makes it illegal for workers to be forced to join a union.

57.  Right-to-work laws

58.  This is when employers and workers attempt to negotiate wages and working conditions.

59.  Collective bargaining

60.  This is when a neutral 3 rd party make a decision when employers and workers cannot reach an agreement.

61.  Binding arbitration