Answers26-27 Ignite Economics-KY-EconomicsBusiness Structures

Unit 3B Test Answers

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1
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Successful entrepreneurs contribute to the economy by

A
becoming wealthy.
B
expanding markets.
C
encouraging free trade.
D
creating business strategies.
2
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Labor unions were certain to advocate for the best interests of workers because

A
the government shut down factories that did not improve work conditions.
B
the top factories were run by owners who wanted to retain their workers.
C
the government required all labor unions to promote workplace reform.
D
the labor unions were created by workers and made up of workers.
3

The best reason to record income at the top of a budget is

A
to easily add expenses to it.
B
to know how much money is available.
C
to avoid spending too much money.
D
to see that is is more important than expenses.
4

Articles of partnership establish

A
how businesses can raise capital.
B
what business taxes are paid.
C
how profits and losses are divided.
D
what is included in a charter.
5

A business owner would most likely create a cooperative instead of buying a franchise because

A
cooperatives give majority owners the most control, while franchises make decisions with a parent company.
B
cooperatives make it easy to accumulate supplies, while franchises come with supplier relationships already in place.
C
cooperatives are well financed by members, while franchises must raise large sums of money to launch a business.
D
cooperatives allow all owners to share profits, while franchises are required to share profits with a parent company.
6

Two doctors who join forces in business form a.

Answer not available
7

Which best explains why a sole proprietor would want a partner?

A
to reduce the number of responsibilities
B
to make it easier to raise funds for expansion
C
to move into a more favorable tax bracket.
D
to take advantage of little government oversight.
8

To be successful, what must an entrepreneur be willing to invest? Check all that apply.

A
money
B
unemployment
C
personal safety
D
time
E
considerable effort
9

What is a major factor in the decline of some occupations, such as those in the textiles and clothing industries?

A
shifting consumer tastes
B
overseas labor costs
C
changing technologies
D
aging populations
10

What circumstances during the early days of industrialization led to a need for reform? Check all that apply.

A
Factory equipment was dangerous to operate.
B
There were too few capable workers to fill positions.
C
There was little government regulation of workplaces.
D
A typical work shift might be twelve to sixteen hours long.
E
It was very expensive to keep factories running.
11

[BLANK]

A
similar
B
different
C
all
D
random
12

[BLANK]

A
gross
B
discretionary
C
net
13

Which of these qualify as variable expenses? Choose three answers.

A
clothing purchases
B
loan payment
C
monthly groceries
D
apartment rent
E
medical bills
14

What is the definition of gross income?

A
amount of income saved per year
B
amount earned before deductions
C
amount of tax deducted from income
D
amount received after deductions
15

Among the changes that labor reformers wanted after the Industrial Revolution was

A
more jobs for untrained workers.
B
a ban on child factory workers.
C
jobs for women factory workers.
D
equal pay for owners and workers.

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Unit 3B Test Answers — 26-27 Ignite…