ECON 208 Lecture Notes - Lecture 5: Longrun, Variable Cost, Call Centre
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Match Column A with Column B
1) Partnership | a) a business owned by one person who is personally liable for all losses |
2) Proprietorship | b) An artificial being created by a state |
3) Limited partnership | c) two or more persons combine their efforts for a single transaction |
4) Corporation | d) created when shareholders elect to be treates as partners for tax purposes |
5) legal capacity | e) created by an agreement between two or more persons who agree to share profits and losses |
6) buy-and-sell agreement | f) provides for compensation to a deceased or withdrawing owner of a business in return for that owners interest. |
7) Subchapter S corporation | g) the ability of an organization to sue or to own property |
8) joint venture | h) exists when some partners are treated like shareholders for liability purposes |
9) limited liability company | i) tax doctine that allows income to be taxed at the owner level, not the organization level |
10) "pass through" | j) owners recieve limited liability and tax treatment as if they were a partnership without filing as a corporation. |
Question 1: Answer the following MC questions...
a). | Samuel F.B. Morse patented the (5 points) | ||||||||
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b). | Your friend wants to open a clothing shop. A necessary capital resource is a (5 points) | ||||||||
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c). | Jessica is a violinist who believes she can extend her method of learning music to early childhood education. She opens a preschool in her hometown, using her expertise to form an arts-based program. What factor of production is this? (5 points) | ||||||||
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d). | Your friend hopes to expand her business to multiple locations. It would be best for her to create a (5 points) | ||||||||
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e). | Root and Vine is a gardening collective and local delivery service started by two friends. Their clientele has grown, and they want to expand. The owners like the idea of protecting their personal property, but they want to maintain control of the business. Which type of organization might best suit their growth? (5 points) | ||||||||
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f). | An oligopoly is a market for a good or service that (5 points) | ||||||||
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g). | The greatest goal in advertising is to convince us (5 points) | ||||||||
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h). | "Don't be like John, who had no health insurance when he needed emergency surgery. We make health insurance easy and affordable." This advertisement targets your (5 points) | ||||||||
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i). | Why do monopolies and oligarchies benefit producers over consumers? (5 points) | ||||||||
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QUESTION 8
Title VII of the Civil Rights Act prevents discrimination in:
a. | hiring. | |
b. | demotion. | |
c. | fringe benefits. | |
d. | All of the above are covered by the Civil Rights Act. |
3.572 points
QUESTION 9
Which of the following is not a method for forming a partnership?
a. | by transfer | |
b. | by estoppel | |
c. | by implication | |
d. | by agreement |
3.572 points
QUESTION 10
Which of the following job interview questions would be a violation of Title VII?
a. | Why did you leave your previous employment? | |
b. | Do you have reliable child-care arrangements? | |
c. | Would you be able to travel two days per week? | |
d. | None of the above is a violation. |
3.572 points
QUESTION 11
In which of the following forms of doing business does the death of one of the owners cause dissolution?
a. | nonprofit corporation | |
b. | closely-held corporation | |
c. | partnership | |
d. | S Corporation | |
e. | C Corporation |
3.572 points
QUESTION 12
The Family and Medical Leave Act:
a. | applies to companies with 20 or more employees. | |
b. | requires applicable companies to provide 12 weeks of unpaid leave for family medical reasons. | |
c. | allows an employee to take time off to care for a spouse, child, parent or parent-in-law. | |
d. | All of the above are true for the FMLA. |
3.572 points
QUESTION 13
Dissolution:
a. | is the same as termination. | |
b. | can result from a limited partner leaving the partnership. | |
c. | can result from the death of a partner. | |
d. | all of the above |
3.572 points
QUESTION 14
A partnership is a:
a. | tax reporting entity. | |
b. | tax reporting and tax paying entity. | |
c. | tax paying entity. | |
d. | neither a tax reporting nor a tax paying entity. |
3.572 points
QUESTION 15
A Subchapter S or S Corporation is:
a. | a special class of close corporation under the MBCA. | |
b. | an IRS tax treatment option for corporations owned by a limited number of shareholders. | |
c. | a not-for-profit corporation. | |
d. | none of the above |
3.572 points
QUESTION 16
Seniority systems:
a. | were outlawed under Title VII. | |
b. | are violations of the Age Discrimination Act. | |
c. | can be valid if they are not used to perpetuate past discrimination. | |
d. | none of the above |
3.572 points
QUESTION 17
A corporation is said to have double taxation. What is meant by this statement?
a. | The corporation pays double the tax rate of individuals. | |
b. | The corporation pays taxes on its income and its shareholders pay taxes on their dividends from the corporation. | |
c. | both a and b | |
d. | none of the above |