| A | B |
|---|
| CE.10a –A form of business organization with one owner who takes all the risks and all the profits | PROPRIETORSHIP |
| CE.10a – A form of business organization with two or more owners who share the risks and the profits | PARTNERSHIP |
| CE.10a – A form of business organization that is authorized by law to act as a legal person regardless of the number of owners. Owners share the profits. Owner liability is limited to investment. | CORPORATION |
| CE.10a – A person who takes a risk to produce goods and services in search of profit | ENTREPRENEUR |
| CE.10a – In a proprietorship, who takes all the risks and all the profits? | A SINGLE OWNER |
| CE.10a – A business partnership has ___ ____ who share the risks and the profits. | TWO OR MORE OWNERS |
| CE.10a – A corporation is a form of business that is authorized by law, regardless of the number of owners, to act as: | A LEGAL PERSON |
| CE.10a – In which form of business is owner liability limited to investment? | CORPORATION |
| CE.10a – What would be the benefit for a business owner of turning his business into a corporation? | IF THE BUSINESS FAILS, THE OWNER WON’T LOSE HIS PERSONAL SAVINGS BECAUSE HIS LIABILITY IS LIMITED TO INVESTMENT. |
| CE.10b – In the U.S. economy, what flows continuously among households, businesses and markets? | RESOURCES, GOODS AND SERVICES |
| CE.10b – What do individual and business savings do for the economy? | PROVIDE FINANCIAL CAPITAL THAT CAN BE BORROWED FOR BUSINESS EXPANSION AND INCREASED CONSUMPTION |
| CE.10b – Businesses (producers) buy ____; make products that are sold to individuals, other businesses, and the government; and use the profits to buy more ____. | RESOURCES - RESOURCES |
| CE.10b – Governments use ___ ___ from individuals and businesses to provide public goods and services. | TAX REVENUE |
| CE.10c – How do financial institutions like banks encourage saving and investing? | THEY ACT AS INTERMEDIARIES BETWEEN SAVERS AND BORROWERS.THEY OFFER INTEREST TO THOSE WHO SAVE AND ARE PAID INTEREST BY THOSE WHO BORROW. |
| CE.10c – What are some examples of private financial institutions? | BANKS, SAVINGS AND LOANS, CREDIT UNIONS, AND SECURITIES BROKERAGES |
| CE.10c – Banks receive deposits and make ____ . | LOANS |
| CE.10d – Today we have worldwide markets. In our ___ ____ nations around the world buy and sell to each other. | GLOBAL ECONOMY |
| CE.10d – Why do Virginia and the United States trade with other nations? | TO INCREASE WEALTH |
| CE.10d – Why do states and nations trade? | TO OBTAIN GOODS AND SERVICES THEY CANNOT PRODUCE OR PRODUCE EFFICIENTLY THEMSELVES; TO BUY GOODS AND SERVICES AT A LOWER COST OR A LOWER OPPORTUNITY COST; TO SELL GOODS AND SERVICES TO OTHER COUNTRIES; TO CREATE JOBS |
| CE.10d – Virginia and the United States _____in the production of certain goods and services. | SPECIALIZE |
| CE.10d – What is the impact of technological innovation on world trade? | IT CONTRIBUTES TO THE GLOBAL FLOW OF INFORMATION, CAPITAL, GOODS, AND SERVICES; LOWERS THE COST OF PRODUCTION. |
