AnswersOC27 Economics-2102310-Sem-MeadowsUnit 3B Test

Unit 3B Test Answers

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1
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From what part of income should someone take savings?

A
what otherwise would be fixed expenses
B
gross income, before other deductions
C
what otherwise would be discretionary income
D
gross income, along with other deductions
2
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[BLANK]

A
goal
B
problem
C
loss
3

Which is an example of an income deduction?

A
an unexpected salary cut
B
wages lost due to illness
C
vacation budget
D
retirement savings
4

What is the most likely reason why many of the New York Factory Investigating Commission’s suggestions were not implemented immediately?

A
The public did not support new safety regulations until several factory disasters occurred.
B
Many of the suggested changes would have negatively affected the quality of products made in factories.
C
Most workers outside New York would not have benefited from widespread factory reform.
D
Factory owners resisted the suggestions because they would be costly to implement.
5

An entrepreneur would most likely be a

A
low risk taker.
B
spontaneous person with an unclear vision.
C
person who works well alone.
D
person who has a brief work week.
6

A new business should be based on an entrepreneur's individual interests because the entrepreneur must

A
have sufficient confidence to succeed.
B
be willing to take personal responsibility.
C
have enough determination to work alone.
D
dedicate as many hours as needed to the work.
7

Who benefits most from workplace safety regulations?

A
employers, who are less likely to lose income and productivity due to serious employee injuries
B
qualified workers with disabilities, against whom employers may no longer discriminate
C
all workers, who are less likely to miss work because of injury or face high medical bills
D
rival companies, which gain an advantage by using more cost-effective safety measures
8

What is one benefit for US workers who have a college degree rather than a high school diploma?

A
More than 80 percent of jobs require a college degree.
B
Those with a college degree report higher job satisfaction.
C
Most workers with a college degree are immune to layoffs.
D
Those with a college degree earn nearly twice as much as those without college.
9

To be successful, an entrepreneur must be willing to invest money, considerable effort, and.

Answer not available
10

Analyze the chart, which depicts a typical corporate structure.

Question illustration
A
run the business by electing a board of directors, who then hire the company’s leaders.
B
run the business by electing a board of directors and hiring a president and other leaders.
C
make business decisions on the advice of a board of directors, a president, and other leaders.
D
make business decisions on the advice of a board of directors, who follow the expertise of leaders.
11

An entrepreneur conducted many experiments in a project without success. What characteristic must this person have to succeed?

A
a dedication to hard work
B
a willingness to admit failure
C
an ability to learn from mistakes
D
an assumption of responsibility
12

Franchises are attractive to business owners because

A
they have a proven business model.
B
they are typically inexpensive to buy.
C
they get to keep all profits.
D
they come with very little risk.
13

What is a main reason why entrepreneurs experience daily stress?

A
They have considerable responsibility.
B
They need to spend time training employees.
C
They need to have sufficient income to pay loans.
D
They have to contribute both to the market and society.
14

What is most likely the reason variable expenses should be planned after fixed expenses?

A
Fixed expenses are deducted from gross income, and variable expenses come from net income.
B
Variable expenses are a necessary part of fixed expenses but can only be calculated after fixed expenses.
C
Variable expenses are almost always higher than fixed expenses and need a greater budget.
D
Fixed expenses are required and constant, but variable expenses are more flexible.
15

What was the main effect of entrepreneurship in China?

A
Poverty noticeably declined.
B
Foreign investment declined.
C
New products were invented.
D
Product exports exceeded imports.
16

One argument in favor of labor unions is that they

A
help create many new jobs.
B
support both owners and workers.
C
give workers job security.
D
eliminate unqualified workers.
17

Which best describes the difference between sole proprietorships and partnerships?

A
Sole proprietors keep all profits and have unlimited liability, while partners split profits and share liabilities.
B
Sole proprietors share responsibilities, while partners are responsible for only a portion of the business.
C
Sole proprietors split profits and share liabilities, while partners keep all profits and have unlimited liability.
D
Sole proprietors pay taxes only on business profits, while partners do not have to pay taxes on profits.
18

[BLANK]

A
actual
B
potential
C
likely
19

[BLANK]

A
Minimum wage
B
Child labor
C
Union membership
D
Workers’ compensation
20

Entrepreneurs who want to open a franchise

A
buys the rights from the parent company and creates his or her own rules.
B
buy the rights from the parent company and invest in a location approved by the parent company.
C
invest in a location and create a business model for the franchise.
D
invest in a location and develop a trademark for the franchise.

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