Business and Labor Unit Test 1 Which of the following benefits does brine enjoy
- Questions
Business and Labor Unit Test
1 Which of the following benefits do sole proprietors enjoy? Choose the two correct answers. (1 point)
easy access to credit
Control of decision making********
Unlimited liability
low regulatory effort *************
limited liability *************
2 What are the main responsibilities of shareholders in a corporation?(1 point)
Hire management to monitor production
Provision of own labor for the production process
Election of the board****************
Production monitoring
3 brother, that’s just 20 seconds max
The business is not making a profit.
4 You recently discovered that a local business was identified as 501(c)(3). Which of the following statements must be true? (1 point)
The company is a private foundation.
The company is non-profit.
The company has federal tax exemptions.************
The business is not making a profit.
5Which of the following advantages do franchisees enjoy over other small business owners? Choose the two correct answers. (1 point)
Franchisees benefit from successful marketing by franchisors.****************
Franchise companies are less expensive to run than other small businesses.
Franchise companies have lower startup costs than other small businesses.
Franchises have a lower 5-year failure rate than other small businesses.************
Franchise companies have more control over the goods and services they offer.
6 Which of the following statements could explain the relatively high wages of certain medical professionals, such as nurses and doctors?(1 point)
The training and certifications required for these jobs result in a relatively high labor supply for a given wage.
The training and certification required for these jobs results in a relatively small amount of labor being provided at any given wage.************
The training and certification required for these jobs result in a relatively small amount of labor being provided at any given wage.
The aging of our population results in a relatively low demand for labor for a given wage.
The aging of our population results in a relatively high supply of labor at a given wage.
7 Bureau of Labor statistics identify an occupational trend in the medical labor market, where wages have increased significantly in recent years. As a result of this observed occupational trend, more people within the economy are entering the labor market. How does this affect wages and employment in the labor market?(1 point)
The market equilibrium wage will decrease and the equilibrium labor quantity will decrease.*********
The market equilibrium wage will fall and the equilibrium amount of labor will increase.
The market-equilibrium wage will rise and the equilibrium amount of labor will fall.
The market equilibrium wage will increase and the equilibrium labor quantity will increase.
8 What do union leaders and management agree to in arbitration? (1 point)
negotiate with each other and understand that the union reserves the right to make binding decisions on both parties
negotiate with each other and understand that management reserves the right to make binding decisions on both parties
involve a third party in their negotiations who is able to make binding decisions
involve a third party in their negotiations who will help them negotiate but not have the power to make binding decisions ***********
9 Which of the following statements describes the main difference between craft and industrial unions?(1 point)
Workers in a specific trade, not an entire industry, form an industrial union.
Workers from labor-intensive sectors (such as manufacturing and agriculture) form craft unions, not industrial unions.
Employees of a specific trade, not an entire industry, form a craft union.********
Workers from labor-intensive sectors (such as manufacturing and agriculture) form industrial unions, not craft unions.
10 Explain one way in which hiring an additional worker could lead to an increase in human capital.(1 point)
Hiring an additional worker could result in an increase in human capital if the worker would bring new skills and experience that can be taught to other workers.
Hiring an additional employee could lead to an increase in human capital if the company were able to benefit from the new employee’s productivity.
Simply hiring an additional worker leads to an increase in human capital.
Hiring an additional worker could lead to an increase in human capital if the worker were able to produce more output per hour worked than other workers.*****
just took the test, 100% certified.
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BigdrizyenerG
April 12, 2022
BigdrizyenerG is wrong 😭 I got 5 out of 11 points
I wanted to list the correct answers but I accidentally left the test and it won’t let me back
If my teacher puts it in the gradebook, I can go back and give you the correct answers
day
April 13, 2022, can you please post the correct answer so I can check my work please.
1.Which of the following benefits do sole proprietorships enjoy? Choose the two correct answers.
-low regulatory burden
-Control of decision-making
2. What are the primary responsibilities of shareholders in a corporation?
– Election of a board of directors
3. Determine whether each characteristic describes a sole proprietorship, a general partnership, or a corporation. Note that a characteristic can apply to more than one type of company structure.
– Liability is unlimited or may be unlimited. : sole and general
– There are 1 or more owners: General and Corp
-Shares can be issued to generate income. : corp
4. You recently discovered that a local business has been identified as 501(c)(3). Which of the following statements must be true?
-The company has federal tax exemptions.
5. Which of the following advantages do franchisees enjoy over other small business owners?
– Franchises have a lower 5-year failure rate than other small businesses.
– Franchisees benefit from successful marketing by franchisors.
6. Which of the following statements might explain the relatively high wages of certain medical professionals, such as nurses and doctors?
-The training and certification required for these jobs results in a relatively low labor supply at any given wage.
7. Bureau of Labor statistics identify an occupational trend in the medical labor market, where wages have increased significantly in recent years. As a result of this observed occupational trend, more people within the economy are entering the labor market. How does this affect wages and employment in the labor market?
– The market equilibrium wage will fall and the equilibrium amount of labor will increase.
8. What do the union leaders and management representatives agree on in the arbitration?
– involve a third party in their negotiations who has the ability to make binding decisions
9. Which of the following statements describes the main difference between craft and industrial unions?
– Employees of a specific trade, not an entire industry, set up a trade union.
10. Explain one way in which hiring an additional worker might lead to an increase in human capital.
-Hiring an additional worker could result in an increase in human capital as the worker brings new skills and experience that can be taught to other workers.