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5.05 UNIT TEST: BUSINESS BANKING AND FINANCE - PART 1 QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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5.05 UNIT TEST: BUSINESS BANKING AND FINANCE - PART 1 QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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5.05 UNIT TEST: BUSINESS BANKINGAND FINANCE - PART 1 QUESTIONS
AND ANSWERS WITH SOLUTIONS 2024
What is NOT a characteristic of money?
It is easily divided.
It is accepted everywhere.
It is able to be stretched.
It is easily carried around. - ANSWER It is able to be stretched.
In order to have value, money must be what? - ANSWER standardized
What is the name given to a company that dominates a market and is the only company that produces a
particular item? - ANSWER monopoly
What is NOT a characteristic of a partnership?
Partners are liable for all debts.
Partners share in the start up costs.
Partners share responsibilities
Partners sell each other shares. - ANSWER Partners sell each other shares.
What is NOT a BENEFIT of having a sole proprietorship?
Individual keeps all of the profits.
Individual is responsible for all debts.
Individual owns all of the capital of the business.
Individual makes all decisions. - ANSWER Individual is responsible for all debts.
What is an example of an oligopoly? - ANSWER U.S. Airlines
What accounts for most of the businesses in the United States? - ANSWER sole proprietorships
What is a service offered by financial institutions today? - ANSWER collect taxes
The group of people that is elected by stockholders to run a corporation is called what? - ANSWER the
Board of Directors
Which answer best completes this sentence?
Money acts as a _________________ because it allows people to compare prices. - ANSWER unit of
account
Is this statement true or false?
An industry that has one large firm that provides 60% of the supply of the product is called an oligopoly. -
ANSWER false
Is this statement true or false?
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