unit test

On which of these are individuals required to pay income taxes in the United States? Check all that apply. wages tips gasoline store purchases investment earnings

1,2,5

What circumstances during the early days of industrialization led to a need for reform? Check all that apply. Factory equipment was dangerous to operate. There were too few capable workers to fill positions. There was little government regulation of workplaces. A typical work shift might be twelve to sixteen hours long. It was very expensive to keep factories running.

1,3,4

The development of many new businesses helps limit unemployment. taxation. revenue. risk.

a

This table compares the requirements for a career as an athletic trainer or an air traffic controller. A student who is interested in becoming an air traffic controller will make more money than an athletic trainer but will have a harder time finding a job. more money than an athletic trainer and will have an easier time finding a job. less money than an athletic trainer but will have an easier time finding a job. less money than an athletic trainer and will have a harder time finding a job.

a

Which federal regulatory agency would most likely bring a civil suit against a business that broke securities laws? the SEC the FDA OSHA the FDIC

a

Many classical economists such as Adam Smith believed that government should intervene often in the economy. intervene little in the economy. always intervene in the economy. never intervene in the economy.

b

The diagram shows different types of policies. Which would be the best label for the circle in the center? The Best Economic Policies Government Economic Policies Ineffective Economic Policies The Free Enterprise System

b

Which best explains why a sole proprietor would want a partner? to reduce the number of responsibilities to make it easier to raise funds for expansion to move into a more favorable tax bracket. to take advantage of little government oversight.

b

Articles of partnership establish how businesses can raise capital. what business taxes are paid. how profits and losses are divided. what is included in a charter.

c

US federal income tax is progressive by law, but which best explains why wealthy individuals can often pay far less in taxes than the top tax rate? High-income earners can fight in court for the right to a reduced rate. High-income earners reduce their tax rates through numerous deductions. High-income earners use tax laws to their advantage to reduce their tax rates. High-income earners always place their assets overseas to lower their tax rates.

c

A business owner would most likely create a cooperative instead of buying a franchise because cooperatives give majority owners the most control, while franchises make decisions with a parent company. cooperatives make it easy to accumulate supplies, while franchises come with supplier relationships already in place. cooperatives are well financed by members, while franchises must raise large sums of money to launch a business. cooperatives allow all owners to share profits, while franchises are required to share profits with a parent company.

d

Which best describes a regressive tax? a tax that charges low-income earners a lower percentage than high-income earners a tax that charges an equal percentage to all a tax that charges earners based on their professions a tax that charges high-income earners a lower percentage than low-income earners

d

Two doctors who join forces in business form a

partnership

Economist Friedrich Hayek argued that __________ can serve as signals in an economy.

prices

A _________ is a set amount of pay received by a worker over the course of a year.

salary