Quiz #3 Bus 100

cartel

The Oil Producing and Exporting Countries (OPEC) is an example of a ________.

limited liability

The best advantage of a corporation over a general partnership is:

balance of trade

The total economic value of all products that a nation imports minus the total economic value of all products that it exports is called a country's ________.

franchisee

Under a franchise arrangement, the buyer is called the ________.

general partnership

A ________ is a business with two or more owners who share in the operation of the firm and are financially responsible for its debts

financial plan

A(n) ________ generally includes a cash budget, an income statement, a balance sheet, and a breakeven chart

business plan

In a(n) ________, an entrepreneur summarizes business strategy for a new venture and shows how it will be implemented

local content laws

Many countries have ________ that require that products sold in a particular country be partly made there.

a government payment to help a domestic business compete with international firms

Which of the following best defines the term subsidy?

tariff

Which of the following is a tax on imported goods or products?