Review Sheet – Unit Test on Small Business

Vocabulary

• Capital goods
• Consumer
• Factors of production
• Labor
• Land
• Capital
• Entrepreneurs

· Goods

o Durable goods

o Non-durable goods

• Productivity
• Profit

· Services

· Stock (preferred and common)

· Equilibrium Price

Business organizations:

• Sole proprietorship
• General partnership
• Limited partnership
• Corporation
• Preferred stock
• Common stock
• What is the most common form of business organization in the United States?

Business analysis

• Fixed costs
• Variable costs
• Total costs
• Marginal costs
• Price
• Total revenue/receipts

· Marginal revenue

· Profit

Working for a Living – Teenage Workers

· Working hours

· Safety issues

· Minimum wage

Taxing Businesses

· Taxes as incentives

o To get people/businesses to do something

o To discourage people/businesses from doing something

· Untaxed businesses

Banks

· How do banks make money?

· How does the Federal Reserve regulate banks?

· What can banks do for businesses?

· Applying for a loan

· The 5 Cs:

o Character

o Capacity

o Condition

o Collateral

o Capital

· Community Reinvestment Act

· Small Business Administration

Essay possibilities

• Name and explain the structure of three forms of businesses in America today. List an advantage and a disadvantage for each of these types of businesses.
• List and explain three types of government regulations that are imposed on businesses. For each one, provide an example that explains why the regulation is in place as well as how it affects the business.
• Explain three restrictions placed on teenage workers. For each one, explain why the restriction is in place and express your opinion about whether or not it is a reasonable restriction. You can use either federal or state restrictions.

Back to Economics Assignments