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0303.01.01;МТ.01;1
1. Choose the right answer to the question: How does the Fed supply the reserves to the banking system?
The Federal Reserve supplies reserves to the banking system in two ways: 1) Lending through the Federal Reserve discount window; 2) Buying government securities (open market operations).
2. Choose the right answer to the question: How does the government exert considerable leverage on different economic sectors?
The government exerts considerable leverage on certain sectors of the economy as a purchaser of goods notably in the aircraft and aerospace industries.
3. Choose the right answer to the question: How does the state support farming?
It endeavours to support farm incomes through payments to farmers, controls on output, price supports, and the provision of storage and marketing facilities.
4. Choose the right answer to the question: How much of the world’s output of coal, copper and crude petroleum do the US produce?
The United States produces nearly one-fifth of the world’s output of coal, copper, and crude petroleum
5. Choose the right answer to the question: In which field of the economy does the state influence on the activity?
Farming is a field in which the government strongly influences private economic activity.
6. Choose the right answer to the question: What are the World Bank’s purposes?
The World Bank was designed to facilitate the provision of loans to countries requiring reconstruction after the war and to alleviate poverty in less developed countries
7. Choose the right answer to the question: What are the brakets for the income tax?
The tax brackets in the United States are 10%-38,6%
8. Choose the right answer to the question: What are the expected effects concerning capital flows which may result from the Fed current policy?
The most important capital flow effect of a proactive Fed could be to hasten the recovery of the US economy, and that could be positive for M&A and equity inflows into the US.
9. Choose the right answer to the question: What are the forecasts about the recovery of the US economy?
The economy might very well have recovered quickly from this initial shock - there was a tax rebate on the way, the Federal Reserve had cut interest rates dramatically starting in January and continued through the summer.
10. Choose the right answer to the question: What are the goals of monetary policy?
The Federal Reserve Act lays out the goals of monetary policy. It specifies that, in conducting monetary policy, the Federal Reserve System and the Federal Open Market Committee should seek “to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.”
11. Choose the right answer to the question: What are the main characteristics of a sole proprietorship?
The prevalent characteristic of a sole proprietorship is that the owner is inseparable from the business, he has complete control over the business, its operations, and is financially and legally responsible for all debts and legal actions against the business. Another aspect of the "same entity" aspect is that taxes on a sole proprietorship are determined at the personal income tax rate of the owner.
12. Choose the right answer to the question: What are the main components of the demand for reserves?
The demand for reserves has two components: required reserves and excess reserves.
13. Choose the right answer to the question: What are the purposes of the IMF?
The IMF was designed to help nations that might suffer from balance of payments problems
14. Choose the right answer to the question: What are the responsibilities of the Bureau of Economic and Business Affairs?
The Bureau of Economic and Business Affairs (EB) formulates and carries out U.S. foreign economic policy, integrating U.S. economic interests with our foreign policy goals so that U.S. firms and investors can compete on an equal basis with their counterparts overseas. It implements American economic policy in cooperation with U.S. companies, U.S. Government agencies, and other organizations.
15. Choose the right answer to the question: What does the change in the reserves influence on?
A change in the reserves market will trigger a chain of events that affect other short-term interest rates, foreign exchange rates, long-term interest rates, the amount of money and credit in the economy, and levels of employment, output, and prices
16. Choose the right answer to the question: What factor makes the US the most important in the world trade?
Despite its relative self-sufficiency, the United States is the most important single factor in world trade by virtue of the sheer size of its economy.
17. Choose the right answer to the question: What is a business corporation?
A business corporation is the most complex form of business organization. Ownership of a corporation takes the form of ownership of common stocks. In essence, the corporation is a separate and distinct entity from the people who control, manage, and own it.
18. Choose the right answer to the question: What is a closely held corporation?
A closely held corporation is one where there are a small number of shareholders who own the corporation's shares, share transfer restrictions are likely, and the owners of the corporation are usually the board members and officers who also work for the corporation.
19. Choose the right answer to the question: What is a for profit corporation?
A for profit corporation is an association of individuals created by law with powers and liabilities independent of its stockholders.
20. Choose the right answer to the question: What is a general partnership?
A general partnership is an association of two or more persons to carry on as co-owners a business for profit.
21. Choose the right answer to the question: What is a limited liability company?
A limited liability company is an unincorporated association having one or more members. Similar to a corporation, owners of a limited liability company are generally not liable for the obligations of the business. Like a partnership, income and losses of the company flow through the company to the partners avoiding double taxation.
22. Choose the right answer to the question: What is a limited liability partnership?
A limited liability partnership is essentially a form of general partnership with one significant difference. In a general partnership, individual partners are liable for the partnership's debts and obligations whereas the partners in a limited liability partnership are statutorily provided full-shield protection from partnership liabilities, debts and obligations.
23. Choose the right answer to the question: What is a limited partnership?
A limited partnership is a partnership formed by two or more persons and having one or more general partners and one or more limited partners.
24. Choose the right answer to the question: What is a nonprofit corporation?
A nonprofit corporation is one in which no part of the income or profit of the corporation is distributed to the corporation's members, directors or officers except where allowed by law. A nonprofit is also forbidden from issuing shares of stock to its members.
25. Choose the right answer to the question: What is a partnership?
A partnership is formed when two or more individuals enter into legal agreement to share in some specified manner the rights of ownership in a business enterprise.
26. Choose the right answer to the question: What is a professional corporation?
A professional corporation is a business organization which allows "professionals" to practice in an association of individuals which offers many of the benefits of a for profit corporation. A professional corporation must be organized for the sole purpose of rendering professional services and may only be formed by the eligible professionals.
27. Choose the right answer to the question: What is a progressive taxation?
A tax system is called progressive if those with higher incomes pay a higher proportion of their income in taxes
28. Choose the right answer to the question: What is a publicly held corporation?
A publicly held corporation has shareholders who are part of the general public, demand for the corporation's shares is much broader, there are generally no share transfer restrictions, and shareholders are not exclusively board members and officers.
29. Choose the right answer to the question: What is the Federal Reserve?
The Federal Reserve System is the nation's central bank.
30. Choose the right answer to the question: What is the basic unit of production in the private sector?
In the private sector of the economy, the basic unit of production is the business firm.
31. Choose the right answer to the question: What is the difference between a general partner’s status and a limited partner’s status?
General partners in a limited partnership have all the rights, duties and obligations of partners in a general partnership <http://www.sos.state.ia.us/business/genpart.html>.The liability of a limited partner is generally limited to the amount that the limited partner initially contributed to the partnership; the limited partner generally does not participate in the control or management of the partnership; a limited partner may not contribute services to the partnership, only money or property; and, upon dissolution, a limited partner has priority over a general partner in asset distribution.
32. Choose the right answer to the question: What is the general view of international capital flows?
A simplistic view of international capital flows would suggest that this should lead to capital outflows from the US. Money would migrate from low-return venues like the US to higher-return environs, such as emerging markets, the dollar-bloc economies, and possibly even Europe
33. Choose the right answer to the question: What is the most important source of tax revenue?
The most important source of tax revenue is the personal income tax
34. Choose the right answer to the question: What is the principal effort of the US government to foster the economy?
A principal effort of the government traditionally has been the fostering of competition through enforcement of antitrust laws. These are designed to combat collusion among companies with respect to prices, output levels, or market shares and, where feasible, to prevent mergers that significantly reduce competition.
35. Choose the right answer to the question: What is the role of the state in the US economy?
The U-S. government plays only a small direct part in economic activity, being largely restricted to such agencies as the U.S. Postal Service, the Nuclear Regulatory Commission, and the Tennessee Valley Authority. Enterprises that are often in public hands in other countries, such as airlines and telephone systems, are run privately in the United States.
36. Choose the right answer to the question: What is the sole proprietorship?
Sole proprietorships are individually owned businesses and farms. The sole proprietorship can be organized very informally, is not subject to much federal or state regulation, and is relatively simple to manage and control.
37. Choose the right answer to the question: Who can conduct the trade policy in the US?
Decisions about trade policy must be made by the US Senate and House of Representatives, and not by the US President. Some powers are delegated to the US Trade Representative’s Office.
38. Choose the right answer to the question: Why do the US capital flows depend on Europe?
With the recent surge in M&A flows from Europe, the US has grown more dependent on European investment for financing its current account deficit relative to other regions.
39. Choose the right answer to the question: Why is it vital for an entrepreneur to determine the legal structure of the business?
To determine the legal structure i.e. sole proprietorship, partnership, corporation, etc can be complex because business law incorporates aspects of statutory law, case law procedural rules, and common law concepts. On top of all the legal aspects, there are also many practical considerations to examine.
40. Choose the right answer to the question: Why is the 2001 economic year unusual and important for the US economy?
2001 has been an interesting year for the economy because of the beginning of the first recession in a decade.
41. Choose the right expression to continue the phrase: A general partnership may be created by a verbal agreement, however, it is customary and recommended that the partners define their rights and duties __________________
in a written agreement
42. Choose the right expression to continue the phrase: A resident is a person domiciled___________.
in this state for the entire tax year
43. Choose the right expression to continue the phrase: All profits and losses of the business in a sole proprietorship are reported directly to _____________
the owner's income tax return
44. Choose the right expression to continue the phrase: By definition, recessions are deflatianasy events - they open up gaps between aggregate supply and demand that _______
inhibit pricing leverage
45. Choose the right expression to continue the phrase: Depository institutions actively trade reserves held at the Federal Reserve___________________.
among themselves, usually overnight
46. Choose the right expression to continue the phrase: Direct investment abroad by U.S. firms is a ____________
dominant factor in the economies of Canada and many Latin American countries and is also important in Europe and in Asia
47. Choose the right expression to continue the phrase: General partner can increase the business's financial resources and keep personal control of the business ______
without incurring long-term debt
48. Choose the right expression to continue the phrase: Growth can be described as the process of adding to the quantity and/or quality of _______________
our nation's resources
49. Choose the right expression to continue the phrase: However, the GATT was signed by many allied nations in 1947 and it _____________
did achieve its goal of advancing trade liberalization
50. Choose the right expression to continue the phrase: If two or more individuals do nothing more than verbally agree to conduct business as owners, _______
a general partnership is formed
51. Choose the right expression to continue the phrase: International economics is growing in importance as a field of study because of __________________
the rapid integration of international economic markets
52. Choose the right expression to continue the phrase: Its exports represent more than 10 percent of_____________.
the world total
53. Choose the right expression to continue the phrase: Limited partner's risk is directly proportional to ________________
the limited partner's capital investment
54. Choose the right expression to continue the phrase: Non-discrimination is embodied in ________________
the most-favored nation principle
55. Choose the right expression to continue the phrase: On the demand side, the government influences the economy through changes________________.
in tax and spending programs
56. Choose the right expression to continue the phrase: Probably the biggest reason for this drop in gross and net inflows is financial weakness at potential acquiring companies, particularly in the telecom sector, combined with ___________________
general pressure from a weaker stock market and (to a lesser extent) a slower economy.
57. Choose the right expression to continue the phrase: Real interest rates-that is, ____
interest rates net of expected inflation
58. Choose the right expression to continue the phrase: Reflecting the progressive nature of the current system, ____________________________
income tax rates increase as taxpayers' incomes rise
59. Choose the right expression to continue the phrase: Sluggish economic growth apparently diminished the prospects of realizing our_________________.
full employment and price stability goals
60. Choose the right expression to continue the phrase: The Bureau of Economic and Business Affairs' International Finance and Development unit (EB/IFD ) promotes ___________________
U.S. economic development through global economic stability
61. Choose the right expression to continue the phrase: The Fed is structured to be self-sufficient in the sense that it meets its operating expenses primarily ___________
from the interest earnings on its portfolio of securities
62. Choose the right expression to continue the phrase: The Federal Reserve acts as the ________________
banker for the U.S. government
63. Choose the right expression to continue the phrase: The Federal Reserve is charged with ensuring that enough currency and coin are in circulation to meet _____
the public's demand
64. Choose the right expression to continue the phrase: The United States impinges on the economy of the rest of the world not only as a trading power but also as __________
a source of investment capital
65. Choose the right expression to continue the phrase: The basic difference between an income tax and a consumption tax is that a consumption tax only _________
taxes money when it is spent
66. Choose the right expression to continue the phrase: The day-to-day management of a corporation is usually done through a board of directors and officers ________
who are usually elected by the corporation's stockholders
67. Choose the right expression to continue the phrase: The decline in the stock market, an increase in interest rates many months earlier, high levels of pre-millennium technology investments, and rising oil prices are _____________
possible candidates for causes of this initial shock
68. Choose the right expression to continue the phrase: The first monetary aggregate, M1, is made up of types of money commonly used for payment, basically _______
currency and checking deposits
69. Choose the right expression to continue the phrase: The liability of the members of a limited liability company is limited to ________________________
the member's personal investment in the company.
70. Choose the right expression to continue the phrase: The major area of government regulation of economic activity is through _______________
fiscal and monetary policy
71. Choose the right expression to continue the phrase: The major portion of the US money supply is supplied by _____________
private financial institutions
72. Choose the right expression to continue the phrase: The second, M2, includes M1 plus balances that generally are similar to transaction accounts and that, for the most part,_______________________________.
can be converted fairly readily to M1 with little or no loss of principal
73. Choose the right expression to continue the phrase: The seven Governors on the Federal Reserve Board are appointed by ________________
the President of the United States and confirmed by the Senate
74. Choose the right expression to continue the phrase: The synchronicity of the global business cycle is the most salient example of ____________
what can go wrong in a globalized world
75. Choose the right expression to continue the phrase: There are also different filing and regulatory obligations which _____________
accompany almost every form of business organization
76. Choose the right expression to continue the phrase: There are no formal requirements for starting ___________________
a sole proprietorship
77. Choose the right expression to continue the phrase: To sum up, the most important capital flow effect of a proactive Fed could be _______________
to hasten the recovery of the US economy, and that could be positive for M&A and equity inflows into the US
78. Choose the right expression to continue the phrase: Unlike a traditional sales tax, which is imposed at the point of sale, a VAT is imposed on goods and services _____
at each stage of the production process
79. Choose the right expression to continue the phrase: Using the tools of monetary policy, the Federal Reserve can affect _______________
the volume of money and interest rates
80. Choose the right expression to continue the phrase: ____________ is the oldest, most common, and simplest form of business organization
The sole proprietorship
81. Choose the right term to fill in the gap: A limited liability company is created by filing Articles of Organization with the______________.
Secretary of State
82. Choose the right term to fill in the gap: A mark is a word, name, symbol, or device (or any combination) used to _____________ of that person from the goods or services of others.
distinguish the goods or services
83. Choose the right term to fill in the gap: A nonprofit is allowed to pay ____________ to its members, directors or officers for services rendered
reasonable compensation
84. Choose the right term to fill in the gap: A subchapter S corporation allows a smaller business to have flow-through taxation as if it were ____________
a partnership
85. Choose the right term to fill in the gap: All depository institutions-commercial banks, saving banks, savings and loan associations, and credit unions-must retain a percentage of certain types of deposits to be held as________________.
reserves
86. Choose the right term to fill in the gap: All shareholders in the corporation are required ___________ to render the specific professional service of the corporation
to be licensed
87. Choose the right term to fill in the gap: Federal Reserve notes are printed by the U.S. Bureau of Engraving and Printing in Washington, D.C., and Fort________, Texas
Worth
88. Choose the right term to fill in the gap: In addition to salaries, interest and earnings on ___________ are taxed under the current system
investments
89. Choose the right term to fill in the gap: Nearly all of the federal government's revenues come from__________.
taxes
90. Choose the right term to fill in the gap: Some of the biggest and most cherished deductions in the current tax code are for_____________, medical expenses, state and local taxes, charitable donations and savings for retirement
interest on mortgage payments
91. Choose the right term to fill in the gap: Stockholders and company officials are almost always _____________ personal loss, other than their own investments in the company's stock.
protected from
92. Choose the right term to fill in the gap: The Federal Reserve publishes data on ______ monetary aggregates.
three
93. Choose the right term to fill in the gap: While the corporation cannot protect a professional against their own negligence, it does protect them against the negligence of ______________.
an associate
94. Choose the right term to fill in the gap: the nonprofit corporation does not pay _______
income taxes