Exam 17: Legal Issues: Recognizing Your Small Business Needs

_______ compile legal information including laws particularly applicable to certain types of businesses in various jurisdictions and proposals for changing the laws that affect your industry.

Free

(Multiple Choice)

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Question 1

Correct Answer:

Verified

A 20-year patent covering a process,machine,article of manufacture,composition of matter,or any new or useful improvement of an existing one is known as _____.

Free

(Multiple Choice)

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Question 2

Correct Answer:

Verified

Differentiate between single taxation,double taxation,pass through (taxation),and check the box taxation.

Free

(Essay)

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Question 3

Correct Answer:

Verified

In single taxation,the earnings of the business are taxed once with the owners paying the taxes. In double taxation,earnings of the business are taxed twice with the business as well as its owners being subject to tax. In the case of pass through (taxation),earnings of the business are distributed to the business owners and those owners (rather than the business)pay individual tax on the earnings. Check the box taxation refers to a choice LLCs can make on their tax returns to be taxed as a corporation or a partnership.

Describe the advantages and disadvantages of a sole proprietorship.

(Essay)

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Question 4

Which of the following is true about sole proprietorship?

(Multiple Choice)

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Question 5

_______ are typical in accident (especially personal injury)situations,but are not usually used in everyday contract and business-related matters.

(Multiple Choice)

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Question 6

General partnerships are similar to limited partnerships in that:

(Multiple Choice)

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Question 7

Joshua suffered a serious knee injury at work after a machine he was using malfunctioned.Joshua plans to sue for compensation from Milch Enterprises,the company that built that machine.Joshua's attorney wants a percentage of the compensation if it is proven that Milch Enterprises' negligence caused the accident.Which of the following types of legal fee would Joshua be paying to his attorney?

(Multiple Choice)

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Question 8

Which of the following is true about trade name?

(Multiple Choice)

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Question 9

A sole proprietorship is not considered as a separate legal entity from its owner.

(True/False)

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Question 10

Which of the following is an advantage of corporations?

(Multiple Choice)

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Question 11

The name under which a business is operated is known as its _____.

(Multiple Choice)

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Question 12

The Nike "swoosh" is an example of a _____.

(Multiple Choice)

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Question 13

Which of the following is true regarding a small-claims court?

(Multiple Choice)

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Question 14

In a C corporation and S corporation,the IRS expects the owner to pay himself or herself a salary that is roughly at market rates.

(True/False)

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Question 15

Brendon wants to sue Fitness Ace,a leading provider of fitness equipments,for negligence.He approaches Arthur Bailey Group,a law firm,which has good experience in handling product liability claims for victims of exercise equipment failure.Which of the following would be true if the attorney charges Brendon in the form of flat fees?

(Multiple Choice)

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Question 16

A grant by the U.S.government to an inventor for an idea that is new,useful,and nonobvious,giving the inventor the exclusive right to make,use,or sell his or her idea is called a:

(Multiple Choice)

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Question 17

The name of a business can be called its doing business as (dba)name.

(True/False)

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Question 18

Which of the following is true of a limited liability company (LLC)?

(Multiple Choice)

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Question 19

The total liability issue in general partnerships is similar to that of sole proprietorships.

(True/False)

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Question 20

Showing 1 - 20 of 101

_______ compile legal information including laws particularly applicable to certain types of businesses in various jurisdictions and proposals for changing the laws that affect your industry.

A 20-year patent covering a process,machine,article of manufacture,composition of matter,or any new or useful improvement of an existing one is known as _____.

Differentiate between single taxation,double taxation,pass through (taxation),and check the box taxation.

Describe the advantages and disadvantages of a sole proprietorship.

Which of the following is true about sole proprietorship?

_______ are typical in accident (especially personal injury)situations,but are not usually used in everyday contract and business-related matters.

General partnerships are similar to limited partnerships in that:

Which of the following is true about trade name?

A sole proprietorship is not considered as a separate legal entity from its owner.

Which of the following is an advantage of corporations?

The name under which a business is operated is known as its _____.

The Nike "swoosh" is an example of a _____.

Which of the following is true regarding a small-claims court?

In a C corporation and S corporation,the IRS expects the owner to pay himself or herself a salary that is roughly at market rates.

A grant by the U.S.government to an inventor for an idea that is new,useful,and nonobvious,giving the inventor the exclusive right to make,use,or sell his or her idea is called a:

The name of a business can be called its doing business as (dba)name.

Which of the following is true of a limited liability company (LLC)?

The total liability issue in general partnerships is similar to that of sole proprietorships.

Small Business: Its Opportunities and Rewards

Small Business Entrepreneurs: Characteristics and Competencies

Small Business Environment: Managing External Relations

Small Business Ideas: Creativity, opportunity, and Feasibility

Small Business Entry: Paths to Part-Time Entrepreneurship

Small Business Entry: Paths to Full-Time Entrepreneurship

Small Business Strategies: Imitation With a Twist

Business Plans: Seeing Audiences and Your Business Clearly

Small Business Marketing: Product and Pricing Strategies

Small Business Promotion: Capturing the Eyes of Your Market

Small Business Distribution and Location

Small Business Accounting: Projecting and Evaluating Performance

Cash: Lifeblood of the Business

Small Business Finance: Using Equity, debt, and Gifts

Assets: Inventory and Operations Management

Small Business Protection: Risk Management and Insurance

Human Resource Management: Small Business Considerations

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