Question 1

In a corporation,all profits go to ________.

Accepted Answer

A) The owners and the shareholders 
B) Reduce the surplus 
C) The stockholders as salaries 
D) The partners according to the terms of the agreement 
E) Friends and family 
A) The owners and the shareholders 
B) Reduce the surplus 
C) The stockholders as salaries 
D) The partners according to the terms of the agreement 
E) Friends and family

Question 2

The time period in which legal action may be taken is the ________.

Accepted Answer

A) Statute of limitations 
B) Statute of legal obligations 
C) Limit of liability 
D) Limit of collection 
E) None of the above 
A) Statute of limitations 
B) Statute of legal obligations 
C) Limit of liability 
D) Limit of collection 
E) None of the above

Question 3

It is not necessary to have an attorney look at a contract prior to signing it.

Accepted Answer

A) True 
 B)False

Question 4

The Limited Liability Company combines the worst features of partnerships and corporations and can be a poor choice for small businesses with a limited number of owners.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is not necessary for a contract to be binding?

Accepted Answer

A) Signing parties must have their signatures notarized. 
B) Signing parties must exchange something of value or agree not to do something they are legally entitled to do. 
C) Both parties must sign the contract. 
D) Witnesses must be present. 
E) All of the above 
A) Signing parties must have their signatures notarized. 
B) Signing parties must exchange something of value or agree not to do something they are legally entitled to do. 
C) Both parties must sign the contract. 
D) Witnesses must be present. 
E) All of the above

Question 6

Obtain a trademark in order to ________.

Accepted Answer

A) Protect your logo 
B) Protect all your intellectual property 
C) Register your business name 
D) Pay your taxes 
E) Get new customers 
A) Protect your logo 
B) Protect all your intellectual property 
C) Register your business name 
D) Pay your taxes 
E) Get new customers

Question 7

Explain the difference between a copyright and a trademark and how each is useful.

Accepted Answer

A trademark is any word,phrase,symbol,or

Question 8

A ________ is the amount of loss or damage that you agree to cover before any insurance coverage takes over.

Accepted Answer

A) Deductible 
B) Carrying cost 
C) Premium 
D) Policy 
E) Liability 
A) Deductible 
B) Carrying cost 
C) Premium 
D) Policy 
E) Liability

Question 9

Product liability insurance covers the risks in case your product harms someone.

Accepted Answer

A) True 
 B)False

Question 10

What is the Law of Agency?

Accepted Answer

An agent (third party)is authorized to a

In a corporation,all profits go to ________.

The time period in which legal action may be taken is the ________.

It is not necessary to have an attorney look at a contract prior to signing it.

The Limited Liability Company combines the worst features of partnerships and corporations and can be a poor choice for small businesses with a limited number of owners.

Which of the following is not necessary for a contract to be binding?

Obtain a trademark in order to ________.

Explain the difference between a copyright and a trademark and how each is useful.

A ________ is the amount of loss or damage that you agree to cover before any insurance coverage takes over.

Product liability insurance covers the risks in case your product harms someone.

What is the Law of Agency?

Entrepreneurs Recognize Opportunities

Franchising

Finding Opportunity in an Existing Business

The Business Plan: Road Map to Success

Creating Business From Opportunity

Exploring Your Market

Developing the Right Marketing Mix and Plan

Pricing and Credit Strategies

Integrated Marketing Communications

Marketing Globally

Smart Selling and Effective Customer Service

Understanding and Managing Start-Up, fixed, and Variable Costs

Using Financial Statements to Guide a Business

Cash Flow and Taxes

Financing Strategy: Debt, equity, or Both

Operating for Success

Location, facilities, and Layout

Human Resources and Management

Leadership and Ethical Practices

Franchising, licensing, and Harvesting: Cashing in Your Brand

Filters

Exam 16: Addressing Legal Issues and Managing Risk

In a corporation,all profits go to ________.

The time period in which legal action may be taken is the ________.

It is not necessary to have an attorney look at a contract prior to signing it.

The Limited Liability Company combines the worst features of partnerships and corporations and can be a poor choice for small businesses with a limited number of owners.

Which of the following is not necessary for a contract to be binding?

Obtain a trademark in order to ________.

Explain the difference between a copyright and a trademark and how each is useful.

A ________ is the amount of loss or damage that you agree to cover before any insurance coverage takes over.

Product liability insurance covers the risks in case your product harms someone.

What is the Law of Agency?

Entrepreneurs Recognize Opportunities

Franchising

Finding Opportunity in an Existing Business

The Business Plan: Road Map to Success

Creating Business From Opportunity

Exploring Your Market

Developing the Right Marketing Mix and Plan

Pricing and Credit Strategies

Integrated Marketing Communications

Marketing Globally

Smart Selling and Effective Customer Service

Understanding and Managing Start-Up, fixed, and Variable Costs

Using Financial Statements to Guide a Business

Cash Flow and Taxes

Financing Strategy: Debt, equity, or Both

Operating for Success

Location, facilities, and Layout

Human Resources and Management

Leadership and Ethical Practices

Franchising, licensing, and Harvesting: Cashing in Your Brand

Filters