Question 1

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 2

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

Accepted Answer

A trademark is any word, phrase, symbol,

Question 3

Why are contracts useful to business owners?

Accepted Answer

A contract is a formal agreement between

Question 4

How is a legal entity, such as a corporation, similar to a person?

Accepted Answer

A corporation is considered a "legal per

Question 5

The four "A's" of a successful contract include: ________.

Accepted Answer

A)  Avoid misunderstanding and assure work 
B)  Assure payment and avoid liability 
C)  Assess risk and analyze profit 
D)  Assume parties will abide by the contract 
E)  Both A and B 
A)  Avoid misunderstanding and assure work 
B)  Assure payment and avoid liability 
C)  Assess risk and analyze profit 
D)  Assume parties will abide by the contract 
E)  Both A and B

Question 6

The power of a contract is that, once the individuals or other entities involved have signed it, they are obligated to comply with its terms and conditions or risk being sued and penalized according to the contract terms, or in a court of law.

Accepted Answer

A) True 
 B)False

Question 7

A partnership consists of two or more owners who make the decisions for the business together and share the profits, losses, assets, and liabilities.

Accepted Answer

A) True 
 B)False

Question 8

An advantage of sole proprietorship is that it is an easy form of business to start.

Accepted Answer

A) True 
 B)False

Question 9

________ insurance is designed to cover in the event that a business's (its employees') failure to do something that causes harm to a customer.

Accepted Answer

A)  Errors and omissions 
B)  Negligence 
C)  Product liability 
D)  Workers Comp 
E)  Flood 
A)  Errors and omissions 
B)  Negligence 
C)  Product liability 
D)  Workers Comp 
E)  Flood

Question 10

________ protects people from having property or wealth stolen, lost, or destroyed. There are many kinds, and in order to purchase it you pay a monthly, quarterly, or annual ________.

Accepted Answer

A)  Insurance, premium 
B)  Insurance, dividend 
C)  Insurance, carrying cost 
D)  Protection, dividend 
E)  Coverage, carrying cost 
A)  Insurance, premium 
B)  Insurance, dividend 
C)  Insurance, carrying cost 
D)  Protection, dividend 
E)  Coverage, carrying cost

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

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

Why are contracts useful to business owners?

How is a legal entity, such as a corporation, similar to a person?

The four "A's" of a successful contract include: ________.

The power of a contract is that, once the individuals or other entities involved have signed it, they are obligated to comply with its terms and conditions or risk being sued and penalized according to the contract terms, or in a court of law.

A partnership consists of two or more owners who make the decisions for the business together and share the profits, losses, assets, and liabilities.

An advantage of sole proprietorship is that it is an easy form of business to start.

________ insurance is designed to cover in the event that a business's (its employees') failure to do something that causes harm to a customer.

protects people from having property or wealth stolen, lost, or destroyed. There are many kinds, and in order to purchase it you pay a monthly, quarterly, or annual .

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

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

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

Why are contracts useful to business owners?

How is a legal entity, such as a corporation, similar to a person?

The four "A's" of a successful contract include: ________.

The power of a contract is that, once the individuals or other entities involved have signed it, they are obligated to comply with its terms and conditions or risk being sued and penalized according to the contract terms, or in a court of law.

A partnership consists of two or more owners who make the decisions for the business together and share the profits, losses, assets, and liabilities.

An advantage of sole proprietorship is that it is an easy form of business to start.

________ insurance is designed to cover in the event that a business's (its employees') failure to do something that causes harm to a customer.

________ protects people from having property or wealth stolen, lost, or destroyed. There are many kinds, and in order to purchase it you pay a monthly, quarterly, or annual ________.

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

protects people from having property or wealth stolen, lost, or destroyed. There are many kinds, and in order to purchase it you pay a monthly, quarterly, or annual .