Deck 4: The Development of the Global Economy

Question 1

Shruti Ramakrishnan noticed that in her native New York City, people are constantly standing in line, whether to purchase tickets, do transactions at an agency like the Department of Motor Vehicles, or wait their turn at an entertainment venue or eatery. She decided to found Waiters, a service where a person can order a "waiter" to stand in line for them. Ramakrishnan is currently testing her new business idea in three major cities: New York, San Francisco, and Chicago. Ramakrishnan can be classified as a(n)

A) supervisor.
B) entrepreneur.
C) inventor.
D) top manager.
E) people person.

Answer 1

entrepreneur.

Question 2

The first step in the entrepreneurial process is to

A) quantify the size of the market opportunity.
B) segment all users into a viable target market.
C) translate an opportunity into a new product or service.
D) develop a business and financial plan.
E) identify and qualify a need in the marketplace.

Answer 2

identify and qualify a need in the marketplace.

Question 3

Dele has come up with an idea that will help soothe dogs that experience separation anxiety from their owners. He is in the process of turning his idea into a business reality. He has identified that there is a need for his product in the marketplace and that the market size could be quite substantial. What would be the next step for Dele in the entrepreneurship process?

A) Research competitive offerings currently available.
B) Segment all users into a viable target market.
C) Translate his idea into a new product.
D) Develop a business and financial plan.
E) Calculate a break-even point.

Answer 3

Translate his idea into a new product.

Question 4

A(n) ________ entrepreneur is suddenly without income and trying to earn it back by starting a business, while a(n) ________ entrepreneur is ambitious and trying to pursue big profits with a new business.

A) casual; formal
B) necessity; opportunity
C) amateur; professional
D) micro; intra
E) small business; big business

Question 5

Entrepreneurs who listen to diverse experiences and perspectives and carve out time for deep thought to analyze and challenge their own thought process are engaged in which skill of successful entrepreneurs?

A) problem solving
B) creative thinking
C) critical thinking
D) innovative thinking
E) issue management

Question 6

Entrepreneurs that are engaged in brainstorming, experimentation, testing, and user observations are practicing which skill needed for entrepreneurial success?

A) problem solving
B) creative thinking
C) critical thinking
D) innovative thinking
E) issue management

Question 7

What is one of the four psychological characteristics of a successful entrepreneur?

A) moderate to low energy level
B) high tolerance for ambiguity and risk
C) enjoyment of organizing and planning
D) excellent human skills
E) little need for achievement

Question 8

The four characteristics of an entrepreneur are (1) self-confidence and belief in personal control, (2) need for achievement and action orientation, (3) tolerance for ambiguity and risk, and a

A) willingness to let go of control.
B) tranquil and easygoing attitude.
C) high energy level.
D) low tolerance for making mistakes.
E) tendency to react with caution.

Question 9

Melissa Aboud was abruptly laid off from her dream job after less than a year. Determined to follow her heart and concerned about putting food on the table for herself and her three children, she started Sweet Dreams, an online wholesale candy company. During this transition, working hard to get her company up and running, Aboud often finds herself making decisions based on unclear or incomplete information, trying things she had never done before, and exposing herself to financial debt for the sake of her new business venture. Aboud is displaying which of the four characteristics of the entrepreneur?

A) high empathy levels with business associates
B) high self-confidence and belief in personal control
C) high need for achievement and action
D) high tolerance for ambiguity and risk
E) high energy level

Question 10

Entrepreneurs need to be self-confident and to believe they have personal control of their destinies. This is because they

A) have employees who look up to them.
B) can't accept any personal setbacks.
C) know it influences others to invest in them.
D) need the confidence to act decisively.
E) need to convince others they are worthy.

Question 11

Saul Mousavi worked long hours to rise to the level of middle manager at Inkspot, a print vendor servicing the needs of big local clients, including advertising agencies and colleges. But now that he has started his own print shop, Papyrus Group, he has decided to take it easy and let the business run itself. Mousavi is an example of someone who lacks or needs to strengthen which psychological characteristics of the entrepreneur?

A) low self confidence
B) high need for personal control
C) high need for achievement
D) high belief in himself
E) high energy level

Question 12

Nicole Haddad has a way with words. Among her friends and colleagues, she is always the person to turn to when an email needs fine tuning or a resume or term paper needs checking for errors. When she graduated from college, Haddad realized that she didn't really enjoy working in an office for a big company. "I'm a free spirit," she told her boyfriend. "I want to be my own boss, and I want a balanced life. I can operate my own freelance proofreading business from home. I don't want to make a fortune; I just want to do work I enjoy and make a living at it." Which entrepreneurial type describes Haddad?

A) traditional
B) opportunity
C) intrapreneur
D) micropreneur
E) maverick

Question 13

"I see an opportunity for my employer" is something that a(n) ________ would say.

A) solopreneur
B) necessity entrepreneur
C) intrapreneur
D) side hustler
E) opportunity entrepreneur

Question 14

An intrapreneur works inside an existing organization, sees an opportunity for a product or service, and mobilizes the organization's resources to

A) announce the opportunity to the media.
B) turn the opportunity into a profitable reality.
C) keep the organization's competition from stealing the idea.
D) monitor others' success with the opportunity for the next several years.
E) strike out on their own and start a new company.

Question 15

Peyton Jackson works for GameStart, a game design company. He was playing with his pet cat Tiger when he had a brainstorm for a new video game for cats called Pounce. The owner's screen would display running mice, flying birds, and creeping insects that are often the targets of cats' curiosity. The cat would touch the screen with its paws to stop the creatures from running away, and it would get rewards, such as actual cat treats and catnip, for each point gained. Jackson approached the president of GameStart with the idea. At first, the president rejected Pounce, but when Jackson set up a demonstration, featuring Tiger playing the video game, the president was won over. With Jackson's help, GameStart launched Pounce later that year. Peyton Jackson could best be described as a(n)

A) intrapreneur.
B) small business owner.
C) classic entrepreneur.
D) top manager.
E) expert.

Question 16

Jan works as an accountant for a large organization. In her free time, she makes jewelry which she sells on Etsy and at local craft fairs. Which type of entrepreneurship does this represent?

A) creative collaborator
B) intrapreneur
C) side hustle
D) freelancer
E) partnership

Question 17

What form of entrepreneurship describes a self-employed person who leverages their knowledge, skills, and abilities to perform tasks, services, or functions for a customer?

A) creative collaborator
B) intrapreneur
C) side hustler
D) freelancer
E) partnership

Question 18

Business owners who work and operate their business alone are referred to as

A) solopreneurs.
B) intrapreneurs.
C) incubators.
D) opportunists.
E) micromanagers.

Question 19

Michael Khoury, a college student majoring in business management, looks forward to starting his own business after graduation. He knows there are all kinds of ways to come up with a business idea. One day he is brainstorming for ideas while watching his nieces and nephews play. He gets an idea for a new product, a bicycle that converts into a child's stroller. Khoury's idea is an example of

A) simplifying an existing product.
B) combining two or more products.
C) spinning off one feature of a product.
D) changing materials in a product to make it cheaper.
E) adapting a product from one market to another market.

Question 20

Which activity would be used inquantitative research and evaluation?

A) using mathematical analytics to determine the size of a target market
B) conducting a survey of mall visitors about interest in new store offerings
C) collecting sentiment analysis from a company's Facebook page
D) holding a focus group to determine consumers' feelings about a product
E) gathering feedback on an advertising campaign from selected viewers

Question 21

What is a good question for a would-be entrepreneur to ask to determine if the entrepreneur's solution to a problem is worth pursuing?

A) Is the market opportunity small enough so that the initial investment can be reduced?
B) Is the product or service unique and differentiated enough from other offerings?
C) Can consumers be convinced to be ambassadors for the brand?
D) Can the product or service be easily copied leading to patent infringements?
E) Can a catchy advertising campaign be easily developed?

Question 22

A(n) ________ is made up of individuals and companies in a specific business or industry organized to promote common interests.

A) trade association
B) special interest group
C) trading post
D) networking club
E) commerce club

Question 23

As a budding entrepreneur interested in starting a business that connects tutors with students, Olivia Franken knows she has a lot to learn before she launches her new venture. A friend of hers has an older sister, Lisa Lamb, a former teacher. Lamb recently became a freelance tutor, meeting regularly with students of all ages who are struggling with math. Franken contacts Lamb and interviews her about the tutoring field. She also asks Lamb's opinion of her new business idea. After their talk, Franken thanks Lamb, saying, "I hope I can come to you in the future for coaching and guidance about the tutoring industry." Lamb responds warmly that she would be glad to serve as Franken's

A) investor.
B) competitor.
C) client.
D) sponsor.
E) mentor.

Question 24

The Motion Picture Association and the Screen Actors Guild are two examples organizations that promote common interests in the media industry. These groups are referred to as

A) industry executives.
B) small business incubators.
C) entrepreneurial teams.
D) trade associations.
E) mentor groups.

Question 25

Selena Kim has often dreamed of starting her own web-based business selling vintage Asian jewelry. But she realizes she must do more than just dream. Before Kim invests her money, she needs to think carefully about her business, including potential competition, who her customers will be, and whether she has the potential to make a profit. Kim needs to ________, which will help guide her thinking about this important step.

A) tour similar, existing businesses
B) write a business plan
C) take a seminar in starting a small business
D) brainstorm options
E) control her expenses

Question 26

"What kind of industry am I entering, and how is my idea different?" is one of the questions you should ask yourself when

A) planning an employee buyout.
B) coming up with a business idea.
C) trying to get a business loan.
D) researching properties to buy.
E) preparing to write a business plan.

Question 27

A business plan is a document that outlines your proposed company's goals, your planned methods for achieving those goals, and your

A) hobbies and interests of the owner.
B) the thought process for arriving at the idea.
C) standards for measuring success.
D) reasons for not going into a similar business.
E) opinions on current political issues.

Question 28

Asking yourself "Who are my customers and how will I market to them?" is one of the questions to ask in preparing a(n)

A) business plan.
B) profit and loss statement.
C) vision statement.
D) mission statement.
E) advertisement.

Question 29

By analyzing the potential competition, an entrepreneur can minimize risk, refine strategies, and

A) potentially turn the competition into a strategic partner.
B) reduce the need for writing a comprehensive business plan.
C) identify ways to obtain financing before investing.
D) identify the size of the target market and segment it properly.
E) develop a comprehensive plan to market the product.

Question 30

An important part of any business plan is a projection of when the firm expects to break even. This information is contained in the ________ section of the business plan.

A) Financing
B) Legal
C) Executive Summary
D) Marketing
E) Manufacturing

Question 31

Information about the product or service that your new business venture will provide goes in the ________ section of your business plan.

A) Marketing
B) Management
C) Executive Summary
D) Introduction
E) Legal

Question 32

Emily Ito is preparing a business plan for her new company, No-Fuss Budgets, a financial planning service for retirees. In which part of her business plan would the following be found? "I intend to purchase mailing lists to reach retirees on a budget. I will also buy Web ads offering first-time clients a 10% discount, and I will work with other companies in a link exchange in which I link to other personal-finance-related businesses on my website. These other businesses will then link to my website in return."

A) Marketing
B) Management
C) Executive Summary
D) Introduction
E) Legal

Question 33

A(n) ________ outlines a proposed firm's goals and the methods for achieving them, while a(n) ________ communicates to investors the story and opportunity of the business in a short, meaningful way.

A) business plan; pitch deck
B) pitch deck; business plan
C) business plan; executive summary
D) executive summary; pitch deck
E) business plan; business model

Question 34

A pitch deck is designed to communicate information to

A) potential employees.
B) competitors.
C) upper-level management.
D) potential investors.
E) suppliers and distributors.

Question 35

Jalessa wants to start a new business selling her handmade crafts and is looking for retail space for her new venture. A location has become available for her to rent, but the current landlord needs her to sign a lease in 10 days or else he will offer it to another client. Since she doesn't have time to properly prepare a full business plan to obtain funding, what should Jalessa do?

A) Sign the lease and hope she can get funding later.
B) Sign the lease with a non-compete agreement.
C) Obtain a service level agreement with the landlord.
D) Offer a strategic partnership agreement to potential investors.
E) Prepare and present a pitch deck to get funding.

Question 36

Which slide in a pitch deck shows that you have a measurable set of customers to prove you have business potential?

A) traction
B) solution
C) business model
D) market
E) investing

Question 37

In a pitch deck, the ________ slide shows how you plan on making money and provides a schedule of when you expect money to come in.

A) traction
B) solution
C) business model
D) product
E) investing

Question 38

An entrepreneur launching a new business has multiple sources to choose from when it comes to financing. All of the following are good sources for funding a new enterpriseexcept

A) personal savings, credit cards, and second mortgages.
B) loans from family or friends.
C) winnings from gambling at casinos and horse races.
D) angel investors and venture capitalists.
E) loans backed by the Small Business Administration.

Question 39

Mary and Prashant Bakshi want to buy a hotel. It would provide them with a place to live, and instead of recruiting employees, they could hire family members to help run their business. The Bakshis have just graduated from college, and they haven't saved much money. Fortunately, they can call upon plenty of family and friends for financial assistance. Once they launch their new hotel, the Bakshis also plan to trade free hotel stays to suppliers in exchange for goods and services, a source of financing a new enterprise known as a(n) ________ arrangement.

A) matching
B) self-financing
C) venture
D) angel
E) barter

Question 40

A(n) ________ is a company that invests in new businesses in return for part ownership of them.

A) angel investor
B) financial institution
C) venture capitalist
D) mentor
E) capital investor

Question 41

Many entrepreneurs apply for loans of $500 to $35,000 from organizations such as the Women's Initiative for Self-Employment. These loans are known as

A) microloans.
B) incubators.
C) public stock offerings.
D) personal assistance.
E) barter arrangements.

Question 42

La Cocina, a nonprofit organization, mentors low-income and immigrant women entrepreneurs. It helps them launch and develop their food-related businesses by offering them kitchen space and technical assistance. La Cocina is an example of a(n)

A) venture capitalist.
B) enterprise zone.
C) angel investor.
D) incubator.
E) strategic partnership.

Question 43

In what way are incubators helpful to entrepreneurs?

A) They attract business investment by offering lower taxes.
B) They offer small businesses low-cost workspaces with basic services.
C) They help specifically identified minorities launch new businesses.
D) They invest in new enterprises in return for part ownership.
E) They offer short-term credit to pay off supplies or services.

Question 44

In some geographic areas, an entrepreneur who locates in a(n) ________ can receive lower taxes and other government support.

A) prosperous neighborhood
B) low-rent office space
C) incubator
D) enterprise zone
E) accelerated region

Question 45

A special type of enterprise zone, known as a(n) ________ enterprise zone, is located in economically distressed areas in the industrial or commercial areas of cities.

A) micro
B) strategic
C) urban
D) incubator
E) venture

Question 46

Connor Schmidt is ready to launch his own business, a carpet cleaning service. He has heard that certain states offer tax incentives to businesses that locate in depressed economic areas. Schmidt decides that it is worth it to the future of his business to relocate to one of these areas, the industrial city of Elizabeth in the state of New Jersey. Schmidt's business partner questions his decision to move to Elizabeth just to take advantage of these tax incentives, but Schmidt is convinced his strategy will pay off. "It's a win-win situation," he said. "The State of New Jersey wants to stimulate economic activity, and we want to get a little help with our finances." Connor Schmidt is looking forward to taking advantage of the benefits of a(n)

A) trade association.
B) incubator.
C) angel investment.
D) urban enterprise zone.
E) tax loophole.

Question 47

While a(n) ________ offers small businesses low-cost offices with basic services, a(n) ________ takes it one step further by offering support and funding opportunities and enlisting the business as a protégé, providing training, and strategic partners to help the business launch its growth.

A) accelerator; incubator
B) enterprise zone; strategic partnership
C) strategic partnership; enterprise zone
D) incubator; accelerator
E) angel investor; venture capitalist

Question 48

Which form of business is a relationship between individuals or organizations typically formed by an agreement or contract?

A) accelerator
B) enterprise zone
C) strategic partnership
D) crowdfunding
E) incubator

Question 49

According to most definitions, a small business almost always has ________ employees.

A) entrepreneurial
B) risk-taking
C) one hundred or fewer
D) fifty or fewer
E) twelve to twenty

Question 50

Which statement isnot true regarding the impact of small businesses to the U.S. economy?

A) Small businesses are a major source of innovation in the economy.
B) Small businesses lag behind large corporations when it comes to U.S. sales.
C) Small businesses help to counteract the impact of downsizing by larger companies.
D) Small businesses are a major source of jobs to communities across the country.
E) Small businesses are a driving force to the U.S. economy.

Question 51

According to the Small Business Administration, the common saying "Small business is the backbone of the United States"

A) was once true, but not anymore.
B) amounts to false advertising.
C) is absolutely false.
D) is very misleading.
E) is absolutely accurate.

Question 52

Many ________ businesses are one- or two-person operations, from online bloggers to a variety of professional services ranging from accountants to interior designers.

A) home-based
B) franchise
C) conglomerate
D) fashion
E) high-tech

Question 53

Which is a successful rule for overcoming the challenges of working from home?

A) Take advantage of the flexibility and vary your working hours.
B) Keep all correspondence to email to increase efficiency.
C) Maintain the same routine at home as you would if you were in an office.
D) Dress in work clothes only if you have a client meeting or a video conference.
E) Isolate yourself from others, so you can concentrate better and get your work done.

Question 54

One reason for choosing to take over an existing business rather than starting a new business from scratch is

A) to get a better deal on equipment.
B) to inherit existing employees.
C) to avoid micromanagement.
D) to grow more slowly.
E) to reduce uncertainty.

Question 55

When you step into an existing well-run enterprise, you

A) increase your risk and uncertainty.
B) can plan to ask the previous owner for help.
C) should be able to earn profits fairly quickly.
D) will have to sell off the existing equipment.
E) are demonstrating a lack of entrepreneurial spirit.

Question 56

One of the key questions you should ask yourself once you've located a business you may want to buy is

A) Do I approve of the existing décor and office furnishings?
B) How soon can the owner vacate the premises?
C) Will the owner consider becoming my employee?
D) Why is the owner selling, and will he or she end up being my competition?
E) How can I contact the owner if I need advice, run into a problem, or something breaks?

Question 57

What is one reason why small businesses are more likely to fail than big businesses?

A) The government doesn't give small businesses enough tax breaks.
B) Small business owners take too many risks in their personal lives.
C) Entrepreneurs who start small businesses tend to be under skilled.
D) Customers tend to avoid dealing with small businesses.
E) Small businesses take more risks, such as selling new products.

Question 58

What is one of the five reasons why small businesses fail?

A) difficulty keeping up with government paperwork
B) inability to buy materials at wholesale prices
C) entrepreneurs tend to score low on human skills
D) lack of technical skills to support innovation
E) consumer distrust of newer, smaller companies

Question 59

As a small-business owner, treating your employees with respect is one way to

A) satisfy government requirements.
B) appeal to the concerns of your investors.
C) convince them to invest in your company.
D) keep your small business healthy.
E) convince them to accept poor working conditions.

Question 60

Isabella Villalobos is excited about how well her first-time business, an arts-and-crafts supply store, is doing. Sales are booming, and her customers leave glowing reviews about the store on Yelp. In only six months, Villalobos has a loyal following of repeat customers, and her new art classes are a hit. But even though she is excited and proud, she is also worried. She recently saw her older brother Carlos's small business take a financial hit because he didn't file important paperwork on time and had to pay huge penalties. Plus, Carlos was sued by former employees for errors on their paychecks. "I'm not very good at keeping up with deadlines and forms," Villalobos thinks. "Will I end up making the same kinds of avoidable mistakes as my brother?" Of the following, which advice would you suggest to Villalobos to address this concern?

A) Stay in tune with your customers.
B) Hire and keep good employees.
C) Keep good records and know when to ask for help.
D) Learn how to manage your employees respectfully.
E) Take more risks by selling products that are untried.

Question 61

As soon as you start up your small business, you should get a(n) ________ to help you set up your records on sales, expenses, payroll, taxes, and other financial matters.

A) personal financial consultant
B) accountant or bookkeeper
C) IRS tax auditor
D) professional tax preparer
E) college student intern

Question 62

Which pillar for successful growth relates to providing a place for employees to grow and be innovative?

A) research and development
B) caring for your most valuable assets
C) risk and response
D) social responsibility
E) community support

Question 63

A company that implements creative improvements to its internal processes can experience lower operations costs and improved employee satisfaction. These creative improvements relate to which pillar for successful growth?

A) research and development
B) caring for your most valuable assets
C) risk and response
D) social responsibility
E) community support

Question 64

The forms of company ownership are sole proprietorships, partnerships, corporations, and

A) nonprofits.
B) cooperatives.
C) entrepreneurships.
D) buyers' clubs.
E) service providers.

Question 65

One of the benefits of the sole proprietorship type of business ownership is that you

A) have little financial risk.
B) have access to plenty of managerial expertise.
C) end the business with ease.
D) you can get possible tax breaks.
E) have little liability.

Question 66

Kyle Yang is thinking of starting a small business. Ideally, he would like to start up the business relatively easily, have the expertise of different people to draw from, and keep his taxes fairly simple. Yang should choose the ________ type of business ownership.

A) partnership
B) sole proprietorship
C) nonprofit
D) corporation
E) cooperative

Question 67

Unlike a(n) ________ partnership in which partners share profits, liabilities, and management responsibilities, the partners in a(n) ________ partnership contribute an investment but do not have any management responsibility or liability.

A) general; limited
B) LLP; general
C) general; MLP
D) MLP; LLP
E) limited; MLP

Question 68

One of the disadvantages of owning a corporation is that

A) you may have limited financial resources and few fringe benefits.
B) creditors will not be able to hold you personally responsible for the corporation's debts.
C) you will likely experience personality conflicts or other disagreements among partners.
D) you must publicly disclose financial information.
E) you will need discipline, putting the company's needs before your own desires.

Question 69

Starbucks is an example of the ________ type of franchise.

A) business format
B) corporate
C) negotiating
D) human
E) technical

Question 70

Elias Pua is interested in owning a fast-food franchise. He likes the idea of following someone else's already proven track record for success. On researching franchises further, however, Pua is disappointed to learn that to open a McDonald's or similar franchise, you must have around $750,000 in liquid assets. Another example of a drawback to owning a franchise is

A) starting out without any name recognition for your business.
B) having to pay for expensive TV advertisements on your own.
C) having to put up with strict management by the franchisor.
D) having to manufacture a product using a formula purchased from the franchisor.
E) selling trademarked products purchased from the franchisor.

Question 71

An acquisition occurs when one company ________ another one.

A) franchises
B) merges with
C) competes against
D) buys
E) sues

Question 72

The city of Rumplesford is in an uproar. The city's biggest employer, Cash Cow LLC, is in danger. An outside company, Hunter, is planning to buy enough shares in Cash Cow to be able to take control of it against the will of the corporation's top management and directors. If that happens, the people of Rumplesford fear that there will be massive layoffs that will hurt the city's economy. Hunter is threatening Cash Cow with a

A) leveraged buyout.
B) hostile takeover.
C) employee buyout.
D) simple buyout.
E) cooperative.

Question 73

Cuddles Pajama Company's owners are retiring. Their employees want to continue providing the world with comfy loungewear both today and far into the future, so they borrow money against the value of their homes in order to buy the company themselves and become its new owners. This is an example of a(n)

A) hostile takeover.
B) merger.
C) tender offer.
D) franchise.
E) employee buyout.

Question 74

Business law is composed of four major types of laws: statutory, common, ________, and international.

A) administrative
B) corporate
C) intellectual
D) acquisition
E) cooperative

Question 75

In the United States, parties to a business dispute may resolve their differences through arbitration or mediation, processes that involve accepting the judgment of neutral third parties. Many parties agree to mediation or arbitration because

A) it is a way of buying time in order to collect evidence against their opponent.
B) going before a judge results in unfair treatment to both parties.
C) it provides the opportunity to bribe the arbitrator or mediator.
D) these methods of resolving a dispute tend to rule in favor of the business owner.
E) these methods of resolving a dispute are much less expensive than going to trial.

Question 76

Fernanda Miller owns a roofing business. Don Jay, the owner of Jay luxury hotels, hired her company to install Mediterranean-style clay tile roofs at several of his properties. After Miller's company completed the job, however, Jay claimed that the work was substandard and refused to pay her, even though he had agreed to do so in the contract they both signed. Miller took Jay to court, and the judge found in her favor, ruling that she is entitled to a monetary settlement. Jay's actions are an example of

A) negligence.
B) breach of contract.
C) binding arbitration.
D) unfair competition.
E) an intentional tort.

Question 77

Steve Nowicki owns Food Monster, a grocery store chain. One of his employees threw away a banana peel but missed the trash can. As the employee was walking away, he heard a scream and a crash. A customer had slipped on the banana peel, suffering severe injuries to his knee and elbow. The injured customer decided to sue Food Monster. Although Nowicki's employee didn't mean for any of this to happen, the judge ruled that Food Monster had committed negligence, or an unintentional act that resulted in injury. This situation is an example of ________, or a civil wrongful act that resulted in injury to people or property.

A) a tort
B) an accident
C) a breach
D) damage
E) mediation

Question 78

The common legal agreements in business are employee non-compete agreements, non-disclosure agreements, strategic partnership agreements and

A) copyrights.
B) international torts.
C) service level agreements.
D) consideration contracts.
E) intellectual property.

Question 79

Nadeem is an engineer with Metro Chemical. He is part of a team that is developing a new additive to help reduce bacteria growth in liquids used in manufacturing processes. Nadeem cannot discuss his team's work with engineers outside the company because he had to sign ________ to ensure that any proprietary information regarding the company would not be made known or shared with the public.

A) a non-disclosure agreement
B) a strategic partnership agreement
C) a service level agreement
D) an employee consideration contract
E) an employee non-compete agreement

Question 80

Which legal business agreement specifies the relationship between two organizations in terms of leadership, product offerings, licensing, and management and control of intellectual property?

A) a non-disclosure agreement
B) a strategic partnership agreement
C) a service level agreement
D) a business plan
E) an employee non-compete agreement