Question 1

Trademark protection lasts for renewable 10-year terms.

Accepted Answer

A) True 
 B)False

Question 2

A patent is granted for useful inventions.

Accepted Answer

A) True 
 B)False

Question 3

Explain the following ways in which an agency can arise.

Accepted Answer

The answer of Explain the following ways in which an...

Question 4

Limited partners give up their right to profits in exchange for limited liability.

Accepted Answer

A) True 
 B)False

Question 5

A trademark is granted to :

Accepted Answer

A) A useful invention. 
B) A symbol used to signify a product. 
C) None of the above. 
D) Both of the above.

Question 6

The Truth-In-Lending Act requires that consumers be told whether they can afford the debt they are considering incurring.

Accepted Answer

A) True 
 B)False

Question 7

A limited liability company is most like the following organizations:

Accepted Answer

A) A sole proprietorship. 
B) A general partnership. 
C) A limited liability partnership. 
D) A corporation.

Question 8

A loans B money,and C promises to pay the loan if B defaults.C is a:

Accepted Answer

A) Surety. 
B) Guarantor. 
C) Cosigner. 
D) Fool.

Question 9

Which of the following is not a characteristic of a corporation?

Accepted Answer

A) Limited liability of shareholders. 
B) Perpetual existence. 
C) Pass-through taxation. 
D) Centralized management.

Question 10

All of the following types of assets are securities except:

Accepted Answer

A) Mineral rights. 
B) Debentures. 
C) Houses. 
D) Stocks.

Question 11

A Visa card is an example of unsecured credit.

Accepted Answer

A) True 
 B)False

Question 12

A living will allows for the health care proxy to commit euthanasia.

Accepted Answer

A) True 
 B)False

Question 13

The document that in great detail governs the internal management structure of the corporation is called the:

Accepted Answer

A) Articles of Incorporation. 
B) Executive compensation agreement. 
C) Meeting minutes. 
D) Bylaws.

Question 14

Under the objective rule,following the breakup of the engagement,the groom-to-be gets the engagement ring back:

Accepted Answer

A) If the darn thing is under a carrot. 
B) Never. 
C) If the bride is at fault for the breakup. 
D) Always.

Question 15

The only requirement to marriage eligibility is that the parties be at least 18,unless they have their parents' permission.

Accepted Answer

A) True 
 B)False

Question 16

Financing statements,having been filed,perfect the creditor's security interest.

Accepted Answer

A) True 
 B)False

Question 17

The type of bankruptcy that is also called straight bankruptcy is Chapter:

Accepted Answer

A) 7) 
B) 9) 
C) 11. 
D) 13.

Question 18

The following type of activity would not be stealing a trade secret:

Accepted Answer

A) Reverse engineering. 
B) Theft. 
C) Bribery. 
D) Learning the secret while working for the company.

Question 19

In a partially disclosed agency,the agent is not liable to the third party with whom the agent has transacted business.

Accepted Answer

A) True 
 B)False

Question 20

Intestate succession involves looking for:

Accepted Answer

A) Intestate property. 
B) Heirs. 
C) Estate property. 
D) Escheat.

Exam 1: Midterm One

Trademark protection lasts for renewable 10-year terms.

A patent is granted for useful inventions.

Explain the following ways in which an agency can arise.

Limited partners give up their right to profits in exchange for limited liability.

A trademark is granted to :

The Truth-In-Lending Act requires that consumers be told whether they can afford the debt they are considering incurring.

A limited liability company is most like the following organizations:

A loans B money,and C promises to pay the loan if B defaults.C is a:

Which of the following is not a characteristic of a corporation?

All of the following types of assets are securities except:

A Visa card is an example of unsecured credit.

A living will allows for the health care proxy to commit euthanasia.

The document that in great detail governs the internal management structure of the corporation is called the:

Under the objective rule,following the breakup of the engagement,the groom-to-be gets the engagement ring back:

The only requirement to marriage eligibility is that the parties be at least 18,unless they have their parents' permission.

Financing statements,having been filed,perfect the creditor's security interest.

The type of bankruptcy that is also called straight bankruptcy is Chapter:

The following type of activity would not be stealing a trade secret:

In a partially disclosed agency,the agent is not liable to the third party with whom the agent has transacted business.

Intestate succession involves looking for: