Question 1

According to the Uniform Partnership Act,each partner has which of the following rights?

Accepted Answer

A)  To share in the management of the business. 
B)  To share in the profits of the business. 
C)  To have access to the books. 
D)  All three choices (a, b, and c) are correct. 
E)  Only choices a and b are correct. 
A)  To share in the management of the business. 
B)  To share in the profits of the business. 
C)  To have access to the books. 
D)  All three choices (a, b, and c) are correct. 
E)  Only choices a and b are correct.

Question 2

A person is planning on opening a Fantastic Sams Hair Salon and is scheduled to sign the contract in ten days. Under which rule does the franchisor have to disclose information such as previous bankruptcies and law suits?

Accepted Answer

A)  Trade Regulation 
B)  Federal Regulation 
C)  Disclosure Act 
D)  Legality Procedure 
E)  None of the above 
A)  Trade Regulation 
B)  Federal Regulation 
C)  Disclosure Act 
D)  Legality Procedure 
E)  None of the above

Question 3

Unlimited Personal Liability refers to,or applies to...

Accepted Answer

A)  All sole proprietorships. 
B)  Both partners in a partnership. 
C)  The personal liability for all debts incurred by the business. 
D)  All of the above. 
E)  None of the above. 
A)  All sole proprietorships. 
B)  Both partners in a partnership. 
C)  The personal liability for all debts incurred by the business. 
D)  All of the above. 
E)  None of the above.

Question 4

Which form of business ownership has limited owner's liability,easy formation,and two or more owners?

Accepted Answer

A)  Sole Proprietorship. 
B)  Partnership. 
C)  C. Corporation. 
D)  S. Corporation. 
E)  Limited Liability Company. 
A)  Sole Proprietorship. 
B)  Partnership. 
C)  C. Corporation. 
D)  S. Corporation. 
E)  Limited Liability Company.

Question 5

Patents for new processes,machines,devices,etc.are known as

Accepted Answer

A)  plant patents. 
B)  utility patents. 
C)  design patents. 
D)  claims patents. 
E)  first mover patents. 
A)  plant patents. 
B)  utility patents. 
C)  design patents. 
D)  claims patents. 
E)  first mover patents.

Question 6

A limited partner invests in the business but is not involved in the management of it..

Accepted Answer

A) True 
 B)False

Question 7

The Coca-Cola name,the way it appears and the way it is spelled,legally belongs to the Coca-Cola Company and is associated with its products. It is called a

Accepted Answer

A)  copyright. 
B)  trade secret. 
C)  trademark. 
D)  plant patent. 
E)  complementary asset. 
A)  copyright. 
B)  trade secret. 
C)  trademark. 
D)  plant patent. 
E)  complementary asset.

Question 8

The franchisee has the right to have all questions answered by the franchisor before signing the contract. Among this information may be information on past lawsuits against the franchisor and initial franchise fees and other required payments.

Accepted Answer

A) True 
 B)False

Question 9

Sole proprietorship refers to a business that is owned by a family.

Accepted Answer

A) True 
 B)False

Question 10

Describe an S Corporation. Examine the requirements and the consequences if such requirements are not met.

Accepted Answer

S Corporations are usually formed to avo

Question 11

Which of the following does not pertain to limited partnerships?

Accepted Answer

A)  Limited Liability Partnerships. 
B)  General Partners. 
C)  Limited Partners. 
D)  Limited Partnership Agreement. 
E)  All of the above pertain to limited partnerships. 
A)  Limited Liability Partnerships. 
B)  General Partners. 
C)  Limited Partners. 
D)  Limited Partnership Agreement. 
E)  All of the above pertain to limited partnerships.

Question 12

If a grocery store owner and a 15 year-old boy make an agreement,this contract will not be valid because of which contract requirement?

Accepted Answer

A)  Legality 
B)  Contentment 
C)  Consideration 
D)  Capacity 
E)  Agreement 
A)  Legality 
B)  Contentment 
C)  Consideration 
D)  Capacity 
E)  Agreement

Question 13

Chester High School is expected to have a Pizza Hut opening in its cafeteria by the next school year. This is an example of a franchisor...

Accepted Answer

A)  acquiring good community relationships. 
B)  trying to show school spirit. 
C)  opening in a non-traditional location. 
D)  fulfilling its legal obligations. 
E)  all of the above. 
A)  acquiring good community relationships. 
B)  trying to show school spirit. 
C)  opening in a non-traditional location. 
D)  fulfilling its legal obligations. 
E)  all of the above.

Question 14

In which of the following forms of business does the business pay federal income taxes?

Accepted Answer

A)  Limited liability partnerships (LLP). 
B)  C corporations. 
C)  S corporations. 
D)  Both C corporations and S corporations pay federal income taxes. 
E)  Limited liability company (LL
C) . 
A)  Limited liability partnerships (LLP). 
B)  C corporations. 
C)  S corporations. 
D)  Both C corporations and S corporations pay federal income taxes. 
E)  Limited liability company (LL
C) .

Question 15

Which of the following is most likely a professional corporation?

Accepted Answer

A)  Boeing Corporation. 
B)  The University of Minnesota. 
C)  Southwest Airlines. 
D)  Johnson & Smith, Cardiac Surgeons. 
E)  New York City Government. 
A)  Boeing Corporation. 
B)  The University of Minnesota. 
C)  Southwest Airlines. 
D)  Johnson & Smith, Cardiac Surgeons. 
E)  New York City Government.

Question 16

Which of the following is (are)required to register a corporation?

Accepted Answer

A)  The corporation's name and location. 
B)  The names and addresses of the officers and directors. 
C)  The fee must be paid in full. 
D)  Only the things specified in choices a and b are required. 
E)  All of the above are required. 
A)  The corporation's name and location. 
B)  The names and addresses of the officers and directors. 
C)  The fee must be paid in full. 
D)  Only the things specified in choices a and b are required. 
E)  All of the above are required.

Question 17

If you own a Burger King in Little Rock,Arkansas and Burger King Corporation decides to spend $2 million for advertising during Superbowl,you will be required to pay a fee for that advertising even if you don't approve of spending the money on the Superbowl advertising..

Accepted Answer

A) True 
 B)False

Question 18

In a limited partnership,the general partner is the person who manages the business.

Accepted Answer

A) True 
 B)False

Question 19

Assume that you work for a certain business and sign a nondisclosure agreement. That means you cannot discuss secret information of your employer with others outside of the business.

Accepted Answer

A) True 
 B)False

Question 20

Not all companies that introduce new products or inventions gain profits from being first. Which of the following things will influence whether or not a company being first will be profitable?

Accepted Answer

A)  The company has a strong patent. 
B)  The presence or absence of a dominant design in the industry. 
C)  The presence of complementary assets in marketing and distribution. 
D)  All of the above (a, b, and c). 
E)  Only a and c 
A)  The company has a strong patent. 
B)  The presence or absence of a dominant design in the industry. 
C)  The presence of complementary assets in marketing and distribution. 
D)  All of the above (a, b, and c). 
E)  Only a and c

According to the Uniform Partnership Act,each partner has which of the following rights?

A person is planning on opening a Fantastic Sams Hair Salon and is scheduled to sign the contract in ten days. Under which rule does the franchisor have to disclose information such as previous bankruptcies and law suits?

Unlimited Personal Liability refers to,or applies to...

Which form of business ownership has limited owner's liability,easy formation,and two or more owners?

Patents for new processes,machines,devices,etc.are known as

A limited partner invests in the business but is not involved in the management of it..

The Coca-Cola name,the way it appears and the way it is spelled,legally belongs to the Coca-Cola Company and is associated with its products. It is called a

The franchisee has the right to have all questions answered by the franchisor before signing the contract. Among this information may be information on past lawsuits against the franchisor and initial franchise fees and other required payments.

Sole proprietorship refers to a business that is owned by a family.

Describe an S Corporation. Examine the requirements and the consequences if such requirements are not met.

Which of the following does not pertain to limited partnerships?

If a grocery store owner and a 15 year-old boy make an agreement,this contract will not be valid because of which contract requirement?

Chester High School is expected to have a Pizza Hut opening in its cafeteria by the next school year. This is an example of a franchisor...

In which of the following forms of business does the business pay federal income taxes?

Which of the following is most likely a professional corporation?

Which of the following is (are)required to register a corporation?

If you own a Burger King in Little Rock,Arkansas and Burger King Corporation decides to spend $2 million for advertising during Superbowl,you will be required to pay a fee for that advertising even if you don't approve of spending the money on the Superbowl advertising..

In a limited partnership,the general partner is the person who manages the business.

Assume that you work for a certain business and sign a nondisclosure agreement. That means you cannot discuss secret information of your employer with others outside of the business.

Not all companies that introduce new products or inventions gain profits from being first. Which of the following things will influence whether or not a company being first will be profitable?

Entrepreneurship:: A Field, an Activity - and a Way of Life

Entrepreneurial Opportunities: Their Origins, Forms, and Suitability For New Ventures

Cognitive Foundations of Entrepreneurship: Creativity and Opportunity Recognition

What Entrepreneurs Need to Know Before They Start: Acquiring and Interpreting Information About Markets Competitors and Government

Assembling the Team: Acquiring and Utilizing Essential Human Capital

Financial Resources For New Ventures: How To Get Them, How To Manage Them

Writing An Effective Business Plan: Building A Road Map to Success

Marketing in a New Venture

Strategy: Planning For Competitive Advantage

Preparing For And Attaining Growth: Strategies For Building Lasting Success

Managing New Ventures For Growth

Exit Strategies For Entrepreneurs: The Concluding Act

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Exam 8: Legal Issues Relating To New Ventures: Protecting Your Reputation, Your Assets, And Your Ideas

According to the Uniform Partnership Act,each partner has which of the following rights?

A person is planning on opening a Fantastic Sams Hair Salon and is scheduled to sign the contract in ten days. Under which rule does the franchisor have to disclose information such as previous bankruptcies and law suits?

Unlimited Personal Liability refers to,or applies to...

Which form of business ownership has limited owner's liability,easy formation,and two or more owners?

Patents for new processes,machines,devices,etc.are known as

A limited partner invests in the business but is not involved in the management of it..

The Coca-Cola name,the way it appears and the way it is spelled,legally belongs to the Coca-Cola Company and is associated with its products. It is called a

The franchisee has the right to have all questions answered by the franchisor before signing the contract. Among this information may be information on past lawsuits against the franchisor and initial franchise fees and other required payments.

Sole proprietorship refers to a business that is owned by a family.

Describe an S Corporation. Examine the requirements and the consequences if such requirements are not met.

Which of the following does not pertain to limited partnerships?

If a grocery store owner and a 15 year-old boy make an agreement,this contract will not be valid because of which contract requirement?

Chester High School is expected to have a Pizza Hut opening in its cafeteria by the next school year. This is an example of a franchisor...

In which of the following forms of business does the business pay federal income taxes?

Which of the following is most likely a professional corporation?

Which of the following is (are)required to register a corporation?

If you own a Burger King in Little Rock,Arkansas and Burger King Corporation decides to spend $2 million for advertising during Superbowl,you will be required to pay a fee for that advertising even if you don't approve of spending the money on the Superbowl advertising..

In a limited partnership,the general partner is the person who manages the business.

Assume that you work for a certain business and sign a nondisclosure agreement. That means you cannot discuss secret information of your employer with others outside of the business.

Not all companies that introduce new products or inventions gain profits from being first. Which of the following things will influence whether or not a company being first will be profitable?

Entrepreneurship:: A Field, an Activity - and a Way of Life

Entrepreneurial Opportunities: Their Origins, Forms, and Suitability For New Ventures

Cognitive Foundations of Entrepreneurship: Creativity and Opportunity Recognition

What Entrepreneurs Need to Know Before They Start: Acquiring and Interpreting Information About Markets Competitors and Government

Assembling the Team: Acquiring and Utilizing Essential Human Capital

Financial Resources For New Ventures: How To Get Them, How To Manage Them

Writing An Effective Business Plan: Building A Road Map to Success

Marketing in a New Venture

Strategy: Planning For Competitive Advantage

Preparing For And Attaining Growth: Strategies For Building Lasting Success

Managing New Ventures For Growth

Exit Strategies For Entrepreneurs: The Concluding Act

Filters