Esops can qualify as tax-exempt employee trusts under section _____ of the internal revenue code.
Answer
Correct Answer:
401(a)
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A small group training session usually includes ____ trainees.
Answer
Correct Answer:
12 or fewer
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Intellectual property falls into a category of property known as ________.
Answer
Correct Answer:
Intangible property
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Juvenile court, probate court, and traffic court are examples of ________.
Answer
Correct Answer:
Inferior trial courts
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A condition ______ is a particular event that must occur in order for a party's duty to arise.
Answer
Correct Answer:
Condition precedent
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A condition ______ is a future event that terminates the obligations of the parties when it occurs.
Answer
Correct Answer:
Subsequent
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A competitor can lawfully discover a trade secret by _____ engineering.
Answer
Correct Answer:
Reverse
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A ______________ is some kind of wrongful act that harms or hurts a person.
Answer
Correct Answer:
Tort
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A _____ is a person who has a duty to act primarily for another person's benefit.
Answer
Correct Answer:
Fiduciary
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__________ law comprises a wide variety of laws that govern a nation or state.
Answer
Correct Answer:
Civil
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__________ is negligent or unethical conduct on the part of an elected official.
Answer
Correct Answer:
Political malpractice
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__________ evidence offered by objects themselves.
Answer
Correct Answer:
Demonstrative
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_____ refers to the obligation to protect people against any unreasonable harm or risk.
Answer
Correct Answer:
Duty of care
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_____ law defines the rights and duties of individuals and organizations (including businesses).
Answer
Correct Answer:
Civil
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The recovery for breach of contract is usually limited to _____ damages.
Answer
Correct Answer:
Contract.
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When the containers of a product are not tamperproof, it is termed as a ________.
Answer
Correct Answer:
Defect in manufacture
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The international code of ethics that governs human research & experimentation is the __________.
Answer
Correct Answer:
Nuremberg Code
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Less force is required to poke through an eggshell from the _____.
Answer
Correct Answer:
Inside out
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Legislative acts passed by the u.s. congress can be found in ______.
Answer
Correct Answer:
United States Code
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A valid contract may be _____ when there is some law that prohibits the courts from enforcing it.
Answer
Correct Answer:
Unenforceable
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A(n) __________ tort is a willful act that results in injury.
Answer
Correct Answer:
An intentional tort
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A(n) _____ is the expression of willingness to take an offer, including all of its stated terms.
Answer
Correct Answer:
Acceptance
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The wh approach provides future business managers with _____.
Answer
Correct Answer:
Ethical guidelines
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The threat to commit extortion unless someone enters into a contract constitutes _____.
Answer
Correct Answer:
Duress
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Under the economic espionage act of 1996, it is a ________ to steal someone else's trade secrets.
Answer
Correct Answer:
Federal crime
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Under the _______ theory of jurisprudence, the law is what the sovereign says it is.
Answer
Correct Answer:
Legal positivism
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Treaties with foreign nations can only be made by ________ and ratified by ________.
Answer
Correct Answer:
The President; the Senate by a two-thirds vote
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To recover damages caused by negligence, one must prove __________.
Answer
Correct Answer:
All of these
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The statute of limitations establishes the period within which ________.
Answer
Correct Answer:
Plaintiff must bring a lawsuit against a defendant
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The regulating agency for the gramm-leach-bliley act is the ________.
Answer
Correct Answer:
Corporate financial information
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The greatest number of claims brought under the ada is related to ________ disabilities.
Answer
Correct Answer:
Mental
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Most parties to a federal case start out in one of the 94 __________.
Answer
Correct Answer:
Federal district courts
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Major reasons employees join unions include all of the following except ________.
Answer
Correct Answer:
Pressure from managers
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The purpose of the gramm-leach-bliley act __________________ is to fight identity theft.
Answer
Correct Answer:
Pretexting Rule
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The privacy act of 1974 applies directly to ____ employees.
Answer
Correct Answer:
Federal.
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In a criminal trial, the _____ files a case against the defendant.
Answer
Correct Answer:
Government
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The factors that determine ethical intensity include _____. select all that apply.
Answer
Correct Answer:
Significance of the consequences
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The _____ doctrine allows minors to disaffirm most contracts they have entered into with adults.
Answer
Correct Answer:
Infancy
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The key to choosing the right form of ownership is ________.
Answer
Correct Answer:
Understanding how each form affects both business and personal circumstances.
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Partnerships are organized as either ________ or ________ partnerships.
Answer
Correct Answer:
General; limited
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In limited liability companies ________.
Answer
Correct Answer:
Income is taxed only once, as the personal earnings of members
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Corporations are organized as either ________ corporations or ________ corporations.
Answer
Correct Answer:
C; subchapter S
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Obtain a trademark in order to ________.
Answer
Correct Answer:
Protect your logo
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_____ is the transfer of goods to a merchant who ordinarily deals in that type of goods.
Answer
Correct Answer:
Entrustment
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An informed decision involves __________.
Answer
Correct Answer:
All of these answers are correct
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An agent's implied authority is derived from an agent's _____ authority.
Answer
Correct Answer:
Express
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A contract is an agreement that is enforceable by a court of _____ or _____.
Answer
Correct Answer:
Law; equity
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The main disadvantage of corporations is that corporate income is ________.
Answer
Correct Answer:
Taxed twice
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Legal insanity is a state of contractual _____, as determined by law.
Answer
Correct Answer:
Incapacity
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________ are the building blocks of business.
Answer
Correct Answer:
Contracts
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All of the following are principles established by griggs v. duke power company except ________.
Answer
Correct Answer:
Performance standards should be unambiguous
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In a limited partnership, the limited partners are treated like ________ by the law.
Answer
Correct Answer:
Nvestors
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The ______ requirement ensures that courts do not render advisory opinions.
Answer
Correct Answer:
Case or controversy
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A(n) _____ typically allows the agent to conduct all business for the principal.
Answer
Correct Answer:
General power of attorney
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The Americans with Disabilities Act was passed to guarantee individuals with disabilities all but which of the following rights?
Answer
Correct Answer:
The right to purchase handicap-operated vehicles
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Which of the following is created to complete a specified purpose and is limited in duration?
Answer
Correct Answer:
Joint venture
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______ tries to discourage illegal immigration into the United States by denying employment to aliens and extends coverage of the 1964 Civil Rights Act to foreign-sounding or foreign-looking individuals.
Answer
Correct Answer:
The Immigration Reform and Control Act of 1986
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A/an ______ states that the previous business owner will not start or own a similar business within a specific geographic area for a certain amount of time.
Answer
Correct Answer:
Noncompete covenant
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The tax advantage for sole proprietorships does not last forever. The businessperson must make money in order to be considered a business. Money must be made for how many years in order to be considered a business and not a hobby by the IRS?
Answer
Correct Answer:
Three out of five years
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Alice and Bonnie are finalizing negotiations for the sale of Alice’s hair salon. Near the end of the conversation, Bonnie tells Alice, “You have a deal!” This constitutes which element of a contract?
Answer
Correct Answer:
Agreement
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Bankruptcy remains on a credit report for how many years?
Answer
Correct Answer:
Seven years
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Which percentage of all bankruptcy filings are filed under Chapter 13?
Answer
Correct Answer:
25 percent
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Which form of business organization is easiest to open and easiest to close?
Answer
Correct Answer:
Sole proprietorship
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Which disadvantage of sole proprietorships centers around the fact that capital is difficult to raise?
Answer
Correct Answer:
Limited resources
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The single biggest disadvantage of sole proprietorships is which of the following?
Answer
Correct Answer:
Unlimited liability
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A door-to-door saleswoman approaches Samantha, a high school student, and tries to pressure her into purchasing a line of cosmetics. Samantha tells the saleswoman that she must first consult with her parents. The saleswoman has violated which element of a contract?
Answer
Correct Answer:
Capacity
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The following are advantages of which form of business ownership: complete control over the business, few legal requirements and restrictions, and taxed as a single entity?
Answer
Correct Answer:
Sole proprietorship
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______ prevents discrimination based on gender, race, color, religion, or national origin in any terms, conditions, or privileges of employment.
Answer
Correct Answer:
The Civil Rights Act of 1964
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A/an ______ is a registered and protected brand.
Answer
Correct Answer:
Trademark
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Zoning laws that controls
Answer
Correct Answer:
Both a and b
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Unlimited liability is the potential for an owner to _____ has been invested in a business.
Answer
Correct Answer:
Lose less than
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Trademark is a form of protection for intellectual property provided to the owner of a brand _____.
Answer
Correct Answer:
All of the above
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Specific performance is a monetary award granted by the _____ to a party of the contract who has suffered a loss due to the actions of another party.
Answer
Correct Answer:
Courts
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Specific performance is a monetary award granted by the courts to a party of the contract who has suffered a loss due to the actions of another party.
Answer
Correct Answer:
False
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Sole Proprietorship is a business _____ by two persons.
Answer
Correct Answer:
All of these
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Sole Proprietorship is a business owned and operated by two persons.
Answer
Correct Answer:
False
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S corporation is a special type of corporation in which the _____ are taxed as partners.
Answer
Correct Answer:
Owners
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_____ is a corporation that sells shares of stock to the public and is listed on a stock exchange.
Answer
Correct Answer:
Public Corporation
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Patent trolls is Individuals or companies that hold patents for _____ purposes such as stifling competition or launching patent infringement lawsuits.
Answer
Correct Answer:
Unscrupulous
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Patent is a form of protection for intellectual property provided to an inventor for a period of _____.
Answer
Correct Answer:
17 Years
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Partnership is an _____ of two or more persons to carry on as co-owners of a business for profit.
Answer
Correct Answer:
Association
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A Nonprofit corporation is a tax-exempt corporation that exists for only one purpose of making profit.
Answer
Correct Answer:
False
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Limited partnership is a business structure in which one or more of the owners may be granted limited liability as long as one partner is also designated as a general partner with limited liability.
Answer
Correct Answer:
False
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Limited liability company is a relatively new type of corporation that taxes the owners as _____ yet provides a more flexible structure than an S corporation.
Answer
Correct Answer:
Partners
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Joint venture is a partnership that is created to complete a specified purpose and is not limited in duration.
Answer
Correct Answer:
False
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Intellectual property is the property that is created through the _____ of a person.
Answer
Correct Answer:
Mental skills
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Injunction is a court order that prohibits _____ activities.
Answer
Correct Answer:
Certain
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General partnership is a business structure in which the business owners share the _____ of the business.
Answer
Correct Answer:
All of these
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Corporation is a business structure that creates an entity separate from its _____.
Answer
Correct Answer:
Both a and b
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Copyright is a form of protection for intellectual property provided to the creator of a _____ work for a period of the creator’s life plus 50 years.
Answer
Correct Answer:
All of these
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Copyright is a form of protection for intellectual property provided to the creator of a literary, musical, or artistic work for a period of the creator’s life plus _____.
Answer
Correct Answer:
50 years
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Contract is an agreement between two or more parties that is _____ by law.
Answer
Correct Answer:
Enforceable
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Money awarded by the _____ to a party of the contract who has suffered a loss due to the actions of another party is known as Compensatory damages.
Answer
Correct Answer:
Court
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Choose the correct statement for closely held corporation:
Answer
Correct Answer:
Owned by limited group of people
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Closely held corporation is a corporation owned by an unlimited group of people.
Answer
Correct Answer:
False
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Corporation is a _____ legal entity that reports its income and expenses on a corporate income tax return and is taxed on its profits at corporate income tax rates.
Answer
Correct Answer:
Separate
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Breach of contract is a violation of one or more terms of a contract by a party who is not involved in the contract.
Answer
Correct Answer:
False
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Brand is a _____ that clearly identifies and differentiates your products from those of your competitors.
Answer
Correct Answer:
All of these
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Bankruptcy is a ruling granted by _____ to release businesses or individuals from some or all of their debt.
Answer
Correct Answer:
Courts
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_____ is the contract between partners of a business that defines obligations and responsibilities of the business owners.
Answer
Correct Answer:
Articles of Partnership
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Articles of partnership is the contract between partners of a business that defines _____ of the business owners.
Answer
Correct Answer:
Both a and b
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_____ is a document describing the business that is filed with the state in which a business is formed.
Answer
Correct Answer:
Articles of Incorporation
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