1.
Identify an accurate statement about a sole proprietorship.
A. It is a form of business
that is seldom found in the United States.
B. It is a form of business
that has only one owner.
C. It is a separate legal
entity, distinct from an owner.
D. It is a business form in
which the owner enjoys limited liability.
2.
Sara and Cilia run a café together. They share ownership of and liability for
the café and have come to an agreement about how the profits from the cafe
should be divided between them. If the café runs into debt, both Sara and Celia
are responsible for the debt.
What
form of business is best demonstrated in this scenario?
A. A sole proprietorship
B. A corporation
C. A general partnership
D. A limited liability
company
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3.
What criterion under the Uniform Partnership Act (UPA) must be met by a
business, for it to qualify as a general partnership?
A. The objective of the
partnership should be to create profits.
B. One of the owners must be
willing to assume completely liability of the business.
C. The partnership should
not involve more than two persons.
D. Only one owner should
take up the legal responsibility of contracts.
4.
What is true about a limited partnership?
A. All the partners are
personally liable for partnership debts.
B. The partnership cannot
involve more than two individuals.
C. The general partners do
not invest capital or participate in the management of the business.
D. The limited partners are
not personally liable for partnership debts beyond the amount invested by them.
5.
Who among the following is most likely to be a limited partner in a limited
partnership?
A. David, who takes up the
task of work delegation in the business.
B. Kiara, who makes
contracts with suppliers for the partnership.
C. Kevin, who does not have
to make up for losses if a contract made by the partnership fails.
D. Nelson, who is required
to use his personal wealth to pay for any debts incurred by the partnership.
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6.
Who has unlimited liability for the debts and obligations of limited partnerships?
A. Limited partners
B. General partners
C. Shareholders
D. Board of directors
7.
What is a characteristic of a corporation?
A. It is a separate legal
entity.
B. It is dissolved after the
death of any one shareholder.
C. Its shareholders have
unlimited liability.
D. Its existence cannot be
ended by the choice of its shareholders.
8.
Identify the type of corporations in which there are thousands of shareholders
and the shares are traded on national stock exchanges.
A. Not-for-profit
corporations
B. Sole proprietorships
C. Limited partnerships
D. Publicly held
corporations
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9.
Alpha Corp. has very few shareholders and all of the shareholders belong to a
single family. The shareholders are involved in the operations of the business
and frequently make management decisions. What type of corporation does Alpha
Corp. best represent?
A. A closely held
corporation
B. A government-owned
corporation
C. A private corporation
D. A publicly held
corporation
10.
Identify the true statement about limited liability companies.
A. They are created by
federal and not state laws.
B. They are not separate
legal entities like corporations.
C. They can be taxed as
partnerships.
D. They are incorporated
business entities.
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11.
What is true about the formation of limited liability companies?
A. Doctors and lawyers most
frequently form limited liability companies.
B. Owners can establish
their limited liability company in only one state.
C. Owners of limited
liability companies cannot conduct business in other states.
D. Sole proprietors cannot
form limited liability companies in any state.
12.
Delta Group is a business firm created by a team of doctors. The business was
formed as per the state's laws and is not taxed as a separate entity. The
owners of the business are not personally liable for the losses, debts, and
obligations of the firm. Identify the business form that is best illustrated in
the scenario.
A. A limited liability
company
B. A general partnership
C. A corporation
D. A limited liability
partnership
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13.
Nutristar is a soft drink manufacturing company that wishes to expand its
business. The company has licensed another firm to manufacture its soft drinks
and provided the firm with the necessary confidential information about
manufacturing. The licensed company manufactures the soft drinks and distributes
them. What type of franchise is best illustrated in this scenario?
A. A processing plant
franchise
B. A distributorship
franchise
C. An area franchise
D. A chain-style franchise
14.
Identify the business arrangement that involves two business firms pooling
resources to work on a single, mostly temporary, business project.
A. Franchise
B. Sole proprietorship
C. Merger
D. Joint venture
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15.
Gamma Inc. has permitted another firm to operate under its name and use its
trademarks and service marks. This firm can now use the intellectual property
of Gamma Inc. to produce and distribute products. What business concept is best
illustrated in this scenario?
A. Merging
B. Licensing
C. Divesting
D. Acquiring
16.
Identify the true statement about negotiation as an alternative form of dispute
resolution.
A. The final decision is
always approved by a third party.
B. The two parties involved
may be represented by attorneys.
C. The court does not permit
the parties to negotiate before the trial.
D. The court has to approve
an agreement before it is signed by the two parties.
17.
Identify the form of alternative dispute resolution in which the two involved
parties go to a neutral third party, who makes the final decision.
A. Arbitration
B. Negotiation
C. Mediation
D. Mini-trial
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18. Synergy Inc. is involved in a dispute with
Alpha Corp. Both companies have agreed to conduct a private proceeding
involving representatives from each side. They have also appointed lawyers to present
their arguments to these representatives. What type of alternative dispute
resolution is most likely being used in this scenario?
A. Mediation
B. Arbitration
C. Mini-trial
D. Negotiation
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