Legal Environment in Business MCQs
Legal Environment in Business MCQs
Try to answer these 100+ Legal Environment in Business MCQs and check your understanding of the Legal Environment in Business subject. Scroll down and let's begin!
1: _____ is a document describing the business that is filed with the state in which a business is formed.
A. Articles of Incorporation
B. Articles of Partnership
C. Both a and b
D. None of these
2: Articles of partnership is the contract between partners of a business that defines _____ of the business owners.
A. Obligations
B. Responsibilities
C. Both a and b
D. None of the above
3: _____ is the contract between partners of a business that defines obligations and responsibilities of the business owners.
A. Articles of Incorporation
B. Articles of Partnership
C. Both a and b
D. None of these
4: Bankruptcy is a ruling granted by _____ to release businesses or individuals from some or all of their debt.
A. Courts
B. Government
C. Bank
D. Lender
5: Brand is a _____ that clearly identifies and differentiates your products from those of your competitors.
A. Name or term
B. Symbol
C. Design
D. All of these
6: Breach of contract is a violation of one or more terms of a contract by a party who is not involved in the contract.
A. True
B. False
7: 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.
A. Separate
B. United
C. Connected
D. Joined
8: Closely held corporation is a corporation owned by an unlimited group of people.
A. True
B. False
9: Choose the correct statement for closely held corporation:
A. Owned by limited group of people
B. Owned by unlimited of people
C. Stocks are traded publicly
D. None of these
10: 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.
A. Court
B. Government
C. Lender
D. Organization
11: Contract is an agreement between two or more parties that is _____ by law.
A. Disregard
B. Exempt
C. Enforceable
D. All of these
12: 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 _____.
A. 20 years
B. 30 years
C. 40 years
D. 50 years
13: 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.
A. Literary
B. Musical
C. Artistic
D. All of these
14: Corporation is a business structure that creates an entity separate from its _____.
A. Owners
B. Managers
C. Both a and b
D. None of these
15: General partnership is a business structure in which the business owners share the _____ of the business.
A. Management
B. Risks
C. Supervision
D. All of these
16: Injunction is a court order that prohibits _____ activities.
A. Certain
B. Uncertain
C. Doubtful
D. Unreliable
17: Intellectual property is the property that is created through the _____ of a person.
A. Mental skills
B. Physical Skills
C. Both a and b
D. None of these
18: Joint venture is a partnership that is created to complete a specified purpose and is not limited in duration.
A. True
B. False
19: 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.
A. Partners
B. Lender
C. Bankers
D. None of these
20: 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.
A. True
B. False
21: A Nonprofit corporation is a tax-exempt corporation that exists for only one purpose of making profit.
A. True
B. False
22: Partnership is an _____ of two or more persons to carry on as co-owners of a business for profit.
A. Solitude
B. Seclusion
C. Association
D. All of these
23: Patent is a form of protection for intellectual property provided to an inventor for a period of _____.
A. 12 Years
B. 16 Years
C. 17 Years
D. 19 Years
24: Patent trolls is Individuals or companies that hold patents for _____ purposes such as stifling competition or launching patent infringement lawsuits.
A. Scrupulous
B. Unscrupulous
C. Principled
D. Ethical
25: _____ is a corporation that sells shares of stock to the public and is listed on a stock exchange.
A. Public Corporation
B. S Corporation
C. Nonprofit Corporation
D. All of the above
26: S corporation is a special type of corporation in which the _____ are taxed as partners.
A. Owners
B. Managers
C. Patents
D. All of these
27: Sole Proprietorship is a business owned and operated by two persons.
A. True
B. False
28: Sole Proprietorship is a business _____ by two persons.
A. Owned
B. Operated
C. Managed
D. All of these
29: 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.
A. True
B. False
30: 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.
A. Government
B. Courts
C. Lenders
D. Partners
31: Trademark is a form of protection for intellectual property provided to the owner of a brand _____.
A. Name
B. Symbol
C. Term
D. All of the above
32: Unlimited liability is the potential for an owner to _____ has been invested in a business.
A. Lose less than
B. Lose more than
C. Gain less than
D. Gain more than
33: Zoning laws that controls
A. Where businesses may operate
B. How businesses may operate
C. Both a and b
D. None of these
34: A/an ______ is a registered and protected brand.
A. Parent corporation
B. Symbol
C. Trademark
D. IPO
35: ______ prevents discrimination based on gender, race, color, religion, or national origin in any terms, conditions, or privileges of employment.
A. The Civil Rights Act of 1991
B. The Equality Act
C. The Equal Rights Act of 1965
D. The Civil Rights Act of 1964
36: 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?
A. Sole proprietorship
B. Partnership
C. Corporation
D. Joint venture
37: 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?
A. Legality
B. Agreement
C. Consideration
D. Capacity
38: The single biggest disadvantage of sole proprietorships is which of the following?
A. Limited resources
B. Limited skills
C. Unlimited liability
D. Double taxation
39: Which disadvantage of sole proprietorships centers around the fact that capital is difficult to raise?
A. Limited resources
B. Limited skills
C. Unlimited liability
D. Lack of continuity
40: Which form of business organization is easiest to open and easiest to close?
A. Partnership
B. Sole proprietorship
C. Corporation
D. A public company
41: Which percentage of all bankruptcy filings are filed under Chapter 13?
A. 3 percent
B. 10 percent
C. 18 percent
D. 25 percent
42: Bankruptcy remains on a credit report for how many years?
A. Three years
B. Five years
C. Seven years
D. Nine years
43: 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?
A. Legality
B. Agreement
C. Consideration
D. Capacity
44: 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?
A. Two out of five years
B. Three out of five years
C. Four out of five years
D. Four out of six years
45: 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.
A. Competition contract
B. Closed contract
C. Noncompete covenant
D. Open covenant
46: ______ 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.
A. The Civil Rights Act of 1991
B. The Americans with Disabilities Act of 1990
C. The Immigration Reform and Control Act of 1986
D. The Civil Rights Act of 1964
47: Which of the following is created to complete a specified purpose and is limited in duration?
A. Sole proprietorship
B. Joint venture
C. C corporation
D. S corporation
48: The Americans with Disabilities Act was passed to guarantee individuals with disabilities all but which of the following rights?
A. The right to obtain and hold a job
B. The right to travel on public transportation
C. The right to use of telecommunication services
D. The right to purchase handicap-operated vehicles
49: A(n) _____ typically allows the agent to conduct all business for the principal.
A. Vicarious liability
B. Fulfillment of purpose.
C. The third party would be aware of the principal's existence but not his or her identity.
D. General power of attorney
50: The ______ requirement ensures that courts do not render advisory opinions.
A. Attachment
B. Subject-matter jurisdiction.
C. Case or controversy
D. All of these
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