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Test Review 2
Test Description: Business Law, Marketing, Business Formation, Business Functions
Instructions: Answer all questions to get your test result.
1) A business that is operated by two or more principles for the purpose of making a profit.
A
Limited Liability Company
B
Corporation
C
Sole Proprietorship
D
Partnership
2) A group of individuals or smaller groups that join together to achieve some common goals.
A
Limited Liability
B
Partnership
C
Team
D
Cooperative
3) Lawsuits are usually filed under.......because the person is usually entitled to restitution.
A
N/A
B
Criminal Law
C
Tort Law
D
Traffic Law
4) An example of an intermediary is...
A
Cop
B
Real Estate Agent
C
Car Salesman
D
Teacher
5) Shares of ownership in a corporation is called...
A
Limited Liabilities
B
Assets
C
Stock
D
Price Tag
6) A contractual agreement to sell a company's products or services in a designated geographic area is called...
A
Partnership
B
Limited liability contract
C
Sales Contract
D
Franchise
7) ____turn raw or processed goods into a finished product.
A
Processors
B
Manufacturers
C
Retailers
D
Producers
8) Non-profits main focus is to...
A
provide a service to better society
B
provide financial assistance to their franchisees
C
make as much money as possible
D
cure cancer
9) A business owned by one person.
A
Manager
B
Sole Proprietorship
C
Landlord
D
Loan Shark
10) A niche is...
A
The ability to influence others
B
A french word for business
C
A form of government
D
A very specific and targeted market whom a business tries to sell its products to
11) An example of a benefit would be....
A
Wendy's frosty.
B
McDonald's Value Menu.
C
A product saving customer time and/or money.
D
An Iphone with retinal display.
12) An example of a franchise...
A
Wendy's
B
Walmart
C
Marion City Schools
D
Jer-Zee Drive-In
13) Promise to do something in exchange for something in return, usually money is called...
A
Scandal
B
Offer
C
Bribe
D
Acceptance
14) Protects inventors of a product.
A
Patents
B
Trade Secrets
C
Trademarks
D
FDA
15) Allows one person, known as an agent, to act on behalf of another person is called the...
A
Boss
B
Power of Attorney
C
Supervisor
D
Legal Obligation
16) Contracts ALWAYS have to be in writing
A
True
B
False
17) Body of Law that relates to crime.
A
None of the Above.
B
Civil Law
C
Tort Law
D
Criminal Law
18) Protect names and identifying marks of products and companies.
A
Business Law
B
Patents
C
Branding
D
Trademarks
19) Which is NOT an example of a trade secret.
A
WD-40
B
French Fries
C
Kentucky Fried Chicken Seasoning
D
Coca-Cola Recipe
20) Intellectual Property includes all of these except for...
A
Art
B
Inventions
C
Common Knowledge
D
Music
*select an answer for all questions
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