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