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Entrepreneurship: 3.06

Test Description: Business Law

Instructions: Answer all questions to get your test result.

1) A major advantage of a Sole Proprietorship is

AMoney to invest for start up BNone of the above CSharing information and resources DEase of Start up

2) ________________________________is an important advantage for the corporate form of business ownership?

AWorking long hours BNone of the above CAbility to raise large amounts of capital DEasy to start and dissolve

3) ________________________ laws protects the inventions or written works of a business from the unauthorized use by others?

ANone of the above BFiscal CIntellectual Property DConsumer

4) To ________________________is the primary reason for governments to regulate business activities?

Asupport the local economy Bprotect the overall well-being of both the business and the individual Cencourage businesses to grow globally DNone of the above

5) A business will likely file Chapter 7 Bankruptcy to __________________.

Anone of the above Bliquidate Cqualify for additional lending with higher interest rates Dexpand its debt efforts

6) ____________________ refers to a scenario where the business fails to protect its employees from unnecessary risk or health hazards.

ANegligence BWorkers right CProtection Clause DNone of the above

7) Which of the following answer choices is an example of a disadvantage for a general partnership?

AThe investment of the same amount of capital BThe liability for the losses of the business CNone of the above DOperating budgets

8) Which of the following represents the 4 P's of the Marketing Mix?

AProduct,People,Place,Price BProduct,Place,Price,Perseverance CNone of the above DProduct,Distribution,Promotion,Price

9) How many functions of Marketing are there in a High School Curriculum?

A7 B3 C6 D4

10) The Sherman Anti-trust act was established to prevent which activity:

ANeutral state BOligopoly CNone of the above DMonopoly

*select an answer for all questions

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