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BML Final Set 6
Test Description: BML Final Set 6
Instructions: Answer all questions to get your test result.
1) A public utility company
A
is owned by the government.
B
can charge whatever prices it wants.
C
delivers necessary commodities such as electricity to the public.
D
is always owned by its customers.
2) Patents last for
A
the lifetime of the patent holder plus 70 years.
B
7 years.
C
17 years.
D
100 years.
3) Trademarks last for
A
17 years.
B
7 years.
C
10 years at a time.
D
the lifetime of the patent holder plus 70 years.
4) Copyrights last for
A
it depends on who created the item.
B
7 years.
C
10 years.
D
17 years.
5) The Age Discrimination in Employment Act protects people aged ___ and older from age-based discrimination in employment decisions.
A
65
B
35
C
18
D
40
6) Government borrows money by selling
A
stock.
B
promissory notes.
C
surplus equipment.
D
bonds.
7) Legal contracts must contain both an offer and an acceptance of the same terms, known as
A
an agreement.
B
a legal detriment.
C
a consideration.
D
competent parties.
8) Successful entrepreneurs
A
never hold a job working for someone else.
B
need not be careful choosing employees since they make all the important decisions.
C
know that spending time writing a business plan is a waste of time and money.
D
establish good working relationships with professionals such as bankers, lawyers and accountants.
9) The most common use of business plans is
A
to give employment to business consultants.
B
to persuade lenders and investors to finance the venture.
C
to make the entrepreneur feel important and official.
D
to pass twelfth grade business class.
10) Which of these is NOT a common characteristic of successful entrepreneurs?
A
hesitant to make a decision without all the information
B
high levels of energy
C
very results-oriented
D
able to think outside the box
*select an answer for all questions
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