BML Final Set 6: Question Preview (ID: 9502)

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A public utility company
a) is owned by the government.
b) delivers necessary commodities such as electricity to the public.
c) is always owned by its customers.
d) can charge whatever prices it wants.

Patents last for
a) 7 years.
b) 17 years.
c) the lifetime of the patent holder plus 70 years.
d) 100 years.

Trademarks last for
a) 7 years.
b) 17 years.
c) 10 years at a time.
d) the lifetime of the patent holder plus 70 years.

Copyrights last for
a) 7 years.
b) 10 years.
c) 17 years.
d) it depends on who created the item.

The Age Discrimination in Employment Act protects people aged ___ and older from age-based discrimination in employment decisions.
a) 18
b) 35
c) 40
d) 65

Government borrows money by selling
a) stock.
b) bonds.
c) promissory notes.
d) surplus equipment.

Legal contracts must contain both an offer and an acceptance of the same terms, known as
a) a consideration.
b) a legal detriment.
c) an agreement.
d) competent parties.

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.

The most common use of business plans is
a) to make the entrepreneur feel important and official.
b) to persuade lenders and investors to finance the venture.
c) to give employment to business consultants.
d) to pass twelfth grade business class.

Which of these is NOT a common characteristic of successful entrepreneurs?
a) high levels of energy
b) very results-oriented
c) able to think outside the box
d) hesitant to make a decision without all the information

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