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2. Sara and Cilia run a caf together. They share ownership of and liability for the
caf and have come to an agreement about how the profits from the cafe should
be divided between them. If the caf runs into debt, both Sara and Celia are
responsible for the debt.
What form of business is best demonstrated in this scenario?
A. A sole proprietorship
B. A corporation
C. A general partnership
D. A limited liability company
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3. What criterion under the Uniform Partnership Act (UPA) must be met by a
business, for it to qualify as a general partnership?
A. The objective of the partnership should be to create profits.
B. One of the owners must be willing to assume completely liability of the business.
C. The partnership should not involve more than two persons.
D. Only one owner should take up the legal responsibility of contracts.
6. Who has unlimited liability for the debts and obligations of limited
partnerships?
A. Limited partners
B. General partners
C. Shareholders
D. Board of directors
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9. Alpha Corp. has very few shareholders and all of the shareholders belong to a
single family. The shareholders are involved in the operations of the business
and frequently make management decisions. What type of corporation does
Alpha Corp. best represent?
A. A closely held corporation
B. A government-owned corporation
C. A private corporation
D. A publicly held corporation
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12. Delta Group is a business firm created by a team of doctors. The business
was formed as per the state's laws and is not taxed as a separate entity. The
owners of the business are not personally liable for the losses, debts, and
obligations of the firm. Identify the business form that is best illustrated in the
scenario.
A. A limited liability company
B. A general partnership
C. A corporation
D. A limited liability partnership
13. Nutristar is a soft drink manufacturing company that wishes to expand its
business. The company has licensed another firm to manufacture its soft drinks
and provided the firm with the necessary confidential information about
manufacturing. The licensed company manufactures the soft drinks and
distributes them. What type of franchise is best illustrated in this scenario?
A. A processing plant franchise
B. A distributorship franchise
C. An area franchise
D. A chain-style franchise
14. Identify the business arrangement that involves two business firms pooling
resources to work on a single, mostly temporary, business project.
A. Franchise
B. Sole proprietorship
C. Merger
D. Joint venture
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15. Gamma Inc. has permitted another firm to operate under its name and use its
trademarks and service marks. This firm can now use the intellectual property of
Gamma Inc. to produce and distribute products. What business concept is best
illustrated in this scenario?
A. Merging
B. Licensing
C. Divesting
D. Acquiring
16. Identify the true statement about negotiation as an alternative form of dispute
resolution.
A. The final decision is always approved by a third party.
B. The two parties involved may be represented by attorneys.
C. The court does not permit the parties to negotiate before the trial.
D. The court has to approve an agreement before it is signed by the two parties.
17. Identify the form of alternative dispute resolution in which the two involved
parties go to a neutral third party, who makes the final decision.
A. Arbitration
B. Negotiation
C. Mediation
D. Mini-trial
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18. Synergy Inc. is involved in a dispute with Alpha Corp. Both companies have
agreed to conduct a private proceeding involving representatives from each side.
They have also appointed lawyers to present their arguments to these
representatives. What type of alternative dispute resolution is most likely being
used in this scenario?
A. Mediation
B. Arbitration
C. Mini-trial
D. Negotiation
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LAW 531 Week 1 Knowledge Check
LAW 531 Week 2 Knowledge Check
LAW 531 Week 3 Knowledge Check
LAW 531 Week 4 Knowledge Check
LAW 531 Week 5 Knowledge Check
LAW 531 Week 6 Knowledge Check
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