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BUSI 1301

Which term refers to the body of decisions handed down by courts ruling on individual cases?
common law
Which term identifies law created by constitutions or by federal, state, or local legislative acts
statutory law
Which term refers to the elimination of administrative laws and rules that restrict business activity?
deregulation
What is another name used to identify federal trial courts?
D. district court
What term is used to identify the lowest level of general courts that hear cases NOT specifically assigned to another court?
C. trial court
Which of the following is NOT one of the three Levels in the Federal judicial system and most States?
family
What is an agreement between two of more parties that is enforceable by law?
contract
What term is used to identify the serious, definite, and communicated offer and acceptance of the same terms?
agreement
A contract is NOT enforceable if consent is absent, meaning that:
C. any of the parties may have been affected by an honest mistake, pressure, or fraud.
Which condition of a contract is being met when the parties exchange items of value?
consideration
What is a noncriminal injury to people, property, or reputation for which compensation must be paid?
tort
What term describes conduct falling below legal standards for protecting others against reasonable risk?
B. negligence
What type of property includes a garden fountain that Judy installed at her new home?
A. tangible real property
How long will a copyright issued to Karen be valid?
B. For Karen’s entire life and to her estate for 70 years thereafter.
The three major sources of international law are:
B. Custom and traditional, trade agreements, and trade treaties.
How do courts remedy torts?
A. Courts usually impose compensatory damages.
What kind of tort remedy involves fines that exceed actual losses (injury) and is intended to punish defendants?
B. punitive damages
What represents a legal monopoly for the use and licensing of manufactured items, manufacturing processes and designs for objects?
patents
When Scott is sent by his employer to a customer’s home to repair a refrigerator, he is acting as:
D. an agent
Which of the following is NOT one of the types of authority for an agent?
A. court authority
Which of the following is NOT one of the responsibilities of principals?
B. Principals are not responsible for agent’s criminal acts performed while acting as an agent.
What is the purpose of the Uniform Commercial Code (UCC)?
C. It describes the rights of buyers and sellers in transactions.
Which type of warranty is available to Nancy when she cannot get a picture on a new television set?
implied
Under what conditions may an individual or firm file for bankruptcy?
D. when debts exceed total assets by at least $1,000
________ are people who assume the risk of business ownership.
A.
Sole proprietors
The most significant disadvantage of owning a franchise is ________.
A.
startup costs
Which of the following was started from scratch?
D.
All of these
Which of the following represents the most businesses in the United States?
A.
sole proprietorships
The owners of a corporation are the ________.
stockholders
The U.S. Department of Commerce considers a business “small” if it has fewer than how many employees?
D.
1,500
Small businesses account for ________ of all new jobs in high technology sectors.
B.
40 percent
Which of the following is the most significant disadvantage of franchising?
high startup costs
Which of the following sources of funding is most commonly used to start a new business?
personal resources
According to authors of your textbook, a new business should have enough capital to operate at least how many months without earning a profit?
6
A major drawback of sole proprietorships is ________.
unlimited liability
A partner who actively manages a firm and has unlimited liability for its debts is called a ________.
general partner
The organizational form defined as a business that is legally considered an entity separate from its owners and is liable for its own debts is a ________.
cotporations
The biggest advantage of regular corporations is ________.
limited liability
The biggest potential drawback to the corporate form of ownership is ________.
double taxation
A(n) ________ is organized to operate like a corporation but is taxed like a partnership.
: S-corporation
Today, about ________ of all businesses in the United States are sole proprietors.
72
Shirley Rathke is opening a flower shop and has decided to operate as a sole proprietorship. Which of the following is NOT one of the advantages of operating the business as a sole proprietorship?
: limited liability
In a ________, an entrepreneur summarizes the business strategy for a new venture and shows how it will be implemented.
: business plan
An arrangement that permits the buyer to sell the product of the seller, or parent company, is called a ________.
franchise
According to SBA estimates, roughly ________ of all new businesses can expect to survive for four years.
44
Which of the following factors contribute to small business failure?
any of these
Which of the following legal forms of business is owned and usually operated by one person who is responsible for its debts?
: sole proprietorship
The most common type of partnership is a ________.
general partnership
A limited partner ________.
is liable for debts only to the limits of their investment
________ corporations are most likely comprised of doctors, lawyers, accountants, or other professionals.
Professional
The governing body of a corporation is its ________.
board of directors
Which of the following industry groups is the fastest growing segment of small business enterprise?
Services
In a franchise agreement, the franchisee is ________.
the local owner
In a franchise agreement, the franchiser is ________.
the parent company
A(n) ________ invests money in a partnership but is liable only to the extent of his /her investment.
limited partner
Which form of business ownership generates the most sales in the United States?
corporation
The political-legal environment reflects the relationship between the business and ________.
Governmen
A(n) ________ is a nation’s basis for allocating its resources among its citizens.
economic system
The process of converting government enterprises into privately owned firms is called ________.
privatization
A ________ shows how many of a given product will be bought at different prices.
daman curve
The price at which the quantity of goods demanded and the quantity of goods supplied are equal is referred to as ________.
the equalibrium price
The price at which the quantity of goods demanded and the quantity of goods supplied are equal is referred to as ________.
the market price
The ________ is a measure of the prices of typical products purchased by consumers living in urban areas.
consumer price index
________ exists when an industry has only a handful of sellers, most of which are large.
an oligopoly
The ________ refers to the total value of all goods and services produced within a given period by a national economy through domestic factors of production.
gross domestic product (GDP)
A nation manages the collection and spending of its revenues through ________ policy.
fiscal
A nation controls the size of its money supply through ________ policy.
monetary
What are profits?
Selected Answer: B.
difference between revenues and expenses
The key difference between economic systems is the different ways in which they manage ________.
the factors of production
Which of the following is NOT a factor of production?
government
The two most basic forms of planned economies are ________.
communism and sicialism
In a market economy, the factors of production are allocated by ________.
producers and consumers
Which economic system provides for the private ownership of the factors of production and encourages entrepreneurship by offering profits as an incentive?
capitalism
In which economic system does the government own and operate select major industries?
socialist
The term supply is best defined as ________.
the willingness and ability of producers to offer a good or service for sale
The law of demand maintains that buyers will purchase more of a product as its price ________.
drops
“Producers will offer more of a product for sale as its price rises and less as its price drops.” The situation being described refers to ________.
law of supply
Which of the following statements best captures the notion of private enterprise?
Individuals pursue their own interests with minimal government restriction.
Which of the following is NOT one of the elements required in private enterprise?
U.S. agriculture is a good example of ________.
perfect competition
Which of the following best defines the term business cycle?
the pattern of short-term ups and downs in an economy
Which of the following best defines the term aggregate output?
the total quantity of goods and services produced by an economic system during a given period
Which of the following best describes the term gross domestic product?
total value of all goods and services produced within a given period by a national economy through domestic factors of production
Which of the following best describes purchasing power parity?
the principle that exchange rates are set so that prices of similar products in different countries are about the same
Increases in an economic system’s standard of living result primarily from increases in ________.
Under the law of demand, which of the following situations will likely result in increases in product purchases?
A ________ economy has characteristics of both planned and market economies.
mixed market

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