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LAW 531 Week 1 Quiz

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Dec 22nd, 2014
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  1. LAW 531 Week 1 Knowledge Check
  2. www.UopStudents.com
  3.  
  4. 1. Identify an accurate statement about a sole proprietorship.
  5. A. It is a form of business that is seldom found in the United States.
  6. B. It is a form of business that has only one owner.
  7. C. It is a separate legal entity, distinct from an owner.
  8. D. It is a business form in which the owner enjoys limited liability.
  9.  
  10. 2. Sara and Cilia run a café together. They share ownership of and liability for the café and have come to an agreement about how the profits from the cafe should be divided between them. If the café runs into debt, both Sara and Celia are responsible for the debt.
  11. What form of business is best demonstrated in this scenario?
  12. A. A sole proprietorship
  13. B. A corporation
  14. C. A general partnership
  15. D. A limited liability company
  16.  
  17. Click here to download Complete Answers of LAW 531 Week 1 Knowledge Check
  18.  
  19. 3. What criterion under the Uniform Partnership Act (UPA) must be met by a business, for it to qualify as a general partnership?
  20. A. The objective of the partnership should be to create profits.
  21. B. One of the owners must be willing to assume completely liability of the business.
  22. C. The partnership should not involve more than two persons.
  23. D. Only one owner should take up the legal responsibility of contracts.
  24.  
  25. 4. What is true about a limited partnership?
  26. A. All the partners are personally liable for partnership debts.
  27. B. The partnership cannot involve more than two individuals.
  28. C. The general partners do not invest capital or participate in the management of the business.
  29. D. The limited partners are not personally liable for partnership debts beyond the amount invested by them.
  30.  
  31. 5. Who among the following is most likely to be a limited partner in a limited partnership?
  32. A. David, who takes up the task of work delegation in the business.
  33. B. Kiara, who makes contracts with suppliers for the partnership.
  34. C. Kevin, who does not have to make up for losses if a contract made by the partnership fails.
  35. D. Nelson, who is required to use his personal wealth to pay for any debts incurred by the partnership.
  36.  
  37. Click here to download LAW 531 Week 1 Knowledge Check
  38.  
  39. 6. Who has unlimited liability for the debts and obligations of limited partnerships?
  40. A. Limited partners
  41. B. General partners
  42. C. Shareholders
  43. D. Board of directors
  44.  
  45. 7. What is a characteristic of a corporation?
  46. A. It is a separate legal entity.
  47. B. It is dissolved after the death of any one shareholder.
  48. C. Its shareholders have unlimited liability.
  49. D. Its existence cannot be ended by the choice of its shareholders.
  50.  
  51. 8. Identify the type of corporations in which there are thousands of shareholders and the shares are traded on national stock exchanges.
  52. A. Not-for-profit corporations
  53. B. Sole proprietorships
  54. C. Limited partnerships
  55. D. Publicly held corporations
  56.  
  57. Want to see the complete Knowledge Check..?? Click LAW 531 Week 1 Knowledge Check
  58.  
  59. 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?
  60. A. A closely held corporation
  61. B. A government-owned corporation
  62. C. A private corporation
  63. D. A publicly held corporation
  64.  
  65. 10. Identify the true statement about limited liability companies.
  66. A. They are created by federal and not state laws.
  67. B. They are not separate legal entities like corporations.
  68. C. They can be taxed as partnerships.
  69. D. They are incorporated business entities.
  70.  
  71. Want to download the Questions..?? Click LAW 531 Week 2 Knowledge Check
  72.  
  73. 11. What is true about the formation of limited liability companies?
  74. A. Doctors and lawyers most frequently form limited liability companies.
  75. B. Owners can establish their limited liability company in only one state.
  76. C. Owners of limited liability companies cannot conduct business in other states.
  77. D. Sole proprietors cannot form limited liability companies in any state.
  78.  
  79. 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.
  80. A. A limited liability company
  81. B. A general partnership
  82. C. A corporation
  83. D. A limited liability partnership
  84.  
  85. Click here to download LAW 531 Week 1
  86.  
  87. 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?
  88. A. A processing plant franchise
  89. B. A distributorship franchise
  90. C. An area franchise
  91. D. A chain-style franchise
  92.  
  93. 14. Identify the business arrangement that involves two business firms pooling resources to work on a single, mostly temporary, business project.
  94. A. Franchise
  95. B. Sole proprietorship
  96. C. Merger
  97. D. Joint venture
  98.  
  99. Want to check out the complete Knowledge Check..?? Visit LAW 531 Week 3 Knowledge Check
  100.  
  101. 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?
  102. A. Merging
  103. B. Licensing
  104. C. Divesting
  105. D. Acquiring
  106.  
  107. 16. Identify the true statement about negotiation as an alternative form of dispute resolution.
  108. A. The final decision is always approved by a third party.
  109. B. The two parties involved may be represented by attorneys.
  110. C. The court does not permit the parties to negotiate before the trial.
  111. D. The court has to approve an agreement before it is signed by the two parties.
  112.  
  113. 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.
  114. A. Arbitration
  115. B. Negotiation
  116. C. Mediation
  117. D. Mini-trial
  118.  
  119. Want to check out the complete Knowledge Check..?? Visit LAW 531 Week 1 Knowledge Check
  120.  
  121. 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?
  122. A. Mediation
  123. B. Arbitration
  124. C. Mini-trial
  125. D. Negotiation
  126.  
  127. About Author
  128. This article covers the topic for the University of Phoenix LAW 531 Week 1 Knowledge Check.The author is working in the field of education from last 5 years. This article covers the basic of LAW 531 Week 1 Knowledge Check from UOP. Other topics in the class are as follows:
  129.  
  130. LAW 531 Week 1 Knowledge Check
  131. LAW 531 Week 2 Knowledge Check
  132. LAW 531 Week 3 Knowledge Check
  133. LAW 531 Week 4 Knowledge Check
  134. LAW 531 Week 5 Knowledge Check
  135. LAW 531 Week 6 Knowledge Check
  136. For further information on the above topics you can always visit the website www.UopStudents.com
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