Unit 4 Buzz Review

Kierra and Mason have set up business in a recently upgraded part of town. This area requires repairs and improvements to some roads and businesses following a devastating storm. What type of special tax would they MOST likely need to pay due to this situation?

• Small Business Administration Tax

• Municipal Pact Tax

• Special Use Tax

• Community Revitalization Tax

Clarence is reviewing a checklist of preliminary steps for opening his business. What is one of the first things Clarence should obtain when starting his business?

• Inspection Appointment

• Special Use Permit

• Business License

• Liability Insurance

Aaliyah is concerned about keeping her own assets separate from risks associated with her business. What legal action would protect her personal assets from her business liabilities?

• Incorportation

• Investments

• Contract

• Compliance

Fernando informs his landlords about their failure to carry out a legal responsibility for him and his fellow tenants. The landlords had ignored multiple requests from tenants to fix the leaking roof. During a heavy rainstorm, a portion of the roof had caved in, causing damage to tenants’ apartments and belongings. What tort law are the landlords violating?

• Breach of Duty

• Negligence

• Fraud

• Defamation

Danielle creates a panoramic mural in her office incorporating elements of her trade to represent her business. What type of intellectual property law would protect her work?

• Patent

• Trademark

• Copyright

• Trade Secret

 

A contract is valid as soon as it is created and sent to another person or business.

• True

• False

Sheri, a salon owner, routinely has to dispose of chemicals used for different hair and nail procedures. She cannot simply dump these chemicals into the large dumpster behind the salon with other approved trash. What law provides details explaining her responsibilities for compliance regarding hazardous waste products?

• Waste Law

• Administrative Law

• Tort Law

• Environmental Law

A business license grants a business the right to operate in an area.

• True

• False

Caitlin is meeting with a business advisor to discuss how she should structure the ownership of her new business. When the advisor asks Caitlin if she’s prepared to pay any potential debts out of her own pocket, she tells him that she is unsure. Before deciding which ownership structure would be best for her business, Caitlin must determine the level of _____ she is willing to take.

• Profits

• Continuity

• Risk

• Capital Needs

Rajesh and Howard have created a unique invention to extend the life of a drone flight system. What intellectual property law would protect their invention?

• Trademark

• Trade Secret

• Patent

• Copyright