Business Law

What is the primary purpose of business law?

• To regulate business practices

• To promote international trade

• To increase corporate taxes

• To support small businesses

Which of the following is a key component of a contract under business law?

• Mutual agreement

• Government approval

• Public announcement

• Environmental impact

What does the term 'liability' refer to in business law?

• A company's financial obligations

• A company's assets

• A company's revenue

• A company's market share

Which legal entity is characterized by limited liability for its owners?

• Corporation

• Sole proprietorship

• Partnership

• Non-profit organization

What is the role of a 'plaintiff' in a business lawsuit?

• The party who initiates the lawsuit

• The party who defends against the lawsuit

• The judge overseeing the case

• The jury deciding the case

Which of the following is an example of intellectual property?

• A company's logo

• A company's building

• A company's employees

• A company's vehicles

What is a 'breach of contract'?

• Failure to fulfill the terms of a contract

• Signing a contract under duress

• Negotiating a contract in bad faith

• Creating a contract without legal advice

Which law protects consumers from false advertising?

• Consumer Protection Act

• Environmental Protection Act

• Tax Reform Act

• Labor Relations Act

What is the function of antitrust laws?

• To prevent monopolies and promote competition

• To regulate environmental practices

• To control immigration

• To manage labor relations

Which of the following is a characteristic of a sole proprietorship?

• Owned by one person

• Limited liability

• Separate legal entity

• Owned by shareholders