Business Law

a legal arrangement that allows two or more people to share responsibility for a business

• Nonprofit

• Sole Proprietorship

• Corporation

• Partnership

What is the primary purpose of business law?

• To regulate business practices

• To promote international trade

• To support small businesses

• To provide tax benefits

Which of the following is a characteristic of a corporation?

• Unlimited liability

• Owned by shareholders

• Managed by a single individual

• Exempt from taxes

What is a contract in business law?

• A verbal agreement

• A legally binding agreement

• A casual understanding

• A temporary arrangement

Which of the following is an example of intellectual property?

• A company's logo

• A business loan

• A rental agreement

• A sales invoice

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

• A company's assets

• A company's debts

• A company's profits

• A company's revenue

Which of the following is a type of business entity?

• Partnership

• Employment

• Contract

• Liability

What is the role of a business attorney?

• To manage company finances

• To provide legal advice

• To conduct market research

• To design marketing strategies

Which law governs the sale of goods?

• Contract Law

• Tort Law

• Property Law

• Sales Law

What is a merger in business terms?

• A type of contract

• A combination of two companies

• A form of liability

• A marketing strategy