wayground logo

Free Printable Worksheets

NEW

Font size

S
M
L
XL
Worksheets

Business Law

Total questions: 38

Worksheet time: 19mins

Name
Class
Date
1.

An oral contract is ______________________

a)

not enforceable

b)

not legal

c)

not for money

d)

legal

2.

Offer, acceptance and consideration are all parts of

a)

applications

b)

loans

c)

covers

d)

contract

3.

An agreement between two parties that creates an obligation is a(n)

a)

purpose

b)

contract

c)

tort

d)

offer

4.

When someone is authorized to act on behalf of another it is governed by _____________ law.

a)

tort

b)

administrative

c)

statutory

d)

agency

5.

A business organization where the owners are personally responsible for the business debts are a

a)

C corporation

b)

sole proprietorship

c)

partnership

d)

LLC

6.

______________ protect the names and identifying marks of products and companies.

a)

Trade secrets

b)

Trademarks

c)

Patents

d)

Copyrights

7.

A business run by one person is a(n)

a)

corporation

b)

partnership

c)

sole proprietorship

d)

LLC

8.

_______ law is the area of law that guides real property, personal property, and intellectual property.

a)

Tort

b)

Property

c)

Agency

d)

Oral contracts

9.

An ___________ is one in which some of the terms are not expressed in words.

a)

written contract

b)

oral contract

c)

verbal contract

d)

implied contract

10.

Original works are protected by

a)

patent

b)

copyrights

c)

contract

d)

trademark

11.

The exclusive right granted to an inventor to manufacture, use, or sell an invention is a

a)

trademark

b)

trade secret

c)

copyright

d)

patent

12.

Courts can enforce

a)

LLC

b)

partnerships

c)

defense

d)

contracts

13.

If parties in a contract are not _____________, the contract can be canceled.

a)

offering

b)

competent

c)

offering compensation

d)

accepting

14.

A business organization that has members is a(n)

a)

corporation

b)

LLC

c)

sole proprietorship

d)

partnership

15.

A business organization that has some liability protection for the owner is a(n)

a)

sole proprietorship

b)

LLC

c)

corporation

d)

partnership

16.

Intellectual Property can be protected by

a)

agency

b)

tort

c)

statues

d)

patents

17.

In order for a contract to be enforceable it must have

a)

offers

b)

acceptance

c)

consideration

d)

legal purpose

18.

____________ of an offer is agreement to the terms of the offer.

a)

Consideration

b)

Acceptance

c)

Competency

d)

Offer

19.

A corporation that has less than 30 shareholders is

a)

C Corporation

b)

LLC

c)

Close

d)

S Corporation

20.

___________ law deals with situations where a person's behavior has caused someone else to suffer a loss or harm.

a)

Regulatory

b)

Tort

c)

Agency

d)

Statues

21.

Promise to do something in exchange for something in return, usually money, is a(n)

a)

consideration

b)

offer

c)

acceptance

d)

legal purpose

22.

_____________ is something of value provided by both parties in a contract

a)

Consideration

b)

Legal Purpose

c)

Offer

d)

Writing Requirement

23.

___________Contracts have terms that are explicitly expressed, either verbally or in writing.

a)

Express

b)

Implied In Fact

c)

Implied In Law

d)

Offered

24.

Which does not apply to a sole proprietorship?

a)

most common

b)

least expensive to start

c)

owners are called members

d)

is taxed at the personal rate

25.

A ________________ is the simplest and least expensive multi-owner entity.

a)

partnership

b)

LLC

c)

S corporation

d)

close corporation

26.

A(n) ______________________ combines parts of partnerships and corporations.

a)

LLC

b)

S Corporation

c)

C Corporation

d)

Sole Proprietorship

27.

LLC stands for?

a)

Least Limited Corporation

b)

Limited Liability Company

c)

Legal Liability Company

d)

Limited Legal Corporation

28.

A corporation is all of these but which one?

a)

Keeps business and personal assets separate

b)

Can sell shares to raise funds

c)

Least expensive to start

d)

More taxes

29.

Which one is NOT one of the three types of corporations?

a)

Close Corporation

b)

C Corporation

c)

S Corporation

d)

T Corporation

30.

The most common corporation is a __________ Corporation

a)

C

b)

S

c)

Close

d)

Open

31.

Which entity does NOT pay taxes?

a)

S-Corporation

b)

Partnership

c)

LLC

d)

C-Corporation

32.

The government uses _________________ to seize (take) private real property.

a)

eminent domain

b)

patents

c)

copyrights

d)

trademarks

33.

There are two kinds of personal property, tangible and _____________

a)

real

b)

land

c)

intangible

d)

intellectual

34.

Which of these would NOT be protected by Intellectual property laws?

a)

music

b)

art

c)

inventions

d)

logos

e)

land

35.

Which is not a form of intellectual property protection?

a)

Patents

b)

Copyrights

c)

Trademarks

d)

Inventions

36.

___________________ document allows one person, known as an agent, to act on behalf of another person.

a)

Power of attorney

b)

Eminent domain

c)

Intellectual property

d)

Tort

37.

McDonalds, BMW, Nike and Snapchat logos are protected by what type of intellectual property protection?

a)

Patent

b)

Copyright

c)

Trademark

d)

Literature

38.

__________ deals with situations where one person's actions cause another person to suffer an injury that could be physical, emotional or economic.

a)

Tort Law

b)

Agency Law

c)

Property Law

d)

Intellectual property law