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Business Law Vocabulary

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

What is the form of business in which one person owns all its assets and has full personal liability for all its debts?

(a)  

2.

What is an association of two or more persons, as coowners, to carry on a business for profit?

(a)  

3.

What is the legal entity or artificial person that is created by or under the authority of the laws of a state?

(a)  

4.

What is a partnership that buys and sells goods and services commercially?

(a)  

5.

What is an explicit statement, orally or in writing, of the terms and conditions agreed to by the partners for running the partnership?

(a)  

6.

Who assumes full personal liability for debts of the firm?

(a)  

7.

What is a partnership that provides professional and noncommercial assistance or advice?

(a)  

8.

What is it called when all partners assume full liability for debts of the firm?

(a)  

9.

What is a partner known to the public but who takes no active managerial role?

(a)  

10.

What is a joint venture?

(a)  

11.

What is a limited partner?

(a)  

12.

What does plaintiff mean?

a)

 a person who makes a formal complaint against somebody in court

b)

A judge

c)

 the person in a trial who is accused of committing a crime, or who is being sued by another person

13.

A (a)   is official agreement that ends an argument between two people or groups.

14.

Which are synonymous of 'discharge'?

a)

settlement, overtime, wrongful

b)

defendant, wrong, morally

c)

to leave, to release, to free

15.

A (a)   is something, especially money, that somebody gives you because they have hurt you, or damaged something that you own; the act of giving this to somebody

16.

The laws and other official measures are intended to protect people's rights and freedoms.

a)

contract laws

b)

safety laws

c)

protection laws

d)

employment laws

17.

If I buy a business, I own all the items in the store. This is a (a)   law question.

18.

An area of the law that involves agreements between people, businesses, and groups.

a)

property lws

b)

contract law

c)

employment law

d)

protection law

19.

Which is synonymous of 'minimum wage"?

a)

lowest wage

b)

highest wage

c)

largest wage

20.

What is a business called when it has a physical presence, and not just an online presence?

a)

Online Business

b)

Brick and Mortar

c)

Physical Building

d)

Pop up Business