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WorksheetsUnit 3: Business Law, Contracts, & Ethics
Total questions: 55
Worksheet time: 27mins
What is a consequence of making choices?
Choices have no impact.
All choices have consequences.
Only bad choices have consequences.
Choices are always correct.
How are some choices viewed in terms of morality?
All choices are equally moral.
Some choices are considered to be more morally correct than others.
No choices are morally correct.
Morality does not apply to choices.
What is an important consideration when making choices in the workplace?
Popularity
Ethics
Speed
Profit
What is a key aspect of ethical decision-making in business?
Following trends
Considering the impact on others
Maximizing profits
Speed of execution
How are the choices discussed in the unit supposed to be applied?
In legal studies
In your life
In historical contexts
In scientific research
What is the purpose of learning about ethical, unethical, and illegal choices?
To improve artistic skills
To apply them in daily life
To memorize historical dates
To learn new languages
Which of the following actions shows a lack of good judgement?
Asking for advice from a trusted adult when faced with a difficult decision.
Considering how your actions will affect your future before making a decision.
Following the crowd without thinking about what is right or wrong.
Weighing the pros and cons of a situation before acting.
What is a sole proprietorship?
A sole proprietorship is a type of business structure where a single individual owns and operates the business.
A sole proprietorship is a type of business structure where the business is owned by a corporation.
A sole proprietorship is a type of business structure where multiple individuals own and operate the business.
A sole proprietorship is a type of business structure where the business is owned by the government.
Which type of business has unlimited liability for its owner?
Limited liability company
Partnership
Sole proprietorship
Corporation
What is a partnership?
A partnership is a business structure where two or more individuals or entities come together to carry out a business venture and share the profits and losses.
A partnership is a business structure where two or more individuals or entities come together to carry out a business venture and share only the profits, not the losses.
A partnership is a business structure where two or more individuals or entities come together to carry out a business venture and keep the profits and losses separate.
A partnership is a business structure where only one individual or entity carries out a business venture and keeps all the profits and losses.
In a limited liability company (LLC), who has limited liability?
Owners or members
Creditors
Customers
Employees
What is a C-Corp?
A C-Corp is a type of legal structure for a business entity that does not allow for the issuance of stock.
A C-Corp is a type of legal structure for a business entity that offers unlimited liability to its shareholders.
A C-Corp is a type of legal structure for a business entity that offers limited liability protection to its shareholders but does not allow for unlimited growth potential through the issuance of stock.
A C-Corp is a type of legal structure for a business entity that offers limited liability protection to its shareholders and allows for unlimited growth potential through the issuance of stock.
What are the advantages of a sole proprietorship?
Shared control and decision-making power, complex tax filing, and extensive legal requirements.
Limited liability, complex tax filing, and extensive legal requirements.
Complete control and decision-making power, simplified tax filing, and minimal legal requirements.
Limited liability, simplified tax filing, and extensive legal requirements.
Which type of business is formed for charitable, educational, or religious purposes?
Limited liability company
Non-profit organization
For-profit organization
Government agency
What are the characteristics of a limited liability company (LLC)?
A limited liability company (LLC) is subject to double taxation.
A limited liability company (LLC) does not offer limited liability protection.
A limited liability company (LLC) has a rigid management structure.
A limited liability company (LLC) combines pass-through taxation with limited liability and offers flexibility in management.
What are the tax benefits of a non-profit organization?
Exemption from federal payroll tax, exemption from state and local sales tax, and the ability to receive tax-deductible loans.
Exemption from federal income tax, exemption from state and local property tax, and the ability to receive tax-deductible grants.
Exemption from federal income tax, exemption from state and local sales tax, and the ability to receive tax-deductible donations.
Exemption from federal payroll tax, exemption from state and local property tax, and the ability to receive tax-deductible loans.
What type of business structure allows its members to be taxed similarly to a partnership while enjoying the benefits of limited liability?
S Corporation
C Corporation
Limited Liability Company (LLC)
General Partnership
What is the primary advantage of franchising for the franchisee?
Exclusive rights to the product
Access to a proven business model
Full autonomy in business decisions
High investment returns guaranteed
Which business entity is known for its flexibility in management and taxation while providing limited liability protection to its owners?
Limited Liability Company (LLC)
Partnership
Sole Proprietorship
Corporation
Which type of business entity is owned and operated by a single person without any formalities or legal requirements?
Sole Proprietorship
Solo Company
Single Enterprise
Individual Business
In a sole proprietorship, who is personally responsible for all debts and liabilities of the business?
Owner
Customers
Manager
Investors
What type of business entity combines the limited liability feature of a corporation with the tax benefits of a partnership?
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Sole Proprietorship
General Partnership
Which business entity allows an individual or group to use the rights to a business name, logo, and products?
Trademark
Copyright
Franchise
Patent
True of False - Most lawsuits go to trial.
True
False
The government uses _________________ to seize (take) private real property.
eminent domain
patents
copyrights
trademarks
There are two kinds of personal property, tangible and _____________
real
land
intangible
intellectual
Which of these would NOT be protected by Intellectual property laws?
music
art
inventions
logos
land
McDonalds, BMW, Nike and Snapchat logos are protected by what type of intellectual property protection?
Patent
Copyright
Trademark
Literature
Which one is NOT one of the three types of corporations?
Close Corporation
C Corporation
S Corporation
T Corporation
___________Contracts have terms that are explicitly expressed, either verbally or in writing.
Express
Implied In Fact
Implied In Law
Offered
_____________ is something of value provided by both parties in a contract
Consideration
Legal Purpose
Offer
Writing Requirement
The exclusive right granted to an inventor to manufacture, use, or sell an invention is a
trademark
trade secret
copyright
patent
Original works are protected by
patent
copyrights
contract
trademark
An ___________ is one in which some of the terms are not expressed in words.
written contract
oral contract
verbal contract
implied contract
______________ protect the names and identifying marks of products and companies.
Trade secrets
Trademarks
Patents
Copyrights
A cashier gives you more change then she should have. The ethical choice is to ____________.
Spend the money right away
Donate the money to a worthy cause
Return the extra money
Keep the money
The exclusive right granted to an inventor to manufacture, use, or sell an invention is a(n)
Patent
Trade Secret
Copyright
Trademark
The U. S. Supreme Court hears cases that involve ____________.
Tort cases
Civil cases
Constitutional cases
Criminal cases
Laws issued by a government agency are ____________ laws.
Administrative
Custom
Regulatory
Statutory
While a law is still in the legislature, it is called a ____________.
Law
Statute
Bill
The 6 elements of a valid contract are offer, acceptance,
consideration, capacity, legality, and validity.
consideration, capacity, implication, and validity.
genuine agreement, consideration, capacity, and legality.
genuine agreement, validity, capacity, and legality.
A deliberate deception to secure unfair or unlawful gain is called
misprepresentation.
libel.
unilateral mistake.
fraud.
Which of the following is NOT considered personal property?
a house
a mobile phone
a trademark
a ceiling fan
Offer, acceptance and consideration are all parts of
applications
loans
covers
contract
An oral contract is ______________________
not enforceable
not legal
not for money
legal
An agreement between two parties that creates an obligation is a(n)
purpose
contract
tort
offer
An ___________ is one in which some of the terms are not expressed in words.
written contract
oral contract
verbal contract
implied contract
____________ of an offer is agreement to the terms of the offer.
Consideration
Acceptance
Competency
Offer
Promise to do something in exchange for something in return, usually money, is a(n)
consideration
offer
acceptance
legal purpose
___________Contracts have terms that are explicitly expressed, either verbally or in writing.
Express
Implied In Fact
Implied In Law
Offered
LLC stands for?
Least Limited Corporation
Limited Liability Company
Legal Liability Company
Limited Legal Corporation
