Business Law
What type of intellectual property protection can a company obtain to prevent its competitors from
imitating and selling a new invention it has created?
A. Patent
B. Copyright
C. Trademark
D. Lawsuit
A. Patent
A producer supplies an electronics store with 500 smart TVs that are priced at $200 each. However, only 300 buyers are willing and able to pay that price, leaving the store with 200 extra smart TVs. This is an example of a(n)
A. equilibrium price.
B. excess demand.
C. excess supply.
D. market-clearing price.
C. excess supply.
If a business doesn't comply with health and safety regulations, it will most likely:
A. have happier employees.
B. gain a better reputation among the public.
C. go bankrupt.
D. get a citation and possibly pay a fine.
D. get a citation and possibly pay a fine.
Which of the following is an advantage of project management software:
A. It has a steep learning curve.
B. It is expensive.
C. It increases time spent working.
D. It streamlines communication.
D. It streamlines communication.
A company can best ensure that its financial decisions will enhance its reputation and not harm others by making financial decisions that are:
A. ethical.
B. researched.
C. legal.
D. planned.
A. ethical
Arbitration is usually a binding process, which means that it
A. replaces the trial.
B. is confidential.
C. is costly and risky.
D. ends with imprisonment.
A. replaces the trial.
A farmer in a remote village consumes practically everything that he produces in an attempt to satisfy his family's basic needs. The farmer likely lives in a __________ economic system.
A. traditional
B. command
C. socialist
D. market
A. traditional
Tim works for a manufacturer that produces food items. He manages the flow of products from production to consumption. He decides where and how to store the products as well as how and when to transport them to customers. In which part of operations does Tim work?
A. Scheduling
B. Logistics
C. Quality inspection
D. Quality assurance
B. Logistics
In what stage of project management does the project manager make sure the project is on track?
A. Monitoring and controlling
B. Planning
C. Governance mechanisms
D. Execution
A. Monitoring and controlling
If you are trying to create a personal budget, which of the following pieces of financial information is relevant to your purpose:
A. Your best friend's cell-phone bill
B. A sample budget found online
C. Your employer's assets and liabilities
D. A record of your monthly income
D. A record of your monthly income
2. Which of the following statements about the settlement of legal matters is true:
A. A settlement cannot take place until after a trial.
B. Courtroom procedure is necessary to reach a settlement.
C. Settling a case is often more expensive than a trial.
D. Settling a case can avoid the expense of a trial.
D. Settling a case can avoid the expense of a trial.
Ricky's startup company recently received an investment from a wealthy business owner who likes to support budding entrepreneurs. In other words, the wealthy business owner is a(n)
A. financial advisor.
B. debt financer.
C. angel investor.
D. business analyst.
C. angel investor.
Which of the following is the primary activity performed during the execution phase of a project:
A. Arbitrating
B. Forecasting
C. Financing
D. Producing
D. Producing
Which of the following is mostly likely to appear on a project’s work breakdown structure (WBS):
A. Risk matrices
B. Work packages
C. Project scope
D. Lessons learned document
B. Work packages
If you want to analyze your business's income statement, what basic calculation should you use?
A. Expenses minus income
B. Income minus expenses
C. Profit minus income
D. Income minus profit
B. Income minus expenses
The owner of the Vidal Boutique verbally offers to sell Briele's original hat designs in the shop and to give her a 50% commission on the sale of the hats. Briele verbally agrees to deliver two new hats for the shop to sell each week. Briele and the boutique owner's agreement is an example of a what contract:
A. implied
B. express
C. voidable
D. executed
B. express
Which of the following is an example of a capital good:
A. A farmhand
B. Water
C. Seeds
D. A plow
D. A plow
Performing a SWOT analysis is a task that is typically part of the __________ marketing function.
A. channel management
B. promotion
C. market planning
D. selling
C. market planning
Which of the following is included in a project's statement of work:
A. Authorization to get the project started
B. A list of project stakeholders
C. A breakdown of work into smaller parts
D. A record of what went well
B. A list of project stakeholders
If the cash from operating activities is consistently greater than the company’s net income, the company’s net earnings are of a(n) __________ quality.
A. high
B. low
C. moderate
D. excessive
B. low
Frederic used to own the only pizza place in town—until a new place opened up. Even though Frederic’s never been to the new pizza place, he tells everyone he meets that the new place uses inferior ingredients and has been investigated by the health department. He even leaves negative reviews of the pizza place online. Which business tort do Frederic’s actions fall under?
A. Wrongful interference
B. Unfair competition
C. Copyright infringement
D. Disparagement
D. Disparagement
Lev isn't sure if he should purchase a new computer or not. He wants one, but he knows he doesn't have the money to pay for it right now. A salesperson offers him the option to purchase the computer using a payment plan. Since Lev only has to pay a small amount each month, he decides to go ahead with the purchase. Which type of utility did the salesperson create for Lev?
A. Possession
C. Form
B. Time
D. Place
A. Possession
During the manufacturing process, one item passes back and forth between several employees who add specific components to make the final product. What form of task interdependence does this exemplify?
A. Progressive
B. Pooled
C. Remediation
D. Reciprocal
D. Reciprocal
Daniel is preparing to request approval for his project from senior management. What document does he need to develop and submit?
A. Business case
B. Project management plan
C. Project charter
D. Project statement of work
C. Project charter
Which of the following is subtracted from operating cash flow to find free cash flow:
A. Capital expenditures
B. Dividends
C. Acquisitions
D. Earnings
A. Capital Expenditures