19 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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NR275.BUS.241.35.SP11 - ([Spring 2011] BUS 241-35: Business Law I) Assignments ... Module 6 Practice Test Review Test Submission: Module 6 Practice Test Review Test Submission: Module 6 Practice Test User Kristen M Ritch Submitted 3/5/11 6:34 PM Name Module 6 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 7 seconds out of 2 hours and Instructions Question 1 As the beneficiary of a business trust, Kevin's liability for trust debts and obligations is Selected Answer: [None Given] Correct Answer: nothing. 0 out of 2 points Question 2 A limited partner has a right to participate in the management or operation of the partnership. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 3 Fay is a member of Garden Groves LLC. Like other members of limited liability companies, Fay's liability for Garden Groves's obligations resembles the liability of Selected Answer: [None Given] Correct Answer: a shareholder of a corporation. 0 out of 2 points Question 4 Loni, Michel, and Nita are investors in Oceanic Exploration, a business trust. A business trust is managed by its Selected Answer: [None Given] Correct Answer: trustees. 0 out of 2 points Question 5 A sole proprietorship continues in business despite the death of the owner. Selected Answer: [None Given] 0 out of 2 points NR275.BUS.241.35.SP ([Spring 2011] BUS 241-35: Business Law I) Announcements Assignments Course Documents Discussion Board My Grades Communication Tools Resources
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Correct Answer: False Question 6 Riley is interested in buying a franchise from Soft Shoe Corporation. Soft Shoe must disclose material facts that Riley needs to make an informed decision concerning this purchase, according to Selected Answer: [None Given] Correct Answer: the Federal Trade Commission's Franchise Rule. 0 out of 2 points Question 7 Sabin and Tyler agree while talking on the phone to form a partnership. Their partnership agreement is legally binding Selected Answer: [None Given] Correct Answer: without more. 0 out of 2 points Question 8 Stacy contracts to buy a franchise from Tender Steak House Company. In this contract, as in most franchise contracts, the determination of the territory to be served is made by Selected Answer: [None Given] Correct Answer: Tender Steak House. 0 out of 2 points Question 9 Starting a sole proprietorship is easier and less costly than starting any other form of business. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 10 Carl sells Direct Marketing Enterprises, a sole proprietorship, to Erv. This is a transfer of Selected Answer: [None Given] Correct Answer: the ownership of the business. 0 out of 2 points
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This note was uploaded on 03/16/2011 for the course BUS 241 taught by Professor Green during the Spring '11 term at New River Community College.

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19 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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