13 - 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 6:29 PM Name Module 6 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 6 seconds out of 2 hours and Instructions Question 1 A partner may use partnership property for any purpose without accounting to the partnership. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 2 Omega Corporation and Precision Coding, Inc., two software firms, wish to combine their research and development capabilities to make a special, limited edition computer game. The most appropriate legal entity for this project might be Selected Answer: [None Given] Correct Answer: a joint venture. 0 out of 2 points Question 3 One of the disadvantages of a sole proprietorship is that the owner is liable for the losses of the business. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 4 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 5 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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Rafe is interested in buying a franchise from Sportz Rulez Company. In this transaction, the Federal Trade Commission's Franchise Rule Selected Answer: [None Given] Correct Answer: enables Rafe to weigh the deal's risks and benefits. Question 6 Rona and Stiv do business as Treasure Island Traders. In acting on the firm's behalf in a deal with Unlimited Potential, Inc., Rona makes an honest error in overestimating the profit. To her firm, Rona is Selected Answer: [None Given] Correct Answer: not liable. 0 out of 2 points Question 7 Rick and Sandy are limited partners in Total Profit Enterprises, a limited partnership. A limited partner has no right to Selected Answer: [None Given] Correct Answer: participate in the firm's management. 0 out of 2 points Question 8 Leigh wants to go into the business of construction contracting. Among the reasons that would probably convince Leigh to set up his business as a sole proprietorship would be Selected Answer: [None Given] Correct Answer: its greater organizational flexibility. 0 out of 2 points Question 9 Cal sells "DownSize," a weight-reduction program, from a Web site, in competition with Eat-Less Inc.'s product "Fit 'n Trim." Eat-Less files a suit against Cal, alleging in part that he is a sole proprietor, but his enterprise should be deemed a different form of business. Cal's enterprise should most likely be considered
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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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13 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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