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Question

In a corporation, all profits go to ________.Group of answer choicesThe stockholders as salaries

The owners and the shareholders


Reduce the surplus


Friends and family


The partners according to the terms of the agreement

 


Question 2


A good contract will spell out ________, or unforeseeable "acts of God" beyond anyone's control, for which neither party is responsible.

Group of answer choices



Liabilities


Amendments


Modifications


Alterations


Contingencies


Question 3

Obtain a trademark in order to ________.

Group of answer choices



Protect your logo


Protect all your intellectual property


Register your business name


Get new customers


Pay your taxes

 

Question 4


________ are the building blocks of business.

Group of answer choices



Letters of agreements


Personal relationships


Networks


Contracts


Loans

 

Question 5


The four "A's" of a successful contract include: ________.

Group of answer choices



Assure payment and avoid liability


Avoid misunderstanding and assure work


Assess risk and analyze profit


Both Avoid misunderstanding and assure work and Assure payment and avoid liability


Assume parties will abide by the contract

 


Question 6


If you purchase $250,000 worth of insurance to protect your restaurant, with a $10,000 deductible, how much money are you entitled to receive as a payout if a fire destroys your store, which is valued at $250,000?

Group of answer choices



$10,000


$250,000


$240,000


$290,000


$350,000

 


Q 7

________ protects people from having property or wealth stolen, lost, or destroyed. There are many kinds, and in order to purchase it you pay a monthly, quarterly, or annual ________.

Group of answer choices



Insurance, premium


Protection, dividend


Coverage, carrying cost


Insurance, carrying cost


Insurance, dividend

 


Question 8


The form of protection offered under U.S. law to the authors of "original works of authorship" is a(n) ________.

Group of answer choices



Electronic right


Right


Copyright


Patent


Charter

 


Question 9


Infringement of intellectual property is ________.

Group of answer choices



Profitable


A crime


A business tactic


Commonplace


Acceptable

 

Question 10


Tax-exempt, nonprofit corporations ________.

Group of answer choices



Do not have legal liability


Pay dividends more often than do for-profit corporations


Are set up with a specific mission to improve society


Do not have boards of directors


Pay more taxes than do other entities

 


Question 11


Which is not part of Schumpeter's definition regarding the ways that entrepreneurs find opportunities to create new businesses?

Group of answer choices



Use an existing technology to produce a new product


Find a new source of resources


Use a new technology to produce a new product


Find a new market for a new product


Use an existing technology to produce an old product in a new way

 

Question 12


Which of the following could not be considered opportunity costs?

Group of answer choices



Energy


Time


Entertainment


All of these can be considered opportunity costs.


Money

 

Question 13


A(n) ________ is a legal and commercial relationship between the owner of a trademark, service mark, trade name or advertising symbol and an individual or group seeking to use that identification in a business.

Group of answer choices



Merger


License


Acquisition


Franchise


Opportunity


Question 14


Which of the following is not an economic question listed in the text?

Group of answer choices



Who gets to have what is produced?


Who will produce it?


What should be produced?


How much will it cost to be produced?


When will it be produced?


Question 15


The text defines profit as ________.

Group of answer choices



A positive gain from operations before all expenses are subtracted


A positive gain from operations after fixed expenses are subtracted


None of these


A negative loss from operations after all expenses are subtracted


A positive gain from operations after all expenses are subtracted

 


Question 16


Which of the following represents a "change" associated with the "five roots of opportunity" explored in the text?

Group of answer choices



The green movement and society's new concern with recycling


The entry of a new competitor


Expanded completion within an industry


The invention of the cell phone


Development of the technology for social networking

 


Question 17


Which of the following could be considered an internal opportunity?

Group of answer choices



An interest or hobby


New technology


Foreclosure of homes in the United States


Changes in the buying habits of potential customers


New competition

 

Question 18

The free market system is also called capitalism and is characterized by all of the following attributes except ________.

Group of answer choices



Free market forces determine prices


Private property ownership and wealth are permissible


Government is expected to help regulate the market


All of these are attributes


Individuals and companies may compete for their own economic gains

 

Question 19

The Millennial Generation's definition of success is less individualized than the traditional concept of success.

Group of answer choices



True


False

 


Question 20

A franchise is a consensual relationship between the owner of a trademark, service mark, trade name, or advertising symbol and an individual or group seeking to use that identification in a business.

Group of answer choices



True


False

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Subject: Business, Management
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