Law-Forums.org

[atworth49]

1. A _________is a business organization licensed to operate by a state or the federal government. A. Sole proprietorship

B. Partnership

C. Limited liability company

D. corporation

2. The following disadvantages Unlimited liability,limited capital, burden of responsibility on owner, limited life apply to_________. A. Partnerships

B. Sole proprietorships

C. Limited liability companies

D. Corporations

3. The following advantages Unlimited life, ease of transfer, and limited liability apply to_______. A. Partnerships

B. Sole Proprietorships

C. Corporations

D. Limited liability companies

4. The following advantages limited liability, unlimited life, ease of transfer, and No double taxation apply to_______. A. Limited liability companies

B. Partnerships

C. S-corporations

D. Corporations

5. Ocean Spray cranberries, Sunkist oranges, and Blue Diamond almonds are well-known examples of products sold by________. A. Producer cooperatives

B. Not-for-profit corporations

C. Consumer cooperativ

D. Cooperatives
A cooperative apartment building is run by a________whose capital stock is owned by its tenants. A. Sole proprietorship

B. Corporation

C. Partnership

D. Limited liability company

7. The following disadvantage of difficulty and expense of formation applies to______. A. Partnerships

B. Limited liability companies

C. Sole proprietorships

D. S-corporations

8. A market in which a few sellers produce all or most of the supply of a product is called an__________. A. oligopoly

B. interlocking directorates

C. Monopoly

D. Cartels

9. ________refers to a practice by which the most powerful company in an industry sets its price, and every other firm follows. A. Collusion

B. Product Differentiation

C. Price Leadership

D. None of the above

10. _______give exclusive rights to authors, musicians, composers, and artists to reproduce and/or sell their works. A. Public franchises

B. Copyrights

C. Patents

D. All of the above

11. ________are licenses granted by governments to firms that allow them to do business within their jurisdictions. A. Patents

B. All of the above


C. Public franchises

D. Copyrights

12. The Lockheed Martin Corporation was an example of a ________ because both Lockheed and Martin Marietta were producers of airplanes. A. verticle merger

B. holding companies

C. Concentration ratios


D. horizontal merger

13. As a way of measuring the extent to which monopoly power exists in imperfectly competitive markets, economists devised the_______. A. horizontal merger

B. interlocking directorates

C. Concentration ratios

D. holding companies

14. ______became the countrys first trust (a large business monopoly whose shareholders place control of the firm in the hands of trustees). A. OPEC

B. Standard Oil

C. Chase Manhattan Bank

D. SG Warburg

15. The______sought to protect small stores from unfair competition by chain stores and other large retailers. A. ROBINSON-PATMANACT (1936)

B. CLAYTON ANTITRUST AND FEDERAL TRADE COMMISSION ACTS (1914)

C. SHERMAN ANTITRUST ACT (1890)

D. CELLER-KEFAUVER ANTIMERGER ACT (1950)

16. The________responsibility is to promote competition, protect consumers, and enforce the antitrust laws. A. SHERMAN ANTITRUST ACT

B. ROBINSON-PATMANACT (1936)

C. CELLER-KEFAUVER ANTIMERGER ACT

D. Federal Trade Commission (FTC)

17. The______prohibited mergers that would result in the creation of a monopoly. A. ROBINSON-KEFAUVER PATMAN ACT

B. SHERMAN ANTITRUST ACT

C. ROBINSON-PATMAN ACT (1936)

D. CELLER-KEFAUVER ANTIMERGER ACT

18. The__________ could sue railroads engaged in interstate commerce if it believed that the railroads refused to obey its regulations. A. Robinson-Patman Act

B. Sherman Antitrust Act

C. Interstate Commerce Commission

D. Celler-Kefauver Antimerger Act

19. Short-term financing applies to loans that need to be repaid in less than a year. A. True

B. False

20. A promissory note is a loan arrangement in which a bank allows a business to borrow any sum, up to a specified limit, whenever it needs the
money. A. True

B. False