Nature and Forms (Part A) Post Test

What is an obligation in its legal sense?

Business are generally governed by:

• Law on Sales

• Law on Obligations and Contracts

• Revised Corporation Code

• Labor Laws

Which of the following are the obligations of a seller?

• Obligation to do

• Obligation to deliver the determinate thing

• Obligation to transfer ownership

• Obligation to pay for a price certain

Which of the following are the obligations of a buyer?

• Obligation to give

• Obligation to deliver the determinate thing

• Obligation to transfer ownership

• Obligation to pay for a price certain

Obligations of a business will be satisfied depending on the type of business

• True

• False

Another term for output

Another term for input

The forms of business are generally generated for profit.

• False

• True

Which of the following is/are considered (a) type/s of business organization?

• Service Business

• Merchandising

• Agency

• Corporation

Which of the following is/are considered (a) form/s of business organization?

• Service Business

• Agency

• Partnership

• Manufacturing