ENTR 302 Chapter 14

ENTR 302 Chapter 14

University

15 Qs

quiz-placeholder

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ENTR 302 Chapter 14

ENTR 302 Chapter 14

Assessment

Quiz

Business

University

Easy

Created by

Beverly Fleischman

Used 1+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the best way to use the Internet for legal matters?

procure free legal advice for start-up concerns

compile a list of several potential legal counsel options

identify the lowest-cost legal counsel

find sample documents that can be used to create contracts

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What business entity term refers to a business owner who has not formed a separate entity to run the business?

sole practitioner

self-employed

sole proprietorship

nonentity small business

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In an S corporation, what is the maximum number of shareholders allowed?

12

50

75

100

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An entrepreneur is interested in beginning a startup. They want to use the simplest and most inexpensive form of legal structure. Which legal structure should they choose?

sole proprietorship

general partnership

C corporation

S corporation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What legal structure determines minimum wage and overtime pay?

Civil Liberties Act

Equal Opportunity Act

Fair Labor Standards Act

Minimum Wage Act

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An entrepreneur began developing a product with a former employer. When the employer showed no initial interest in the product, the entrepreneur left the company to finish developing it on their own. They now want to market the product as their own. Which action would be best for them to take next?

Market it before the former employer does.

Consult an IP attorney to review employee contracts and applicable laws.

Keep all documentation proving that they are the inventor.

Market the product in another country.

7.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

Any word, name, symbol, or device used in business to identify and promote a product is called a ______.

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