SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
Test your basic knowledge |
Business Law Fundamentals
Start Test
Study First
Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. A network of twelve district banks and related branches located around the country and headed by the Federal Reserve Board of Governors. Most banks in the United States have Federal Reserve accounts.
motion to dismiss
Federal Reserve System
information return
plea bargaining
2. Jurisdiction that exists when a case can be heard only in a particular court or type of court.
nonpossessory interest
equal dignity rule
exclusive jurisdiction
condemnation
3. As a noun - a person having a duty created by his or her undertaking to act primarily for another's benefit in matters connected with the undertaking. As an adjective - a relationship founded on trust and confidence.
express contract
holder in due course (HDC)
fiduciary
prima facie case
4. Falsely reporting income that has been obtained through criminal activity as income obtained through a legitimate business enterprise
money laundering
corporate social responsibility
cross-collateralization
bounty payment
5. A wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment
merger
crime
trademark
business necessity
6. Procedurally - a plaintiff's response to a defendant's answer.
reply
patent
constructive discharge
property
7. The act of stealing another's identifying information
choice-of-language clause
tenancy at sufferance
foreign corporation
identity theft
8. A clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms.
acceleration clause
choice-of-language clause
tombstone ad
brief
9. In most states - a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing.
watered stock
equal dignity rule
discharge
red herring prospectus
10. An ownership interest in land in which the owner has the greatest possible aggregation of rights - privileges - and power. Ownership in fee simple absolute is limited absolutely to a person and her or his heirs.
bearer instrument
concurrent conditions
fee simple absolute
hacker
11. A person on the board of directors who does not hold a management position at the corporation.
defalcation
outside director
certificate of limited partnership
acceptor
12. A firm that requires all workers - once employed - to become union members within a specified period of time as a condition of their continued employment.
information return
union shop
self-defense
constructive trust
13. A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual.
stop-payment order
brief
limited liability company (LLC)
e-agent
14. In bankruptcy proceedings - property transfers or payments made by the debtor that favor (give preference to) one creditor over others. The bankruptcy trustee is allowed to recover payments made both voluntarily and involuntarily to one creditor in p
ethical reasoning
self-incrimination
preference
jurisdiction
15. All employers must verify the employment eligibility and identity of any worker hired in the United States. To comply with the law - employers must complete an I-9 Employment Eligibility Verification Form for all new hires within three business days.
I-9 verification
insider trading
larceny
proxy
16. A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices approve of the decision to issue the writ.
target corporation
rule of four
Regulation E
information return
17. A draft drawn by a drawer ordering the drawee bank or financial institution to pay a certain amount of money to the holder on demand.
winding up
check
preemptive rights
duress
18. A set of governing rules adopted by a corporation or other association.
acceleration clause
watered stock
blue sky laws
bylaws
19. A type of conditional sale in which title and possession pass from the seller to the buyer - but the buyer retains the option to return the goods during a specified period even though the goods conform to the contract.
sale or return
adverse possession
arbitration
implied-in-fact contract
20. Job-hiring policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination.
promisee
quitclaim deed
parent-subsidiary merger
affirmative action
21. A contractual and statutory process in which two or more corporations join to become a completely new corporation. The original corporations cease to exist - and the new corporation acquires all their assets and liabilities.
consolidation
actus reus
cease-and-desist order
attachment
22. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.
e-agent
consideration
universal defenses
specific performance
23. An estate in realty held by a tenant under a lease. In every leasehold estate - the tenant has a qualified right to possess and/or use the land.
leasehold estate
floating lien
disaffirmance
burglary
24. Under Article III - Section 2 - of the U.S. Constitution - a basis for federal district court jurisdiction over a lawsuit between (1) citizens of different states - (2) a foreign country and citizens of a state or of different states - or (3) citizen
diversity of citizenship
personal defenses
franchisee
counterclaim
25. A person to whom an offer is made.
right-to-work law
contract
I-551 Alien Registration Receipt
offeree
26. Terms and conditions of use that are presented to an Internet user at the time certain products - such as software - are being downloaded but that need not be agreed to (by clicking 'I agree -' for example) before the user is able to install or use t
crime
condition subsequent
commingle
browse-wrap terms
27. A written document - which is usually notarized - authorizing another to act as one's agent; can be special (permitting the agent to do specified acts only) or general (permitting the agent to transact all business for the principal).
implied warranty of merchantability
joint and several liability
business necessity
power of attorney
28. Under the UCC - a term describing a person who ceases to pay "his [or her] debts in the ordinary course of business or cannot pay his [or her] debts as they become due or is insolvent within the meaning of federal bankruptcy law" [UCC 1-201
merchant
abandoned property
insolvent
unconscionable contract or clause
29. The law that governs relations among nations. National laws - customs - treaties - and international conferences and organizations are generally considered to be the most important sources of international law.
drawer
signature
contract
international law
30. An agreement in which employers voluntarily agree with unions not to handle - use - or deal in other employers' goods that were not produced by union employees; a type of secondary boycott explicitly prohibited by the Labor-Management Reporting and D
adverse possession
floating lien
hot-cargo agreement
private equity capital
31. Generally - stock certificates - bonds - notes - debentures - warrants - or other documents given as evidence of an ownership interest in a corporation or as a promise of repayment by a corporation.
S corporation
good faith purchaser
securities
assignee
32. A method of settling disputes - used in many federal courts - in which a trial is held - but the jury's verdict is not binding. The verdict acts only as a guide to both sides in reaching an agreement during the mandatory negotiations that immediately
summary jury trial (SJT)
preference
quorum
draft
33. Charging an illegal rate of interest.
deed
long arm statute
assignment
usury
34. A state statute that permits a state to obtain personal jurisdiction over nonresident defendants. A defendant must have certain 'minimum contacts' with that state for the statute to apply.
unreasonably dangerous product
long arm statute
entrustment rule
intestacy laws
35. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.
executor
devise
employment at will
foreign corporation
36. A status granted in an international treaty by a provision stating that the citizens of the contracting nations may enjoy the privileges accorded by either party to citizens of its NTR nations. Generally - this status is designed to establish equalit
insurance
normal trade relations (NTR) status
union shop
dominion
37. The principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. This recognition is based primarily on respect.
floating lien
nuncupative will
comity
requirements contract
38. A person appointed by a testator in a will to see that her or his will is administered appropriately.
pass-through entity
security agreement
codicil
executor
39. A statement that - if filed within six months prior to the expiration date of the original financing statement - continues the perfection of the original security interest for another five years. The perfection of a security interest can be continued
testator
acceptor
parol evidence rule
continuation statement
40. As defined by the Uniform Electronic Transactions Act - 'an electronic sound - symbol - or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.'
diversity of citizenship
legacy
e-signature
preference
41. A contractual and statutory process in which one corporation (the surviving corporation) acquires all of the assets and liabilities of another corporation (the merged corporation). The shareholders of the merged corporation either are paid for their
objective theory of contracts
indorsement
voidable contract
merger
42. A party to whom the rights under a contract are transferred - or assigned.
categorical imperative
assignee
periodic tenancy
clearinghouse
43. A negotiable instrument that is payable 'to the order of an identified person' or 'to an identified person or order.'
adhesion contract
installment contract
order instrument
identity theft
44. A revocable right or privilege of a person to come onto another person's land. In the context of intellectual property law - an agreement permitting the use of a trademark - copyright - patent - or trade secret for certain limited purposes.
petty offense
fixture
Federal Reserve System
license
45. One who makes and executes a will.
testator
dumping
document of title
writ of execution
46. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.
firm offer
extension clause
course of performance
pleadings
47. A hacker whose purpose is to exploit a target computer for a serious impact - such as corrupting a program to sabotage a business.
franchise
confiscation
cyberterrorist
objective theory of contracts
48. The standard of proof used in criminal cases. If there is any reasonable doubt that a criminal defendant committed the crime with which she or he has been charged - then the verdict must be 'not guilty.'
acceptor
preference
beyond a reasonable doubt
unenforceable contract
49. A statutory lien on the real property of another - created to ensure payment for work performed and materials furnished in the repair or improvement of real property - such as a building.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
50. An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.
foreign exchange market
venture capital
mediation
cease-and-desist order
Sorry!:) No result found.
Can you answer 50 questions in 15 minutes?
Let me suggest you:
Browse all subjects
Browse all tests
Most popular tests
Major Subjects
Tests & Exams
AP
CLEP
DSST
GRE
SAT
GMAT
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests