Business Law FBLA Exam Questions
and Answers 100% Pass
Acceptance - ✔✔The second party's unqualified willingness to go along with the first
party's proposal
Accord and Satisfaction - ✔✔A legal way to settle contractual disputes by which one
party agrees to accept less than the amount due as full payment
Actual Authority - ✔✔The real power a principal gives to an agent
Actual Notice - ✔✔A formal notice given directly to a party, usually using certified mail
with a receipt
Adhesion contract - ✔✔A take-it-or-leave-it offer made by a party who holds most of
the power in a bargaining session
Administrative Law - ✔✔The body of rules created by government agencies
Agency - ✔✔A type of working relationship in which one person represents another
person in a business transaction with a third party
Katelyn Whitman, All Rights Reserved © 2025 1
, Agency by Estoppel - ✔✔When the principal's actions lead the third party to believe
that the agent is working for the principal (appointed but not officially)
Agent - ✔✔The person who has been authorized to do the work
Alternative Dispute Resolution - ✔✔Parties try to resolve disagreements outside of the
usual court system, by mediation, arbitration, conciliation, and negotiation
Annual Percentage Rate (APR) - ✔✔The true interest rate of a loan
Apparent Authority - ✔✔Authority that a 3rd party believes an agent has while acting
on behalf of the principal
Appellate Court - ✔✔The U.S. courts of appeals in federal system; hears appeals and
reviews cases from the lower courts
Arraignment - ✔✔A formal hearing during which the defendant is read the indictment
or info and is asked to plead guilty or not guilty
Articles of Incorporation - ✔✔A legal document filed with the state to establish a
corporation
Arrest - ✔✔Occurs when a person is legally deprived of his or her freedom
Assault - ✔✔Attempt to commit a battery
Katelyn Whitman, All Rights Reserved © 2025 2
and Answers 100% Pass
Acceptance - ✔✔The second party's unqualified willingness to go along with the first
party's proposal
Accord and Satisfaction - ✔✔A legal way to settle contractual disputes by which one
party agrees to accept less than the amount due as full payment
Actual Authority - ✔✔The real power a principal gives to an agent
Actual Notice - ✔✔A formal notice given directly to a party, usually using certified mail
with a receipt
Adhesion contract - ✔✔A take-it-or-leave-it offer made by a party who holds most of
the power in a bargaining session
Administrative Law - ✔✔The body of rules created by government agencies
Agency - ✔✔A type of working relationship in which one person represents another
person in a business transaction with a third party
Katelyn Whitman, All Rights Reserved © 2025 1
, Agency by Estoppel - ✔✔When the principal's actions lead the third party to believe
that the agent is working for the principal (appointed but not officially)
Agent - ✔✔The person who has been authorized to do the work
Alternative Dispute Resolution - ✔✔Parties try to resolve disagreements outside of the
usual court system, by mediation, arbitration, conciliation, and negotiation
Annual Percentage Rate (APR) - ✔✔The true interest rate of a loan
Apparent Authority - ✔✔Authority that a 3rd party believes an agent has while acting
on behalf of the principal
Appellate Court - ✔✔The U.S. courts of appeals in federal system; hears appeals and
reviews cases from the lower courts
Arraignment - ✔✔A formal hearing during which the defendant is read the indictment
or info and is asked to plead guilty or not guilty
Articles of Incorporation - ✔✔A legal document filed with the state to establish a
corporation
Arrest - ✔✔Occurs when a person is legally deprived of his or her freedom
Assault - ✔✔Attempt to commit a battery
Katelyn Whitman, All Rights Reserved © 2025 2
