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BUSINESS MAJOR FIELD TEST 2025
QUESTIONS AND ANSWERS.
1. Criminal Law -correct answer - Is that area of the law that
defines crimes. (Crimes = subject to imprisonment)
2. Civil Law -correct answer - The system of law concerned with
private relations between members of a community rather than
criminal, military, or religious affairs.
3. Balance Sheet -correct answer - Attempts to describe the
financial condition of the firm at a point in time.
Assets
Liabilities
Equity - "net assets" what remains after deducting liabilities
from assets.
4. Self-serving Bias -correct answer - Attributing our successes to
internal factors and our failures to external factors
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5. Moral Philosophy: DEONTOLOGY -correct answer - Focuses
on the preservation of individual rights and on the intentions
associated with a particular behavior rather than on its
consequences
6. Statutes -correct answer - Written laws enacted by the
legislative branch of either the federal or state governments
7. UCC -correct answer - Uniform Commercial Code: It is a
uniform law that governs commercial transactions, including
sales of goods, secured transactions and negotiable
instruments. It is a comprehensive set of statutes created to
provide consistency among the states.
8. General Partnership -correct answer - Involves two or more
owners carrying out a business purpose.
9. Limited Partnership -correct answer - Allows each partner to
restrict his or her personal liability to the amount of his or her
business investment.
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10. Limited Liability Partnership -correct answer - Retain the tax
advantages of the general partnership form, but offer some
personal liability protection to the participants. Individual
partners in a limited liability partnership are not personally
responsible for the wrongful acts of other partners, or for the
debts or obligations of the business.
11. Marketing Mix -correct answer - A general phrase used to
describe the different kinds of choices organizations have to
make in the whole process of bringing a product or service to
market.
Price
Product
Promotion
Place
12. Administrative Law -correct answer - The body of law that
governs the activities of administrative agencies (lawmaking
bodies with limited powers delegated by Congress, they
specialize in specific issues that require expertise) of
government.
13. Time value of money -correct answer - The idea that money
available at the present time is worth more than the same
amount in the future due to its potential earning capacity. This
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core principle of finance holds that, provided money can earn
interest, any amount of money is worth more the sooner it is
received.
14. Law of Agency -correct answer - An area of commercial law
dealing with a set of contractual, quasi-contractual and non-
contractual fiduciary relationships that involve a person, called
the agent, that is authorized to act on behalf of another (called
the principal) to create legal relations with a third party.
15. Aggregate Demand -correct answer - "Domestic final
demand" (DFD) is the total demand for final goods and
services in an economy at a given time. It specifies the
amounts of goods and services that will be purchased at all
possible price levels.
16. Aggregate Supply -correct answer - "Domestic final supply"
(DFS) is the total supply of goods and services that firms in a
national economy plan on selling during a specific time period.
It is the total amount of goods and services that firms are willing
and able to sell at a given price level in an economy.
BUSINESS MAJOR FIELD TEST 2025
QUESTIONS AND ANSWERS.
1. Criminal Law -correct answer - Is that area of the law that
defines crimes. (Crimes = subject to imprisonment)
2. Civil Law -correct answer - The system of law concerned with
private relations between members of a community rather than
criminal, military, or religious affairs.
3. Balance Sheet -correct answer - Attempts to describe the
financial condition of the firm at a point in time.
Assets
Liabilities
Equity - "net assets" what remains after deducting liabilities
from assets.
4. Self-serving Bias -correct answer - Attributing our successes to
internal factors and our failures to external factors
, Page | 2
5. Moral Philosophy: DEONTOLOGY -correct answer - Focuses
on the preservation of individual rights and on the intentions
associated with a particular behavior rather than on its
consequences
6. Statutes -correct answer - Written laws enacted by the
legislative branch of either the federal or state governments
7. UCC -correct answer - Uniform Commercial Code: It is a
uniform law that governs commercial transactions, including
sales of goods, secured transactions and negotiable
instruments. It is a comprehensive set of statutes created to
provide consistency among the states.
8. General Partnership -correct answer - Involves two or more
owners carrying out a business purpose.
9. Limited Partnership -correct answer - Allows each partner to
restrict his or her personal liability to the amount of his or her
business investment.
, Page | 3
10. Limited Liability Partnership -correct answer - Retain the tax
advantages of the general partnership form, but offer some
personal liability protection to the participants. Individual
partners in a limited liability partnership are not personally
responsible for the wrongful acts of other partners, or for the
debts or obligations of the business.
11. Marketing Mix -correct answer - A general phrase used to
describe the different kinds of choices organizations have to
make in the whole process of bringing a product or service to
market.
Price
Product
Promotion
Place
12. Administrative Law -correct answer - The body of law that
governs the activities of administrative agencies (lawmaking
bodies with limited powers delegated by Congress, they
specialize in specific issues that require expertise) of
government.
13. Time value of money -correct answer - The idea that money
available at the present time is worth more than the same
amount in the future due to its potential earning capacity. This
, Page | 4
core principle of finance holds that, provided money can earn
interest, any amount of money is worth more the sooner it is
received.
14. Law of Agency -correct answer - An area of commercial law
dealing with a set of contractual, quasi-contractual and non-
contractual fiduciary relationships that involve a person, called
the agent, that is authorized to act on behalf of another (called
the principal) to create legal relations with a third party.
15. Aggregate Demand -correct answer - "Domestic final
demand" (DFD) is the total demand for final goods and
services in an economy at a given time. It specifies the
amounts of goods and services that will be purchased at all
possible price levels.
16. Aggregate Supply -correct answer - "Domestic final supply"
(DFS) is the total supply of goods and services that firms in a
national economy plan on selling during a specific time period.
It is the total amount of goods and services that firms are willing
and able to sell at a given price level in an economy.
