JURISPRUDENCE EXAM QUESTIONS AND ANSWERS ALREA) (Solved Questions 100% VERIFIED QUESTIONS AND ANSWERS) DY PASSED

JURISPRUDENCE EXAM QUESTIONS AND ANSWERS ALREADY PASSED Which survey method is the most expensive? A) Telephone B) Mail C) Personal D) Internet C) Personal In 2011 online retail sales are expected to reach 400 billion dollars. -True -False False The Internet is a useful tool to access information but is generally not a good vehicle for marketing goods and services. -True -False False Sole proprietorships: A) have no time limit on how long they may exist. B) are perpetual. C) continue even upon the death of the owner. D) allow a member of the deceased partner's family take over as a partner. A) have no time limit on how long they may exist. The _______ imposes oversight responsibilities on members of the board of directors. A) Social Security Act B) Fair Labor Practices Act C) Taft-Hartley Act D) Sarbanes-Oxley D) Sarbanes-Oxley The marketing plan is not meant to be a commitment by the entrepreneur to a specific strategy. -True -False False Cash flow is the same thing as profit. -True -False False ______ control compares the cost figures estimated in the business plan with actual day-to-day operations costs. A) Production B) Sales C) Inventory D) Costs A) Production _______ have unlimited liability for the actions of the business. A) Limited liability company members B) Corporate shareholders C) General partners D) Limited partners C) General partners The part of the plan that describes the location and size of the business, the personnel and office equipment that will be needed, and the history of the venture is called the: A) organizational plan. B) description of the venture. C) production plan. D) executive summary. B) description of the venture. The ______ patent is granted for a 14-year term. A) utility B) design C) plant D) procedure B) design _________ is (are) added back to the pro forma sources and applications of funds statement because it does not represent an out-of-pocket expense. A) Inventory B) Depreciation C) Dividends D) Equipment purchases B) Depreciation Which type of ownership is the least expensive to start? A) Corporation B) General partnership C) Limited partner D) Sole proprietorship D) Sole proprietorship To assess the potential profitability of a venture, the entrepreneur needs to ascertain expected sales and expense figures for the first: A) month. B) year. C) quarter. D) three years. B) year. A patent is a contract between the government and an inventor. -True -False True Entrepreneurs, because of their lack of understanding of intellectual property, ignore important steps that they should have taken to protect these assets. -True -False True In an S corporation: A) gains or losses of the business are separate from the personal income of the shareholder. B) shareholders retain unlimited liability. C) only one class of stock is permitted. D) most fringe benefits for shareholders can be deducted. A) gains or losses of the business are separate from the personal income of the shareholder. Method Products, Inc. is expected to surpass $110 million in sales in 2011. -True