BUS-206 BUSINESS LAW|VERIFIED EXAM
CORRECT & ACCURATE (2024/2025 UPDATE)
Members of the board of directors of a corporation are elected by shareholders.
True
False
Which of the following is a relationship between two or more persons or
corporations created for a specific business undertaking?
A business
trust
A joint
venture
A syndicate
A franchise
An enterprise
If a partner has authority to act and the partnership is bound by the act, each
partner has unlimited personal liability for the obligation.
True
False
Which of the following is true regarding corporations?
A corporation is not a separate legal entity.
A corporation may not be sued.
A corporation is created according to federal law.
Shareholders may typically be held liable for debts of the corporation.
The corporation must pay taxes on profits, and shareholders must pay taxes
on dividends they receive from the corporation.
Every partner is considered to be an agent of the partnership.
True
False
Which of the following governs partnerships in most states in the absence of an
express agreement?
The Joint Partnership Act
The Uniform Joint
Agreement Act
The Uniform Partnership Act
CORRECT & ACCURATE (2024/2025 UPDATE)
Members of the board of directors of a corporation are elected by shareholders.
True
False
Which of the following is a relationship between two or more persons or
corporations created for a specific business undertaking?
A business
trust
A joint
venture
A syndicate
A franchise
An enterprise
If a partner has authority to act and the partnership is bound by the act, each
partner has unlimited personal liability for the obligation.
True
False
Which of the following is true regarding corporations?
A corporation is not a separate legal entity.
A corporation may not be sued.
A corporation is created according to federal law.
Shareholders may typically be held liable for debts of the corporation.
The corporation must pay taxes on profits, and shareholders must pay taxes
on dividends they receive from the corporation.
Every partner is considered to be an agent of the partnership.
True
False
Which of the following governs partnerships in most states in the absence of an
express agreement?
The Joint Partnership Act
The Uniform Joint
Agreement Act
The Uniform Partnership Act
