1. In starting a business, factors that could be considered are liability, income tax treatment, control, and financing, and while, in the past, many different forms of business were used to start a new business, today only

A) Limited Partnerships and partnerships are favored by firms with multiple owners.

B) Sole proprietorships are favored by firms with multiple owners.

C) limited liability company and the standard corporation are favored by firms with multiple owners.

D) joint ventures are favored by firms with multiple owners.

2. Importance of Law to the Entrepreneur -

A) Knowledge of the law can be employed to reduce risks associated with starting and operating a business

B) Understanding aspects of the law can be used to better plan business strategy

C) the law regarding entrepreneurship can be complex, so it is best to engage an attorney in order to minimize risk.

D) All the above

3. An international business entity (IBE) is any business entity with relationships that transcend national boundaries and is subject to the laws of

A) home country

B) host country

C) International regulation

D) All the above

4. Some important facts about Labeling and Packaging Federal legislation -

A)it is aimed at controlling the content of wording used on labels and packaging addressing concerns in three categories: (1) all products, (2) certain types of products, or (3) dangerous products.

promotional statements, made by business in advertising a product or service, that is not intended to be taken literally as mere puffery.

deceptive advertising, includes any material misrepresentation or omission that is likely to mislead a potential customer and that would likely mislead a reasonable customer.

The Securities Exchange Commission promulgates and enforces regulations dealing. with door-to-door sales, telephone and mail-order sales, online sales.

B) it is aimed at controlling the content of wording used on labels and packaging addressing concerns in three categories: (1) all products, (2) certain types of products, or (3) dangerous products.

promotional statements, made by business in advertising a product or service, that is not intended to be taken literally as mere puffery.

deceptive advertising, includes any material misrepresentation or omission that is likely to mislead a potential customer and that would likely mislead a reasonable customer.

The Federal Trade Commission promulgates and enforces regulations dealing. with door-to-door sales, telephone and mail-order sales, online sales.

C) it is aimed at controlling the content of wording used on labels and packaging addressing concerns in three categories: (1) all products, (2) certain types of products, or (3) dangerous products.

promotional statements, made by business in advertising a product or service, that is not intended to be taken literally as illegal false advertising.

deceptive advertising, includes any material misrepresentation or omission that is likely to mislead a potential customer and that would likely mislead a reasonable customer.

The Federal Trade Commission promulgates and enforces regulations dealing. with door-to-door sales, telephone and mail-order sales, online sales.

D) it is aimed at controlling the content of wording used on labels and packaging addressing concerns in three categories: (1) all products, (2) certain types of products, or (3) dangerous products.

promotional statements, made by business in advertising a product or service, that is not intended to be taken literally as mere puffery.

deceptive advertising, includes some material misrepresentation or omission that is not likely to mislead a potential customer and that would not likely mislead a reasonable customer.

The Federal Trade Commission promulgates and enforces regulations dealing. with door-to-door sales, telephone and mail-order sales, online sales.

5. Some important facts about federal laws aimed at protecting the debtor

A)The Truth in Lending Act requires that entities desiring to extend credit make certain disclosures to the consuming public.

The Equal Credit Opportunity Act forbids creditors from discriminating against potential debtors on the basis of selected attributes.

The Fair Credit Reporting Act controls the gathering, preservation, and reporting of credit-related information.

B) The Electronic Funds Transfer Act regulates the processes banks and other institutions use to transfer consumer funds through electronic means.

The Fair and Accurate Credit Transaction Act attempts to reduce the impact on individuals who are the target of identity theft schemes. Collecting the Debt 1. The Fair Credit Billing Act provides a mechanism for consumers to remedy errors on credit card bills

The Fair Debt Collection Practices Act controls the behavior of debt collectors.

C) The Consumer Financial Protection Bureau (CFPB) is a federal administrative agency designed to be a single point of accountability within the federal government for various aspects of consumer financial protection.

The CFPB possesses exclusive rulemaking authority within the realm of consumer financial protection.

The CFPB shares enforcement authority with other administrative agencies for ensuring compliance with consumer financial protection regulations.

D) All the above