A. Under the statute of frauds, a lease of real property must be in writing if it is for:

A) residential property.

B) more than one year.

C) commercial property.

D) a month-to-month agreement.

E) more than $1000 per month.

B. The employment-at-will doctrine means that :

A) employers and/or employee may terminate employment at any time.

B) employees must give a two-week notice before quitting a job.

C) employers must give prior notice before terminating an employee.

D) employers can terminate an employee because they have a disability.

E) employees can be terminated for filing a discrimination suit.

C. Federal antitrust regulation is based on the:

A) Sherman Act, Jones Act and the Federal Trade Commission Act.

B) Miller Act, the Jones Act and the Clayton Act.

C) Federal Trade Commission Act, the Sherman Act and the Jones Act.

D) Jones Act, the Clayton Act, and the Sherman Act.

E) The Clayton Act, the Federal Trade Commission Act and the Sherman Act.

D. Competitors who allocate and divide markets among themselves to lessen competition are engaging in a type of illegal restraint of trade known as:

A) a tying agreement.

B) market allocation.

C) an exclusive dealing arrangement.

D) a fraction conspiracy.

E) a virtual monopoly.

E. Governmental regulations for business are normally enforced by...:

A) the police.

B) local government.

C) administrative regulatory agencies.

D) the U.S. Congress.

E) state legislatures.

F. The following are considered "hybrid" business forms::

A) LS, LLP, Sub-S, LLC.

B) LP, LLS, Sub-C, LLP.

C) LS, LLP, Sub-S, LLC.

D) LP, LLP, Sub-S, LLC.

E) LC, LLC, Sub-C, LLP.

G. The difference between an LLC and a "C" corporation is:

A) an LLC pays income tax on its profits; a C corporation does not.

B) an LLC is considered a separate legal identity; a C corporation is not.New Answer

C) an LLC member is taxed only on the amount of profit actually received.

D) an LLC member not employed by the business owes Medicare tax on profits.

E) an LLC is passed through and reported on owners' individual tax returns for tax to be paid at the individual level.

H. A secured creditor can collect a debt owed for purchased goods by:

A) bringing criminal charges against the debtor.

B) repossessing the item and selling it.

C) having the debtor arrested.

D) notifying the debtor's employer.

E) notifying the debtor's bank.

I. The type of bankruptcy filing that allows a corporation, a partnership or an individual to reorganize and pay creditors over time is called a:

A) Chapter 7.

B) Chapter 9.

C) Chapter 11.

D) Chapter 12.

E) Chapter 13.

J. Secured credit means:

A) a promise to pay made by an employed person.

B) a promise to pay guaranteed by a third party.

C) a promise to pay a specific amount in regular installments.

D) a promise to pay and a pledge of property.

E) a promise to pay and a pledge of future income.