Question 1

A business owned and operated by one person is called a(n):

limited partnership.

limited liability company (LLC).

sole proprietorship.

501(c) corporation.

Question 2

The major advantage of a corporation is the fact of ____________to shareholders.

restricted authority

unlimited credibility

limited liability

unrestrained reliability

Question 3

Bankruptcy law is divided into chapters.

true

false

Question 4

The most common type of bankruptcy filed by individuals and businesses is Chapter 11.

true

false

Question 5

Insolvency occurs when:

liabilities exceed assets.

assets equal liabilities.

assets exceed liabilities.

there are no liabilities.

Question 6

Bankruptcy is governed by ________ law.

state

federal

who guides the bankruptcy process.

municipal

Question 7

Individuals who post on social media may be held legally responsible for defamation, libel, invasion of privacy and fraud.

true

false

Question 8

Employers are not allowed to use social media to make employment decisions, like hiring decisions.

true

false

Question 9

Individuals who post on social media can be held legally responsible for:

loss of profits.

a corporation's bad judgments.

defamation.

sharing personal pictures of family and friends.

Question 10

Concerted action allows __________ to share information about wages, benefits, and working conditions.

employees

employers

the state

the court