Small Business Management Exam Practice Tests
Course Introduction
Small Business Management explores the fundamental principles and practices involved in starting, operating, and growing a small business. This course covers key topics such as business planning, financing, marketing, legal considerations, organizational development, and strategic decision-making. Students will analyze real-world case studies, develop business plans, and learn how to navigate the unique challenges faced by small business owners in a dynamic marketplace. Emphasis is placed on entrepreneurial thinking, innovation, and the critical skills required to sustain and scale a successful small business.
Recommended Textbook
Essentials of Business Law 8th Edition by Anthony Liuzzo
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36 Chapters
1573 Verified Questions
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Page 2
Chapter 1: Our System of Law
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Sample Questions
Q1) Courts that are given the power to hear only certain kinds of cases have:
A) original jurisdiction.
B) appellate jurisdiction.
C) pecuniary jurisdiction.
D) special jurisdiction.
Answer: D
Q2) Administrative law refers to the administration of the court system.
A)True
B)False
Answer: False
Q3) Many legal obligations are based on moral obligations,but not all moral obligations are legally enforceable.
A)True
B)False
Answer: True
Q4) Court decisions are recorded in writing so that lawyers and judges can refer to them in preparing or hearing a case.
A)True
B)False
Answer: True
Page 3
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Chapter 2: Ethics and the Law
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Sample Questions
Q1) A corporate code of ethics is a set of guidelines limited to corporate management.
A)True
B)False
Answer: False
Q2) Ethical beliefs are the foundation of many of our: A) reports.
B) laws.
C) books.
D) religious practices.
Answer: B
Q3) Governments may impose on individuals a set of duties known as: A) legal mandates.
B) ethical considerations.
C) legal imperatives.
D) national imperatives.
Answer: A
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Page 4
Chapter 3: Criminal Law
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Sample Questions
Q1) Burglary is defined as the taking of property in the possession of another person against that person's will.
A)True
B)False
Answer: False
Q2) Treason against the United States shall consist in levying:
A) war against the U.S.
B) strict penalties to the U.S. offenders.
C) anti-terrorist provisions against the U.S. offenders.
D) penalties for offenders of war.
Answer: A
Q3) White-collar crimes are often committed against businesses,but are sometimes committed by firms.Give an example of the latter.
Answer: Crimes committed by business firms typically include insider trading,price fixing,conspiracy in restraint of trade,and monopoly.
Q4) A misdemeanor is a more serious offense than a felony.
A)True
B)False
Answer: False
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Chapter 4: Tort Law
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Sample Questions
Q1) Explain the phrase "tort of conversion."
Q2) Describe the term "negligence" under the law of torts.
Q3) To call someone a thief to the person's face may amount to:
A) defamation.
B) insult.
C) nuisance.
D) negligence.
Q4) Vicarious negligence is the charging of a negligent act of one person onto another.
A)True
B)False
Q5) There are no special privileges in making the defamatory statement to any person accused of defamation.
A)True
B)False
Q6) Explain the kinds of actions that can be slanderous.
Q7) The law gives everyone the right to enjoy his or her land without unreasonable interference from others.What tort would be applicable if that right is denied?
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Chapter 5: Constitutional Law
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Sample Questions
Q1) It is constitutionally acceptable for a municipality to pass a law limiting what a journalist could write or say about a political candidate or issue.
A)True
B)False
Q2) The Sixteenth Amendment granted the federal government the power to impose and collect a tax on individuals' incomes.
A)True
B)False
Q3) Freedom of Speech is covered under which Amendment:
A) First Amendment.
B) Second Amendment.
C) Fourth Amendment.
D) Sixteenth Amendment.
Q4) The ______________ Amendment granted the federal government the power to impose and collect a tax on individuals' incomes.
A) Fourth
B) Eight
C) Fourteenth
D) Sixteenth
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Chapter 6: Administrative Law
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Sample Questions
Q1) If a merchant refuses to appear before an administrative agency hearing:
A) his or her ?license cannot be granted.
B) his or her ?license can be revoked.
C) his or her ?license cannot be revoked.
D) criminal punishment can be given to him or her.
Q2) The judicial branch of government determines if:
A) there is a need for amendment in the legislation.
B) there have been violations of the law.
C) the law is being enforced.
D) the legislatures' intention is wrong.
Q3) In many respects,administrative agencies are like governments within a government because they combine:
A) legislative, executive, and judicial functions.
B) legislative, appellate, and judicial functions.
C) executive, electoral, and judicial functions.
D) legislative, executive, and appellate functions.
Q4) Courts frequently reverse the decisions of an administrative agency.
A)True
B)False
Q5) Why is there a need for delegated legislation?
Page 8
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Chapter 7: Introduction to Contracts
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Sample Questions
Q1) The Uniform Commercial Code (UCC)defines a contract under the provision:
A) UCC 1-201(10).
B) UCC 1-201(11).
C) UCC 1-201(12).
D) UCC 1-201(13).
Q2) The element of proper form in a contract refers to the:
A) requirement of written form.
B) legal wording of the contract.
C) legal forms.
D) exchange of promises.
Q3) It is not required for a formal contract to be written under a contract seal.
A)True
B)False
Q4) The seal on a formal contract may consist of simply the word "Seal" or "L.S." The "L.S." stands for:
A) locus standi.
B) locus sigilli.
C) locus soliloquies.
D) locus signia.
Q5) Describe the conditions that determine the enforceability of a contract.
Page 9
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Chapter 8: Offer and Acceptance
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Sample Questions
Q1) If the offeror acknowledges the rejection but restates the offer,the offeree:
A) loses the opportunity to accept, but retains the authority to make a counteroffer.
B) does not have any opportunity to accept, or reject, or make a counteroffer.
C) still has the opportunity to accept, or reject, or make a counteroffer.
D) cannot be revived or make a counteroffer.
Q2) What is an invitation to trade?
Q3) The omission of one or more essential terms does not necessarily make the offer: A) voidable.
B) valid.
C) invalid. D) void.
Q4) Just as a qualified acknowledgment of the rejection of an offer serves to keep an offer alive,a qualified rejection may have a similar effect.
A)True
B)False
Q5) Is an acceptance valid if it states terms additional to or different from those offered or agreed upon? Please explain.
Q6) What are the usual means of communication of an offer?
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Chapter 9: Mutual Agreement
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Sample Questions
Q1) There is no remedy for the injured party under fraud and misrepresentation.
A)True
B)False
Q2) Sometimes a person has the power to control the actions of another because of a special or confidential relationship to that person.Such relationships are found in all of the following,EXCEPT that of a(n):
A) employer and an employee.
B) physician or nurse and a patient.
C) attorney and a client.
D) client and vendor.
Q3) The provision,"If the court as a matter of law finds the contract or any clause of the contract to have been unconscionable at the time it was made,the court may refuse to enforce the contract,or it may enforce the remainder of the contract without the unconscionable clause,or it may so limit the ?application of any unconscionable clause as to avoid any unconscionable result." This was stated under which provision of law?
A) UCC 2-300
B) UCC 2-301
C) UCC 2-302
D) UCC 2-303
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Page 11
Chapter 10: Consideration
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Sample Questions
Q1) Identify four kinds of agreements that lack consideration.
Q2) The promise to refrain from doing something that a party has a legal right to do,or the promise of inaction,is known as:
A) forbearance.
B) consideration.
C) general release.
D) pledge or subscription.
Q3) The obligation to perform something that is already required of a person to perform is known as:
A) preordained duty.
B) precarious duty.
C) preexisting duty.
D) dysfunctional duty.
Q4) Past consideration is a promise to repay someone for a benefit before it has been received.
A)True
B)False
Q5) In general,courts do not attempt to judge the adequacy of consideration.
A)True
B)False
Page 12
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Chapter 11: Competent Parties
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Sample Questions
Q1) Once a minor reaches the legal age of majority,and if he or she disagrees to the terms of a contract and expresses his or her unwillingness to continue with the contract within a reasonable time,then the contract is said to be:
A) stamped.
B) attested.
C) disaffirmed.
D) approved.
Q2) In some states the minor may avoid the contract even if he or she falsely represented himself or herself as:
A) being of age.
B) a minor.
C) being under force or duress.
D) being bankrupt.
Q3) The UCC specifies that a competent party is a person of legal age,but fails to take into account the mental state of the individual.
A)True
B)False
Q4) Is a contract made by a person under the influence of drugs binding? Explain.
Q5) Describe competent parties,and how they relate to the capacity to contract.
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Chapter 12: Legal Purpose of Contracts
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Sample Questions
Q1) Some state statutes and local ordinances that regulate the creation and performance of certain types of contracts on Sundays and legal holidays are referred to as:
A) white laws.
B) black laws.
C) blue laws.
D) red laws.
Q2) A ???__________________ is a special kind of business organization involving a contractual relationship between the parent firm and the independent company.
A) government-granted monopoly
B) retailer
C) private franchise
D) wholesaler
Q3) What constitutes an "illegal restraint of trade?" Explain and provide an example.
Q4) Usury laws are applicable to transactions between corporations in all the states.
A)True
B)False
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Chapter 13: Form of Contracts
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Sample Questions
Q1) To satisfy the Statute of Frauds,a written contract or agreement is sometimes called a:
A) draft.
B) brief.
C) synopsis.
D) memorandum.
Q2) An executor is a person:
A) who inherits property from a deceased person.
B) who has drafted the will of the deceased.
C) who is named by a court to judge matters of law.
D) named in a will who serves as the personal representative of a deceased person.
Q3) Written contracts seldom contain an acknowledgment that the buyer has inspected the goods,or has waived his or her right to such inspection.
A)True
B)False
Q4) A valid agreement should not be handwritten even if it is legible.
A)True
B)False
Q5) How is a sale completed if it is made by telephone?
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Chapter 14: Operation of Contracts
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Sample Questions
Q1) A life insurance policy is an example of a third-party contract.
A)True
B)False
Q2) The assignor of a contract right becomes a(n):
A) assignee.
B) grantor.
C) guarantor.
D) transferee.
Q3) Athletes are hired because of their special personal skills; because of this,their services under a contract:
A) may not be delegated.
B) may be delegated.
C) may not be assigned.
D) may be assigned.
Q4) Rights or duties under a contract may be assigned by a court of law when a contracting party:
A) earns profits.
B) incurs losses.
C) opens new business.
D) dies or becomes bankrupt.
Page 16
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Chapter 15: Discharge of Contracts
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Sample Questions
Q1) Contracts may be terminated by alteration.
A)True
B)False
Q2) The Federal Trade Commission gives a consumer the right to cancel a credit transaction within three days when the contract requires that the consumer pledge his or her home as a security deposit.
A)True
B)False
Q3) A breach of contract results when a party to a contract refuses to perform as required by the contract or performs in an unsatisfactory manner.
A)True
B)False
Q4) A deliberate change of an important element in a written contract that affects the rights or obligations of the parties is known as a(n):
A) mitigation.
B) breach of contract.
C) material alteration.
D) injunction.
Q5) Provide an example of a contract terminated by performance.
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Chapter 16: Transfer of Title
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Sample Questions
Q1) A salesperson of the titleholder of certain merchandise may sell the products of the titleholder because he has ___________ permission of the titleholder.
A) only the express
B) the express or implied
C) only the implied
D) neither express nor implied
Q2) When a person sells stolen property to an innocent third party,the owner is estopped from recovering the goods from the:
A) retailer.
B) remote party.
C) seller.
D) third party.
Q3) Goods sold by weight or measure are known as tangible goods.
A)True
B)False
Q4) Title is a tangible property.
A)True
B)False
Q5) What is the differentiating factor between the two kinds of properties?
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Chapter 17: Sales
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Sample Questions
Q1) When the buyer refuses to pay the purchase price and the seller has the possession of the goods,the seller may:
A) resell the goods and sue the buyer.
B) get the buyer arrested.
C) destroy the goods and sue the buyer.
D) manhandle the buyer.
Q2) When goods are sold free on board (f.o.b.)shipping point,title to the goods passes from the seller to the buyer when the carrier ________ the shipment.
A) discards
B) receives
C) deports
D) retreats
Q3) Most goods sold by reputable merchants can be returned for a variety of reasons unless the sale is clearly identified as final or the circumstances of the return are unreasonable.
A)True
B)False
Q4) Explain sellers' remedies for breach of a sales contract.Provide an example.
Q5) Use an example to explain buyers' remedies for breach of a sales contract.
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Chapter 18: Warranties
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Q1) The Uniform Commercial Code states that any sample or model that is made part of the basis of the bargain creates an express warranty that the whole of the goods will conform to the:
A) requisites of UN standards.
B) similar goods available in the market.
C) sample or model as shown earlier.
D) similar products other than the sample.
Q2) Some sellers put specific limitations in the warranty to limit the effectiveness of a warranty.Such a denial or repudiation in an express warranty is known as:
A) puffing.
B) product liability.
C) a warranty.
D) a disclaimer.
Q3) Express warranties can be made in many ways,both orally and in writing,including by promise,description,sample,or model.
A)True
B)False
Q4) Differentiate between express and implied warranties.
Q5) Distinguish between full warranty and limited warranty.
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Chapter 19: Agency
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Q1) If an employee is required to perform duties for the employer that necessitate the exercise of judgment and discretion and that result in the establishment of a contractual relationship between the employer and a third party,then the employee has the status of an agent even without a:
A) formal contract of agency.
B) deed of trust.
C) stock purchase agreement.
D) joinder agreement.
Q2) A principal is liable for the torts and crimes of the agent if they are committed at the direction of the principal or while the agent is performing authorized duties during the ordinary course of the agency.
A)True
B)False
Q3) It is not necessary for the agent to obey all of the principal's reasonable and lawful orders and instructions within the scope of the agency contract.
A)True
B)False
Q4) How is a contract of agency established?
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21
Chapter 20: Business Organizations
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Sample Questions
Q1) All but one of the following organizational forms has limited liability.This exception is the:
A) sole proprietorship.
B) subchapter C corporation.
C) subchapter S corporation.
D) limited partnership.
Q2) The major disadvantage of a corporation is the fact that the corporation is required to pay separate income taxes at a special corporate rate for any year during which a profit is earned.
A)True
B)False
Q3) The expense associated with forming and maintaining the company in a corporation serves as a(n):
A) stepping-stone.
B) disadvantage.
C) accounting strategy.
D) advantage.
Q4) Identify two reasons why a partnership may be dissolved.
Q5) Identify an advantage and a disadvantage of a limited liability company.
Q6) Discuss the disadvantages of a corporation.
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Chapter 21: Bankruptcy
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Sample Questions
Q1) Bankruptcy law provides that no debts survive the bankruptcy.
A)True
B)False
Q2) Bankruptcy law is divided in clauses.
A)True
B)False
Q3) A secured debt is a loan for which a specific asset is used as collateral,or pledged.
A)True
B)False
Q4) A debtor is an individual or business who:
A) owes money.
B) counts money.
C) loans money
D) likes money.
Q5) Chapter 13 bankruptcy is sometimes referred to as a ______________________:
A) reorganization bankruptcy.
B) realignment bankruptcy.
C) recharging bankruptcy.
D) revision bankruptcy.
Page 23
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Chapter 22: Introduction to Commercial Paper
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Sample Questions
Q1) Electronic funds transfer (EFT)refers to a variety of electronic applications for handling:
A) goods.
B) money.
C) consumers.
D) shipments.
Q2) Checks are sometimes payable on demand.
A)True
B)False
Q3) An instrument payable in a foreign currency is negotiable.
A)True
B)False
Q4) Commercially acceptable documents,such as notes,checks,and drafts,are used to transfer money from one person to another.
A)True
B)False
Q5) Commercial paper may be handwritten,printed,or written by any other means that will make a mark.
A)True
B)False
Page 24
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Chapter 23: Transfer and Discharge of Commercial Paper
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Q1) An endorsee is the person who writes his or her name on the reverse side of a check.
A)True
B)False
Q2) When an endorsement is made to the instrument,it can be further negotiated only when it has been indorsed by the specified person.Such an endorsement is a:
A) specific endorsement.
B) definite endorsement.
C) declarative endorsement.
D) special endorsement.
Q3) The holder of dishonored commercial paper must give notice of the dishonor immediately to the drawer and to all endorsers in order to hold them liable on the instrument.
A)True B)False
Q4) The use of a qualified endorsement affects the negotiability of an instrument. A)True
B)False
Q5) Explain dishonor of commercial paper.
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Chapter 24: Real and Personal Property
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Q1) Briefly discuss the terms,"tenancy by the entirety" and "tenancy in common."
Q2) Property acquired by either one of the spouses during a marriage is considered community property.
A)True
B)False
Q3) The evidence of ownership does not create title to personal property.To acquire a title to property,it is necessary to have actual:
A) patent.
B) possession.
C) ownership.
D) exclusive rights.
Q4) A joint tenancy exists when two or more persons own equal shares of property.
A)True
B)False
Q5) Personal property,such as trees or shrubbery purchased at a nursery,become real property when they are planted.
A)True B)False
Q6) Explain what quitclaim deeds are and when they are used.
Page 26
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Chapter 25: Bailments
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Q1) Under common law,a hotelkeeper's liability for a property of guests was near absolute,but state statutes today limit a hotel's liability to that of a(n):
A) insolvent.
B) ordinary bailee.
C) mortgagee.
D) lessee.
Q2) An agreement in which a suitcase is left with a railroad station checkroom is a:
A) bailment for the sole benefit of the bailee.
B) bailment for the sole benefit of the bailor.
C) mutual-benefit bailment.
D) constructive bailment.
Q3) A bailee's lien is a claim against the property of another as security for a debt.
A)True
B)False
Q4) The bailor does not have the duty to warn the bailee of any defects in the property that could cause harm.
A)True
B)False
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Chapter 26: Landlord-Tenant Relations
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Q1) The person who agrees to pay for the use of real property is known as the:
A) lessor.
B) warrantor.
C) tenant.
D) bailor.
Q2) Explain a landlord's right to rent,regain possession and to evict a tenant.
Q3) Define eviction and distinguish between actual and constructive eviction.
Q4) When tenants transfer their entire interest in property for the remaining term of a lease it is a(n):
A) leasehold.
B) sublease.
C) eviction.
D) assignment.
Q5) A transfer of the tenant's interest for a part of the premises or for a part of the term of the lease is known as a(n):
A) abandonment.
B) constructive bailment.
C) power of attorney.
D) sublease.
Q6) Distinguish between a lease and a license.
Page 28
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Chapter 27: Wills, Intestacy, and Trusts
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Q1) What are the four legal requirements of a valid will?
Q2) Changes in a will can be made in a separate document known as a:
A) revocation.
B) revision.
C) codicil.
D) trust.
Q3) A person's declaration of how he or she wishes property to be distributed upon his or her death is known as a:
A) gift.
B) will.
C) sale.
D) lease.
Q4) A formal,printed will needs to be signed only by the testator.Witnesses are not required for this purpose.
A)True
B)False
Q5) A gift of personal property left to someone is known as a bequest.
A)True
B)False
Q6) Distinguish between a testamentary trust and a living trust.
Page 29
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Chapter 28: Intellectual Property
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Q1) Which of the following was once a trademark,but has now become generic?
A) Xerox
B) Coke
C) Apple
D) Escalator
Q2) A distinctive,nonfunctional feature,which distinguishes a merchant's or manufacturer's goods or services from those of another,is known as a:
A) trademark.
B) trade dress.
C) design patent.
D) copyright.
Q3) Describe the purpose of design patents,and for how long they are granted.
Q4) A domain name is a unique identifier that serves as an address for a Web page.
A)True
B)False
Q5) A program with a complex accounting and budgeting program,highly specialized and not intended for wide distribution,would not be considered as a trade secret. A)True
B)False
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Chapter 29: Computer Privacy and Speech
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Q1) Defamatory statements would include slander but not libel.
A)True
B)False
Q2) While there are currently no federal laws prohibiting the use of cookies when gathering information regarding adults,the Children's Online Privacy Protection Act prohibits this practice when minors are involved,unless there is parental consent.
A)True
B)False
Q3) From a legal standpoint,it is not allowable for a seller to solicit via e-mail.
A)True
B)False
Q4) Consumers who believe that their right to privacy is being violated by the embedding of software can complain to the:
A) Federal Tort Curbing Agency.
B) Administration and Trade Commission.
C) Agency against Unfair Trade Practices.
D) Federal Trade Commission.
Q5) Identify and describe the three major areas that the Computer Fraud and Abuse Act (CFAA)covers.
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Chapter 30: Conducting Business in Cyberspace
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Sample Questions
Q1) Words like e-business,e-tailing,e-marketing,and e-contracts found their way into the English vocabulary,and companies started taking the Internet seriously as an important new means of doing business.
A)True
B)False
Q2) In recent years,it has become quite popular for people to trade and download music and other forms of entertainment (movies,games,etc.)from the Web onto compact disks and other digital storage devices.The legal issue associated with this is:
A) copyright infringement.
B) patent infringement.
C) trademark infringement.
D) service mark infringement.
Q3) It is expensive to proceed against a defendant in a court case; a person who is the victim of a breach of contract will frequently seek to have the dispute resolved using alternative means.
A)True
B)False
Q4) List the six key settings in which the law applies to conducting business on the Web.
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Chapter 31: The Employer-Employee Relationship
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Q1) An employee handbook contains all of the following information,EXCEPT:
A) history of the company.
B) hiring procedure.
C) hours of employment.
D) rules of respondeat superior.
Q2) Independent contractors are under the direct control of the person who engages them.
A)True
B)False
Q3) The acts of an employee committed while performing duties are not considered as the acts of the employer.
A)True
B)False
Q4) A current or former employee does not have the right to sue his or her employer for defamation.
A)True
B)False
Q5) Describe independent contractors and their legal relationships with those who hire them.
Q6) State and describe any three contents of an employee handbook.
Page 33
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Chapter 32: Employment Law
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Q1) The union has the right to negotiate a contract with the employer that covers all terms and conditions of employment.This is known as a(n):
A) collective bargaining agreement.
B) usurious agreement.
C) gambling and wagering agreement.
D) agreement not to compete.
Q2) The Americans with Disabilities Act of 1990 (ADA)is designed to protect __________from illegal discrimination in employment on the basis of disability.
A) corporations
B) charitable trust
C) state
D) individuals
Q3) Employees may still sue their employers if it was the employer's ____________ conduct that caused the injury or illness.
A) intentional
B) malicious
C) abrupt
D) grossly negligent
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Chapter 33: Product Liability
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Q1) A pharmaceutical company earns most of its profits from the drug only during the time that the patent for the drug is effective.
A)True
B)False
Q2) During the testing of drugs,the Phase in which a small number of people are tested to determine safety and dosage,and to identify side effects that result from taking the drug,is:
A) Phase I.
B) Phase II.
C) Phase III.
D) Phase IV.
Q3) During the testing of drugs,the Phase in which the safety and effectiveness of the drug are evaluated in trials involving a great number of people is:
A) Phase I.
B) Phase IV.
C) Phase II.
D) Phase III.
Q4) Describe the purpose of the Food and Drug Administration (FDA).
Q5) Explain the legal reasoning behind the concept of strict liability.
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Chapter 34: Professionals Liability
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Q1) Insurance agents and insurance brokers are deemed to possess superior knowledge of insurance and to have the ability to use their expertise to protect buyers against various kinds of:
A) losses.
B) negligence.
C) malpractice.
D) churning.
Q2) The malpractice of a physician does not cause injury or loss to third parties,except when the patient dies or is permanently disabled because of the physician's:
A) temperament.
B) negligence.
C) discrimination.
D) harassment.
Q3) The malpractice of a physician does not cause injury or loss to third parties,except in cases where the physician's negligence results in the patient's death or permanent disability.
A)True
B)False
Q4) Discuss any two elements of malpractice.
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Chapter 35: International Business Law
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Q1) The increasing volume of international trade and tourism,the globalization of the marketplace,the growing incidence of multinational business organizations,and cultural exchanges have given rise to the need for:
A) interpretation of statutes.
B) foreign law.
C) trade union law.
D) international law.
Q2) The philosophy of Roman international law controlling trade and commerce in a peaceful way came to be known as:
A) Max Roman.
B) Romana law.
C) Pax Romana.
D) Roman Philosophy.
Q3) ____________ property includes both artistic as well as industrial property rights.
A) Tangible
B) Intellectual
C) Public
D) Real
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Chapter 36: Business and the Environment
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Q1) Superfund regulates the dumping of waste onto land.
A)True
B)False
Q2) In the United States,environmental regulation is a distinct area of the law,and firms strive to comply with myriad statutes,regulations,and ordinances that cover the relationship between businesses and the environment.
A)True
B)False
Q3) Important federal legislation aimed at protecting the environment includes the Clean Air Act; the Clean Water Act; and the Comprehensive Environmental Response,Compensation,and Liability Act,also known as:
A) Environmental Protection Act.
B) Environmental Impact Statement.
C) Primary Standard Statement.
D) Superfund.
Q4) There has been a growing recognition that economic interests are causing the gradual destruction of the rain forests.
A)True
B)False
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