Practice Quiz

DSST Business Law II Exam Prep - Question List

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66. The use of barter rather than money in making international sales is referred to as:
  1. Tariff-free trade
  2. Free exchange
  3. Offset
  4. Countertrade
  5. Trade-in-kind
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67. Authorized shares that have been sold by the corporation are:
  1. Issued shares.
  2. Converted shares.
  3. Lost shares.
  4. Delivered shares.
  5. Unavailable shares.
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68. What is a major distinguishing feature of a limited liability partnership (LLP)?
  1. An LLP allows the members of the LLP to take an active role in the business of the partnership, without exposing them to personal liability for others' acts except to the extent of their investment in the LLP.
  2. An LLP allows the partnership to have unlimited partners without extending liability to all of the partners.
  3. An LLP statutorily limits personal liability to $100,000 per partner.
  4. An LLP does not require a partnership agreement.
  5. An LLP allows the members of the LLP to take an active role in the business of the partnership, while limiting the personal liability to $100,000.
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69. What agency is responsible for enforcing the Fair Debt Collection Practices Act?
  1. Consumer Research Commission
  2. Federal Trade Commission
  3. Consumer Protection Commission
  4. Fair Debt Commission
  5. Securities and Exchange Commission
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70. What type of liability does a surety have for paying the principal debtor's debt when it becomes due?
  1. Primary
  2. Tertiary
  3. Secondary
  4. None
  5. Absolute
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