Practice Quiz

DSST Business Law II Exam Prep - Question List

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71. What is the difference between a C corporation and an S corporation?
  1. A C corporation is for large businesses and an S corporation is not.
  2. A C corporation must register with the Internal Revenue Service and an S corporation is not required to.
  3. A C corporation must file disclosures with the SEC and an S corporation is not required to.
  4. An S corporation must file disclosures with the SEC and a C corporation is not required to.
  5. A C corporation is taxed separately from its owners and an S corporation is not.
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72. Which of the following is NOT true about partnerships?
  1. Partnerships are controlled by state law.
  2. A non-profit organization can be a partnership.
  3. A partnership has two or more people.
  4. Each partner is personally liable for the debts of the partnership.
  5. Each partner claims a share of the partnership's business income.
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73. A contract under which one company agrees to design, construct, and equip a manufacturing facility and then sell it to the foreign purchaser when it is ready for operation is known as:
  1. A distribution agreement
  2. An international trade agreement
  3. An international turnkey project
  4. A direct export agreement
  5. An indirect import agreement
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74. Which state never adopted the Uniform Partnership Act of 1914?
  1. Alaska
  2. New York
  3. Louisiana
  4. Nevada
  5. All states have adopted it.
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75. The federal law dealing with false advertising is the:
  1. Lanham Act
  2. Sherman Act
  3. Securities Act
  4. Truth in Advertising Act
  5. Taft-Hartley Act
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