Practice Quiz

DSST Business Law II Exam Prep - Question List

Select how would you like to study

Study Mode Free Daily Question Test Mode
11. The Uniform Commercial Code (UCC) permits parties to a sales contract to establish in their sales contract the damages that will be paid upon a breach of contract. Such pre-established damages are referred to as:
  1. Contract damages.
  2. Punitive damages.
  3. Nominal damages.
  4. Liquidated damages.
  5. Actual damages.
See answer
12. A sole proprietorship has which of the following elements?
  1. A single owner
  2. Revenue less than $100,000
  3. The owner has personal responsibility for the liabilities of the business.
  4. A and C.
  5. A, B, and C.
See answer
13. A public company is:
  1. A company that is listed on the New York Stock Exchange.
  2. A listed company.
  3. A company that has issued securities through an initial public offering and is traded on the open market.
  4. A company owned by a small amount of shareholders.
  5. A company that has shareholders.
See answer
14. Diana was selling $500 tickets to her favorite charity's fundraiser. She asked her good friend, Donna, to purchase a ticket. Donna declined, stating that she could not afford the ticket price. Diana persisted. When Donna refused to purchase a ticket, Diana declared, "If you do not buy a ticket, I will never go shopping with you again!" Fearing the loss of her shopping buddy, Donna gave in and agreed to purchase a ticket. When Diana tried to collect the $500 from Donna, Donna refused to give Diana the money. If Diana sues Donna for the price of the ticket, who will win?
  1. Donna will win because she entered into the contract with Diana under duress.
  2. Donna will win because she never intended to buy a ticket. She just wanted to go shopping.
  3. Diana will win because she has an enforceable contract with Donna.
  4. Diana will win because the ticket is for a charitable event.
  5. Diana will win because Donna lied when she said she could not afford the ticket price.
See answer
15. A long-term, unsecured debt instrument that is based on a corporation's or government's general credit standing is known as a:
  1. Corporate bond.
  2. Voucher.
  3. Treasury bill.
  4. Debenture.
  5. Convertible bill.
See answer

Select how would you like to study

Study Mode Free Daily Question Test Mode