BUS 311 Week 4 Quiz (All Correct)

1. Question : Kevin and Emily own a house as joint tenants. If Kevin dies, Emily will own
an undivided 50% interest in the house jointly with Kevin’s heirs.
a divided 50% interest in the house jointly with Kevin’s heirs.
the house, but only if she applies for partition and can pay Kevin’s heirs their share.
the house.

2. Question : The power of the government to regulate what use real property may be used for is known as
adverse possession.
eminent domain.
community impact restriction.

3. Question : Which of the following is a partnership?
Jennifer and Brad each put in $20,000 to buy a high interest Certificate of Deposit, intending to cash it at maturity and split the money equally.
Allen, Bianca, and Caroline jointly run an organization offering free advice to LGBT teenagers.
Peyton and Eli, who invest $50,000 and $75,000 respectively, buy a bookstore and run it together.
All of these are partnerships.

4. Question : If you find a diamond bracelet on the public sidewalk, you are most likely to be able to keep the bracelet if it is
lost property.
mislaid property.
abandoned property.
Any of these: finders keepers.

5. Question : Isabel invents a new type of exercise shoe, which she calls the “Super Soul.” To protect the name of her product, Isabel should get a

6. Question : A trademark is an example of
personal property.
tangible property.
intellectual property.
real property.

7. Question : Which of the following does NOT have the advantage of single taxation?
Sole proprietorships

8. Question : Which of the following has NOT been a criticism of the Supreme Court’s decision in Citizens United v. Federal Election Commission?
It allowed corporations to play too major a role in political campaigns.
It allowed too much anonymity in money spent to influence campaigns.
It overly restricted freedom of speech.
All persons’ rights are not identical.

9. Question : Cary, Dean, and Madeline are partners in a furniture store. Madeline wants to buy some antiques from an upcoming estate sale. Dean thinks it’s a good idea, but Cary says it is too pricey. Madeline goes ahead and buys the antiques. Which of the following best describes the situation?
All three partners must agree on the furniture purchase.
The estate can hold the partnership liable, but Madeline has breached her duty to the partnership.
Cary will not be liable to the estate on the antiques contract.
The partnership and all three partners will be liable on the contract for the antiques.

10. Question : Aaron and Jerard form a partnership, with Aaron as general partner and Jerard as a limited partner. Which of the following is true?
Aaron will be fully personally liable for business debts.
Jerard will not be personally liable for business debts.
If Jerard dies, the partnership will dissolve.
Two of these