3.06 Quiz Flashcards

1

Business is only applicable to big businesses?

True
False

2

Trademarks are....

Good for 25 years
What're those!?!??!
Good forever
Good for 5 years

3

Federal Income Tax Laws....

Unemployment tax
Tax profits on a business
Social Security
Environmental Tax

4

Local Tax laws....

May vary County by County or Municipality to Municipality
License to operate a business
Tax on payroll
Taxes profits of a business

5

Which Chapter deals with Liquidation?

Chapter 11
Chapter 7
Chapter 13
Chapter 12

6

Trade Secrets are....

Sell an invention
Published & Unpublished works
Research, formulas, and pricing information.
The liquidation of a business

7

Sales & Use Taxes.....

Real Estate
Are collected from customers & go to NC Dept of Revenue
determined based on type of business ownership
State income tax withholdings

8

Commercial law governs the lease, and sale of the land?

True
False

9

Designs are.....

Products and services.
Movies, songs, plays
Inventions
Machines, buildings products.

10

Business law is everything that relates to our society and governed by laws?

False
True

11

Trademarks are....

Must me original idea
Exclusive federal grant
Holder has exclusive rights to produce
A distinctive mark, or symbol that identifies a business

12

Contract law is designed to provide stability, and certainty.

False
True

13

Sales Law is what?

Governs the lease of a business
Sale of a good or item of value
Product resulting from human creativity
Protect the value of investment in their creation

14

Tax Laws with Businesses....

Federal Employer Identity number
Trustee will sell assets
Must consider state and federal tax laws
state employer identity number

15

A contract is an agreement negotiated between two or more people that makes an obligation.

True
False

3.06 Quiz

Questions 15

3.06 Quiz

Questions 15