1) Which type of business formation is typically reserved for professionals such as accountants, lawyers, and doctors?
- Limited Liability Company (LLC)
- Limited Liability Partnership (LLP)
- S-Corporation
- Franchise
2) Which of the following is one of the major purposes of a settlement conference?
- To conduct discovery for a case
- To contest the local court rules
- To facilitate the settlement of a case
- To structure a settlement payment scheduleit is known as
3) When parties agree in advance to adhere to an arbitrator's decision and award,
- Mediation
- arbitrator discretion
- binding arbitration
- appealable
4) Which of the following is true about the choice of business entity for an entrepreneur?
- The choice is determined solely by the amount of capital invested
- The choice is determined solely by whether the primary business is services or goods.
- The choice is determined by the Internal Revenue Service based on all the facts and circumstances
- The choice takes into account many factors, including finding an option that has all the characteristics desired
5) Which of the following is true of a corporation?
- A corporation terminates upon the death of an owner
- Corporation shareholders are subject to unlimited personal liability
- Corporation owners are only taxed once on earnings
- A corporation is a separate legal entity
6) Which of the following is true of arbitration?
- A resolution may or may not be reached
- Parties can introduce evidence to support their case
- One party usually drops the case
- A judicial referee makes recommendations to the parties.