Choose the correct answer for the following questions
Why business person learn business law?
To legalize his business activities
To know his obligations and to furnish his duties
To know third parties obligations
To know objectives of law
All
One is false about person
To be person, recognized by legal system as capable to have right
To be person, recognized by legal system as subject to duties
Both natural and juridical persons recognized by legal system to be capable
Business activities are run by natural person only
All of the above
Which business organization is secret and has no legal entity?
Ordinary partnership
Joint venture
Sole proprietorship
Limited partnership
None of the above
One is false about juridical or legal person
It perform its business by itself
It live more than natural person
Capable to amend rights and duties
It may termed as factious and imaginary person
None of the above
Which one is mismatched?
Private limited company --- unlimited liability
Share company ----- unlimited liability
Sole proprietorship --- limited liability
Partnership---- limited liability
All of the above
Except one others are natures of business
Possible utilizations of resources
Generating employment opportunity
Limiting customer fulfillment
Social responsibility
All are correct
Which one is true about capacity of natural person?
All human being are capable to perform business
Notorious insanity and apparent infirmity are ground for incapability
Minority and judicial interdiction are not ground for capacity
Capacity of natural person cannot measured
All of the above
According to commercial code of Ethiopia(1960) one is not business organization
Joint venture & ordinary partnership
Sole proprietorship
Privet & public company
General & limited partnership
None of the above
One of the following is not sources of business law
Business persons(buyer& seller) agreement
International agreement Eg. WTO
Religious and Customs
Federal and regional constitutions
None of the above
Which one is the most common feature of partnership?
Limited liability
Managed by board
Owners act as manager
More stable
All of the above
The ultimate goals of business
Make profit even through unethical manner
Services & Wealthy
Innovations & using resources
All are correct
All except a
Which one is false about share company(S.C)
Share transferring is restricted
It cannot invite public to scale up its capital
Liability is unlimited
Members act as implied agent
All of the above
Which one is true about business law?
Business law is collection of rules
Business law has binding force
Business law should made by authorized body
Business law should accepted by parties
All of the above
Which one is false?
Business law can create norm in business persons
Business law can control social behaviors
Business law can increase illegality of business activities
Business law make business person purposive
None of the above
Which one is true?
Person can run business without having capacity
Capacity is requirement to legal personality
Any person has capacity to perform business
Legal personality not necessarily needed to be capable
None of the above
One is true about business entities
It is business form
It have rights that an individual person have
It can conduct business activities
It can make own properties
All of the above
All are advantage of sole proprietorship except one
Liability is limited
Easy to mix asset & business
Easy to start
Needs little formality
All are advantages
All are features of share company (S.C.) except
Limited liability
Limited numbers of members
Most stable
Managed by board of directors
None of the above
One is true about private company
Maximum number of members is not limited
Liability is unlimited
Share can transferred without consent of members
It managed by board of directors
None of the above
One is true about business entities
Each has its own advantage and disadvantage
Each considered as having legal capacity
Sole proprietorship, partnership, private and public company are business entities
All of them are established and regulated by law
All of the above
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