Reference no: EM13471046

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.