Test 7: Legal and Regulatory Framework

What’s the best way to learn more about running a successful business?

Reading books and attending seminars
Asking your friends and family for advice
Watching reality TV shows about business

What does the term “DBA” stand for?

Doing Business As
Don't Bother Asking
Delightful Business Adventures

What’s the best way to handle difficult customers?

Yell at them until they leave
Ignore them completely
Listen to their concerns and try to find a solution

What is a brand promise?

A guarantee of quality and value that your brand delivers to customers
A type of contract used for freelancers
A way to bribe customers to buy your products or services

What is a copyright?

The legal right to sell a product
The exclusive right to use and distribute an original work
A type of trademark

What is a patent?

A type of business license
The right to sell a product without competition
The exclusive right to make, use, and sell an invention

What is a management plan?

A plan for how you will manage your business operations and employees
A plan for how to train a puppy
A list of your favorite books

What is the purpose of a privacy policy?

To keep sensitive information private
To inform customers about how their information will be used
To legally prevent customers from accessing certain information

What is a non-compete agreement?

An agreement between two businesses to not compete in the same industry
A legal agreement that prevents an employee from working for a competitor
An agreement to not compete in a pie-eating contest

What is collateral?

A type of financing used by businesses to purchase equipment
Property or assets that are pledged to secure a loan
A type of loan that does not require any security

What is the difference between a trademark and a service mark?

A trademark is for products, while a service mark is for services
A service mark is for products, while a trademark is for services
They are the same thing

What is the purpose of a terms and conditions agreement?

To outline the rules for using a website or service
To legally prevent customers from taking legal action
To create confusion for customers

What is a sales pitch?

A persuasive message that is used to convince a potential customer to make a purchase
A type of promotion that is used to generate interest in a product or service
A type of advertising that is used to generate leads

What is a registered agent?

A lawyer who represents a company in legal matters
A person or entity designated to receive legal documents on behalf of a company
A company's best customer

What is a business license?

A permit to start a business
A legal requirement for certain types of businesses
A license to print money

What is the purpose of a business plan?

To outline the goals and strategies of a business
To legally protect a business from competition
To create a roadmap for personal success

What is a limited liability company (LLC)?

A type of business structure that provides personal liability protection for its owners
A company that has limited liability for its customers
A company that has no liability

What is a shareholder agreement?

An agreement between shareholders that outlines the management and operation of a company
An agreement between a company and its customers
An agreement between a company and its employees

What is a Unique Selling Proposition (USP)?

A statement that identifies the unique features and benefits of a product or service
A statement that identifies the price of a product or service
A statement that identifies the target market for a product or service

What is a company description?

A detailed description of your business and what it does
A fictional story about a magical kingdom
A list of your favorite foods

What is a buy-sell agreement?

An agreement between a buyer and seller of a business
An agreement between shareholders that outlines the sale of shares in a company
An agreement to sell a company's products at a discounted price

What is a franchise agreement?

An agreement to sell a company's products at a discounted price
An agreement between a franchisor and franchisee that outlines the use of a business model and brand name
An agreement between a company and its shareholders

What is brand identity?

A way to identify counterfeit products
The visual elements that represent your brand
The way your brand is perceived by customers

What is the purpose of a business entity search?

To find information about a specific business entity
To locate a missing business entity
To spy on your competitors

What is a business credit score?

A score that measures a company's creditworthiness
A score that measures the number of social media followers a company has
A score that measures a company's environmental impact

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