Business Law FBLA UPDATED Exam Questions
and CORRECT Answers Verified 100%
burglary - ANSWER -Breaking and entering a house or other structure to commit
a felony
capacity - ANSWER -The legal ability to enter into a contract
carrier - ANSWER -A business that transports persons, goods, or both
certificate of incorporation - ANSWER -A corporation's official authorization to
do business in a state
Chapter 11 bankruptcy - ANSWER -A type of bankruptcy that allows businesses
to reorganize their financial affairs and still remain in business
Chapter 12 bankruptcy - ANSWER -A form of bankruptcy that lets family farmers
and fishing businesses create a plan for debt repayment that allows them to keep
their operations running
Chapter 13 bankruptcy - ANSWER -A form of bankruptcy that permits individual
debtors to reorganize their debts and develop payment plans
Chapter 7 bankruptcy - ANSWER -A type of bankruptcy that allows individual
debtors to discharge all their debts and make a fresh start; ordinary bankruptcy
collateral - ANSWER -The property that is offered as a security interest
collective bargaining - ANSWER -A process in which union and management
representatives get together to work out issues such as wages, working conditions,
and hiring and firing policies
Commerce Clause - ANSWER -A statement in Article I of the Constitution giving
Congress the power to regulate commerce among the states
, common carrier - ANSWER -A carrier that is compensated for providing
transportation to the general public
common law - ANSWER -A set of laws made by the courts that provide a series
of consistent rules that later courts must follow
common-law marriage - ANSWER -An informal type of marriage created by the
parties themselves
comparative negligence - ANSWER -A defense against negligence which is raised
when the carelessness of each party is compared to the carelessness of the other
party
compensation - ANSWER -Fair payment for the job performed
conglomerate - ANSWER -A corporation that owns many different types of
companies
consanguinity - ANSWER -Related by blood
consideration - ANSWER -The exchange of benefits and detriments by the parties
to a contract
consolidation - ANSWER -When two or more companies join together to form a
new corporation
constitution - ANSWER -A country's formal document that spells out the
principles by which its government operates
Consumer Credit Protection Act - ANSWER -A federal law that requires creditors
to inform consumers of the costs and terms of credit; Truth in Lending Act
contract - ANSWER -Any agreement enforceable by law
, contributory negligence - ANSWER -A defense against negligence when the
defendant can show the victim did something to help cause his or her own injuries
copyright - ANSWER -A right granted to an author, composer, photographer, or
artist to publish and sell an artistic or literary work
corporate director - ANSWER -A person elected by shareholders to make broad
policy decisions in the running of a corporation
corporate officer - ANSWER -A person chosen by the directors to run the day-to-
day affairs of a corporation
corporation - ANSWER -An entity with a legal authority to act as a single person
distinct from its owners
counteroffer - ANSWER -A response to an offer in which the terms of the original
offer are changed
credit - ANSWER -An arrangement in which one may receive cash, goods, or
services now and pay in the future
creditor - ANSWER -The party who sells the goods on credit or lends the money
crime - ANSWER -An offense committed against the public good, or society
cyberblackmail - ANSWER -The use of information unlawfully obtained by
computer to pressure a victim into granting a payoff to the blackmailer
cybercrime - ANSWER -Any criminal activity associated with a computer
cyberdefamation - ANSWER -The communication via computer or other
electronic device of false data that damages a person's reputation
cyberinvasion of privacy - ANSWER -An unwelcome intrusion into the private
matters of an individual carried out or sustained by a computer
and CORRECT Answers Verified 100%
burglary - ANSWER -Breaking and entering a house or other structure to commit
a felony
capacity - ANSWER -The legal ability to enter into a contract
carrier - ANSWER -A business that transports persons, goods, or both
certificate of incorporation - ANSWER -A corporation's official authorization to
do business in a state
Chapter 11 bankruptcy - ANSWER -A type of bankruptcy that allows businesses
to reorganize their financial affairs and still remain in business
Chapter 12 bankruptcy - ANSWER -A form of bankruptcy that lets family farmers
and fishing businesses create a plan for debt repayment that allows them to keep
their operations running
Chapter 13 bankruptcy - ANSWER -A form of bankruptcy that permits individual
debtors to reorganize their debts and develop payment plans
Chapter 7 bankruptcy - ANSWER -A type of bankruptcy that allows individual
debtors to discharge all their debts and make a fresh start; ordinary bankruptcy
collateral - ANSWER -The property that is offered as a security interest
collective bargaining - ANSWER -A process in which union and management
representatives get together to work out issues such as wages, working conditions,
and hiring and firing policies
Commerce Clause - ANSWER -A statement in Article I of the Constitution giving
Congress the power to regulate commerce among the states
, common carrier - ANSWER -A carrier that is compensated for providing
transportation to the general public
common law - ANSWER -A set of laws made by the courts that provide a series
of consistent rules that later courts must follow
common-law marriage - ANSWER -An informal type of marriage created by the
parties themselves
comparative negligence - ANSWER -A defense against negligence which is raised
when the carelessness of each party is compared to the carelessness of the other
party
compensation - ANSWER -Fair payment for the job performed
conglomerate - ANSWER -A corporation that owns many different types of
companies
consanguinity - ANSWER -Related by blood
consideration - ANSWER -The exchange of benefits and detriments by the parties
to a contract
consolidation - ANSWER -When two or more companies join together to form a
new corporation
constitution - ANSWER -A country's formal document that spells out the
principles by which its government operates
Consumer Credit Protection Act - ANSWER -A federal law that requires creditors
to inform consumers of the costs and terms of credit; Truth in Lending Act
contract - ANSWER -Any agreement enforceable by law
, contributory negligence - ANSWER -A defense against negligence when the
defendant can show the victim did something to help cause his or her own injuries
copyright - ANSWER -A right granted to an author, composer, photographer, or
artist to publish and sell an artistic or literary work
corporate director - ANSWER -A person elected by shareholders to make broad
policy decisions in the running of a corporation
corporate officer - ANSWER -A person chosen by the directors to run the day-to-
day affairs of a corporation
corporation - ANSWER -An entity with a legal authority to act as a single person
distinct from its owners
counteroffer - ANSWER -A response to an offer in which the terms of the original
offer are changed
credit - ANSWER -An arrangement in which one may receive cash, goods, or
services now and pay in the future
creditor - ANSWER -The party who sells the goods on credit or lends the money
crime - ANSWER -An offense committed against the public good, or society
cyberblackmail - ANSWER -The use of information unlawfully obtained by
computer to pressure a victim into granting a payoff to the blackmailer
cybercrime - ANSWER -Any criminal activity associated with a computer
cyberdefamation - ANSWER -The communication via computer or other
electronic device of false data that damages a person's reputation
cyberinvasion of privacy - ANSWER -An unwelcome intrusion into the private
matters of an individual carried out or sustained by a computer
