Business Terminology Quiz for Limited Companies

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Questions and Answers

What type of company is a private limited company (ltd)?

  • A large corporation with multiple subsidiaries
  • A company with shares available for public purchase
  • A government-owned enterprise
  • A family-run business with shares not available for public purchase (correct)

A public limited company does not allow its shares to be bought by the general public.

False (B)

What is the primary role of a board of directors in a company?

To manage the company and make important decisions.

The firm's 'birth document' is known as the ______.

<p>certificate of incorporation</p> Signup and view all the answers

Match the following terms with their definitions:

<p>Liquidation = Process of selling off a company's inventory Director = Elected individual responsible for corporate policy Memorandum of Association = One of two documents forming a company's constitution Private Limited Company = Small family-run business with restricted share availability</p> Signup and view all the answers

What is the process of forming a company called?

<p>Incorporation (A)</p> Signup and view all the answers

A limited company limits the liability of its shareholders.

<p>True (A)</p> Signup and view all the answers

What is a dividend?

<p>A share of the profits paid to shareholders.</p> Signup and view all the answers

A _____ is a legal procedure for liquidating a business that cannot pay its debts.

<p>bankruptcy</p> Signup and view all the answers

Which of the following describes insider trading?

<p>Using confidential information to trade shares (B)</p> Signup and view all the answers

Assets refer only to money owned by a person or company.

<p>False (B)</p> Signup and view all the answers

What document outlines the rules governing a company's internal organization?

<p>Articles of association</p> Signup and view all the answers

A _____ is an item of property that has value and can be used to meet debts.

<p>asset</p> Signup and view all the answers

What term describes a contractor who responds to an invitation to propose?

<p>Bidder (B)</p> Signup and view all the answers

What is the purpose of a 'power of attorney'?

<p>To grant authority to act on another's behalf (D)</p> Signup and view all the answers

A sole trader has limited liability for business debts.

<p>False (B)</p> Signup and view all the answers

What is the primary function of the articles of association?

<p>To define the rules and regulations for a company's operations.</p> Signup and view all the answers

A ___________ is a company that is formed to pursue specific business purposes and has limitations on financial liability.

<p>limited liability company</p> Signup and view all the answers

Which of the following is an example of a corporate tax?

<p>Corporate income tax (B)</p> Signup and view all the answers

A hostile takeover occurs when a company is acquired against the wishes of its management.

<p>True (A)</p> Signup and view all the answers

What is meant by 'best efforts' in the context of securing funds?

<p>A commitment to try diligently to raise funds but without a guarantee.</p> Signup and view all the answers

In the UK, the foundational legal document for a corporation is called __________.

<p>articles of incorporation</p> Signup and view all the answers

What does 'insider dealing' refer to?

<p>Buying or selling stocks based on confidential information (D)</p> Signup and view all the answers

Commercial companies are defined as businesses organized for profit.

<p>True (A)</p> Signup and view all the answers

What term describes the total rights and obligations of a corporation?

<p>assets and liabilities</p> Signup and view all the answers

To __________ a resolution means to officially approve a proposal in a meeting.

<p>pass</p> Signup and view all the answers

What is a debenture?

<p>A type of loan document (B)</p> Signup and view all the answers

A merger results in the transfer of control from one company to another.

<p>False (B)</p> Signup and view all the answers

What is the primary characteristic of a cooperative?

<p>Owned and managed by the people who work in it</p> Signup and view all the answers

A _____ is a company that is owned by another company.

<p>subsidiary</p> Signup and view all the answers

What distinguishes a company from a partnership?

<p>A company exists as a separate legal entity (D)</p> Signup and view all the answers

In a partnership, partners are not personally liable for the business's debts.

<p>False (B)</p> Signup and view all the answers

What is meant by 'profit'?

<p>Financial gain after costs</p> Signup and view all the answers

An _____ is the act of gaining possession of something, often relating to purchasing another company.

<p>acquisition</p> Signup and view all the answers

Who is liable for debts in a cooperative?

<p>The cooperative itself (D)</p> Signup and view all the answers

Which term describes the legal responsibility of a manufacturer for damage caused by a defective product?

<p>Product liability (A)</p> Signup and view all the answers

The term 'time is of the essence' means that the parties must fulfill their obligations on time.

<p>True (A)</p> Signup and view all the answers

What is the term used to indicate goods that are generally acceptable in quality?

<p>Merchantability</p> Signup and view all the answers

A __________ is a repayment of a sum of money.

<p>refund</p> Signup and view all the answers

Match the following terms to their meanings:

<p>Warranty = 1) A guarantee given on the performance of a product Refund = 2) A repayment of a sum of money Product liability = 3) Legal responsibility for damage caused by a defective product Merchantability = 4) An implied term concerning the quality of goods</p> Signup and view all the answers

What must occur before the seller's right to sell the goods is valid?

<p>The buyer must pay for the goods (B)</p> Signup and view all the answers

Breach of warranty allows the injured party to seek damages.

<p>True (A)</p> Signup and view all the answers

What is the proximate cause in legal terms?

<p>The event that caused an injury or loss without which the injury or loss would not have happened.</p> Signup and view all the answers

Which of the following is a reason for terminating a company?

<p>Involuntary dissolution due to insolvency (C)</p> Signup and view all the answers

A sole trader must have at least one partner in their business.

<p>False (B)</p> Signup and view all the answers

What are the primary purposes of tax havens?

<p>To avoid paying corporate taxes and to attract foreign companies.</p> Signup and view all the answers

A __________ is a statement made under oath that can be used as evidence in court.

<p>affidavit</p> Signup and view all the answers

Match the following legal terms with their definitions:

<p>Claimant = A party bringing a lawsuit Defendant = A party being accused in a lawsuit Affidavit = A sworn written statement Mediation = A neutral third party helps settle a dispute</p> Signup and view all the answers

What does a 'contingency fee' refer to?

<p>A payment structure based on the success of a legal case (A)</p> Signup and view all the answers

An arbitration process includes multiple appeals options.

<p>False (B)</p> Signup and view all the answers

What does 'garnishment' involve in legal terms?

<p>Taking away part of someone's income or money.</p> Signup and view all the answers

When a company is deemed illegal, such as for __________ activities, it may face involuntary termination.

<p>prostitution</p> Signup and view all the answers

Match the following terms related to 'sale of goods':

<p>Consumer = An individual purchasing goods for personal use Merchantability = The ability of goods to be sold Warranty = A guarantee for quality or performance Defective Goods = Products that are faulty or not as promised</p> Signup and view all the answers

Which term describes a legal document that informs a party they must appear in court?

<p>Writ of summons (B)</p> Signup and view all the answers

In a civil lawsuit, the plaintiff is also known as the claimant.

<p>True (A)</p> Signup and view all the answers

What is the purpose of consumer protection law?

<p>To protect consumers against unfair trade practices.</p> Signup and view all the answers

To __________ a document means to officially record it, especially in a court of law.

<p>file</p> Signup and view all the answers

Flashcards

Artificial legal person

A company officially recognized as a separate legal entity, distinct from its owners. It can enter contracts, sue, and be sued like a person.

Articles of association/by-laws

A document outlining the internal rules and regulations of a company, governing its structure and operations.

Assets

Any asset or property owned by a person or company, valued and available for meeting debts, commitments, or legacies.

Bankruptcy

The legal procedure for liquidating a business or individual's property when unable to pay debts due to lack of assets to cover the outstanding liabilities.

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Bidder

A contractor, supplier, or vendor who submits a proposal in response to an invitation to make a bid.

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General meeting

A meeting of a company's shareholders to discuss important business decisions.

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Dividend

A portion of a company's profits distributed to shareholders based on their ownership stake.

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Incorporation

The process of officially forming a company, city, or organization as a legal entity.

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Insider trading

Illegal trading of stocks using confidential information not available to the public.

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Insolvency

A state where a company's debts exceed its available assets to repay those debts.

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Business Corporation

A legal entity created to conduct business activities, separate from its owners. Owners have limited liability, meaning they are not personally responsible for company debts.

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Articles of Association (UK) / Articles of Incorporation (US)

A legal document outlining the company's purpose, structure, and internal rules.

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Unlimited Company / Unlimited Liability

A type of company where owners are individually liable for all company debts, meaning their personal assets are at risk.

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Limited Liability Company (LLC)

A type of company with limited liability, meaning owners are only responsible for the amount they invested in the company.

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Liquidation (winding up)

The process of ending a company's existence, usually followed by the distribution of assets to creditors and shareholders.

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Bankruptcy (Insolvency)

A situation where a company is unable to pay its debts.

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Assets and Liabilities

A company’s assets (what it owns) and liabilities (what it owes).

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Power of Attorney

A legal document authorizing someone to act on behalf of another person or company.

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Board of Directors

The board of directors is responsible for making strategic decisions and managing the company's overall direction.

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Subsidiary

A company that is owned and controlled by another company, called the parent company.

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Merger

The merging of two or more companies into a single entity.

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Acquisition

The acquisition of one company by another. The acquiring company takes over the target company.

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Stock Exchange

The buying and selling of stocks on a stock exchange.

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Shareholder (Stockholder)

An individual who owns shares (stock) in a company, which gives them ownership rights.

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Director

An individual elected to be part of a company's board of directors, responsible for its corporate strategy.

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Liquidation

The process of selling off a company's assets at a discount to generate cash, usually before shutting down.

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Memorandum of association

A legal document in the UK defining a company's basic structure and rules.

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Certificate of incorporation

A company's 'birth document' which officially recognizes its existence as a legal entity.

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Cooperative

A business owned and managed by the people who work there, where profits are shared amongst them.

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Debenture

A document that acknowledges a loan and outlines the terms of repayment.

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Off-shore company

A company registered and incorporated in a country different from where its main operations are.

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Partnership

A business relationship where two or more parties work together, sharing profits and losses, joint liability for debts.

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Profit

Money earned after deducting all expenses, representing a financial gain.

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Registered Office

The official address of a company used for legal purposes.

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Stockbroker

A company or person that buys and sells shares for others, acting as an intermediary between buyers and sellers in the stock market.

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Time is of the essence

A term in a contract stating that the parties must perform their obligations by a specific deadline. A contract, such as for fresh produce, may be voided if the goods are delivered late.

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Product Liability

Legal responsibility for any harm caused by a defective product, placed on manufacturers or suppliers.

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Warranty

A guarantee about a product's performance or function given by the seller. It can be a contractual term or a promise about the product's quality.

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Proximate cause

The event or action that directly leads to an injury or loss, without which the injury wouldn't have occurred.

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Merchantability

An implied term in a contract for the sale of goods, indicating that the quality of the goods is generally acceptable.

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Implied term

A term in a contract that's not explicitly stated by parties but added by courts to reflect their intentions or fulfill legal requirements.

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Transferring the title

The act of formally transferring legal ownership of something from one person to another.

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Refund

A repayment of a sum of money, often given when goods or services aren't as promised or when a purchase is cancelled.

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Tax haven

A country with favorable tax rates, attracting foreign companies and individuals to avoid paying taxes.

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Sole trader/sole proprietor

A person who owns and runs their own business without partners or shareholders.

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Company termination

A formal, legal process of dissolving a company.

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Company insolvency

A company is legally declared unable to pay its debts and its assets are liquidated.

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Answer (defense)

A document confirming that the defendant received the complaint and outlining their response.

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Motion

A formal application to the court to request a specific action or order.

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Acknowledgement of service

A legal form filed by the defendant, confirming they received the claim.

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Mediation

A formal legal process where a neutral third party helps disputing parties reach an agreement.

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Express terms

The agreed-upon terms in a contract, specifically stated in the agreement.

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Disclaimer

A statement in a contract that aims to limit the seller's liability for any damage or loss.

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Right to a refund

The legal right of a consumer to return faulty goods for a refund.

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Satisfactory quality

The legal obligation of a seller to provide goods of satisfactory quality, with no defects.

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Civil lawsuit

A formal legal procedure by which an individual or company brings a complaint against another in court.

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Study Notes

Summary of Vocabulary and Definitions for Law Students

  • General Business Terminology:

    • Act of business corporations: Law governing business corporations
    • Acquiring: Obtaining something
    • Articles of Association/Incorporation: Rules governing a company
    • Assets and Liabilities: Company's resources and obligations
    • Bankruptcy: State of being unable to pay debts
    • Bidder: Person making an offer in auction
    • Board Meeting: Meeting of the board of directors
    • Board of Directors: Governing body of a corporation
    • Business Corporation: Type of business organization
    • Capital Companies: Companies with capital investment
    • Ceasing to exist: To no longer exist
    • Certificate of Incorporation: Document registering a company
    • Commercial Companies: Businesses involved in trade
    • Commercial Code: Legislation governing trade
    • Company: Business entity
    • Confidential Information: Sensitive data
    • Cooperatives: Businesses owned by members
    • Corporation: Legal entity separate from its owners
    • Corporate Tax / Income Tax: Tax on corporate earnings
    • Companies House/Register/Register of Companies/Commercial Register: Body that maintains records of companies
    • Debt: Amount owed
    • Debentures/Bonds: Loan agreements
    • Dissolution/Termination: Ending a business entity
    • EEIG (European Economic Interest Grouping): Type of business grouping
    • EGM (extra-ordinary general meeting): Special shareholder meeting
    • European Company: Specific type of European company
    • To engage in: To participate in
    • General Meeting: Meeting of shareholders
    • Hostile Takeover: Unwelcomed acquisition of control
    • Insolvency: Inability to meet financial obligations
    • Lender: Person or entity providing a loan
    • Liquidation: Process of winding down a business
    • Loan: Amount borrowed
    • Loss: Financial detriment
    • Lure: To entice
    • M&A (merger and acquisition): Merging or acquiring companies
    • Memorandum of Association: Founding document(UK)
    • Natural Person: Individual
    • Offspring: Children
    • Parent/Holding Company: Owning company
    • Personal Companies: Companies owned by individuals
    • Power of Attorney: Legal authorization to act on behalf of someone
    • Profit: Financial gain
    • Requirement: Stipulation
    • Share: Portion of ownership in a company
    • Shareholder/Stockholder/Investor: Owner of shares
    • Sole Trader/Sole Proprietor: Individual business owner
    • Stockbroker: Person who deals with stocks
    • Stock Exchange: Market for trading securities
    • Subject to: Dependent on
    • Subsidiary: Company controlled by another company
    • Supervisory Board: Board overseeing company management
    • Tax/Tax Haven: Government revenue / place minimizing taxes
    • Takeover: Acquiring control of a company
    • To be liable for: Being accountable for
    • To cease: To stop
    • To expunge/remove: Delete
    • To pass a resolution: To approve a decision

  • Civil Procedure Terminology:

    • Acknowledgement of service: Confirmation of receiving legal documents
    • Admissible: Acceptable in court
    • Affidavit: Sworn statement
    • Allegation: Statement without proof
    • Appeal: Seeking review of a decision
    • Appellate Court: Court reviewing lower court decisions
    • Approach: Way of dealing with something
    • Arise: To occur
    • Arbitration: Dispute resolution outside court
    • Arbitrator: Person resolving disputes
    • Assertion: Statement (a claim)
    • Attachment order: Order for wage seizure
    • Award Damages: Order for payment of damages
    • Burden of proof: Responsibility to provide evidence
    • Cause of action: Basis for a lawsuit
    • Claimant/Plaintiff: Person initiating legal action
    • Clerk: Court official
    • Closing statement: Final remarks in a trial
    • Commencement: Beginning
    • Complaint: Legal document initiating a lawsuit
    • to conclude: To finalize
    • Composition: Structure
    • Contempt of court: Defiance of a Court's authority
    • Contingency fee: Percentage-based lawyer payment
    • Counsel: Legal advisor
    • Counterclaim: A claim filed in response to an initial claim
    • Cross-examination: Legal questioning of witnesses
    • Defendant: Person against whom legal action is taken
    • Defense/Answer: Response to a lawsuit
    • Dismiss the appeal: Rejecting a legal appeal
    • Disobeying the court: Non-compliance with court orders
    • Enforcement Judgement: Action to enforce a court ruling
    • Evidence: Proof in court
    • Examination: Questioning
    • Fee: Payment
    • to file a complaint: lodge a formal complaint
    • File an answer: Submit a response to a complaint
    • File an appeal: Seeking review of a lower court decision
    • Hearsay evidence: Evidence based on someone else's statement
    • Inquisitorial: Characterized by questioning rather than presenting evidence
    • Inadmissible hearsay: Evidence not acceptable in court
    • Judgment/Ruling/Holding: Court decision
    • Legal costs: Expenses involved in a legal case
    • Legal proceeding: Legal process
    • Litigant: Party involved in a legal case
    • Litigation: Legal dispute
    • Mediation: Dispute resolution with a neutral party
    • Mediator: Intermediate party resolving disputes
    • Motion: Request to a court for action
    • Negotiation: Discussions between parties
    • Notice: Written information
    • Opening statement: Initial comments in a trial
    • Persuading: Influencing
    • Pleadings: Legal documents in a lawsuit
    • To present evidence: Provide evidence
    • To prolong: To extend the duration of
    • To reach a settlement: To agree on a resolution
    • Remedies: Means of correcting an issue
    • Reply: Response to opposing arguments
    • Related to the claim: Pertaining to the subject of a claim
    • Reverse the order: To alter a court's order
    • Rules either for or against the plaintiff: decisions regarding who wins the case
    • Seizure of goods: Confiscation of property
    • Statement: Declaration
    • Summons: Official invitation to appear in court
    • To adjudicate: To judge
    • To appear in court: To go to court
    • To award damages: To order payment of compensation
    • To be reluctant to comply: To be hesitant to obey
    • To conclude (a contract): To finalize an agreement
    • To dismiss: Reject
    • To encourage: Support
    • To execute: To carry out
    • To fail to obey: Disregard a order
    • To file a complaint: submit a formal complaint
    • To give evidence: To provide evidence
    • To issue a summons: To officially invite someone to court
    • To reach a settlement: Agree on a resolution
    • To reverse the ruling: To reverse a court decision
    • To serve a document on someone: To deliver a legal document
    • To submit a document to an authority: To file a document with a governing body
    • To win a case by default: Successfully win a court case without a formal hearing
    • Witness: Person who provides testimony

  • Sale of Goods Terminology:

    • Aggrieved/Injured/Harmed party: Person harmed
    • Alleged: Suggested
    • Claim: Demand
    • Cautious: Careful
    • Consumer: Purchaser
    • Consumer Protection Law: Law safeguarding consumers
    • Contractual terms: Agreement details
    • Counterpart: Opposite party
    • Customer: Buyer
    • Deceive: Trick
    • Defamation: False accusations
    • Disclaimer: Denial of responsibility
    • Purchaser/Buyer/Vendee: Buyer
    • Refund: Money back
    • Repair: Fixing
    • Satisfactory quality: Acceptable quality
    • Statute of limitation: Time limit on claims
    • Statutory provision: Law
    • Strict liability: Absolute responsibility
    • Supplier: Provider
    • Title to the goods: Ownership
    • Trade-off: Compromise
    • To be entitled to a refund: To be eligible for a refund
    • To be subject to statutory provisions: To be bound by law
    • To breach the terms: To violate the terms

  • Family Law Terminology:

    • Adultery: Extramarital sexual relations
    • Alimony: Financial support for a former spouse
    • Ancestors: Forefathers
    • Annulment/Nullification: Cancellation of a marriage
    • Arrangement: Organization
    • Bigamy: Marrying more than one person at a time
    • Birth certificate: Document showing date of birth
    • Blood relation: Kinship based on blood
    • Child custody: Right to care for a child
    • Cohabitation: Living together in a relationship
    • Commitment: Obligation
    • Community property: Joint possession by spouses
    • Conclude/Enter into/Solemnized: Completed a marriage
    • Consummation of marriage: Full completion of marriage
    • Death certificate: Important document proving death
    • Deceased spouse: Deceased partner
    • Declare: Officially state
    • Decree of Annulment: Court order canceling a marriage
    • Dependents: People relying on another for support
    • Descendants: Offspring
    • Desertion: Abandonment
    • Divorce: Ending a marriage
    • Dissolve: To end a bond
    • Divorce proceedings: Court process regarding divorce
    • Domestic violence: Abuse in the home
    • Duty of maintenance: Obligation to support
    • Enter into marriage: To marry
    • Entrust: To place faith in
    • Error: Mistake
    • Fault divorce/Contested divorce: Grounds based on one party's fault
    • Fiancé: Partner before marriage
    • Financial contribution: Money given by a partner
    • Fully-fledged marriage: Legally viable marriage
    • Grounds (reasons): Justification for a lawsuit
    • Heirs: People entitled to inherit
    • Honor the marriage vows: To uphold vows of marriage
    • Illegitimate children: Children born out of wedlock
    • Impediment: Obstacle
    • Incapable: Unable
    • Invalidity: Lack of legality
    • Invalid/null and void: Without legal standing
    • Irreconcilable differences: Unresolvable disagreements
    • Irretrievable breakdown of marriage: Irreversible marital issues
    • Joint custody: Shared care of a child
    • Legitimate: Lawful
    • Maintenance payments: payments for keeping up a good life
    • Marital status: Legal standing regarding marital status
    • Matrimonial home: Place of the marriage
    • Marriage disputes: Conflicts related to marriage
    • Misrepresentation: False claims
    • Misconduct: Poor conduct
    • Minors: People under the age of majority
    • No fault divorce/uncontested divorce: A divorce without accusations by either party
    • Nullification of marriage: Cancellation of a marriage
    • Office of Vital Records: Registration of births/deaths etc
    • Petitioner: Person starting a legal process
    • Pre-nuptial agreement: Agreement before marriage
    • Prohibited relationships: Forbidden relationships
    • Reconciliation: Reuniting
    • Respondent: Person responding to legal action
    • Restoration: Return to original status
    • Separate property: Individual property (not shared)
    • Sole custody: Complete custody of a child
    • Spouse: Partner
    • Split custody: Physical custody split between parents
    • Threatened marriage: Marriage subject to legal challenges
    • To acquire property: To gain ownership
    • To commit adultery: To cheat on a partner
    • To obtain: To acquire
    • To conceive children: To give birth
    • To cohabit: Live together
    • To conceal his/her true identity: Hide identity
    • To file a petition: Formally request
    • To get engaged: Become engaged
    • To get married: Marry
    • To honor marriage vows: Keep promises of marriage
    • To raise children: To support and bring up children
    • Unreasonable behavior: Unjustified act damaging a relationship
    • Valid: Legal
    • Visitation rights: Rights to visit a child
    • Void: Without legal force
    • Widowed: Status of being a widow/widower
    • Child custody: Right or legal responsibility for the care of a child
    • Misconduct: Wrongdoing
    • No-fault divorce / uncontested divorce: Divorce by mutual agreement

  • Other Key Terms:

    • Civil action/procedure: Legal action between two individuals or entities
    • Civil wrong: Legal violation damaging someone
    • Claimant/Plaintiff: Initial party in a civil lawsuit
    • Criminal action/prosecution: Official action against a criminal defendant
    • Criminal wrong: Crime
    • Defendant: Person being sued
    • Implied terms and conditions: Unwritten terms of an agreement
    • Implied terms/conditions: Unwritten terms assumed in an agreement
    • Liability: Responsibility
    • Merchantability: Suitability of goods for sale
    • Memorandum of association: Document outlining the company
    • Product liability: Responsibility for defective goods
    • Proximate cause: Direct cause of an event
    • Refund: Return of money
    • Seller: Person or entity selling something
    • Statute-barred: Too late for legal action because of time limits
    • Statute of limitation: Period within which legal action can be taken
    • Terms: Conditions or requirements
    • Transferring the title: Process of changing ownership of something
    • Threat (duress): Coercive force
    • Warranty/guarantee: Assurance about product quality.
    • Witness: Person who testifies

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