Business Terminology Quiz
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Questions and Answers

What type of company is most common in the UK?

  • Private limited company (correct)
  • Public limited company
  • Non-profit organization
  • Sole proprietorship

    • A public limited company cannot sell shares to the public.

    False

    What document serves as a firm's 'birth document'?

    Certificate of incorporation

    Liquidation generally refers to the process of selling off a company's ______ to generate cash.

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

    Match the following business terms with their definitions:

    <p>Board of directors = Group elected to manage the company Directors = Elected individuals responsible for corporate policy Liquidation = Process of selling off a company's assets Memorandum of association = One of the two documents forming a company's constitution</p> Signup and view all the answers

    What is the legal address of a firm commonly referred to as?

    <p>Registered office</p> Signup and view all the answers

    A shareholder is someone who owns shares in a company.

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

    What must be drafted to form a private limited company?

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

    A company can gain control over another company if it buys over _____ % of its shares.

    <p>50</p> Signup and view all the answers

    Match the following terms with their definitions:

    <p>Shares = Equal parts into which a company's ownership is divided Debentures = A method to borrow money through issuing bonds Certificate of incorporation = Document issued when all legal requirements are met Articles of association = Details of running the company and internal management</p> Signup and view all the answers

    What must be included in the basic form for setting up a private limited company?

    <p>Company name and registered office location</p> Signup and view all the answers

    Once a company has filed its articles of incorporation, it can immediately start operations.

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

    What is the primary purpose of issuing shares?

    <p>To represent ownership of a company</p> Signup and view all the answers

    What is a debenture?

    <p>A document acknowledging a loan</p> Signup and view all the answers

    A merger results in one company completely absorbing another company.

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

    What is the primary purpose of a company?

    <p>To conduct business</p> Signup and view all the answers

    A ________ is an organization owned and managed by its workers.

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

    Which of the following best describes a partnership?

    <p>A collective agreement where partners share profits and liabilities</p> Signup and view all the answers

    A registered office is a place where shares are traded.

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

    What is the main advantage of an off-shore company?

    <p>Tax benefits or privacy</p> Signup and view all the answers

    Profit is the financial gain calculated as the difference between the ________ and the amount spent.

    <p>amount earned</p> Signup and view all the answers

    What is the role of the stock exchange?

    <p>To facilitate buying and selling of company shares</p> Signup and view all the answers

    What is the primary function of articles of incorporation in the U.S.?

    <p>To establish a legal entity</p> Signup and view all the answers

    A sole trader has unlimited liability.

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

    What term describes the legal responsibility of a business or individual to settle debts?

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

    A _____ is a formal agreement that allows one party to act on behalf of another.

    <p>power of attorney</p> Signup and view all the answers

    What term refers to the combination of two companies?

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

    A parent company is also known as a subsidiary.

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

    What is the role of a stockbroker?

    <p>A stockbroker facilitates the buying and selling of stocks and securities.</p> Signup and view all the answers

    The body responsible for overseeing company operations and ensuring corporate governance is the _____ board.

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

    Match the following legal entities to their characteristics:

    <p>sole trader = An individual who owns and operates a business limited liability company = A business structure where the owners are not personally liable for company debts joint-stock company = A company whose ownership is divided into shares owned by shareholders corporation = A legal entity that is separate from its owners and can incur debts</p> Signup and view all the answers

    What does the term 'insider dealing' refer to?

    <p>Trading of shares by individuals with non-public, material information</p> Signup and view all the answers

    M&A stands for mergers and alliances.

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

    What is one characteristic of a public company?

    <p>It sells shares to the general public and is traded on a stock exchange.</p> Signup and view all the answers

    A _____ is a distress signal for companies that cannot pay their debts.

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

    What type of company is subject to the greatest degree of regulatory oversight?

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

    What does 'statute-barred' mean?

    <p>A claim that is no longer legally enforceable</p> Signup and view all the answers

    Alimony is a one-time payment made after divorce.

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

    What legal action can be taken to dissolve a marriage?

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

    A __________ is a document that records the birth of a child.

    <p>birth certificate</p> Signup and view all the answers

    Which of the following is considered a ground for divorce?

    <p>Irreconcilable differences</p> Signup and view all the answers

    Joint custody means that one parent has sole control over raising the children.

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

    What must one produce to assert a legal claim related to a purchase?

    <p>Proof of purchase</p> Signup and view all the answers

    A __________ is a legal agreement made before marriage.

    <p>pre-nuptial agreement</p> Signup and view all the answers

    Match the family law terms with their definitions:

    <p>Adultery = Engaging in sexual relations outside of marriage Financial contribution = Monetary support typically associated with family responsibilities Domestic violence = Abuse that occurs within a domestic setting Duty of maintenance = Obligation to support a spouse or dependents financially</p> Signup and view all the answers

    Which term refers to children born outside of a legal marriage?

    <p>Illegitimate children</p> Signup and view all the answers

    A decree of annulment declares that a marriage was valid.

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

    What is a common reason for granting alimony?

    <p>Financial support due to divorce</p> Signup and view all the answers

    To seek divorce, one must file a __________ with the court.

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

    What is sole custody?

    <p>The legal right granted to one person to have full control over a child</p> Signup and view all the answers

    Bird's nest custody places the burden of movement on the children.

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

    What does the term 'desertion' refer to in marital context?

    <p>Leaving a spouse or partner forever.</p> Signup and view all the answers

    A ________ divorce is one where the parties agree on all matters, and the court approves their divorce agreement.

    <p>no-fault</p> Signup and view all the answers

    Match the following custody terms with their definitions:

    <p>Joint custody = Custody shared by both parents Split custody = Different parents have custody of different children Bird's nest custody = Child remains in one residence; parents move in and out Third-party custody = Custody granted to someone who is not a parent</p> Signup and view all the answers

    Which of the following describes an illegitimate child?

    <p>A child born to parents not lawfully married</p> Signup and view all the answers

    A valid marriage is one that meets all legal requirements.

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

    What is the definition of 'reconciliation' in a marital context?

    <p>The reunification of a married couple who are separated or divorced.</p> Signup and view all the answers

    A ________ marriage is invalid from its beginning due to significant legal issues.

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

    What does 'capacity to marry' entail?

    <p>Both A and C</p> Signup and view all the answers

    Fault divorce occurs when both parties agree on the dissolution of the marriage.

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

    What differentiates an annulment from a divorce?

    <p>Annulment declares that a marriage never legally existed.</p> Signup and view all the answers

    ________ custody is an arrangement where one parent has full custody of some children and the other parent has full custody of the others.

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

    What is 'misrepresentation' in the context of marriage?

    <p>Providing false or misleading information</p> Signup and view all the answers

    If a couple is experiencing an irretrievable breakdown, it is grounds for no fault divorce.

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

    Study Notes

    • Souhrn slovíček a definicí na zápočet: This document provides a summary of legal terms, specifically for a language course on English for lawyers at Masaryk University.
    • Vocabulary: Covers various terms related to business corporations, civil procedure, and sale of goods; terms are listed with definitions.
    • Running a Business Vocabulary: Includes terms like "articles of association," "assets and liabilities," "bankruptcy," "board of directors," "company," and more, suitable for business-related studies.
    • Civil Procedure Vocabulary: Includes terms like "acknowledgement of service," "appeal," "complaint," "defendant," "evidence," "witness," suitable for law-related studies.
    • Sale of Goods Vocabulary: Covers terms relating to the sale of goods, such as "aggrieved party," "consumer," "defective goods," "purchaser," suitable for business-related studies.
    • Family Law Vocabulary: Includes terms like "alimony," "annulment," "child custody," "community property," "divorce," "fault divorce," "joint custody," suitable for family law studies.
    • Law: The document provides information on terms specific to businesses, civil law, and family law. This information is suitable for students studying Czech Law and English for Lawyers.

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    Description

    Test your knowledge of common business concepts and terms prevalent in the UK. This quiz covers types of companies, legal documents, and fundamental business definitions. Challenge yourself to match terms with their definitions and understand the structure of companies.

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