Business Law Test Questions with Verified Answers
Will
It is advisable
only for the
wealthy
Guardian
Choose the ex-
ecutor of his or
her estate
Trust
It is a bailment
for the sole bene-
fit of the bailee
It is a bailment
for the sole bene-
fit of the bailor
Desk
Bailor-bailee
bail...
Business Law Test Questions with Verified Answers
1. Will Which of the following is a legal document in which the
drafter outlines what to do with his or her property after
death?
2. It is advisable Which of the following is NOT true about estate planning?
only for the
wealthy
3. Guardian Which of the following is a person who has been named in
a will or appointed by a judge to take care of minor children
or a special need adult?
4. Choose the ex- A will allows a drafter to do which of the following?
ecutor of his or
her estate
5. Trust Which of the following serves as a supplement to a will?
6. It is a bailment Leslie agrees to lend his car to Carrie for no charge. Which
for the sole bene- of the following statements is correct?
fit of the bailee
7. It is a bailment Julie agrees to look after Michael's car when he is on
for the sole bene- vacation. Which of the following statements is correct?
fit of the bailor
8. Desk Which of the following is an example of chattel?
9. Bailor-bailee Which of the following is NOT a type of bailment?
bailment
10. It can never be- Which of the following is NOT true about a personal prop-
come real prop- erty?
erty
11. The right to in- Which of the following is NOT a landlord right?
spect the proper-
ty at any time
12. FHA Loan
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, Business Law Test Questions with Verified Answers
Which of the following types of loans is the best fit for a
home buyer with little saving for a down payment?
13. Real Property An insurance policy is an example of which of the following
types of property?
14. Inheritance Which of the following is a gift of money or property from
a deceased person after his or her death?
15. Living Trust Which of the following types of trust allows the grantor to
retain the power to change or revoke the trust?
16. Ancillary Probate Which of the following is a second probate process for real
estate located in a state other than the decedent's state of
residence?
17. Fixed-Rate-Loan Which of the following types of loans provides a single
interest rate and monthly payment for the life of the loan?
18. Deed Which of the following is a document which transfers own-
ership of real estate?
19. Mutual benefit Joseph agrees to fix Jan's bicycle if he can use it for a field
bailment trip. Which of thefollowing describes such a bailment?
20. Desk Lamp Which of the following is NOT considered a real property?
21. Fixed-rate loan Which of the following is the most common type of loan?
22. A tree natural- Which of the following is an example of real property?
ly growing on a
piece of land
23. Adjustable-Rate Which of the following types of loan is suitable for home-
Loan owners who plan to move and sell their home before their
fixed-rate period is up?
24. It is prepared Which of the following is NOT true of a VA loan?
for veterans who
have served
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