Business Organizations Law Mock Exam https://quizplus.com/study-set/1793 31 Chapters 2230 Verified Questions
Business Organizations Law Mock Exam Course Introduction Business Organizations Law examines the legal principles and frameworks that govern the formation, operation, and dissolution of various business entities, including sole proprietorships, partnerships, limited liability companies, and corporations. This course covers topics such as fiduciary duties, liability, agency relationships, financing, corporate governance, mergers and acquisitions, and statutory compliance. Students will analyze case law and statutory materials to understand how legal rules impact business decision-making and structure, equipping them with essential knowledge for advising and managing organizations in a dynamic commercial environment.
Recommended Textbook Fundamentals of Business Law Today Summarized Cases 10th Edition by Roger LeRoy Miller
Available Study Resources on Quizplus 31 Chapters 2230 Verified Questions 2230 Flashcards Source URL: https://quizplus.com/study-set/1793
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Chapter 1: The Legal and Constitutional Environment of Business Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35647
Sample Questions Q1) The commerce clause includes an express grant of exclusive authority to regulate commerce that substantially affects trade and commerce among states.This is referred to as A)thedormant aspect of the commerce clause. B)thepositive aspect of the commerce clause. C)thenegative aspect of the commerce clause. D)theexclusive aspect of the commerce clause. Answer: B Q2) Common law is a term for the laws that are familiar to most of us. A)True B)False Answer: False Q3) The Uniform Commercial Code has been adopted,at least in part,in A)all states. B)forty-five states. C)thirty-five states. D)no state. Answer: A To view all questions and flashcards with Page answers, 3 click on the resource link above.
Chapter 2: Courts and Alternative Dispute Resolution Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35648
Sample Questions Q1) Negotiation is the most complex form of alternative dispute resolution. A)True B)False Answer: False Q2) Sandy,a resident of Illinois,wants to file suit against Carl,a resident of Kansas,over Carl's failure to pay Sandy for work on his house.The amount in dispute is $15,000.Under diversity of citizenship requirements,a federal cannot exercise jurisdiction in this case because A)the dispute concerns property,not persons. B)a state court has not yet ruled in the suit. C)the parties are citizens of different states. D)the amount in controversy is less than $75,000. Answer: D Q3) There is at least one federal district court in every state. A)True B)False Answer: True To view all questions and flashcards with answers, click on the resource link above.
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Chapter 3: Ethics and Business Decision Making Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35649
Sample Questions Q1) Margaret is the top manager of Pecans,Inc.She sets strict ethical standards for all employees.Margaret,however,often takes some of the company's best nuts and sells them from her house.The ethical tone at Pecans,Inc.is A)likely to be good because Margaret has set such strict standards for her employees. B)not likely to be good because although Margaret sets strict ethical standards for the other employees,she does not follow them. C)not related to either Margaret's ethical standards or her own unethical behavior. D)not likely to be good because employees tend to resent strict ethical standards. Answer: B Q2) To assist in detecting illegal bribes,International Civil Engineers,Inc.,and all other U.S.companies must A)conceal financial records that reveal past bribes. B)keep records that "accurately and fairly" reflect their financial activities. C)make bribes through third parties rather than directly to officials. D)permit payments to foreign officials that are unlawful in that country. Answer: B To view all questions and flashcards with answers, click on the resource link above.
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Chapter 4: Tort Law Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35650
Sample Questions Q1) Manuel is walking past Thomas's house when he hears a smoke alarm going off.He also hears a child calling for help and sees smoke coming from a window.Manuel rushes into Thomas's house,finds the child and brings it outside.If Thomas sues Manuel for trespass to land,Manuel's defense will probably be A)assisting someone in danger. B)consent. C)self-defense. D)the reasonable person defense. Q2) In newspaper ads,Lo-Price Autos falsely accuses Hi-Value Vehicles,a competitor,of selling stolen cars.Hi-Value's sales decrease.Lo-Price has most likely committed A)slander of quality. B)slander of title. C)wrongful interference with a business relationship. D)none of the choices. Q3) Under the "danger invites rescue" doctrine,a person who tries to rescue another individual from harm is liable for any injuries to that individual. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Intellectual Property Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35651
Sample Questions Q1) Creation Worx,Inc.,develops,makes,and markets new computer programs for businesses and consumers.Generally,copyright protection extends to A)all aspects of the software. B)the "look and feel" of the software. C)those parts of the software that can be read by humans. D)all of the choices. Q2) Gas Up,Inc.,designs,makes,and sells a fuel injection system that copies Hybrid Corporation's design without Hybrid's permis-sion.This is most likely A)copyright infringement. B)patent infringement. C)trademark infringement. D)a theft of trade secrets. Q3) A beverage company that competes with Coca-Cola Company cannot call its products "Koke." A)True B)False Q4) A customer list is not a trade secret. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Internet Law,social Media,and Privacy Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35652
Sample Questions Q1)
To
protect
domain
name
rights
from
would-be
cybersquatters
and
typosquatters,AgriBusiness Inc.and other large corporations may have to A)register thousands of domain names across the globe. B)pay the owners of Web sites with identical or confusingly similar domain names for the number of unique visits,or hits,to the sites. C)change their domain names to avoid identical or confusingly similar domain names. D)change their trademarks to avoid identical or confusingly similar domain names. Q2) Refer to Fact Pattern 6-2.Call&Talk's use of the domain name "callltalk," without CallTalk's authorization,to sell pornographic phone conversations,is A)goodwill. B)fair use. C)a license. D)trademark dilution. Q3) Federal wiretapping law covers electronic forms of communication. A)True B)False To view all questions and flashcards with answers, click on the resource link above.
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Chapter 7: Criminal Law and Cyber Crime Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35653
Sample Questions Q1) Corporations,like persons,can be liable for crimes. A)True B)False Q2) A crime can be committed only against persons. A)True B)False Q3) Ordinarily,"ignorance of the law" is a valid defense to criminal liability. A)True B)False Q4) Criminal law spells out the duties that exist between persons or between citizens and their governments. A)True B)False Q5) Most crimes must be prosecuted within a certain number of years after the crimes occur. A)True B)False Q6) The purpose of the exclusionary rule is to deter police from misconduct. A)True B)False
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Chapter 8: Nature and Classification Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35654
Sample Questions Q1) Leo enters into a contract with Metro Taxi Company to work as a cabdriver.Under the plain meaning rule,if the contract's writing is clear and unequivocal,the meaning of the terms must be determined from A)anyextrinsic evidence. B)only relevant extrinsic evidence. C)the face of the instrument. D)the later testimony of the parties. Q2) A void contract is enforceable if it is in writing. A)True B)False Q3) If a contractual promise is not fulfilled,the person who made it may be required to perform the promised act. A)True B)False Q4) A check,like other negotiable instruments,is a formal contract. A)True B)False Q5) A contract can be executed on one side and executory on the other. A)True B)False
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Chapter 9: Agreement in Traditional and E-Contracts Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35655
Sample Questions Q1) A click-on agreement is an agreement whose terms are expressed inside a box in which the goods are packaged. A)True B)False Q2) An offer made in obvious anger is still an effective offer. A)True B)False Q3) Under the UETA,a typed name at the end of an email message is not considered an e-signature. A)True B)False Q4) An offer that astatute makes illegal terminates only af-ter a rea-sonable time. A)True B)False Q5) Clean Health Insurance,Inc.sends Kathy a health insurance termination.The health insurance termination is A)governed by the E-SIGN Act. B)not governed by the E-SIGN Act. C)governed by Article 2 of the UCC. D)governed by Article 2A of the UCC.
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Chapter 10: Consideration, capacity, and Legality Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35656
Sample Questions Q1) A person who enters into a contract when he or she is intoxicated can void the contract under any circumstances. A)True B)False Q2) At age seventeen,Daryl enters into a contract to buy a dozen movies from eHD TV Stream,Inc.,an online video service.Soon after reaching the age of ma-jority,Daryl attempts to disaffirm the contract.eHD files a suit against him.The court will most likely consider the contract ratified if it is A)executed. B)exculpatory. C)express or implied. D)emancipated. Q3) An adhesion contract is a contract drafted by one party and presented to another on a take-it-or-leave-it basis. A)True B)False Q4) It is legal to charge any interest rate for an ordinary loan. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Defenses to Contract Enforceability Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35657
Sample Questions Q1) A contract entered into under undue influence is voidable. A)True B)False Q2) A contract is sometimes voidable if one party is aware that the other party made a mistake of fact. A)True B)False Q3) Andy knows nothing about horses.Peter,an expert horse trainer,knows that a certain horse has no talent and is not likely to win any competitions.Peter convinces Andy to buy the horse for $500,000 by assuring him that it has great talent.The horse turns out to have no talent and never wins any competitions.Andy can most likely recover damages based on A)fraud. B)mistake. C)undue influence. D)duress. Q4) An oral contract may be enforceable if enforcing the promise is the only way to avoid injustice. A)True B)False Page 13 To view all questions and flashcards with answers, click on the resource link above.
Chapter 12: Third Party Rights and Discharge Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35658
Sample Questions Q1) Privity of contract establishes the basic concept that third parties have no rights in contracts to which they are not parties. A)True B)False Q2) Elton and Florida sign a contract by which Elton agrees to deliver and install a utility sink on May 15 in exchange for Florida's promise to pay the $250 price on May 15.The delivery and installation of the sink and the payment of the price are ex-amples of A)conditions precedent. B)concurrent conditions. C)conditions subsequent. D)implied conditions. Q3) As long as a contract is personal in nature,all rights under the contract can be assigned. A)True B)False Q4) Objective impossibility discharges a contract. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Breach and Remedies Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35659
Sample Questions Q1) Dondi contracts to buy a custom espresso maker from Caffee Specialties,Inc.,for $4,500,but Caffee fails to deliver.Dondi buys the appliance else-where for $5,500.Dondi's measure of damages is A)$1,000. B)$1,000 plus incidental damages. C)incidental damages only. D)$0. Q2) Liquidated damages provisions are usually not enforceable. A)True B)False Q3)
Earl
holds
1,000
pounds
of
perishable
fruit
in
storage
for
Fresh
Food
Corpo-ration.Fresh Food does not pay for the storage.Earl sells the fruit to Green Grocers,Inc.This sale represents A)a breach of contract. B)a mitigation of damages. C)rescission and restitution. D)specific performance. Q4) A liquidated damages provision is the same as a penalty provision. A)True B)False Page 15 To view all questions and flashcards with answers, click on the resource link above.
Chapter 14: The Formation of Sales and Lease Contracts Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35660
Sample Questions Q1) Rita,the manager of the State University (SU) soccer team,orally agrees to lease a certain number of specially made SU banners from Top Banners,Inc.This lease is enforceable only if Top has made a substan-tial start on making the banners and A)Rita agreed to the lease on behalf of the SU soccer team. B)SU does not have other,similar banners available. C)the banners are not suitable for others in the course of Top's business. D)the soccer season has not ended and SU goes to the finals. Q2) Southern Distribution,Inc.,signs a receipt for goods that will also serve as a contract for the goods' transport. This is A)a bill of lading. B)a destination contract. C)a shipment contract. D)a warehouse receipt. Q3) Under the UCC,if a contract is unilateral,the offeror must be notified of the of-feree's performance. A)True B)False To view all questions and flashcards with answers, click on the resource link above.
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Chapter 15: Performance and Breach of Sales and Lease Contracts Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35661
Sample Questions Q1) Genuine Seed Company and Hillside Farmers Cooperative enter into a contract for a sale of hybrid seeds.Under the perfect tender rule,Genuine Seed must ship or tender seeds to Hillside that A)approximately conform to all of the details of the contract. B)entirely conform to the contract except in one or two details. C)exactly conform to the contract in every detail. D)substantially conform to the contract in most details. Q2) Clear Day Company,which is based in Delaware,agrees to sell fifty windows,currently stored in Florida,to Far Vu,Inc.,which is based in Hawaii.Absent an agreement to the contrary,the place of deliv-ery is in A)California. B)Delaware. C)Florida. D)Hawaii. Q3) The doctrine of commercial impracticability only extends to problems that are unforeseen. A)True B)False To view all questions and flashcards withPage answers, 17 click on the resource link above.
Chapter 16: Warranties and Product Liability Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35662
Sample Questions Q1) In sales law,product liability is assurance by one party of the existence of a fact on which the other party can rely. A)True B)False Q2) Dependable Appliances,Inc.,and Elaine enter into a contract for a sale of kitchen appliances.Dependable,a merchant who deals in goods of the kind sold,notes that its goods come with an implied warranty of merchantability.Under the UCC,this means that the goods are reasonably A)fit for the buyer's particular purpose. B)fit for the ordinary purpose for which such goods are used. C)suitable for resale at an acceptable price. D)the best quality that money can buy. Q3) Implied warranties can arise from a "course of dealing." A)True B)False Q4) Under the doctrine of strict liability,people are liable for the results of their acts only if their intentions are malicious. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 18
Chapter 17: Negotiability, transferability, and Liability Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35663
Sample Questions Q1) Opalina asks Paolo,who does not understand English,to sign what Opalina says is an application to open a bank account.In fact,the "application" is a note.If sued on the note by an HDC A)Paolo must pay the note. B)Paolo's best defense would be fraud in the execution. C)Paolo's best defense would be fraud in the inducement. D)Paolo's best defense would be mistake. Q2) InterComp normally sells $50,000 worth of software to Power Source,a retail elec-tronics store,each summer on terms requiring payment in sixty days. One year,InterComp wants cash,but Power Source wants the usual sixty days. To meet both needs,the parties can arrange A)a certificate of deposit. B)a bearer bond. C)a trade acceptance. D)an international letter of credit. Q3) An instrument payable "with ten hours of services" is negotiable. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 19
Chapter 18: Checks and Banking in the Digital Age Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35664
Sample Questions Q1) Under the Check Clearing in the 21st Century Act,a bank has to credit a customer's account as soon as the bank receives the funds. A)True B)False Q2) An oral stop payment order is valid for fourteen days. A)True B)False Q3) Today,most checks are processed manually. A)True B)False Q4) Commercial banking practices consider a check that has been outstanding for three months to be a stale check. A)True B)False Q5) If a customer's debit card is lost or stolen,the customer will not be liable for any unauthorized use of the card. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 20
Chapter 19: Secured Transactions Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35665
Sample Questions Q1) A security agreementmay provide for coverage of after-acquired property. A)True B)False Q2) Jane is the secured party in a secured transaction with Margaret.Jane could also be referred to as the A)debtor. B)secured creditor. C)collateral. D)filing officer. Q3) In most situations,a termination statement must be filed or sent within twenty days after the debt is paid. A)True B)False Q4) A floating lien cannot apply to the proceeds of a sale of after-acquired property. A)True B)False Q5) A financing statement must include the creditor's signature. A)True B)False 21 click on the resource link above. To view all questions and flashcards withPage answers,
Chapter 20: Creditors Rights and Bankruptcy Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35666
Sample Questions Q1) Refer to Fact Pattern 20-1.Mary will receive A)$0. B)$30,000. C)$50,000. D)$60,000. Q2) A trustee has the power to avoid a sale of the debtor's property. A)True B)False Q3) A fixed-rate mortgage has a rate of interest that changes periodically. A)True B)False Q4) Some student loans are dischargeable in a Chapter 7 bankruptcy. A)True B)False Q5) Anthony believes that he needs to obtain a Chapter 13 discharge in bank-ruptcy.A Chapter 13 case can be initiated by a filing of a voluntary pe-tition by A)a creditor only. B)a corporation only. C)a debtor only. D)a trustee only.
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Chapter 21: Agency Relationships Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35667
Sample Questions Q1) Employees who deal with third parties are agents of their employers. A)True B)False Q2) An agency relationship may occur by operation of law in a family. A)True B)False Q3) If a principal ratifies a contract without knowing all of the facts,the principal can rescind the contract. A)True B)False Q4) A principal is responsible for all intentional torts committed by an agent. A)True B)False Q5) The relationship between a principal and an independent contractor always involves an agency relationship. A)True B)False Q6) Generally,the agent owes the principal no duties. A)True B)False
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Chapter 22: Employment Law Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35668
Sample Questions Q1) Management may never legally limit unionizing activities. A)True B)False Q2) Finance Professionals Union represents the workers of Business & Commerce Banking Corporation.The management of the firm refuses to bargain with the union.This violates A)federal labor law. B)state right-to-work laws. C)federal wage and hour laws. D)no federal or state law. Q3) Big Drill Oil Company employees one hundred workers.Big Drill must do all of the following except A)keep occupational injury and illness records for each employee B)report any work-related diseases directly to OSHA. C)report any employee death due to a work-related incident to OSHA within eight hours. D)pay employees higher wages for working in more dangerous areas. Q4) Unfair labor practices are defined by the Norris-LaGuardia Act A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 24
Chapter 23: Sole Proprietorships, partnerships, and Limited Liability Companies Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35669
Sample Questions Q1) A partner is a co-owner of partnership property. A)True B)False Q2) For most purposes,the law recognizes a partnership as an independent entity. A)True B)False Q3) Coco is considering forms of business organization for her concessions business-Coco's Cupcakes.Most states require that a limited liability company have at least A)no minimum number of members. B)at least one member. C)at least two members. D)at least three members,including at least one general partner. Q4) A limited liability company is a citizen of every state in which it does business. A)True B)False Q5) A sole proprietor may own and manage any type of business. A)True B)False
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Chapter 24: Corporate Formation, financing, and Termination Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35670
Sample Questions Q1) When a conflict arises among the documents that involve Express Flights Corporation,the first priority for resolving the conflict is given to A)resolutions of the board of directors. B)Express Flights's bylaws. C)state statues. D)the U.S.Constitution. Q2) Precise Device Corporation and Quality Instruments,Inc.,decide to merge.This corporate combination does not require the approval of A)Precise and Quality'sdirectors. B)Precise and Quality's officers and employees. C)Precise's shareholders. D)Quality's shareholders. Q3) The state cannot dissolve a corporation. A)True B)False Q4) Only a board of directors can initiate the dissolution of a corporation. A)True B)False Page 26 To view all questions and flashcards with answers, click on the resource link above.
Chapter 25: Corporate Directors, officers, and Shareholders Available Study Resources on Quizplus for this Chatper 70 Verified Questions 70 Flashcards Source URL: https://quizplus.com/quiz/35671
Sample Questions Q1) Great Gates,Inc.has a board of ten directors.Great Gates' bylaws do not state any quorum requirements.In most states,a quorum for Great Gates will be defined as A)two directors. B)six directors. C)nine directors. D)ten directors. Q2) Lexy and Mort act as the incorporators for NuGame Corporation.After the first board of directors is chosen,subsequent directors are elected by a vote of NuGame's A)board of directors. B)employees. C)officers. D)shareholders. Q3) Shareholders own a corporation. A)True B)False Q4) The articles of corporation cannot exclude or limit shareholders' voting rights. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 27
Chapter 26: Investor Protection, insider Trading, and Corporate Governance Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35672
Sample Questions Q1) Against a charge of a violation of the Securities Act of 1933,only an issuer of stock can assert the due diligence defense. A)True B)False Q2) One of the most common forms of securities are bonds issued by corporations. A)True B)False Q3) SEC Rule 10b-5 prohibits the commission of fraud in connection with the purchase or sale of any security. A)True B)False Q4) Refer to Fact Pattern 26-3.Under the Securities Ex-change Act of 1934,Geoff is most likely A)liable for insider trading. B)not liable because Geoff did not prevent others from profiting. C)not liable because Geoff did not solicit information from Dhani. D)not liable because Geoff does not work for Eureka. Q5) State securities laws apply mainly to intrastate transactions Page 28 A)True B)False To view all questions and flashcards with answers, click on the resource link above.
Chapter 27: Personal Property and Bailments Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35673
Sample Questions Q1) One cannot acquire ownership by possession by "capturing" a wild animal. A)True B)False Q2) It is presumed that a co-tenancy is a tenancy in common unless it is clear that the parties intended to establish a joint tenancy. A)True B)False Q3) Ira is declared mentally incompetent.Jay,Ira's son,is named his guard-ian.At Jay's insistence,Ira transfers his assets to Jay "for safekeeping." A court might conclude that this gift is not effective on the ground that there was no A)acceptance. B)delivery. C)donative intent. D)donor's acknowledgment. Q4) If property is owned as community property,each spouse owns an undivided one-half interest in it. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 29
Chapter 28: Real Property and Landlord-Tenant Law Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35674
Sample Questions Q1) Real estate sales contract are often made contingent on the buyer obtaining financing. A)True B)False Q2) Tyro has the right to drive across Ula's land,which is next to Tyro's prop-erty,to reach an access road.Tyro's right is A)an easement appurtenant. B)an easement in gross. C)a profit appurtenant. D)a profit in gross. Q3) Xavier owns a duplex that he leases to Yvon and Zack.Xavier may sell A)the duplex at any time. B)the duplex,but only after the lease expires and the tenants move out. C)the duplex,but only with the tenants' permission. D)the lease,but not the duplex. Q4) A tenant cannot withhold rent for any reason. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 30
Chapter 29: Insurance, wills, and Trusts Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35675
Sample Questions Q1) Cliff dies without a will.His survivors include his spouse Dana and his two children,Efrem and Fay.Under applicable laws,Dana will probably receive A)all of Cliff's estate. B)none of Cliff's estate. C)one-half of Cliff's estate. D)one-third of Cliff's estate. Q2) Gigi,a twenty-year-old,wants to execute a will before she undertakes a moun-tain-climbing trip on a peak in the Himalaya Mountains.In most states,the legal age for executing a will is A)sixteen years of age. B)eighteen years of age. C)twenty-one years of age. D)twenty-five years of age. Q3) A will must normally be attested to by two or three witnesses. A)True B)False Q4) Insurance is classified according to the amount of the payment on a claim. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 31
Chapter 30: Liability of Accountants and Other Professionals Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35676
Sample Questions Q1) A failure to follow generally accepted accounting principles and gener-ally accepted auditing standards is proof of a lack of due diligence. A)True B)False Q2) Marquis Company's liabilities exceed its assets,but the firm's employees falsify its books to reflect a positive net worth.Marquis hires Nan & Ollie,an accounting firm,to prepare a balance sheet,which is certified to show a positive net worth.Pure Credit Corporation relies on the balance sheet to make a loan to Marquis.When the firm defaults,Pure Credit files a suit against Nan & Ollie.Under the Ultramares rule,the accounting firm is most likely A)liable because Nan & Ollie owed a duty of care to all third parties. B)liable because Nan & Ollie owed a duty of care to Marquis. C)liable because Nan & Ollie owed a duty to any foreseeable user. D)not liable because Nan & Ollie and Pure Credit were not in privity. Q3) Under the Sarbanes-Oxley Act,accountants must retain working papers relating to an audit or review for a certain period of time. A)True B)False To view all questions and flashcards withPage answers, 32 click on the resource link above.
Chapter 31: International Law in a Global Economy Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/35677
Sample Questions Q1) Senator Brown and other politicians want to restrict the flow of technologically advanced products and data from the United States to other countries.To restrict or encourage exports,Congress can A)do nothing. B)assess antidumping duties. C)impose export taxes. D)set export quotas. Q2) Any conspiracy that has a substantial effect on U.S.commerce is within the reach of the U.S.antitrust laws. A)True B)False Q3)
Wrugged
Woolens,Inc.,a
U.S.corporation,sets
up
a
specialized
marketing
organization in Scotland by appointing a foreign agent.This is called A)direct exporting. B)indirect exporting. C)a joint venture. D)piracy. To view all questions and flashcards with answers, click on the resource link above.
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