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BUS 415 Final Exam-------7


BUS 415 Final Exam-------7 fin571

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BUS 415 Final Exam-------7
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This 0 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 29 views.


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Date Created: 11/11/15
1 A corporation is considered a citizen of what state A It IS not a Citizen because It IS a busmess 5iquot B 39 The state where the majority of the employees live f C The state where the president of the corporation lives The s tte where it filed its Articles of Incorporation 2 The Federal Trade Commission is an example of f A 39 a corporation subsidized by the federal government if B a federa qencv created bv the federal oovernment f C a temporary commission created by executive order that has become permanent I D a branch of the US Supreme Court 3 The doctrine of stare decisis concerns f A 39 making sure to do adequate research before making a legal decision B followmq precedentsso that legal prInprlesannounced In a case are used to determIne later cases C staring at the facts of a case for a long time to make sure the correct deCISlon IS made D usmg constitutional law to render a decnsnon 4 Utilitarianism is a moral theory which states A 39 ethics requires following the Golden Rule do unto others as you would have them do unto you ethics requiresa decisionmaker to take actions which result in the qreatest good to society fT C ethics requires acting according to the Bible or some outside source fT D 39 ethics requires actions which use the most efficient tools r A ethics requnres follownng the Golden Rule do unto others as you would have them do unto you 5 Which of the following statements is true regarding the relationship of law and ethics F A L In some cases ethics will require a higher standard of conduct than the law but never vice versa B The legal requnrements wnll almost always be the same as the ethical requrrement because the law is based on ethical standards C Depending on the circumstances the law can regwre a hlqher lower or the same standard of conduct as ethics demands D In some cases the law will require a high standard of conduct than ethics but never vice versa 6 The Federal False Claims Act is also known as if A The Whistleblower Statute B L The SarbanesOxley Act C L The Statute of Limitations D i The Statute of Frauds 7 If a defendant files a motion for summary judgment in a civil case what is the defendant saying if A i That the plaintiff s claims are false That even if what the plaintiff says is true there is no basis for judgment against the m itquot C That the case IS ready to go to the jury D i That the court has no jurisdiction to decide the case 8 What facts justify a state court s exercising personal jurisdiction over an outofstate defendant f A L The plaintiff lives in that state B L The state is most convenient for the plaintiff C L The defendant lives within 100 miles of that state DL The defendant has sufficient contacts with the state such that the state s exercise of personal jurisdiction of him in not unf 9 A court can enter a judgment notwithstanding the verdict when the following has happened ii A L A jury could not reach an agreement on what the verdict would be F B L The jury was sequestered C L The judge s personal opinion is that the jury made the wrong decision DL The court finds that the jury acted out of a bias or after jum misconduct 10 Carlos is an investment broker operating as a sole proprietor William is his employee Juanita a new client gives William 1000000 in cash to invest for her and William gives her a receipt Instead of investing the money William takes the 1000000 and leaves the country Carlos learns of the transaction for the first time when Juanita appears at the office a month later to discuss the allocation of her investments and shows him the receipt signed by William Juanita is upset to learn that Carlos does not have her money and tells him she is going to sue What will be the outcome of Juanita s suit against Carlos F A L Juanita will lose the case because was not informed of the transaction B Juanita will lose the case because she cannot find William to serve him with a lawsuit if C L Juanita will recover a iuddment against Carlos for the entire amount F D L Juanita will recover a judgment against Carlos for half the missing money 11 What is the definition of a tort F A L Any violation of an ethical duty BL Anv civil wrong that allows the injured person to recover damages F A Any violation of an ethical duty C Any action done in violation of a prior agreement which allows the victim to recover damages F D quot Any crime or misdemeanor 12 Damages intended to punish a defendant and deter the defendant and others from engaging in the same tortious conduct in the future are called F A penalty damages F B quot nominal damages rt C quot punitive damages D R retribution damages 13 Pete and Vicky make the following agreement Pete promises he will go into a store and buy something for 5 and pay for it with a 100 bill on which he has written Happy Birthday Vicky Vicky promises that after Pete collects his change and leaves the store she will go into the same store and buy something that costs 5 and pay with a 10 bill When the clerk attempts to give her change for 10 Vicky will claim that the 100 bill that is in the cash register was money she just got for her birthday and will demand change from a 100 bill Then Pete and Vicky will split the extra money they think Vicky will receive in change Is this a valid contract A This is a valid contract There was a promise in exchange for a promise and both parties got what they wanted B R This is a voidable contract because Vicky can change her mind C R This is not an enforceable contract because the agreement is not in writing ti D This is a void contract because the parties adreed to commit fraud 14 George says to Judy If you promise to train my employees within 6 months I promise to pay you 3000 Judy replies 0K you ve got a deal Judy appears at George s office and successfully trains the employees but the training is not completed until 6 months and 2 days later Will Judy be able to enforce George s promise to pay her the 3000 A L Yes Judy will be able to recover the 3000 because she substantially performed the contract B L No Judy will not be able to collect the 3000 because she took longer than 6 months to complete the training CL No Judy will not be able to collect the 3000 because there was no written agreement D L No the parties have not reached an agreement about when George would pay Judy so there is no contract 15 Where a contract calls for action that violates a statute in a breach of contract case the court will F A Impose the appropriate criminal penalty ET B order both partIes to return any conSIderatIon received a C order payments so that the parties to the illegal contract share any losses equally tiquot DL ignore the contract and leave the parties where they are 16 Articles 2 and 2A of the UCC cover which types of transactions it A Sales of goods and sales of real property B L Sales of goods and contracts for the providing of services if C Sales of qoodsand leases of goods D L Sales of goods and leases of goods and real property 17 Patty went to a used car lot and purchased a car Two weeks later the transmission fell out as she was driving to work She contacted the dealer to complain but the dealer told her the car had been sold As Is The dealer advised her to check in the glove compartment of the car where Patty found a notice that stated This vehicle is sold AS IS The purchaser will bear the expense of any repairs that are necessary to this vehicle Does the notice mean that Patty has no rights against the dealer with respect to the condition of the vehicle if A L Yes Patty should have inquired about the wa ntv when she bouqht the cg it B Yes the notIce operates to VOld any warranty on the vehicle if A Yes Patty should have inquired about the wamntv when she bouqht the cg F C No the notice is there for subsequent purchasers of the car D R No the notice was not conspicuously displayed on the vehicle 18 Ted s Gifts and Sweets enters into a written contract with Bannon Candies to supply Ted s with 60 dozen boxes of coconut clusters each month for sale to the public The agreement contained an integration clause Before the first delivery under the contract Ted and his warehouse manager called Debbie the Bannon s account representative to request that the candies be delivered in special Valentine boxes Debbie told Ted Don t worry I ll tell the shipping department to take care of that When the candies were delivered they were in standard cardboard boxes Ted called Bannon and threatened to sue for breach of contract Will Ted prevail in his suit A Yes Ted made a valid modification to the parties oriqinal aqreement B a Yes Ted will prevail because he has a witness to the telephone call C L No Ted will not prevail because his attempt to modify the agreement was not effective F D i No Ted should have written a letter to change the type of boxes in the contract 19 Bruce and Diane are ranchers Bruce owns the property next to Diane s property Bruce needs more pasture for his cattle so he rents five acres of Diane s ranch for pasture land This arrangement continues for more than 20 years Then Diane sells her ranch and the new owner tells Bruce to stop using the pasture land Bruce claims ownership of the land by adverse possession Will his claim succeed if the case goes to court if A Yes Bruce has had actual possession of the land for more than 20 years so he owns the land under the doctrine of adverse possession B Yes Bruce will own the pasture land but he will have to pay rent to Diane s purchaser r C No Bruce has failed to show that the value of the land was equal to the rent D i No Bruce failed to show that he claimed the land adversely to Diane s interest 20 Jane and Bill are married They purchase a house and lot as tenants by the entirety Then Jane is killed in a car accident Her will leaves everything to her sister Ruth What will happen to Jane s interest in the property A Ruth will own the property with Bill as tenants by the entirety it BL Bill will be the sole owner of the prooertv if C Bill Will have to buy out Ruth s interest In the property D L Ruth will own the property with Bill as joint tenants 21 Mary and George are a husband and wife who reside in a community property state For 30 years George has been the sole provider while Mary cared for the children and home George dies leaving a will that leaves his estate to their three children now adults How is the ownership of the house affected its A Mary owns the entire house as the community survivor it B Mary owns half interest in the house and the adult children own the other half if C L Mary and the adult children each own a quarter interest in the house F D i Mary and the adult children become tenant in the entirety 22 John and Jake are partners in a bowling alley Business has been bad lately and they need more operating capital so they invite Lisa to become a partner What liability does Lisa have for partnership debts A L She owes one third of all the partnership debts B L She owes an equal share in all debts incurred after she became a partner ifquot C Her liability is limited to the amount she invested F DL She owesan equal share of all partnership debts 23 Ricardo and Robert operate a hardware store as general partners Robert is unmarried while Ricardo is married to Jenna Ricardo is killed in an accident and his will leaves all his property to Jenna What happens to Ricardo s interest in the partnership fin A L Jenna inherits Ricardo s partnership interest and becomes Robert s partner in running W B L Robert becomes sole owner of the hardware store and owes Jenna nothing Jenna inherits Ricardo s partnership interest and becomes Robert s partner in running W I C 39 Ricardo s interest is divided equally between Robert and Jenna ifquot D Robert becomes sole owner of the hardware store but owes Jenna the value of Ricardo s interest in the business 24 Which of the following is true when a general partnership is converted to an LLC IT A 39 The property must be sold to a third party who then immediately sells it to the LLC ifquot B The converSIon can be made retroactive for up to two years The members will retain unlimited personal liability for obligations incurred while the business was a partnership r D 39 The profit and loss sharing terms must remain the same as they were in the partnership 25 The alter ego doctrine provides as follows if A 39 That a corporation becomes the alter ego of its owner Ifquot B 39 That the president is the decision maker of a corporation if C That protection from personal liability can be forfeited if corporate formalities are not observed 1 D 39 That the board of directors is the alter ego of a corporation 26 If a creditor is owed money by an insolvent corporation its best bet to collect is to try to IT A 39 persuade a court that the corporation has hidden assets against which the creditor may levy If B persuade a court that the corporation is inadequately capitalized in hones the court will lift the corporate veil C force the corporation to refinance its debts D force the corporation to raise its prices to increase income 27 Fred wants to start an adult daycare business but is worried about potential liability He hires an attorney to incorporate his business but does not want to keep paying the attorney so he dismisses the attorney as soon as the incorporation is accomplished What else must Fred do to make sure he holds on to his protection from personal liability if A He must maIntaIn the corporate formalitiesand records if B He must buy malpractice insurance FL C He must hire an independent contractor to take over the care of the patients D L He must post a disclaimer advising persons who visit the property that the management is not responsible for injuries to guests 28 What types of business can be converted to an LLC F A L General partnerships only B Corporatlons general partnershlpsI and lImIted partnershlps F C L General partnerships and limited partnerships only if D L Corporations and limited partnerships only 29 The uniform law issued in 1984 by the Committee on Corporate Laws of the American Bar Association that regulates the formation operation and termination of corporations is if A The Model Business Corporation Act B L The Standard Incorporation Act C L The Uniform Commercial Code if D The Revised Model Business Commercial Code 30 A particular issue of stock carries a stated dividend rate of 8 that if this dividend is not paid during a particular year it will be paid in a subsequent year before common stock dividends are paid and that upon liquidation of the corporation the owner will receive 300 per share before the common stockholders get anything This stock is F A L common stock B L noncumulative preferred stock with a liquidation preference F C preferred stock DL cumulative preferred stock with a liguidation preference 31 Which is true about the two kinds of discrimination that are actionable under Title VII are A L Disparate impact and disparate treatment are both based on how an employer treats a specific individual if B Disparate impact refers to individuals and disparate treatment refers to protected M C L Disparate impact and disparate treatment are both based on how an employer treats a protected class D L Disparate treatment refers to individuals and disparate impact refers to protected classes 32 Marie works as a receptionist for a plumbing company She works from 900 am to 600 pm on Monday through Friday She earns 12 per hour and is told how to do her job and what she should be working on at any particular time Her boss does not withhold any taxes from her paycheck Which of the following is true A L Marie would be treated as an employee because she is paid for the work that she does B L Marie would be treated as an independent contractor because the employer doesn t take any taxes out of her check if C Marie would be treated as an employee because of the control exercised by the plumbing companv over her work D L Marie would be treated as an independent contractor because she is paid hourly 33 Which of the following people is protected from employment discrimination on the basis of age p A A 90yearold person who wants a job as an airline pilot B A 10yearold person who wants a job as a bartender C A 50yearold person who wants a ob as an accountant t D A 30yearold person who wants a Job as a waitress 34 What is generally the effect when an exception to the employment at will doctrine applies if A L The employer is required to hire a certain employee if B L Employees can be prohibited from quitting a job C L There issome sort of limitation on at least one party s ability to terminate the employment relationship F D The Fair Labor Standards Act wrll set the terms such as pay for the employment relationship 35 Company employee handbooks have been found to amount to an exception to the employment at will doctrine F A apparent B L contract C L tort ti D public policy 36 Which of the following employers have been expressly excluded from Title VII if A L Labor unions F B L Most federal agencies C L State and local governments if DL Indian tribes 37 Which of the following is true about misappropriation of trade secrets ET A Although It IS not necessary that the trade secret be patented the secret must be such that It could be patented BL The plaintiff can recover onlv if the defendant acguired the secret through illegal means F C Trade secrets are protected regardless of the actions of the trade secret owner if D L Injunctions are generally not available to protect trade secrets 38 The Biosafety Protocol provides as follows A L Geneticallv enqineered food must state that it mav contain modifications if B L Vaccinations must contain live virus if C L Medical waste must be safely disposed D Employees must wash hands when preparing food 39 In general trademark protection is granted based on whether the trademark is if A L novel and useful B L understandable to the general public C L the original creation of the trademark registrant if DL distinctive 40 Peter has a bus company and hires drivers to drive his buses He does not take any taxes out of their paychecks The bus drivers have to drive the buses according to a particular schedule and must follow a certain route and follow the driving rules that are listed in the Driver s Manual that Peter has provided What is the employment status of the drivers if A L They are independent contractors if B L They are principals iii C L They are employees A They are independent contractors D They are partially disclosed agents 41 Barbara owns a dairy farm One of her pastures needs cutting so she hires Jed to do the work for 150 While oiling his riding mower Jed hurts his arm so he hires Bill to cut the pasture for 130 Bill takes his own mowing machine to Barbara s pasture During the mowing Bill damages the fence and some of the dairy cattle are later able to pass directly to a neighbor s corn field where they eat some of the corn and trample the crop causing the crop to be almost a total loss Who is responsible for the damages caused by the cattle if A Barbara IS responsible because they are her cattle f B Jed IS responsible because Bill IS Jed s employee C R Barbara is responsible because Jed is an independent contractor iii D Bill is responSIble because he Is an Independent contractor 42 The primary factor that determines whether someone is an independent contractor or an employee is A a whether the worker clocks in and out of the job BL whether the emplover controls the detils of the lab performance F C L whether the worker has other clients F D whether the employer wrthholds taxes or not


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