Deck 34 Flashcards Preview

Regulation > Deck 34 > Flashcards

Flashcards in Deck 34 Deck (20):
1

Directors voting rights:

May not vote by proxy; need a quorum and majority approval

2

Merger

One corporation survives the merger (A+B=A)

3

Consolidation

New corporation is formed (A+B=C)

4

Short-from merger

Parent already owns 90% or more of a subsidiary

5

How are employees taxed under FICA?

Taxed only on earned income (gross income)

6

How are self-employed person taxed under FICA?

Taxed only on net income

7

Who pays for FICA?

Both employees and employers

8

Who participates in FUTA?

All employers who have quarterly payrolls of at least $1500 or who employ at least one person for 20 weeks in a year (does not include the self-employed)

9

Fair labor standards act

Regulates wages and hours

10

OHSA

Set safety standards and conduct inspections

11

National Labor Relations Act

Bargain collectively; ex: sick pay and vacation pay

12

ERISA

Seeks to protect retirement plans of employers that have a plan

13

Financial Crimes Enforcement Network (FinCEN)

Administers the BSA by issuing regulations and interpretive guidance (civil not criminal penalties)

14

Bank secrecy act requires reports to be filed that are above what amount?

$10,000

15

Record keeping requirements under Bank Secrecy Act

5 years for transactions above $3,000

16

Monopoly power exists when a firm:

Has sufficient market power to control prices or exclude competition (Market share of 70% or more)

17

Rule for reason test under Sherman Act

Balance anticompetitive and competitive effects

18

Per Se violations under sherman act

Inherently illegal and without legal justification

19

Horizontal restraints under sherman act

Agreements between competitors

20

Vertical restraints under sherman act

Agreements by those at different marketing levels