semester two final

Question 1

The Age Discrimination in Employment Act forbids discrimination against workers

Answer 1

Over 40

Question 2

An application for a corporate charter is typically called

Answer 2

Articles of Incorporation

Question 3

Automobile insurance coverage indemnifying insured for damage to their own vehicles is

Answer 3

collision and compherhevise

Question 4

In some states, all property acquired during a marriage is presumed to be community property and one-half interest in such property is owned by

Answer 4

Each Spouse

Question 5

The Environmental Protection Agency

Answer 5

Combined multiple programs from different agencies into one
Safeguards our natural environment

Question 6

The right to increase the capital stock of the corporation

Answer 6

belongs to shareholders alone

Question 7

For an employer’s treatment to be considered unequal (disparate), it must be

Answer 7

Intentional

Question 8

The normal sequence of steps in ending a partnership is

Answer 8

Dissolution, winding-up period, termination

Question 9

A trust in which the terms are explicitly stated by the settlor is a(n)

Answer 9

Express Trust

Question 10

Trade secrets are

Answer 10

Important ideas or knowledge that cannot be copyrighted or patented

Question 11

The number of shareholders in an S corporation

Answer 11

75 or less
60 or less
30 or less
None of the above
correct is 100 or less

Question 12

The primary source for social insurance coverage in the country is the

Answer 12

Social Security Act

Question 13

Corporations established for a governmental purpose

Answer 13

Public Corporations

Question 14

OSHA enforces the general duty clause and specific regulations

Answer 14

True

Question 15

Compared to compensation from winning a negligence suit, benefits awarded to injured workers under workers’ compensation are almost always

Answer 15

Much less

Question 16

An attribute common to all forms of co-ownership is

Answer 16

The right of partition nad the equal roihgts of possession

Question 17

Any agreement reached by the representative in an agency relationship binds

Answer 17

The principal and the third party

Question 18

A partner who invests more capital, brings in more business, and works longer and harder than his or her associates is entitled to

Answer 18

No extra compensation unless all partners agree

Question 19

When disparate treatment has occurred, the employer may use the defense of

Answer 19

Business Necessity, bona fide occupttaional qualifcation, bona fide sentority system

Question 20

A requirement for transferring ownership of personal property is

Answer 20

Delivery
Intent to transfer ownership

Question 21

Gathering shells on a public beach is acquisition by

Answer 21

Occupancy

Question 21

Legal entity that has the title to the subject property is known as the

Answer 21

trustee

Question 22

Double taxation means that

Answer 22

The corporation is taxed on corporate income and corporate shareholders are taxed on dividends

Question 23

Is a situation where a tenant remains in possession after a lease has expired a tenancy at sufferance

Answer 23

True

Question 24

At least 50 percent of the employees in a bargaining unit must sign authorization cards to form a union?

Answer 24

False

Question 25

When two corporations cease to exist and a new corporation is formed, it is called

Answer 25

a consolidation

Question 26

Which of the following employees is excluded from coverage of workers’ compensation insurance plan?

Answer 26

Self-insuring workers and those covered by other systems Casual workers Independent contractors

Question 27

In 1965 an energy shortage led to a massive

Answer 27

Blackout

Question 28

The Pregnancy Discrimination Act makes it illegal

Answer 28

For fringe benefits to discriminate on these bases To discriminate because of pregnancy and childbirth To discriminate because of pregnancy-related medical conditions

Question 29

The type of property insurance that covers the direct loss to property resulting from fire, lightning strike, or removal from the premises endangered by fire is

Answer 29

Fire

Question 30

In order to prove disparate impact, this must be established

Answer 30

Causation

Question 31

Shareholders do not have the right to

Answer 31

Possess any corporate property

Question 32

The stated maximum amount of money that can be paid on an insurance policy is

Answer 32

face value

Question 33

Shareholders in LLCs

Answer 33

May have per capita voting

Question 34

A form of ownership that carries the right of survivorship is

Answer 34

Joint tenancy

Question 35

The range of acts authorized by the principal is

Answer 35

The scope of authority

Question 36

Compensation for an employee unable to return to the same job because of an injury would be

Answer 36

Medical expenses and a percentage of lost wages Possible lump sum payment for pain and. All of these plus vocational rehabilitation

Question 37

When an insurance company makes payment for a loss to a suffering party, the insurance company is said to

Answer 37

Indemnify the loss

Question 38

The Equal Pay Act allow some differences in pay if they are based on

Answer 38

Merit System Seniority System System basing pay on quantity or quality of production

Question 39

If a landlord fails to heat the premises and the tenant is forced to move out, has a destructive eviction occurred?

Answer 39

false

Question 40

Which of the following does not deal with injuries in the workplace

Answer 40

Unemployment compensation

Question 41

Which common-law defense states that the EE was aware of the danger and yet remained in the dangerous situation

Answer 41

Assumption of risk

Question 42

The most numerous legal form of business organizations are

Answer 42

sole properietorships

Question 43

In a limited partnership

Answer 43

One partner must be a general partner with unlimited liability Limited partners contribute capital and share profits and losses with general partners

Question 44

An agency may be terminated by

Answer 44

An agreement Bankruptcy A change in law

Question 45

The person who authorizes another in an agency relationship is the

Answer 45

Principal

Question 46

The power, but not the right, to eliminate the agency at any time goes to

Answer 46

The Agent The principal

Question 47

Insurance providing protection against claims of parties who suffer injury or other loss as a result of negligence committed by the insured would be

Answer 47

Liability

Question 48

A corporation doing business in one state but charted in another states is called

Answer 48

A foreign corporation

Question 49

The agent becomes personally liable to the third party for resulting injury when

Answer 49

The agent acts outside of their scope of authority

Question 50

A minor entering into a partnership agreement

Answer 50

Retains all the rights and privileges of a minor

Question 51

Which of the following hold themselves out as partners or let others do so, but are not actually partners

Answer 51

Nominal partner

Question 52

Under most LLP statues, the limited liability protection extends only to shield against the consequences of conduct involving the torts of others in

Answer 52

Partnership

Question 53

One of the principles behind child labor laws is the idea that child labor at low wages takes jobs from adults

Answer 53

true

Question 54

The biggest disadvantage of a corporation is transferring ownership interest in the firm

Answer 54

false

Question 55

In a tenancy in partnership, each partner is a co-owner of the entire partnership property and is not the sole owner of any part of it

Answer 55

false

Question 56

A corporation wishing to qualify as an S corporation must file the election paperwork by April 15 of the tax year in which the election is to be effective

Answer 56

false

Question 57

The distributive shares of an LLC must be in equal amounts for each stockholder

Answer 57

false

Question 58

An S corporation is subject to double taxation.

Answer 58

false

Question 59

Bankruptcy of a corporation does not in itself cause dissolution.

Answer 59

true