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Business Law > Exam 4 > Flashcards

Exam 4 Flashcards

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1
Q

Officers in a corporation typically include all of the following except:

  • social director
  • president
  • secretary
  • treasurer
A

social director

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2
Q 
In the funeral home, an example of a general agent would be the
FDIC
limo driver
embalming service
visitation attendent
A

FDIC

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3
Q

An agent who is authorized to carry out all of a principal’s business of a particular kind or at a given location is called the ________ agent; and an agent who has limited power of authority to carry out only a specific act for the principal is called the ______ agent.

special; universal
broker; factor del credere
general; special
broker; general

A

general; special

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4
Q

A party who agrees to work for another party for pay is called a/an

A

employee

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5
Q

A principle making good losses of the agent and holding them harmless in actions related to the agent fulfilling their duties is termed:

A

indemnification

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6
Q

An agency relationship may be terminated by:

  1. bankruptcy of the agent
  2. dissolution of the corporation
  3. illegality of the subject matter and/or subsequent agreement
  4. death or incapacity of either the agent or the principal
A

all 4 of these

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7
Q

Which of the following is NOT a cause for dissolution of a partnership operation?

  • death of a partner
  • insanity of a partner
  • excess profit
  • bankruptcy of the partnership
A

excess profit

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8
Q

An entity which is distinct and separate apart from the existence of its owners is one definition of a/an:

A

corporation

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9
Q

Which of the following is NOT a duty of an employee to the employer?

  • faithful and honest performance
  • maintaining confidentiality
  • perform and skill
  • disobedience
A

disobedience

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10
Q

Written authorization allowing one to vote for another when a stockholder will be absent from a corporate meeting is called a/an

A

proxy

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11
Q

Which of the following could bring about the dissolution of a partnership, as discussed in class?

  • marriage of one of the partners
  • death of one of the partners
  • one of the partners moving to another city
  • divorce of one of the partners
A

death of one of the partners

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12
Q

A person or firm under contract to do a job, but who is NOT subject to the direction and control of the other party, is called an

A

independent contractor

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13
Q

Owners in a corporation are called

A

shareholders

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14
Q

One party who engages another party to work for pay is called an

A

employer

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15
Q

The name of the document which contains the terms of agreement between partners is the

A

partnership agreement

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16
Q

Which of the following is NOT a characteristic of a sole proprietorship business?

  • the owner receives all of the profits
  • the proprietor has no personal liability
  • the simplest form of business organization
  • the owner assumes all losses
A

the proprietor has no personal liability

17
Q

The simplest form of business organization is the

A

sole proprietorship

18
Q

A relationship in which one person represents another party in making contracts is called a/an

A

agency

19
Q

The _____ are selected by the board of directors and are responsible for carrying out the board’s policies.

A

officers

20
Q

The partner who has his/her liability for the firm’s debts limited to the amount of his/her investment is called the

A

limited partner

21
Q

A partner who is liable only to the extent of his/her investment in the business is called the ____; and a partner who has full and personal liability is called the ____.

A

limited partner; general partner

22
Q

Proportional shares of corporate profits paid to the stockholders are called

A

dividends

23
Q

When a corporation has been given authority to exist as an entity by a state government, the corporation is said to be

A

chartered

24
Q

Which of the following is NOT a duty of one partner to another?

  • loyalty and good faith
  • reasonable care and skill in conducting business practice
  • conform to the partnership agreement
  • remain silent
A

remain silent

25
Q

A body elected by the stockholders to establish policies for a corporation is the

A

board of directors

26
Q

In an agency relationship, the party who appoints another person to make contracts for and on his/her behalf is called the _______; and the party who is appointed to represent another person in making contracts is called the_______.

A

principal; agent

27
Q

A relationship in which one person represents another in making contracts with third parties is called a/an

A

agency

28
Q

A person or firm under contract to do a job, but who is not subject to the other party’s direction and control, is called a/an

A

independent contractor

29
Q

Another name for shareholders is

A

stockholder

30
Q

Rights of stockholders include all of the following EXCEPT:

  • receive stock certificates
  • vote at corporate meetings
  • receive dividends
  • sacrifice their vote if unable to attend a corporate meeting
A

sacrifice their vote if unable to attend a corporate meeting

31
Q

Which of the following would a general agent most likely NOT be able to do for a principal?

  • sign a contract which binds the principal
  • buy goods on behalf of the principal
  • vote in a general election of behalf of the principal
  • manage a business on behalf of the principal
A

vote in a general election of behalf of the principal

32
Q

In an agency relationship, the party who appoints another to make contracts for and on behalf of him/her is called the

A

principal

33
Q

In an agency, the party who is authorized to make contracts for, and on behalf of, another party is called the

A

agent

34
Q

An agent who is authorized to carry out all of a principal’s business of a particular kind or at a given location is called a/an

A

general agent

35
Q

An agent who has limited power of authority, or is authorized to carry out only a specific act or acts, is called a/an

A

special agent

Business Law (13 decks)

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