PA Flashcards
What is the purpose of informal agency actions?
To provide an informal means to resolve a dispute
To rectify a dispute to the agency’s satisfaction
To allow an agency to take an administrative act against an individual or organization
To provide advance notice that formal rulemaking may be forthcoming
To provide advance notice that formal rulemaking may be forthcoming
Which action has the government implemented in order to minimize health care costs?
Insurance companies cannot increase rates for two years and must apply for an increase after two years.
Insurance companies must spend at least 80% of individual premiums on benefits or pay a rebate to the insured.
Insurance companies are required to participate in the National Health Exchange.
Insurance companies must spend at least 80% of individual premiums on benefits or are required to decrease rates.
Insurance companies must spend at least 80% of individual premiums on benefits or pay a rebate to the insured.
Federal Food, Drug, and Cosmetic Act (FDCA)
Food and Drug Administration (FDA)
Food Safety Modernization Act (FSMA)
The most important federal legislation regulating food and drugs is the Federal Food, Drug, and Cosmetic Act (FDCA). The act protects consumers against adulterated (contaminated) and misbranded foods and drugs.
The FDCA establishes food standards, specifies safe levels of potentially hazardous food additives, and provides classifications of foods and food advertising. Most of these statutory requirements are monitored and enforced by the Food and Drug Administration (FDA).
The FSMA gives the FDA authority to directly recall any food products that it suspects are tainted (rather than relying on the producers to recall items).
The FSMA also places more restrictions on importers of food and requires them to verify that imported foods meet U.S. safety standards.
The Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA) protects consumers against inaccurate credit reporting and requires that lenders and other creditors report correct, relevant, and up-to-date information. The act provides that consumer credit reporting agencies may issue credit reports to users only for specified purposes. Legitimate purposes include the extension of credit, the issuance of insurance policies, and in response to the consumer’s request.
What is the purpose of the Comprehensive Environmental Response, Compensation, and Liability Act?
To compensate individuals impacted by leaking hazardous waste
To prohibit the dumping and disposal of hazardous waste
To regulate the cleanup of hazardous waste disposal sites
To determine which forms of solid waste are considered hazardous
To regulate the cleanup of hazardous waste disposal sites
The Clayton Act
Section 2,3,7, and 8
Section 2—Price Discrimination
Section 3—Exclusionary Practices
Section 7—Mergers
Section 8—Interlocking Directorates
A professional may be held liable for ACTUAL FRAUD when:
- he or she intentionally misstates a material fact to mislead a client and
- the client is injured as a result of justifiably relying on the misstated fact.
Constructive fraud
constructive fraud may be found when an accountant is grossly negligent in performing his or her duties.
9.
How does the Private Securities Litigation Reform Act of 1995 impact the liability of accountants?
By increasing the penalty for an accountant who is found guilty of violating security laws
By limiting an accountant’s liability to a proportionate share of the damage resulting from a wrongful act
By increasing an accountant’s potential liability by making the release of false and misleading reports a felony offense
By ruling that an accountant is not liable for errors and omissions if the accountant acted in good faith
By limiting an accountant’s liability to a proportionate share of the damage resulting from a wrongful act
The Davis-Bacon Act
The Walsh-Healey Act
The Fair Labor Standards Act (FLSA)
The Davis-Bacon Act requires contractors and subcontractors working on federal government construction projects to pay “prevailing wages” to their employees.
The Walsh-Healey Act applies to U.S. government contracts. It requires that a minimum wage, as well as overtime pay at 1.5 times regular pay rates, be paid to employees of manufacturers or suppliers entering into contracts with agencies of the federal government.
The Fair Labor Standards Act (FLSA) extended wage-hour requirements to cover all employers engaged in interstate commerce or in producing goods for interstate commerce, plus selected other types of businesses. The FLSA, as amended, provides the most comprehensive federal regulation of wages and hours today.
12.
Which act ensures employees have the right to a duly designated representative who bargains collectively on their behalf?
Norris-LaGuardia Act
Labor-Management Relations Act
National Labor Relations Act
Labor-Management Reporting and Disclosure Act
National Labor Relations Act
This act established the rights of employees to engage in collective bargaining and to strike.
The act also specifically defined a number of employer practices as unfair to labor:
- Interference with the efforts of employees to form, join, or assist labor organizations or to engage in concerted activities for their mutual aid or protection.
- An employer’s domination of a labor organization or contribution of financial or other support to it.
- Discrimination in the hiring of or the awarding of tenure to employees for reason of union affiliation.
- Discrimination against employees for filing charges under the act or giving testimony under the act.
- Refusal to bargain collectively with the duly designated representative of the employees.
Norris-LaGuardia Act
Congress protected peaceful strikes, picketing, and boycotts in 1932 in the Norris-LaGuardia Act. The statute restricted the power of federal courts to issue injunctions against unions engaged in peaceful strikes. In effect, this act declared a national policy permitting employees to organize.
National Labor Relations Board (NLRB)
The NLRA also created the National Labor Relations Board (NLRB) to oversee union elections and to prevent employers from engaging in unfair and illegal union activities and unfair labor practices.
Labor-Management Relations Act
The Labor-Management Relations Act (LMRA or Taft-Hartley Act) of 1947 was passed to proscribe certain unfair union practices, such as the closed shop. A closed shop is a firm that requires union membership as a condition of employment.
Labor-Management Reporting and Disclosure Act
The Labor-Management Reporting and Disclosure Act (LMRDA) established an employee bill of rights and reporting requirements for union activities. The act regulates unions’ internal business procedures, including elections. For instance, the LMRDA requires unions to hold regularly scheduled elections of officers using secret ballots. Former convicts are prohibited from holding union office. Moreover, union officials are accountable for union property and funds. Members have the right to attend and to participate in union meetings, to nominate officers, and to vote in most union proceedings.
