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Business Law > semester two final > Flashcards

semester two final Flashcards

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1
Q

The Age Discrimination in Employment Act forbids discrimination against workers

A

Over 40

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2
Q

An application for a corporate charter is typically called

A

Articles of Incorporation

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3
Q

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

A

collision and compherhevise

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4
Q

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

A

Each Spouse

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5
Q

The Environmental Protection Agency

A

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

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6
Q

The right to increase the capital stock of the corporation

A

belongs to shareholders alone

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7
Q

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

A

Intentional

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8
Q

The normal sequence of steps in ending a partnership is

A

Dissolution, winding-up period, termination

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9
Q

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

A

Express Trust

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10
Q

Trade secrets are

A

Important ideas or knowledge that cannot be copyrighted or patented

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11
Q

The number of shareholders in an S corporation

A

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

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12
Q

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

A

Social Security Act

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13
Q

Corporations established for a governmental purpose

A

Public Corporations

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14
Q

OSHA enforces the general duty clause and specific regulations

A

True

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15
Q

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

A

Much less

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16
Q

An attribute common to all forms of co-ownership is

A

The right of partition nad the equal roihgts of possession

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17
Q

Any agreement reached by the representative in an agency relationship binds

A

The principal and the third party

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18
Q

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

A

No extra compensation unless all partners agree

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19
Q

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

A

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

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20
Q

A requirement for transferring ownership of personal property is

A

Delivery
Intent to transfer ownership

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21
Q

Gathering shells on a public beach is acquisition by

A

Occupancy

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21
Q

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

A

trustee

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22
Q

Double taxation means that

A

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

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23
Q

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

A

True

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24
Q

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

A

False

25
Q

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

A

a consolidation

26
Q

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

A

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

27
Q

In 1965 an energy shortage led to a massive

A

Blackout

28
Q

The Pregnancy Discrimination Act makes it illegal

A

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

29
Q

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

A

Fire

30
Q

In order to prove disparate impact, this must be established

A

Causation

31
Q

Shareholders do not have the right to

A

Possess any corporate property

32
Q

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

A

face value

33
Q

Shareholders in LLCs

A

May have per capita voting

34
Q

A form of ownership that carries the right of survivorship is

A

Joint tenancy

35
Q

The range of acts authorized by the principal is

A

The scope of authority

36
Q

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

A

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

37
Q

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

A

Indemnify the loss

38
Q

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

A

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

39
Q

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

A

false

40
Q

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

A

Unemployment compensation

41
Q

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

A

Assumption of risk

42
Q

The most numerous legal form of business organizations are

A

sole properietorships

43
Q

In a limited partnership

A

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

44
Q

An agency may be terminated by

A

An agreement
Bankruptcy
A change in law

45
Q

The person who authorizes another in an agency relationship is the

A

Principal

46
Q

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

A

The Agent
The principal

47
Q

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

A

Liability

48
Q

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

A

A foreign corporation

49
Q

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

A

The agent acts outside of their scope of authority

50
Q

A minor entering into a partnership agreement

A

Retains all the rights and privileges of a minor

51
Q

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

A

Nominal partner

52
Q

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

A

Partnership

53
Q

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

A

true

54
Q

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

A

false

55
Q

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

A

false

56
Q

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

A

false

57
Q

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

A

false

58
Q

An S corporation is subject to double taxation.

A

false

59
Q

Bankruptcy of a corporation does not in itself cause dissolution.

A

true

Business Law (6 decks)

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