semester two final Flashcards
The Age Discrimination in Employment Act forbids discrimination against workers
Over 40
An application for a corporate charter is typically called
Articles of Incorporation
Automobile insurance coverage indemnifying insured for damage to their own vehicles is
collision and compherhevise
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
Each Spouse
The Environmental Protection Agency
Combined multiple programs from different agencies into one
Safeguards our natural environment
The right to increase the capital stock of the corporation
belongs to shareholders alone
For an employer’s treatment to be considered unequal (disparate), it must be
Intentional
The normal sequence of steps in ending a partnership is
Dissolution, winding-up period, termination
A trust in which the terms are explicitly stated by the settlor is a(n)
Express Trust
Trade secrets are
Important ideas or knowledge that cannot be copyrighted or patented
The number of shareholders in an S corporation
75 or less
60 or less
30 or less
None of the above
correct is 100 or less
The primary source for social insurance coverage in the country is the
Social Security Act
Corporations established for a governmental purpose
Public Corporations
OSHA enforces the general duty clause and specific regulations
True
Compared to compensation from winning a negligence suit, benefits awarded to injured workers under workers’ compensation are almost always
Much less
An attribute common to all forms of co-ownership is
The right of partition nad the equal roihgts of possession
Any agreement reached by the representative in an agency relationship binds
The principal and the third party
A partner who invests more capital, brings in more business, and works longer and harder than his or her associates is entitled to
No extra compensation unless all partners agree
When disparate treatment has occurred, the employer may use the defense of
Business Necessity, bona fide occupttaional qualifcation, bona fide sentority system
A requirement for transferring ownership of personal property is
Delivery
Intent to transfer ownership
Gathering shells on a public beach is acquisition by
Occupancy
Legal entity that has the title to the subject property is known as the
trustee
Double taxation means that
The corporation is taxed on corporate income and corporate shareholders are taxed on dividends
Is a situation where a tenant remains in possession after a lease has expired a tenancy at sufferance
True
At least 50 percent of the employees in a bargaining unit must sign authorization cards to form a union?
False
When two corporations cease to exist and a new corporation is formed, it is called
a consolidation
Which of the following employees is excluded from coverage of workers’ compensation insurance plan?
Self-insuring workers and those covered by other systems
Casual workers
Independent contractors
In 1965 an energy shortage led to a massive
Blackout
The Pregnancy Discrimination Act makes it illegal
For fringe benefits to discriminate on these bases
To discriminate because of pregnancy and childbirth
To discriminate because of pregnancy-related medical conditions
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
Fire
In order to prove disparate impact, this must be established
Causation
Shareholders do not have the right to
Possess any corporate property
The stated maximum amount of money that can be paid on an insurance policy is
face value
Shareholders in LLCs
May have per capita voting
A form of ownership that carries the right of survivorship is
Joint tenancy
The range of acts authorized by the principal is
The scope of authority
Compensation for an employee unable to return to the same job because of an injury would be
Medical expenses and a percentage of lost wages
Possible lump sum payment for pain and. All of these plus vocational rehabilitation
When an insurance company makes payment for a loss to a suffering party, the insurance company is said to
Indemnify the loss
The Equal Pay Act allow some differences in pay if they are based on
Merit System
Seniority System
System basing pay on quantity or quality of production
If a landlord fails to heat the premises and the tenant is forced to move out, has a destructive eviction occurred?
false
Which of the following does not deal with injuries in the workplace
Unemployment compensation
Which common-law defense states that the EE was aware of the danger and yet remained in the dangerous situation
Assumption of risk
The most numerous legal form of business organizations are
sole properietorships
In a limited partnership
One partner must be a general partner with unlimited liability
Limited partners contribute capital and share profits and losses with general partners
An agency may be terminated by
An agreement
Bankruptcy
A change in law
The person who authorizes another in an agency relationship is the
Principal
The power, but not the right, to eliminate the agency at any time goes to
The Agent
The principal
Insurance providing protection against claims of parties who suffer injury or other loss as a result of negligence committed by the insured would be
Liability
A corporation doing business in one state but charted in another states is called
A foreign corporation
The agent becomes personally liable to the third party for resulting injury when
The agent acts outside of their scope of authority
A minor entering into a partnership agreement
Retains all the rights and privileges of a minor
Which of the following hold themselves out as partners or let others do so, but are not actually partners
Nominal partner
Under most LLP statues, the limited liability protection extends only to shield against the consequences of conduct involving the torts of others in
Partnership
One of the principles behind child labor laws is the idea that child labor at low wages takes jobs from adults
true
The biggest disadvantage of a corporation is transferring ownership interest in the firm
false
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
false
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
false
The distributive shares of an LLC must be in equal amounts for each stockholder
false
An S corporation is subject to double taxation.
false
Bankruptcy of a corporation does not in itself cause dissolution.
true
