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Questions
Q:
Genna is a director of Fab Stuff Corporation. Without informing Fab, Genna starts up Evertrendy, Inc., to compete with Fab. Genna is liÂable for breach of
a. no duty, right, or rule.
b. the business judgment rule.
c. the duty of loyalty.
d. the right of participation.
Q:
Under a closed shopagreement, an employer agrees to hire only employees who are already members of a union.
Q:
Wages, hours, and other terms and conditions of employment are permissive subjects of collective bargaining.
Q:
Rocco is a director of Spa Lids & Tubs, Inc. Under the standard of due care owed by diÂrectors of a corporation, Rocco's decisions must be
a. unwavering and unquestionable.
b. arguable and defensible.
c. informed and reasonable.
d. perfect and unassailable.
Q:
The act of negotiating contract terms between an employer and the members of a union is known as mediation.
Q:
When John earned $65,000 he purchased 10 DVDs a year. His income has just increased to $68,000 and he plans to purchase 15 DVDs this year. Johnʹs income elasticity of demand equalsA) 0 B) 0.11 C) 1.67 D) 8.87
Q:
Sylvia is an officer of Triad Hotel Company. As an officer, with respect to the corporation, Sylvia is
a. a fiduciary.
b. a forum.
c. a proxy.
d. a quorum.
Q:
Which of the following is true of union security agreements?
A) Under a closed shop agreement, an employer hires workers who are not part of any union.
B) Under an agency shop agreement, an employer only hires workers who agree to not join any union.
C) An employee hired under a union shop agreement is represented by more than one union.
D) Dues checkoff refers to the deduction of union dues and agency fees from employees' wages.
Q:
VeriVisual Company makes HD 3D film and video equipment. VeriVisual is like most corÂporations in that its officers are hired by the firm's
a. board of directors.
b. incorporators.
c. other officers.
d. shareholders.
Q:
Which of the following is true of a union shop agreement?
A) The employee must join the union within a certain time after employment.
B) The employee does not join the union but pays an agency fee.
C) The employee must be a skilled worker represented by more than one union.
D) The employee must be represented by more than one union.
Q:
Viola is a director of Water Pure Corporation. With respect to Water Pure, Viola's most important right is the right of
a. compensation.
b. indemnification.
c. participation.
d. certification.
Q:
Subjects that are not compulsory or illegal are known as ________ subjects of collective bargaining, which may be bargained for if the company and union agree to do so.
A) secondary
B) alternative
C) permissive
D) conditional
Q:
Reba is a director of Quantum Mechanix Corporation. Reba's rights, as a diÂrector, do not include a right to
a. indemnification.
b. inspection.
c. participation.
d. self-dealing.
Q:
Inelastic demand impliesA) that a one percent increase in price results in a smaller than one percent decrease in quantity demanded.B) that a one percent increase in price results in a larger than one percent decrease in quantity demanded.C) that a one percent cut in price results in a larger than one percent increase in quantity demanded.D) that a one percent decrease or increase in price induces no change in total revenue.
Q:
Which of the following is a compulsory subject during collective bargaining?
A) health benefits
B) closed shop recognition
C) corporate reorganization
D) workplace location
Q:
Sophie and Tiny incorporate their beverage-container business as U-Twist Products, Inc. The first board of directors may be appointed by the firm's
a. board of directors.
b. incorporators.
c. officers.
d. shareholders.
Q:
The act of negotiating contract terms between an employer and the members of a union is known as ________.
A) mediation
B) arbitration
C) collective bargaining
D) litigation
Q:
Bret and Courtney form Delite Donuts, Inc. Ultimate responsibility for polÂicy decisions necessary to the management of corporate affairs rests with Delite's
a. board of directors.
b. incorporators.
c. officers.
d. shareholders.
Q:
An employer threatening to close an organization because employees of an organization formed a union is considered an unfair labor practice.
Q:
Section 8(a) of the NLRAmakes it an unfair labor practicefor an employer to interfere with, coerce, or restrain employees from exercising their statutory right to form and join unions.
Q:
Niki owns O.K. Oil Corporation. Niki uses O.K.'s funds to pay her perÂsonal expenses, creates Pure Fuel Corporation to engage in the same business as O.K., transfers O.K.'s assets to Pure Fuel, and petitions O.K. into bankruptcy. This most likely warrants
a. a bonus to Niki for financial maneuvers.
b. a discharge for O.K. in bankruptcy.
c. a pierce of O.K.'s corporate veil.
d. a review of Pure Fuel's articles of incorporation.
Q:
Common propertyA) is owned by everyone. B) is owned by no one.C) Neither A nor B are correct. D) Both A and B are correct.
Q:
________ prohibits unions from engaging in unfair labor practices that interfere with a union election.
A) The Wagner Act
B) Section 7 of the NLRA
C) Section 8(a) of the NLRA
D) Section 8(b) of the NLRA
Q:
Wild & Scenic River Tours, Inc., is a corporation. Wild & Scenic has the implied power to
a. issue stocks and bonds.
b. execute contracts and negotiable instruments.
c. buy and sell (or lease) property.
d. perform all acts reasonably appropriate and necessary to accomÂplish its corporate purposes.
Q:
Which of the following is a provision of Section 8(a) of the NLRA?
A) prohibits unions from engaging in unfair labor practices that interfere with a union election
B) makes it an unfair labor practice for an employer to restrain employees from forming and joining unions
C) enables employees to opt out of unions by organizing a decertification election
D) permits employees and union officials to engage in union solicitation on company property
Q:
Rapid Pest Control itself out to others as being a corporation but makes no attempt to incorporate. Ponce signs a contract with Rapid Pest Control that is not performed. Ponce files a suit against the firm. The court will likely hold that Rapid Pest Control is
a. a corporation by estoppel.
b. an alien corporation.
c. an S corporation.
d. ultra vires.
Q:
How is Social Security awarded in the United States?
Q:
Start-Up Corporation substantially complies with all conditions preceÂdent to incorpoÂration. Start-Up has
a. corporate existence by estoppel.
b. de facto existence.
c. de jure existence.
d. ultra vires existence.
Q:
All of the following are key features of the new the federal governmentʹs national health care program EXCEPTA) people must either purchase health insurance or pay a fine to the federal government.B) a young person in good health can opt not to purchase health insurance without penalty.C) firms with at least 50 employees must either provide health insurance or pay fines when uninsured employees receive tax subsidies to purchase insurance.D) Government-directed exchanges will assist in matching individuals and small businesses with health insurance policies that satisfy government requirements.
Q:
Like the bylaws of other corporations, the bylaws of Farmland Equipment, Inc.,
a. establish the operating name of the corporation.
b. establish the value and classes of corporate stock.
c. were adopted at its first organizational meeting.
d. were submitted for approval to the public official in charge.
Q:
Self-employed individuals are required to pay Social Security contributions under the ________ Act.
Q:
Sullivan and Taylor want to form a corporation to provide catering services. The first step in the incorporation procedure is to
a. file the articles of incorporation.
b. hold the first organizational meeting.
c. secure a corporate name.
d. select a state in which to incorporate.
Q:
Under the ________ Act, employees must make contributions (i.e., pay taxes) into the Social Security fund.
Q:
The abbreviation "P.A." in the name "Painless Dental, P.A." means that this organization is
a. a private association.
b. a professional association.
c. a public association.
d. a publicly administered corporation.
Q:
The ________ system was established to provide limited retirement and death benefits to covered employees and their dependents.
Q:
In 1935, Congress established a(n) ________ to assist workers who are temporarily unemployed.
Q:
A Lorenz curve that is perfectly straight indicatesA) that society is very rich.B) that a small portion of the population accounts for most of the income. C) that a large portion of the population accounts for most of the income. D) complete income equality.
Q:
Boutique Corporation would like to change its corporate status to avoid inÂcome taxes at the corporate level. To qualify, the shareholders must not be
a. corporations.
b. estates.
c. individuals.
d. partnerships.
Q:
Frida and Gregor want to market a new line of fishing gear. To avoid inÂcome taxes at the corporate level, they should form
a. a C corporation.
b. a close corporation.
c. an S corporation.
d. a private corporation.
Q:
To assist workers who are temporarily unemployed, the ________ Act requires employers to pay unemployment contributions.
Q:
Convenience Mart, Inc., is a closely held corporation. Convenience Mart is
a. eligible to make public offerings of securities.
b. exempt from filing a certificate of incorporation.
c. generally allowed to restrict the transfer of its stock.
d. taxed in the same manner as a partnership.
Q:
Workers who quit work without just cause can claim unemployment benefits.
Q:
The shares of Capital Corporation are publicly traded in securities marÂkets. Capital Corporation is
a. a private corporation.
b. a privately held corporation.
c. a public corporation.
d. a publicly held corporation.
Q:
Under the Federal Unemployment Tax Act (FUTA), employers are exempted from paying unemployment taxes.
Q:
Which type of collective bargaining agreement requires workers to be union members prior to being considered for employment?A) right-to-work B) union shop C) open shop D) closed shop
Q:
Gelato Ice, Inc., is incorporated in the state of New Jersey and is doing busiÂness in the state of New York. In New York, Gelato is properly reÂferred to as
a. a domestic corporation.
b. a foreign corporation.
c. an alien corporation.
d. a de jure corporation.
Q:
Which of the following is true of Social Security?
A) The Social Security system operates like a savings account.
B) Current Social Security contributions are used to pay past and future Social Security claims.
C) An employee must pay taxes into the Social Security fund, and the employee's employer must pay a matching amount.
D) Self-employed individuals are exempt from making contributions to the Social Security system.
Q:
Mountaintop Clearview Corporation authorizes Niles, its employee, to oversee its timber operation. In the course of his employment, Niles disposes of the operation's waste illegally. Orson is a Mountaintop shareholder. Liability for this crime most likely rests with Orson to
a. no extent.
b. the proportionate extent of the number of shares Orson owns.
c. the amount of Orson's investment in the firm.
d. the full extent.
Q:
Which of the following is not a Social Security benefit?
A) retirement benefits
B) disability benefits
C) Medicare
D) workers' compensation
Q:
Felicity and Gideon want to form and do business as Home Healthcare Corporation. A corporation is
a. a natural person.
b. a tangible person.
c. an artificial person.
d. a visible person.
Q:
Under the ________ and state laws enacted to implement the program, employers are required to pay unemployment contributions (taxes).
A) FLSA
B) FMLA
C) FUTA
D) FICA
Q:
What is the Family and Medical Leave Act (FMLA)? How is an employee covered under it?
Q:
Skyla and Terry want to form and do business as Unbound Games Corporation. Most statutes governing the formation and use of corporations are guided by
a. city or county corporate codes.
b. the Entrepreneur's Corporate Handbook.
c. the federal Administrative Procedure Act.
d. the Revised Model Business Corporation Act.
Q:
An industryʹs equilibrium wage rate is establishedA) by the industry supply curve for labor alone.B) by the slope of the industry demand curve for labor alone.C) by the Labor Department and based on the cost of living in the area.D) by the intersection of the industry supply and demand curves for labor.
Q:
Shareholders are personally liable for the debts of a corporation.
Q:
Under ERISA, ________ occurs when an employee has a nonforfeitable right to receive pension benefits.
Q:
Before shareholders can bring a derivative suit, they must submit a written demand to the corporation, asking the board of directors to take action.
Q:
The ________ permits employees and their beneficiaries to continue their group health insurance after the voluntary or involuntary termination of a worker's employment.
Q:
A shareholder's right to inspect corporate books and records is unlimited.
Q:
The ________ is a federal act that guarantees workers up to 12 weeks of unpaid leave in a 12-month period to attend to family and medical emergencies and other specified situations.
Q:
Shareholders' meetings need not occur at any certain interval.
Q:
Vesting occurs when an employee has a nonforfeitable right to receive pension benefits.
Q:
The Consolidated Omnibus Budget Reconciliation Act (COBRA) is an act designed to prevent fraud and other abuses associated with private pension funds.
Q:
The Sherman ActA) prohibited banks from crossing states lines.B) prohibited railroads from transporting explosives. C) provided for the regulation of natural monopolies.D) declared that monopolization and restraint of trade were illegal.
Q:
Shareholders must approve fundamental changes affecting the corporaÂtion before the changes can be implemented.
Q:
A director does not need to disclose any conflict of interest before voting on a proposed transaction.
Q:
The Fair Labor Standards Act (FLSA) guarantees workers unpaid time off from work for family and medical emergencies and other specified situations.
Q:
A director must make a full disclosure of any potential conflict of interest that might arise in any corporate transaction.
Q:
The Employee Retirement Income Security Act (ERISA) is administered by the U.S. Department of Labor.
Q:
________ occurs when an employee has a nonforfeitable right to receive pension benefits.
A) Vesting
B) Easement
C) Anti-lapse
D) Reconciliation
Q:
Directors are entitled to use confidential corporate information for their personal advantage.
Q:
The regulation of the prices charged by insurance companies is known asA) the Federal Register. B) social regulation.C) the market share test. D) economic regulation.
Q:
The ________ is a federal act designed to prevent fraud and other abuses associated with private pension funds.
A) ERISA
B) COBRA
C) FLSA
D) FMLA
Q:
A director or officer is not liable to the corporation for a bad business decision.
Q:
The ________ is a federal law that permits employees and their beneficiaries to continue their group health insurance after an employee's employment has ended.
A) FLSA
B) FMLA
C) ERISA
D) COBRA
Q:
The board of directors normally can remove a corporate officer at any time with or without cause.
Q:
To be covered by the FMLA, an employee must ________.
A) have worked for the employer for at least three years
B) have performed more than 1,250 hours of service during the previous 12-month period
C) not have claimed maternity leave in the past
D) be suffering from a serious physical injury or ailment
Q:
In most states, one individual cannot be both an officer and a director.
Q:
Directors have a right to participate in all board of directors' meetings.
Q:
The ________ guarantees workers unpaid time off from work for family and medical emergencies.
A) FLSA
B) OSHA
C) FMLA
D) ERISA