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Questions
Q:
The recent merger of Southwest Bell (SBC) and AT&T companies is an example of aA) horizontal merger. B) vertical merger.C) consolidation merger. D) cooperative merger.
Q:
Many states permit a corporate board to have fewer than three directors.
Q:
Which of the following is true of COBRA?
A) Government employees are subject to parallel provisions found in the Public Health Service Act.
B) Under most circumstances, COBRA coverage is available for 24 months after employment has ended.
C) An employer is under no obligation to notify covered employees and their beneficiaries of their rights under COBRA.
D) To continue coverage after employment has ended, a person need not pay the group rate premium.
Q:
Shareholders are the ultimate authority in every corporation.
Q:
Outline the minimum wage requirement established by the Fair Labor Standards Act. How are wages paid to a tipped employee?
Q:
Describe the measures taken by the U.S. Department of Labor against oppressive child labor.
Q:
When the corporate privilege is abused for personal benefit, the courts will require the owners to assume personal liability.
Q:
The ________ exemption is an exemption that applies to employees who will be paid by the client or customer, whose primary duty is making sales or obtaining orders or contracts for services, and who are customarily and regularly engaged away from the employer's place of business.
Q:
A monopolistic competitor is in long-run equilibrium whenA) economic profits are equal to zero and the average total cost curve is tangent to the demand curve.B) economic profits are equal to zero and the marginal cost curve is tangent to the demand curve.C) economic profits are greater than zero and the average total cost curve is tangent to the demand curve.D) economic profits are greater than zero and the marginal cost curve is tangent to the demand curve.
Q:
Express powers of a corporation are found in its articles of incorporation.
Q:
Under the FLSA, an employer cannot require nonexempt employees to work more than 40 hours per week unless they are paid ________ of one-and-a-half times their regular pay for each hour worked in excess of 40 hours that week.
Q:
Implied powers of a corporation are expressed in state statutes.
Q:
The ________ Act forbids the use of oppressive child labor and makes it unlawful to ship goods produced by businesses that use oppressive child labor.
Q:
An incorporator must have an interest in the corporation.
Q:
The Fair Labor Standards Act (FLSA) is enforced by the ________.
Q:
The articles of incorporation serve as a primary source of authority for a corporation.
Q:
Software developers and other computer professionals cannot claim overtime pay.
Q:
Suppose that the profit maximizing level of output for the monopolist is 100 units, and ATC = $45.00; MC = $35.00; MR = $35.00; P = $45.00. What is the monopolyʹs profit?A) -$1000 B) $4500 C) $0 D) $3500
Q:
The primary document needed to incorporate a business is the articles of incorporation.
Q:
Senior professors and physicists in research laboratories are entitled to federal overtime pay.
Q:
The first step in the incorporation process is to select a state in which to operate.
Q:
Administrative employees who do not do manual work are exempt from the federal minimum wage requirement.
Q:
For liability purposes, some courts treat professional corporations somewhat like a partnership.
Q:
Executives who are compensated on a salary basis and engage in management are exempt from overtime pay.
Q:
An S corporation is treated the same as a regular corporation for tax purposes
Q:
Overtime pay is given to nonexempt employees who work more than 40 hours per week.
Q:
What is marginal cost pricing? Why is marginal cost pricing important?
Q:
An agreement between shareholders to restrict the transfer of a closely held corporation's stock is illegal.
Q:
Overtime pay must always be set at twice the regular pay of an employee.
Q:
A publicly held corporation is a private corporation.
Q:
Living wage laws are minimum wage laws enacted by cities.
Q:
A corporation is referred to as a domestic corporation by its home state.
Q:
States are allowed to enact minimum wage laws that set minimum wages higher than the federal level.
Q:
A corporation cannot be held liable for the criminal acts of its employees.
Q:
An employee who earns tips must be paid minimum wage by the employer, excluding the income from tips.
Q:
OutputTotal Costs100$400101402102405103409104414105420106427107435Refer to the above table. If the price is $6, the perfectly competitive firm should produceA) 104 units. B) 105 units. C) 106 units. D) 107 units.
Q:
A holding company is a company whose business activity consists of holding shares in another company.
Q:
The U.S. Department of Labor permits employers to pay less than the minimum wage to students and apprentices.
Q:
Corporate profits can be subject to double taxation.
Q:
Child actors and performers are exempt from the child labor restrictions of the FLSA.
Q:
Private civil actions are permitted under the FLSA.
Q:
A corporation is a legal entity created and recognized by federal law.
Q:
According to the FLSA, children under the age of 14 are forbidden from working, including as newspaper deliverers.
Q:
When marginal costs are rising,A) marginal physical product is also rising. B) marginal physical product is falling.C) average physical product is rising. D) average physical product is falling.
Q:
Pence. Queenie, and Randall want to form Sales-to-Infinity, LLC (limited liÂability company). What should they provide in their operating agreement? If they fail to include some important operating details, what determines these details?
Q:
The FLSA makes it unlawful to ship goods produced by businesses that use oppressive child labor.
Q:
Sally and Tom decide to go into business, selling discounted merchandise through their Web site "e-Buy." They sign a partnership agreement that requires Sally to contribute $12,000 and Tom to contribute $8,000 in capital to start the firm. The agreement also states that only Sally will have the authority to bind the partnership in deals with third parties, but the agreement says nothing about the management of the firm or a division of profits. Without Sally's knowledge, Tom tells United Computer Products, Inc., that he represents the firm and signs a contract with United to buy hard drives for resale on e-Buy. In the first year, e-Buy makes a profit of $50,000. What are the partners' rights with respect to the management of the firm? Is the partnership bound to the contract with United? Do the partners split the first year's profits? If so, how much is each entitled to?
Q:
Ewa, the owner of Face-2-Face Enterprises, is a sole proprietor. What are the chief characteristics, advantages, and disadvantages of this form of busiÂness organization? Ewa wants to obtain additional capital to expand Face-2-Face, but she does not want to lose control of the firm. As a sole proprieÂtor, what is her best option to attain these goals?
Q:
Only private employers, and not governmental bodies, come under the purview of the FLSA.
Q:
Helga works as a nurse in a private hospital. She is paid an hourly wage. Helga is typically required to work 40 hours per week, from 10 p.m. until 6 a.m. Monday through Friday. Due to the recent resignation of another nurse, Helga's supervisor has offered her the opportunity to work additional hours each week. Which of the following is true in terms of Helga's prospects for overtime pay?
A) Helga cannot receive overtime pay, since federal law conclusively presumes that health care workers are paid on a salaried basis.
B) Helga can receive overtime pay only if she works more than 60 hours per week, due to the federal overtime pay restrictions imposed on the health care sector.
C) Helga cannot receive overtime pay, as federal law prohibits overtime pay for health care workers.
D) Helga is entitled to overtime pay if she works the additional hours.
Q:
Owen plans to open Owen's Pets Store, a pet supplies outlet, and to hire Quinn and Ruth. Owen will invest only his own money. He does not exÂpect to make any profit for at least two years and to make almost no profit for the first three years, but he hopes to expand eventually. Which form of business organization would be most appropriate?
Q:
Which of the following statements is FALSE?A) Included in the firmʹs short-run production function are both fixed and variable inputs. B) An efficient firm can obtain more output than the production function shows.C) The production function shows the technical relationship between a firmʹs inputs and outputs.D) The production function presents the technically efficient methods of combining inputs to produce output.
Q:
Flip is a member of Great States Trucking LLC. Flip's relationship to Great States ends, but the firm continues to do business. This is
a. dissociation.
b. dissolution.
c. winding up.
d. wrongful.
Q:
Which of the following statements is true of exemptions from minimum wage and overtime pay requirements?
A) Apprentices must be paid minimum wage.
B) Learned professionals need not be paid minimum wage.
C) Workers involved in hazardous activities need not be paid minimum wage.
D) Employees in law enforcement and medical sectors need not be paid minimum wage.
Q:
Cecilia's Day Spa, LLC, is a member-managed limited liability company. If the law in Cecilia's state is like the law in most states, unless the members have agreed otherwise, voting rights are apportioned according to
a. capital contributions.
b. participation in management.
c. the number of members.
d. transactions with the firm.
Q:
Who among the following is not exempt from the federal minimum wage requirement?
A) Kelly, a district sales executive
B) Angelica, a waitress
C) Tsun, a software engineer
D) Orlando, a college professor
Q:
If a wage employee works 50 hours one week and 30 hours the next week, for how many hours of overtime pay does the employer owe the employee?
A) 0
B) 10
C) 40
D) 80
Q:
CPA Accounting, LLC, is a limited liability company. If the law in CPA's state is like the law in most states, unless the members have agreed otherÂwise, participants in the firm's management will be considered to include
a. all members.
b. no member.
c. one member.
d. two members, including at least one general partner.
Q:
B2B, LLC, is a limited liability company. Among its members, a dispute arises that the operating agreement does not cover. The dispute is govÂerned by
a. the applicable state LLC statute.
b. the federal Uniform LLC Law.
c. the principles of partnership law.
d. the state corporation statute.
Q:
Overtime pay is paid for each hour worked in excess of ________ hours in a week.
A) 35
B) 40
C) 45
D) 50
Q:
Accounting profits areA) total revenue minus explicit costs. B) total revenue minus implicit costs.C) total revenue minus explicit and implicit costs. D) total revenue minus normal costs.
Q:
Jay is a member of Kitchen Cookouts, LLC, a limited liability company. Jay is liable for Kappa's debts
a. in proportion to the total number of members.
b. to the extent of his investment in the firm.
c. to the extent that the other members do not pay the debts.
d. to the full extent.
Q:
Overtime pay is ________ times that of the regular pay of an employee.
A) two
B) three
C) two and a half
D) one and a half
Q:
Location! Realty LLC is a limited liability company (LLC). Like other LLCs, for federal jurisdictional purposes, Location! Realty is most likely a citizen of
a. all states.
b. every state in which its members are citizens.
c. no state.
d. only the state in which it was formed.
Q:
Which of the following is true of the minimum wage in the United States?
A) A state can enact a law that sets the minimum wage higher than the federal minimum wage.
B) A city cannot set a minimum wage higher than the federal minimum wage.
C) A living wage law sets a lower minimum wage than the federal minimum wage.
D) For a tipped employee, if an employee's tips and direct employer payment do not equal the federal minimum wage, the employer is not required to make up the difference.
Q:
Which of the following acts establishes the minimum wage and overtime pay requirements for workers in the United States?
A) FLSA
B) OSHA
C) FMLA
D) COBRA
Q:
Coco is considering forms of business organization for her concessions businessCoco's Cupcakes. Most states require that a limited liability company have at least
a. no minimum number of members.
b. at least one member.
c. at least two members.
d. at least three members, including at least one general partner.
Q:
Which of the following is true of the federal minimum wage?
A) An employer may not reduce the minimum wage by an amount equal to the reasonable cost of food provided to employees.
B) Managerial employees are not subject to minimum wage requirements.
C) Apprentices cannot be paid less than the minimum wage.
D) Employees who earn tips, such as waiters and waitresses, are not entitled to the minimum wage.
Q:
Greta is a member of Hovercraft LLC. As a member, Greta is
a. a manager or officer, but not an owner.
b. an investor, but not a manager, officer, or owner.
c. an owner.
d. a participant, but not an investor, manager, officer, or owner.
Q:
Who among the following are exempt from child labor restrictions in the United States?
A) children who work as retail store clerks
B) children who work in fast-food restaurants
C) children employed as actors and performers
D) children employed at gasoline stations
Q:
Use the above figure. When the budget line rotates from ʺcʺ to ʺbʺA) the price of product J increases. B) the price of product J decreases. C) the price of product K increases. D) the price of product K decreases.
Q:
Bee Hive Honey, LLC's members include Chad. For purposes of suing and being sued, Bee Hive Honey is
a. an aggregate of Chad and the other members.
b. a natural person in the members' "family."
c. a legal entity apart from the owners.
d. a non-participating third party.
Q:
Which of the following is true of child labor regulations adopted by the U.S. Department of Labor?
A) Children between the ages of 14 and 15 may work unlimited hours in nonhazardous jobs.
B) Children between the ages of 16 and 17 may work limited hours in hazardous jobs.
C) Children under the age of 14 may work limited hours in nonhazardous jobs.
D) Children employed in agriculture are exempt from the regulations.
Q:
Esteban and Florian want to form a limited liability company (LLC) to manage their business, Gordian Nuts. LLC statutes have been adopted in
a. all states.
b. no states.
c. less than one-fifth of the states.
d. only Wyoming and Florida.
Q:
According to the U.S. Department of Labor, children under the age of 14 can only be employed as ________.
A) dishwashers
B) newspaper deliverers
C) waiters or waitresses
D) retail store clerks
Q:
Sustainable Café LLC is a limited liability company. Like any other LLC, unless Sustainable Café chooses otherwise, the firm will be taxed as
a. a corporation.
b. a sole proprietorship.
c. a partnership.
d. none of the choices.
Q:
The ________ forbids the use of oppressive child labor and makes it unlawful to ship goods produced by businesses that use oppressive child labor.
A) OSHA
B) ERISA
C) FMLA
D) FLSA
Q:
The marginal utility of good A is 6 and the marginal utility of good B is 15. The price of good A is $2. The price of good B must be if the consumer is optimizing her utility.A) $2 B) $5 C) $45 D) $15
Q:
Kelly, Lars, and Mona agree to be partners in Neighborhood Delivery Service (NDS), splitting the profits equally. Kelly contributes 67 percent of the capital. When NDS is dissolved, its liabilities are greater than its assets. The losses are paid by
a. all of the partners in proportion to their capital contributions.
b. all of the partners in proportion to their shares of the profits.
c. Kelly because she contributed most of the capital.
d. Lars and Mona because they contributed the least of the capital.
Q:
The FLSA applies to ________.
A) state government employees
B) federal government employees
C) employees engaged in the production of goods for interstate commerce
D) self-employed U.S. citizens