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Questions
Q:
Hud and Iggy form Jerry-Bilt Construction to enter into a contract to build one bridge. Under their partnership agreement, Jerry-Bilt is to dissolve when the bridge is built. Iggy signs a contract for the firm to build a second bridge. Jerry-Bilt
a. dissolves as soon as the first bridge is built.
b. dissolves as soon as the second bridge is built.
c. dissolves immediately on Iggy's signing of the second contract.
d. does not dissolve.
Q:
The ________ Act contains a general duty standard that imposes on an employer a duty to provide employment and a work environment that is free from recognized hazards that are causing or are likely to cause death or serious physical harm to its employees.
Q:
Clu, Dolf, and Elton do business as Fertile Valley Farm. Clu's relationship to the firm ends, but it continues to do business. This is
a. dissociation.
b. dissolution.
c. winding up.
d. wrongful.
Q:
OSHA standards establish safety requirements for safety guards on saws. This is an example of a(n) ________ standard.
Q:
Fay is admitted to Global Associates, an existing partnership. A partnership debt incurred before the date of her admission comes due. Fay is
a. not liable for the debt.
b. only liable for the debt up to the amount of her capital contribution.
c. personally liable only to the extent the other partners do not pay.
d. personally liable to the full extent of the debt.
Q:
The ________ is a federal agency that is empowered to inspect places of employment for health hazards and safety violations.
Q:
The difference between price elasticity of demand and income elasticity of demand is thatA) income elasticity of demand examines how an individualʹs income changes when prices change and the price elasticity of demand examines how quantity demand changes when price changes.B) income elasticity refers to the movement along the demand curve while price elasticity refers to a horizontal shift of the demand curve.C) income elasticity measures the responsiveness of income to changes in supply while price elasticity of demand measures the responsiveness of demand to a change in price.D) income elasticity refers to a horizontal shift of the demand curve while price elasticity of demand refers to a movement along the demand curve.
Q:
Luann and Mace are partners in Networx, a computer peripherals firm.
Mace dissociates from Networx. Luann signs a conÂtract with Physik Drives, a wholesale component supplier, apparently on Networx's behalf. Physik does not know of Mace's dissociation. The contract is binding on
a. Luann, Mace, and Networx.
b. Luann only.
c. Networx only.
d. Physik only.
Q:
The OSHA serves only as a model act and employers who violate its rules are not liable for penalties.
Q:
Luann and Mace are partners in Networx, a computer peripherals firm.
Luann signs a contract with Oleo Chips, a retail component supplier, apparently on Networx's behalf. The contract is binding on
a. Luann, Mace, and Networx.
b. Luann only.
c. Networx only.
d. Oleo only.
Q:
The general duty standard requires an employer to provide a work environment that does not result in its employees' mental stress.
Q:
Corbin, a partner in Doctors Medical Clinic, applies for a loan with Evermore Bank allegedly on Doctors' behalf but without the authorization of the other partners. Evermore knows that Corbin is not authorized to take out the loan. Corbin defaults on the loan. Liability for its unpaid amount is imposed on
a. Corbin and Doctors, jointly.
b. Corbin only.
c. Doctors only.
d. Evermore only.
Q:
The Occupational Safety and Health Administration (OSHA) is a federal administrative agency within the Department of Labor that is empowered to enforce the Occupational Safety and Health Act.
Q:
If the absolute price elasticity of demand for automobiles is equal to 0.75, we sayA) that demand is inelastic.B) that demand is elastic.C) that there is a strong responsiveness of quantity demanded to automobiles price cuts.D) none of the above is correct.
Q:
Megan and Nicole do business as One World Realty. In acting on the firm's behalf in a deal with Property Acquisition Company, Megan fails to account for the profit. To her firm, Megan is
a. liable for breach of the duty of care.
b. liable for breach of the duty of economic sense.
c. liable for breach of the duty of loyalty.
d. not liable.
Q:
Which of the following is true of OSHA's general duty standard?
A) The standard must be established with each safety regulation.
B) It requires an employer to provide a work environment that does not result in employee mental stress.
C) An employer is required to provide a work environment that is free from recognized hazards.
D) OSHA has no authority regarding employer safety violations, since it is merely a model act.
Q:
Rona and Savannah do business as Treasure Island Traders. In acting on the firm's behalf in a deal with Unlimited Potential, Inc., Rona makes an honest error in overestimating the profit. To her firm, Rona is
a. liable for breach of the duty of care.
b. liable for breach of the duty of economic sense.
c. liable for breach of the duty of loyalty.
d. not liable.
Q:
The ________ is an OSHA standard that requires an employer to provide a work environment free from recognized hazards that are causing or are likely to cause death or serious physical harm to employees.
A) general duty standard
B) specific duty standard
C) code of wellness
D) nonhazardous work environment imprimatur
Q:
Sable and Rex agree while talking on the phone to form a partnerÂship to deal in transfers of real property. Their partnership agreement is legally binding
a. only if a copy of the agreement is filed in the appropriate state office.
b. only if the agreement is reduced to writing.
c. only if the parties exchange valid consideration.
d. without more.
Q:
The OSHA guidelines that set safety rules for specific equipment, procedures, types of work, and unique work conditions are known as ________.
A) standards of wellness
B) specific duty standards
C) the code of direction
D) general standards of work
Q:
Noah and Orin do business as Pest Control Partners. In most states, for the purposes of suing and being sued, Pest Control Partners would be treated as
a. an aggregate of the individual partners.
b. a natural person.
c. an entity.
d. a non-existent party.
Q:
The ________ is federal act enacted in 1970 that promotes safety in the workplace.
A) OSHA
B) FLSA
C) FMLA
D) ERISA
Q:
Desi starts up eSites, an Internet service, and leases office space in a building owned by Fred. The lease requires Desi to pay Fred a base rental of $1,250, plus 10 percent of eSites' profits, each month. The term is two years. Desi hires Gwen to work at eSites' tech support desk at an hourly wage of $12.50, plus a commisÂsion of 10 percent of the profÂits. The term is also two years.
. Desi and Gwen are
a. not partners, because Gwen does not have an ownership interest or manageÂment rights in eSites.
b. not partners, because the pay includes an hourly wage.
c. not partners, because the pay includes only 10 percent of the profits.
d. partners in a partnership for two years.
Q:
When there is a resource for which property rights are not well defined and there is a difference between private costs and social costs, then all but which of the following is a way to close the difference?A) The free market system B) TaxationC) Subsidization D) Regulation
Q:
"Workers' compensation is an exclusive remedy." Elaborate on this statement with an example.
Q:
Desi starts up eSites, an Internet service, and leases office space in a building owned by Fred. The lease requires Desi to pay Fred a base rental of $1,250, plus 10 percent of eSites' profits, each month. The term is two years. Desi hires Gwen to work at eSites' tech support desk at an hourly wage of $12.50, plus a commisÂsion of 10 percent of the profÂits. The term is also two years.
Desi and Fred are
a. not partners, because Fred does not have an ownership interest or manageÂment rights in eSites.
b. not partners, because the lease includes a "base rental."
c. not partners, because the rent includes only 10 percent of the profits.
d. partners in a partnership for two years.
Q:
Workers' compensation is a(n) ________ remedy, which means that workers cannot receive workers' compensation and also sue their employers in court for damages.
Q:
Guy and Hanna do business as G-H Associates. If G-H is a partnership, it is governed by the Uniform Partnership Act
a. in the absence of an express agreement.
b. in the absence of an implied agreement.
c. only in the presence of an express agreement.
d. under all circumstances.
Q:
If an employer intentionally injures a worker, the worker cannot collect workers' compensation benefits.
Q:
Jody owns KuppaJava Kiosks, a sole proprietorship. Jody's liability is
a. limited by state statute and varies from state to state.
b. limited to the extent of capital expenditures.
c. limited to the extent of his or her original investment.
d. unlimited.
Q:
Workers' compensation acts bar injured workers from suing responsible third parties to recover damages.
Q:
Kelly, the owner of Llama Farms, a sole proprietorship, wants to obtain additional busiÂness capital but to maintain control. This can best be acÂcomplished by
a. borrowing funds.
b. bringing in partners.
c. issuing stock.
d. selling the business.
Q:
Workers cannot both receive workers' compensation and sue their employers in court for damages.
Q:
As a result of moral hazard,A) both physicians and hospitals order more procedures.B) physicians and hospital administrators have no incentive to raise costs.C) patients increasingly have to worry about the expense of operations and other medical procedures.D) both physicians and hospitals have a financial interest in trying to keep hospital costs down.
Q:
Bernie wants to go into the business of construction contracting. Among the reasons that would probably convince Bernie to set up his business as a sole proprietorship would be
a. its greater flexibility.
b. its limited liability.
c. its perpetual existence.
d. the ease of transferring the business to other family members.
Q:
Workers' compensation insurance does not cover stress and mental illness that are employment-related.
Q:
Jim organized, and owns and operates, Jim's Landscaping Service in the simplest form of business organization. This is
a. none of the choices.
b. a limited liability company.
c. a partnership.
d. a sole proprietorship.
Q:
For an injury to be compensable under workers' compensation, the claimant must prove that he or she was harmed by an employment-related injury.
Q:
Carl sells Direct Marketing Enterprises, a sole proprietorship, to Eve. This is a transfer of
a. a license.
b. a trade name.
c. the formula to make a product.
d. the ownership of the business.
Q:
Employees are required to purchase workers' compensation insurance from private insurance companies or state funds.
Q:
A Lorenz curve that represents an unequal income distribution isA) a straight line starting at the origin. B) a straight line starting at 100%C) a bowed curved. D) a line that has a kink in the middle of it.
Q:
Normally, a dissociated member of an limited liability company (LLC) has the right to force the LLC to dissolve.
Q:
Under common law, employees who were injured on the job could not sue their employers for negligence.
Q:
Workers' compensation benefits are usually paid according to preset limits established by statute or regulation.
Q:
In which of the following situations can an employee sue an employer in civil court to recover damages for employment-related injuries?
A) The employer is self-insured.
B) The employer unintentionally injures an employee covered under workers' compensation.
C) The employee suffers an injury on work premises that is not work-related.
D) The employer intentionally injures an employee covered under workers' compensation.
Q:
Jorge, a forklift truck operator for the retail chain Hanes Ridge, was injured when the forklift he was operating toppled over. The forklift truck was designed and manufactured by Ionic Machines, Inc. Jorge received workers' compensation benefits for his injury. It was later determined that the forklift truck was not designed to be used to lift as much weight as Ionic Machines claimed it could. To which of the following legal rights is Jorge entitled?
A) sue Hanes Ridge in civil court for his work-related injuries
B) sue Hanes Ridge in federal court for violation of the Fair Labor Standards Act (FLSA)
C) sue Ionic Machines in civil court for damages
D) Jorge cannot sue either Hanes Ridge or Ionic Machines, since he has already received workers' compensation benefits
Q:
The National Labor Relations Act (Wagner Act) A) prohibited the creation of company unions. B) guaranteed workers the right to organize.C) set the minimum wage at $5.15 an hour.D) set the length of the workweek at 40 hours.
Q:
When a member dissociates form a limited liability company, the member's duty of loyalty continues.
Q:
What is the employer's advantage in offering workers' compensation?
A) The employer need not pay for workers' compensation insurance.
B) The employer is exempt from having to offer paid medical leave.
C) The employer can avoid a civil lawsuit by an injured worker.
D) The employer can offer lower basic pay to workers.
Q:
Some states provide that in the absence of an agreement to the contrary each member of a limited liability company has one vote.
Q:
Which of the following is true of workers' compensation?
A) A worker must file a complaint with the police before claiming workers' compensation benefits.
B) Workers' compensation is a provisional remedy, not an equitable remedy.
C) A worker who receives workers' compensation cannot sue his or her employer in civil court.
D) Workers' compensation is generally awarded as punitive damages in a civil lawsuit initiated by the injured employee.
Q:
Most limited liability company statutes have no provisions regarding members' meetings.
Q:
Workers' compensation is a(n) ________ remedy.
A) exclusive
B) cumulative
C) provisional
D) equitable
Q:
In a perfectly competitive labor market, the industry demand curve is and the industry supply curve is .A) perfectly elastic; upward sloping B) downward sloping; upward slopingC) upward sloping; downward sloping D) vertical; perfectly elastic
Q:
A limited liability company must be managed by non-member managers.
Q:
If an employee is injured in an automobile accident while she is driving to an off-premises restaurant during her personal lunch hour, the injury is ________.
A) covered by workers' compensation insurance
B) not covered by workers' compensation
C) covered by the employer's self-insurance fund
D) not covered by the employee's medical insurance
Q:
In many states, an operating agreement is not required for a limited liability company to exist.
Q:
Which of the following must be proven by a claimant pursuing compensation for an injury under workers' compensation?
A) The claimant was harmed intentionally by the employer.
B) The claimant was harmed when he or she was employed by the employer.
C) The claimant was harmed by an employment-related injury.
D) The claimant was harmed unintentionally by the employer.
Q:
The liability of the members of a limited liability company is limited to the amount of their investments.
Q:
States usually require employers to purchase ________ insurance from private insurance companies or state funds to cover workers' compensation claims.
A) employee
B) relief fund
C) provident fund
D) workers' compensation
Q:
A limited liability company is not a citizen of any state.
Q:
Which of the following is true of workers' compensation?
A) Families of workers cannot claim workers' compensation despite the death of the worker.
B) Workers' compensation is only awarded for injuries resulting from the job.
C) The claim for workers' compensation must be filed with the employer.
D) Workers' compensation is a fixed amount throughout the country.
Q:
Which of the following organizations is exempt from prosecution under the Sherman Antitrust Act (1890)?A) retailers B) book publishersC) labor unions D) television stations
Q:
A limited liability company (LLC) formed in one state but doing business in another state is referred to in the second state as a foreign LLC.
Q:
Explain the concept of reasonable accommodation of physically challenged employees. When is an employer not obligated to provide such accommodation?
Q:
Limited liability companies (LLCs) are governed by state LLC statutes.
Q:
Discrimination based on information from which it is possible to determine a person's propensity to be stricken by diseases is called ________.
Q:
________ is discrimination against a group which is usually thought of as a majority.
Q:
A limited liability company can be taxed as a partnership.
Q:
________ refers to a policy which provides that certain job preferences will be given to minority or other protected class applicants when an employer makes an employment decision.
Q:
Commonwealth Edison is the only provider of electricity to many households in the Chicago area. Commonwealth Edison is regulated by the government. This type of regulation is known asA) the Federal Register. B) social regulation.C) the market share test. D) economic regulation.
Q:
Any event that makes its unlawful for a partnership to continue its business will result in dissolution.
Q:
Discriminating against a possible job applicant because of his or her family history of heart ailments is forbidden under ________.
Q:
On a partner's dissociation, his or her duty of loyalty to the partnership ends.
Q:
A partner always has the power and the right to dissociate from the partnership.
Q:
Title I of the ADA requires employers to make ________ to assist employees with disabilities that do not cause undue hardship to the employer.
Q:
An affirmative-action plan provides that certain job preferences will be given to members of minority racial and ethnic groups, females, and other protected-class applicants when making employment decisions.
Q:
In a general partnership, the partners are personally liable for the debts of the partnership.
Q:
Federal antidiscrimination laws prohibit employers from engaging in retaliation against an employee for filing a charge of discrimination.
Q:
A partner who pursues his or her own interests automatically violates the partner's fiduciary duties to the partnership.