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Questions
Q:
A limited partnership cannot have general partners.
Q:
Posing as a representative of Global Games Company, Ferris e-mails Evan, a job seeker, asking him to forward personal banking information so that if he is hired, payroll checks can be deposited directly into his account. Evan supplies the data, which Ferris promptly sells to Dixie. This is
a. no crime.
b. employment fraud.
c. phishing.
d. vishing.
Q:
Who among the following gets first priority in the distribution of assets upon the dissolution of a partnership?
A) investors
B) limited partners
C) general partners
D) creditors
Q:
Posing as Platinum Bank, Oswald e-mails Nadia, asking her to update her personal banking information through a link in the e-mail. She clicks on the link and types in the data, which Oswald promptly sells to Moe. This is
a. no crime.
b. employment fraud.
c. phishing.
d. vishing.
Q:
Which of the following is true of a limited partnership agreement?
A) It must provide that all partnership transactions be approved by all partners.
B) It does not contain information about dissolution of the partnership, since it is an agreement of formation.
C) It must provide that general and limited partners have equal voting rights.
D) It sets forth the terms and conditions regarding the termination of the partnership.
Q:
When the marginal physical product is rising,A) total cost is falling. B) average total cost is increasing.C) marginal cost is falling. D) marginal cost is rising.
Q:
Partners who erroneously but in good faith believe they have become limited partners can escape liability as general partners by ________.
A) adding their surname to the name of the business establishment
B) filing for a refund of his or her initial investment with interest
C) bringing a lawsuit against all general and limited partners in the state court with appropriate jurisdiction over the limited partnership
D) withdrawing from any future equity participation in the enterprise and causing a certificate showing this withdrawal to be filed
Q:
Posing as Sterling Bank, Roxanne e-mails Quentin, asking him to update his personal banking information by calling a certain phone number. He makes the call and supplies the data, which Roxanne promptly sells to Porcio. This is
a. no crime.
b. employment fraud.
c. phishing.
d. vishing.
Q:
________ is said to have occurred if a certificate of limited partnership was not properly filed.
A) Defective formation
B) Illegitimate partnership
C) Void partnership
D) Voidable association
Q:
Harvey puts up a guitar for bids on eWay, a Web auction site. Faith makes the highest bid and sends the payment, which Harvey receives, but he does not send the guitar to her. This is online
a. auction fraud.
b. puffery.
c. retail fraud.
d. frustration but not fraud.
Q:
Which of the following governs a limited partnership, its internal affairs, and the liability of its limited partners?
A) the federal government
B) all states in which the business operates
C) the articles of limited partnership
D) the law of the state in which it is organized
Q:
Omar sends Nell an e-mail ad touting software that will cloak its user in "the anonymity of the Internet." Nell pays Omar for the software, which is never delivered to her. This is online
a. auction fraud.
b. puffery.
c. retail fraud.
d. frustration but not fraud.
Q:
Explain the Chapter 11 plan of reorganization.
Q:
ʺIn the short run, a firm cannot change any of its inputs.ʺ Do you agree or disagree? Explain.
Q:
Travis sends Ursula a link to a purported e-birthday card that when clicked on downloads software to her computer to record her keystrokes and send the data to Travis. He uses the data to obtain her personal information and access her financial resources. This is
a. identity theft.
b. no crime.
c. regifting.
d. Windows shopping.
Q:
Explain in brief the composition of a bankruptcy estate.
Q:
Swinborn sells "Tyger" steroids over the Internet. He is arrested and charged with the sale of a controlled substance. This is cyber crime, which is
a. a crime in which the letter "y" is used in the misspelling of a word.
b. a crime that occurs in the virtual community of the Internet.
c. a crime that is less real than the same crime in the physical world.
d. no crime.
Q:
If unsecured creditors do not agree to a plan of reorganization, the court can use its ________ and make the dissenting class accept the plan.
Q:
Ollie, an employee of Payroll Management Corporation, is arrested at work. A grand jury issues a formal charge against Ollie for larceny. This charge is
a. an arraignment.
b. an indictment.
c. an information.
d. an inquisition.
Q:
A contract or lease that has not been fully performed is termed as a(n) ________ contract.
Q:
Mike is arrested at a warehouse in North Industrial Park. A government prosecutor issues a formal charge against Mike for receiving stolen property. This charge is
a. an arraignment.
b. an indictment.
c. an information.
d. an inquisition.
Q:
The suspension of certain legal actions by creditors against a debtor or the debtor's property is known as a(n) ________.
Q:
Ethan, the president of Financial Investments, Inc. (FII), and Gina, FII's accountÂant, are charged with a crime, after the police search FII's offices. Under the exclusionary rule
a. certain FII records are excluded from subpoena by the government.
b. certain parties to a criminal action may be excluded from a trial.
c. illegally obtained evidence must be excluded from a trial.
d. persons who have biases that would prevent them from fairly deÂcidÂing the case may be excluded from the jury.
Q:
Joanne left her last job, in which she was earning $50,000, in order to form her own consulting business. Her revenues for the first year of consulting were $210,000. During that year, she hired two assistants for $25,000 each and spent $25,000 on office equipment. In addition, she incurred $75,000 in miscellaneous expenses. Her accounting profit that first year wasA) $10,000. B) $60,000. C) $210,000. D) $50,000.
Q:
The term ________ refers to a document required to be filed by a creditor that states the amount of his or her claim against the debtor.
Q:
Page points a knife at Ray's daughter, threatening to hold her hostage and "cut" her unless Ray takes a certain file from Skelter Supplies Corporation, his employer. Charged with theft, Ray can successfully claim as a defense
a. insanity.
b. duress.
c. entrapment.
d. self-defense.
Q:
Chapter 11 of the Bankruptcy Code deals with the ________ form of bankruptcy.
Q:
Vance points a gun at Workman, threatening to shoot him. Workman hits Vance, causing his death. Charged with homicide, Workman can successfully claim as a defense
a. nothing.
b. duress.
c. entrapment.
d. self-defense.
Q:
Chapter 7 of the Bankruptcy Code deals with the ________ form of bankruptcy.
Q:
Cameron manages an illegal gambling operation in his BBQ Bar & Grill. Cameron reports the profits of the gambling operation as income from BBQ's legitimate activities on its tax returns. This is
a. embezzlement.
b. larceny.
c. money laundering.
d. no crime.
Q:
An executory contract refers to a contract or lease that has not been fully performed.
Q:
Refer to the above figure. Given the indifference map and budget constraint represented above, what would make all possible points attainable for the individual to consume?A) An increase in the price of Good X. B) A decrease in income.C) An increase in the price of Good Y. D) A decrease in the price of Good X.
Q:
In relation to Edie's solicitation of investors in a nonexistent business, she is charged with "mail fraud." This requires, among other things,
a. claiming that an item is "in the mail" when it is not.
b. deceiving postal authorities as to the content of an item of mail.
c. depositing items in the postal system without proper postage.
d. mailing or causing someone else to mail a writing.
Q:
Chapter 13 of the Bankruptcy Code permits a qualified debtor to propose a plan to pay all or a portion of the debts he or she owes in installments over a specified period of time.
Q:
Mona offers Ned, a building inspector, money to overlook the violations in her new warehouse. Ned accepts the money and overlooks the violaÂtions. Mona is charged with the crime of bribery. The crime occurred when
a. Mona decided to offer the bribe.
b. Mona offered the bribe.
c. Ned accepted the bribe.
d. Ned overlooked the violations.
Q:
Liquidation is a form of bankruptcy in which the debtor's exempt property is auctioned.
Q:
Ilise, an employee of Pyro Displays, Inc., pays Gavin, an employee of Pyro's competiÂtor Fire Worx Company, for a secret Fire Worx pricing schedule. This may be
a. an effective marketing strategy.
b. commercial bribery.
c. creative legal bookkeeping.
d. money laundering.
Q:
Gifts that a debtor is entitled to receive within 180 days after the petition is filed are part of the bankruptcy estate.
Q:
Quantity of PizzaMarginal UtilityQuantity of BeerMarginal Utility1451402402403303354154105-550According to the above table, how much total utility does Bob get from 3 pieces of pizza?A) 30 utils B) 85 utils C) 115 utils D) 130 utils
Q:
Val, the owner of Wild Wheels, a bicycle store, trusts Xavier to manage the store's daily cash flow. One night, without Val's knowledge or consent, Xavier takes and keeps $500 from the receipts. This is most likely
a. embezzlement.
b. larceny.
c. robbery.
d. no crime.
Q:
A voluntary petition is a petition filed by a creditor that states that the debtor has debts.
Q:
Ludwig receives from Milo a marimba stolen from Nadine. To be criminally liable, Ludwig must know
a. Milo.
b. Nadine.
c. the marimba is stolen.
d. what a marimba is.
Q:
Bankruptcy courts are part of the state court system.
Q:
On the orders of their corporate employer, Della and Efron, employees of Fabulous Fashionista, a clothing store, switch trademarks on clothing that comes into the store to be sold to consumers. This is most likely
a. forgery.
b. larceny.
c. robbery.
d. no crime.
Q:
Which of the following is the goal of Chapter 11?
A) equitable distribution of the bankruptcy estate to all creditors
B) strict distribution of the bankruptcy estate according to the statutorily-prescribed order of distribution to creditors
C) discharge of the debtor's unsecured debts and payment of secured debts
D) a proposed new capital structure for the debtor to assume when it emerges from bankruptcy
Q:
Ivan signs Jeb's name, without his authorization, to the back of a check. This is
a. no crime.
b. forgery.
c. larceny.
d. robbery.
Q:
An automatic stay provides for which of the following?
A) the automatic discharge of secured debts
B) the suspension of certain legal actions against the debtor
C) a creditor's foreclosure on an asset pledged as collateral for a loan
D) the automatic discharge of unsecured debts
Q:
If an individualʹs income rises 40 percent and his clothing purchases increase 50 percent in response, the income elasticity for clothing by the individual isA) -0.8. B) 0.8. C) 1.25. D) -1.25.
Q:
Biff wrongfully takes an unopened carton from a Cold Storage Warehouse loading dock, puts the carton in his car, and drives away. This is
a. burglary.
b. robbery.
c. larceny.
d. no crime.
Q:
What is an executory contract?
A) a contract that cannot be discharged under Chapter 13
B) a contract that the debtor is obligated to perform despite filing for bankruptcy
C) a contract between several creditors and a single debtor which stipulates equitable division of the debtor's property
D) a contract that has not been fully performed
Q:
Plato works for Quirky Squirters, Inc. During work hours, Plato "steals" his employer's computer time to start up his own business, Rowdy Drenchers. This is
a. burglary.
b. robbery.
c. larceny.
d. no crime.
Q:
Which of the following bankruptcy methods allows the reorganization of the debtor's financial affairs under the supervision of the bankruptcy court?
A) Chapter 7
B) Chapter 9
C) Chapter 11
D) Chapter 12
Q:
Desi reaches into Edna's pocket and takes her money, without her consent and without her immediate awareness. Unlike robbery, picking pockets does not involve
a. breaking and entering.
b. force or fear.
c. large amounts of money.
d. weapons.
Q:
________ income is defined as current monthly income less amounts reasonably necessary to be expended for the maintenance or support of the debtor and the dependants of the debtor.
A) Disposable
B) Discernible
C) Fungible
D) Tangible
Q:
At a price of $10, quantity demanded is 30 units. When the price rises to $11, quantity demanded is 24 units. What is the absolute price elasticity of demand?A) 0.5 B) 0.43 C) 2.33 D) 6.0
Q:
Smitty, driving while intoxicated, causes a car accident that results in the death of Tiffany. Smitty is arrested and charged with a felony. A felony is a crime punishable by death or imprisonment for
a. any period of time.
b. more than one year.
c. more than six months.
d. more than ten days.
Q:
A(n) ________ provides for the reduction of a debtor's debts.
A) extension
B) liquidation
C) limitation
D) composition
Q:
Domino causes a disturbance at El Nino Cafe. He is arrested and charged with disorderly conduct, a misdemeanor. A misdemeanor is a crime punishÂable by
a. a fine only.
b. imprisonment up to one year.
c. imprisonment up to six months.
d. imprisonment up to ten days.
Q:
________ is a rehabilitation form of bankruptcy that permits a bankruptcy court to supervise the debtor's plan for the payment of unpaid debts in installments over the plan period.
A) Chapter 7
B) Chapter 9
C) Chapter 12
D) Chapter 13
Q:
Gail is a "payday" lender charged with filing false claims in bankruptcy proceedings against her debtors. The standard of proof to find a defendant who has been charged with a crime guilty is
a. a preponderance of the evidence.
b. beyond all doubt.
c. beyond a reasonable doubt.
d. clear and convincing evidence.
Q:
Under the ________ test, debtors who earn a median family income equal to or below the state's median family income for the size of the debtor's family qualify for Chapter 7 bankruptcy.
A) liquid assets
B) tangible holdings
C) median income
D) propensity to repay
Q:
Computer fraud is a state, not a federal, crime.
Q:
Which of the following is true of Chapter 7 liquidation?
A) The debtor is not permitted to keep any of his or her assets.
B) The 2005 bankruptcy act has eased the process of applying for Chapter 7 bankruptcy.
C) The debtor's future income cannot be reached to pay the discharged debt.
D) Petitioning for Chapter 7 liquidation does not permit the debtor to petition for bankruptcy under any other chapter.
Q:
Joe has broken the mirror of my car. I have legal recourse to sue for damages because ofA) social costs. B) transactions costs.C) common property rights. D) private property rights.
Q:
________ is a form of bankruptcy in which the debtor's nonexempt property is sold for cash, the cash is distributed to the creditors, and any unpaid debts are discharged.
A) An abusive filing
B) Dissolution of debt
C) Liquidation
D) Reorganization
Q:
Jurisdiction can be a key issue in a case involving a cyber crime.
Q:
What is a homestead exemption?
A) an investment in realty that a debtor must forfeit
B) equity in a home that a debtor is permitted to retain
C) a remainder of the debtor's interest in commercial property that is returned to him after fulfilling creditors' claims
D) all of the debtor's assets converted to cash
Q:
Hackers sometimes rent their "crimeware" as a service.
Q:
The suspension of certain legal actions by creditors against a debtor or the debtor's property is known as a(n) ________.
A) discharge of debt
B) composition
C) automatic stay
D) order for relief
Q:
A business takes a risk by electronically storing its customers' credit account numbers.
Q:
A hacker is someone who uses one computer to break into another.
Q:
A(n) ________ is a document required to be filed by an equity security holder that states the nature and amount of his or her interest against the debtor.
A) proof of claim
B) proof of interest
C) voluntary petition
D) involuntary petition
Q:
In the year 2010, the United States spent aboutA) 16 percent of GDP on health care. B) 100 percent of GDP on health care.C) 6 percent of GDP on health care. D) 2 percent of GDP on health care.
Q:
Chapter 7 of the Bankruptcy Code primarily deals with ________.
A) debt reorganization
B) adjustment of debts of a family farmer or fisherman with regular income
C) adjustment of debts of an individual with regular income
D) liquidation
Q:
A stolen credit card is more likely to hurt a consumer than a merchant.
Q:
In a(n) ________ arrangement, a third party promises to be secondarily liable for the payment of another's debt.
Q:
Vishing is phishing that involves voice communication.
Q:
In a(n) ________ arrangement, a third party promises to be primarily liable with the borrower for the payment of the borrower's debt.
Q:
Phishing occurs when a criminal poses as a member of the rock group Phish.
Q:
In a guaranty agreement, the guarantor is primarily liable on the debt.