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Questions
Q:
________ is a defense a defendant can use against a plaintiff who knowingly and voluntarily enters into or participates in a risky activity that results in injury.
Q:
A(n) ________ is a statute that relieves medical professionals from liability for ordinary negligence when they stop and render aid to victims in emergency situations.
Q:
________ is a doctrine that raises a presumption of negligence and switches the burden to the defendant to prove that he or she was not negligent.
Q:
A tort in which the violation of a statute or an ordinance constitutes the breach of the duty of care is ________.
Q:
A failure to exercise care or to act as a reasonable person would act is a breach of the ________.
Q:
The following information is available about the operations for a private, not-for-profit university. 1. The university sold $20,000,000 of 5% bonds to finance the construction of a new building for the business school. The bonds were sold on January 1 and pay interest on December 31 of each year. The bonds were sold at par and mature in 20 years. 2. The university received $7,500,000 cash in alumni and corporate donations for the new business school building. 3. The building was constructed at a total cost of $22,000,000 and the contractor was paid in full. 4. Interest was paid on the bonds. 5. Depreciation on the new building the first year was $275,000. Required:Prepare the appropriate journal entries for the university for these transactions.
Q:
When marginal cost pricing occurs,A) price equals the additional cost society incurs in producing the next unit of an item.B) the firm can only break even if it does not set price to marginal cost. C) price equals average variable cost but exceeds average total cost.D) the firm is at the shutdown point.
Q:
________ is a doctrine that says a person is liable for harm that is the foreseeable consequence of his or her actions.
Q:
If a nurse administers CPR to save the life of a dying man and negligently injures the man's arm in the process, the nurse cannot be sued as he or she is protected by Good Samaritan statutes.
Q:
Res ipsa loquitur applies when the plaintiff had exclusive control of the instrumentality or situation that caused his or her own injury.
Q:
Res ipsa loquitur switches the burden to the plaintiff to prove that the defendant was negligent.
Q:
Statutes often establish duties owed by one person to another.
Q:
The loss-minimizing output for the perfectly competitive firm occurs at the point at whichA) TR - MR = minimum. B) TR - TC = maximum. C) MR = MC. D) TC - ATC = maximum.
Q:
A private, not-for-profit university received donations of $1,000,000 cash in 2011 that were restricted to certain research projects on sustainability, with an emphasis on reducing the campus waste. The university incurred and paid $450,000 of expenses on this research in 2011. In 2011, an alumnus contributed a $700,000 endowment for energy research with all endowment income restricted for that purpose. Income totaled $35,000 for the year. Energy research expenses incurred and paid were $22,000. Required:Prepare the appropriate journal entries for the university for these transactions.
Q:
Comparative negligence is a doctrine that says a plaintiff who is partially at fault for his or her own injury cannot recover against the negligent defendant.
Q:
Assumption of the risk is a defense a defendant can use against a plaintiff who knowingly and voluntarily participates in a risky activity that results in injury.
Q:
A homeowner is liable for negligence per se if he or she fails to repair a damaged sidewalk in front of his or her home and a pedestrian who trips on the unrepaired sidewalk is injured.
Q:
The violation of a statute that proximately causes an injury is termed as negligence per se.
Q:
If a woman is informed of her husband being run over by a bus the previous night, she can recover damages for negligent infliction of emotional distress.
Q:
Prepare journal entries to record the following transactions for a private, not-for-profit university. 1. Tuition and fees assessed total $10,000,000, 80% of which was collected by year-end; tuition scholarships were granted for $1,300,000, and $650,000 was expected to be uncollectible. 2. Revenues collected from sales and services by the university bookstore were $1,450,000. 3. Salaries and wages paid were $5,600,000, $300,000 of which was for employees of the university bookstore. 4. Financial aid funds of $700,000 were received from the Pell Grant program; the funds were then disbursed to the appropriate students. 5. Contributions of $600,000 were received; $30,000 was restricted for the athletic department and the balance was unrestricted. An additional $70,000 was pledged to the athletic department by the alumni. 6. Athletic equipment was purchased with $42,000 previously set aside for that purpose.
Q:
Marginal cost begins to rise whenA) diminishing marginal product begins. B) diminishing marginal product ends.C) average total cost falls. D) fixed cost falls.
Q:
A lawyer who fails to file a document with the court on time, causing the client's case to be dismissed, is liable for legal malpractice.
Q:
A doctor driving on the wrong side of the road crashes into an eight-year-old boy riding a bicycle. Fearing the consequences, the doctor flees without reporting the accident or giving first-aid to the boy. The doctor is liable for professional malpractice.
Q:
Res ipsa loquitur is a tort in which the violation of a statute or an ordinance constitutes the breach of the duty of care.
Q:
John watches his brother being killed in a road accident. The perpetrator was driving under the influence of alcohol. John can recover damages for negligent infliction of emotional distress for the mental trauma he suffered from watching his brother die.
Q:
If the defendant's act caused the plaintiff's injuries, there is causation in fact.
Q:
Causation in fact refers to a point along a chain of events caused by a negligent party after which this party is no longer legally responsible for the consequences of his or her actions.
Q:
In the long run, a firm can changeA) nothing. B) only one input, such as plant size.C) all inputs. D) None of the above are correct.
Q:
If a plaintiff is injured, the damages recoverable depend on the effect of the injury on the plaintiff's life or profession.
Q:
Childrens Hospital is a private, not-for-profit hospital. The following information is available about the operations. 1. Gross patient services charges totaled $6,400,000. 2. Included in the above revenues are: charity services, $210,000; contractual adjustments, $2,400,000; and courtesy allowances, $37,000. 3. Received a donation of marketable securities with a fair value of $165,000 for the purchase of new diagnostic equipment. 4. The marketable securities were sold for $182,000 and diagnostic equipment was purchased at a cost of $210,000. 5. Revenue from the hospital gift shop was $58,000 and from the cafeteria revenues were $227,000. Received cash from both enterprises. 6. Incurred and paid nursing service costs of $1,700,000 and general service costs of $400,000. Required:Prepare journal entries for the aforementioned transactions.
Q:
The reasonable person standard is a test used to determine whether a tort is intentional or unintentional.
Q:
Ruggers is a maker of a range of highly popular cruise motorcycles. Tim buys a Ruggers motorcycle from a dealership and suffers an accident. While recuperating from his injuries, he learns that Ruggers has recalled all motorcycles it had manufactured and sold in the previous two years, owing to a previously unknown defect in their braking systems. Tim brings a product liability lawsuit against the motorcycle manufacturer and claims $50,000 in damages. The defect in the motorcycle is found to be half responsible for the accident, while Tim's own negligence of traffic rules contributed to the rest. Under the doctrine of contributory negligence, what would be the ruling of the court hearing this case?
A) Tim cannot recover any damages from the motorcycle manufacturer.
B) Tim can recover $25,000 worth of damages from the Ruggers and the rest from the dealership from which he purchased the motorcycle.
C) Tim can recover $50,000 worth of damages plus any punitive damages that may be awarded by the jury.
D) Tim can recover $50,000 worth of damages from the motorcycle manufacturer.
Q:
The term ________ refers to a defense that says a person who is injured by a defective product but has been negligent and is partially responsible for his or her own injuries cannot recover from the defendant.
A) comparative negligence
B) contributory negligence
C) assumption of the risk
D) negligence per se
Q:
A person driving over the prescribed speed limit in a suburban area hits and injures a pedestrian jaywalking against a red "Do Not Walk" sign. The jury finds that the driver was 80 percent responsible for the accident and the jaywalker was 20 percent responsible. The pedestrian suffered $100,000 in injuries. If the state in which this case is heard adopts the doctrine of contributory negligence to interpret such cases, the pedestrian is entitled to recover ________.
A) no damages from the driver
B) $100,000 from the driver
C) $20,000 from the driver
D) $80,000 from the driver
Q:
________ refers to a doctrine that says a plaintiff who is partially at fault for his or her own injury cannot recover against the negligent defendant.
A) Assumption of the risk
B) Comparative fault
C) Contributory negligence
D) Comparative negligence
Q:
A disadvantage of corporations over a proprietorship or partnership is in theA) legal liability. B) ability to raise funds.C) taxation system. D) future of the firm when an owner dies.
Q:
General Hospital is a private, not-for-profit hospital. The following information is available about the operations.1. Gross patient services charges totaled $3,700,000.2. Included in the above revenues are: charity services, $360,000; contractual adjustments, $1,200,000; courtesy allowances, $20,000; and estimated uncollectible amounts, $250,000.3. Premium fees receipts were $110,000.4. Purchased $75,000 of hospital supplies on account, with payments on that account, $36,000.5. Received cash donations for a new hospital wing of $2,500,000.6. Paid contractor $275,000 for billed costs toward the new hospital wing.Required:Prepare journal entries for the aforementioned transactions.
Q:
________ is a statute that relieves medical professionals from liability for ordinary negligence when they stop and render aid to victims in emergency situations.
A) A Good Samaritan law
B) Assumption of the risk
C) The duty of care
D) Res ipsa loquitur
Q:
________ is a doctrine that raises a presumption of negligence and switches the burden to the defendant to prove that he or she was not negligent.
A) Res ipsa loquitur
B) Negligence per se
C) The doctrine of proximate cause
D) The doctrine of comparative negligence
Q:
A pedestrian trips and falls on a poorly lit sidewalk in front of Kate Geller's house and is injured. If the pedestrian sues for damages, which of the following parties would most likely be liable to pay the damages?
A) the civic authority
B) Kate Geller
C) the residents' association of the locality
D) the pedestrian
Q:
In order to claim damages for negligence per se, the plaintiff has to prove that ________.
A) the defendant was in exclusive control of the situation
B) the plaintiff was within a class of persons meant to be protected by the violated statute
C) the defendant made a false representation of material fact
D) the plaintiff was affected by malicious statements made by the defendant about his/her character
Q:
________ is the violation of a statute that proximately causes an injury.
A) Disparagement
B) Res ipsa loquitur
C) Negligence per se
D) Misappropriation
Q:
In the above figure, point C isA) preferred to points G, A, and B. B) preferred to points A and B. C) less preferred than point G. D) less preferred than point H.
Q:
Marshfield Hospital is a private, not-for-profit hospital. The following transactions occurred: 1. Unrestricted cash gifts that were received last year, but designated for use in the current year, totaled $180,000. The cash gifts were used in the current year in accordance with restrictions. 2. Unrestricted pledges of $800,000 were received. Ten percent of the pledges typically prove uncollectible. Additional cash contributions during the year totaled $300,000. 3. Gifts in kind were received that were sold at a silent auction for $23,000. The fair value of the donated gifts in kind could not be reasonably determined. 4. Expenses were incurred and paid as follows: Salary of doctor, $190,000; facility rental, $36,000; purchases of supplies, $8,000; and utility costs, $10,000. 5. Marketable securities with a fair value of $650,000 were received as a donation with a stipulation that the hospital use the funds to purchase suitable land for the hospital. Required:Prepare journal entries for the aforementioned transactions.
Q:
Martha is walking along a street with her son when he is hit by a passing car just as he steps off the pavement. He dies in his mother's arms, leaving her traumatized. The court hearing the case rules that Martha's son was not responsible for the accident. Martha can sue the person who killed her son to recover damages for ________.
A) the tort of outrage
B) breach of the duty of care
C) negligent infliction of emotional distress
D) transfer of intent
Q:
If a lawyer fails to file a document with the court on time, causing his client's case to be dismissed, he would be liable for ________.
A) professional malpractice
B) intentional misrepresentation
C) tort of appropriation
D) breach of the duty of care
Q:
________ is a point along a chain of events caused by a negligent party after which this party is no longer legally responsible for the consequences of his or her actions.
A) Causation in fact
B) The point of reason
C) The point of appropriation
D) Proximate cause
Q:
What is meant by "causation in fact"?
A) the facts stated by a plaintiff during trial
B) a defendant's negligent act that caused the plaintiff's injuries
C) a defendant's defense against a case of negligence
D) a defendant's plea of guilt due to negligence
Q:
George, Jerry, and Harry are passengers on a flight from Chicago to New York. They injure their legs when their seatbelts do not fasten during take-off. The airline is sued by all three together for injuries caused, and the airline is found to be negligent and is directed by the court to pay damages to the injured parties. Which of the following parties is entitled to recover maximum damages?
A) George, a retired professor who gets a pension of $50,000 a year
B) Jerry, a football player who earns $2 million a year
C) Harry, a chartered accountant who earns $200,000 a year
D) All the men recover the same amount of damages, irrespective of their income or profession.
Q:
Which of the following is true about the duty of care?
A) Breach of the duty of care is not actionable unless the plaintiff suffers personal injury or injury to his or her property.
B) The reasonable person standard is used to determine the amount of damages that a defendant owes a plaintiff.
C) A firefighter who refuses to put out a fire when his safety is not at stake does not breach his duty of care.
D) The damages recoverable for breach of the duty of care are independent of the effect of the injury on the plaintiff's life or profession.
Q:
Jill likes lobsters but she does not eat lobsters in every meal. How can utility theory explain this?
Q:
Coats for Kids is a private, not-for-profit organization that provides free coats for children in the suburbs of a large city. Coats for Kids had the following transactions in 2011. 1. Unrestricted cash gifts that were received last year, but designated for use in the current year, totaled $50,000. The cash gifts were used in 2011. 2. Unrestricted pledges of $40,000 were received. They are expected to be collected in 2011. Ten percent of the pledges typically prove uncollectible. Additional cash contributions during the year totaled $65,000. 3. A donor donated investments with a fair value of $10,000. The investments can be sold and used only for the purchase of coats for children. 4. The following expenses were incurred and paid: Salary of director, $15,000, classified as supporting services. The remaining expenses of $47,500 were classified as program services. 5. Pledges of $250,000 were received during the year. The pledges were restricted for use in purchasing new delivery vans. All of these pledges are expected to be collected in the next fiscal year. Ten percent are estimated to be uncollectible.Required:Prepare the journal entries for the aforementioned transactions.
Q:
Throwing a lit match on the ground in the forest and causing a fire is a breach of ________.
A) appropriation
B) Good Samaritan law
C) the duty of care
D) res ipsa loquitur
Q:
The obligation people owe each other not to cause any unreasonable harm or risk of harm is termed ________.
A) libel
B) res ipsa loquitur
C) Good Samaritan law
D) the duty of care
Q:
Michael wanted to try out his new hand gun. He set up a target in his back yard for firing practice. Stella's house, which is located on the lot directly behind Michael's property, happened to be directly in the line of fire. Michael's first shot missed the target and the bullet crashed through Stella's kitchen window, striking and seriously injuring her. Which of the following legal theories would be best for Stella's attorney to use in a lawsuit against Michael?
A) doctrine of unintentional tort
B) doctrine of proximate cause
C) res ipsa loquitur
D) gross negligence
Q:
________ is a doctrine that says a person is liable for harm that is the foreseeable consequence of his or her actions.
A) The tort of outrage
B) The tort of misappropriation
C) Disparagement
D) Unintentional tort
Q:
If the price of wireless phone service decreases and the demand for wired phone services decreases, then wired and wireless phone services areA) substitutes. B) complements. C) inferior goods. D) elastic goods.
Q:
When and how can a plaintiff claim damages if the defendant has breached a duty of care?
Q:
The following information was taken from the accounts and records of the Helping Hands Foundation, a private, not-for-profit organization classified as a VHWO. All balances are as of June 30, 2011, unless otherwise noted.Unrestricted Support - Contributions $2,000,000Unrestricted Support - Membership Dues 640,000Unrestricted Revenues - Investment Income 80,000Temporarily restricted gain on sale of investments 25,000Expenses - Program Services 1,860,000Expenses - Supporting Services 350,000Expenses - Supporting Services 550,000Temporarily Restricted Support - Contributions 640,000Temporarily Restricted Revenues - Investment Income 60,000Permanently Restricted Support - Contributions 100,000Unrestricted Net Assets, July 1, 2010 450,000Temporarily Restricted Net Assets, July 1, 2010 2,100,000Permanently Restricted Net Assets, July 1, 2010 60,000The unrestricted support from contributions was received in cash during the year. The expenses included $1,350,000 paid from temporarily-restricted cash donations.Required:Prepare Helping Hands' Statement of Activities for the fiscal year ended June 30, 2011.
Q:
Monica told a prospective patient that a certain cosmetic surgeon had been banned from practicing by the American Medical Council, but this is untrue. Is Monica liable for prosecution? Why?
Q:
Explain the torts of appropriation and invasion of the right to privacy with examples.
Q:
How is assault different from battery?
Q:
False statements that appear in a letter, newspaper, magazine, book, photograph, movie or video are ________.
Q:
Consider the following data:The absolute value of the price elasticity of demand for product A isA) 0.44. B) 1.80. C) 0.56. D) 2.25.
Q:
The intentional confinement or restraint of another person without authority or justification and without consent is called ________.
Q:
Unauthorized and harmful or offensive physical contact with another person is called ________.
Q:
If a newspaper review calls a commercially successful actor talentless, it is liable for defamation of character.
Q:
If a magazine publishes a false statement about a public personality, it is liable for invasion of the right to privacy.
Q:
If a defendant makes an untrue statement of factabout the plaintiff and the statement was intentionally or accidentally published to a third party, the defendant is held liable for misappropriation of the right to publicity.
Q:
Changing the ownership of the ocean from common property to private property wouldA) ensure that this resource would be allocated in a more efficient manner.B) ensure that this resource would be allocated in a less efficient manner than under common property rights.C) not be economically desirable.D) result in no appreciable change in efficiency of utilization of this resource.
Q:
The Trasque Hospital is a nongovernmental, not-for-profit hospital. During 2011, they had the following transactions. 1. Trasque's standard charges for services rendered amounted to $550,000. Contractual adjustments on those amounts with third-party payors amounted to $230,000. Bad debts on the remaining balance are estimated to be 10%. 2. The hospital received a cash donation of $20,000 to be used for medical equipment. 3. The hospital also received rent from a local shelter that uses the basement of their facility for overflow housing, amounting to $6,000 per year. 4. The hospital paid the following costs: Professional fees (doctors and physician assistants), $80,000; Nursing services, $70,000; and administrative services, $40,000. 5. The hospital paid for pharmaceuticals and medical supplies amounting to $110,000. The hospital had an agreement with the pharmaceutical and medical supply vendors to carry all inventory on consignment, due to their not-for-profit status. As a result, items are only paid for as consumed, and all inventory belongs to the vendors. Required:Prepare the journal entries for Trasque for 2011.
Q:
If a shoplifting suspect is detained for an unreasonably long time and is found to be innocent, the merchant is liable for the tort of malicious prosecution.
Q:
A threat of future harm or moral pressure is not considered false imprisonment.
Q:
Assault and battery are mutually exclusive torts that do not occur together.
Q:
Direct physical contact, such as intentionally hitting someone with a fist, is considered battery.
Q:
Actual physical contact is not necessary for a tort to be considered an assault.
Q:
Carousel Clothes is a voluntary health and welfare organization that provides gently-used second-hand clothes to those in need. They had the following transactions in 2011.1. Cash gifts were received in the amount of $60,000, of which $13,000 had been pledged in the prior year. 2. Pledges made in the current year but not yet fulfilled amounted to $39,000. Ten percent of the pledges typically prove to be uncollectible. Pledges are made for 2011. 3. An office supply company donates office furniture to the VHWO. The fair value of the furniture is $40,000. No restrictions were placed on the donation. 4. The following expenses were incurred and paid: director's salary, $15,000; facility rental, $18,000; cleaning and repair costs for clothes, $29,000; and purchase of supplies consumed in tagging and distribution of clothes, $5,000. The director's salary is categorized as Support Services and the rest of the costs are Program Services. 5. Restricted pledges were received during the year for $450,000. The pledges are restricted for the construction of a new facility.Required:Prepare the journal entries for Carousel for 2011.
Q:
The above figure supports all of the following statements regarding health care EXCEPTA) the demand for health care is insensitive to price changes; as the price goes up, so does the quantity demanded.B) if all medical expenses were paid for by third parties, the quantity demanded would increase tremendously.C) due to third party payments, patients demand a higher quantity of health care services per year.D) the lower the deductible, the greater is the quantity demanded of health care services per year.
Q:
Libel and slander constitute ________.
A) the tort of outrage
B) defamation of character
C) the tort of appropriation
D) intentional misrepresentation
Q:
Gary Govetty is a famous movie star. A tabloid published an interview with his ex-girlfriend in which she falsely claimed that Gary was completely bald and had been wearing a wig for several years. Gary can sue his ex-girlfriend for ________.
A) slander
B) invasion of the right to privacy
C) tort of appropriation
D) negligent infliction of emotional distress