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Questions
Q:
The tort of defamation of character requires a plaintiff to prove that the defendant ________.
A) publicized a private fact about the plaintiff
B) insulted people closely related to the plaintiff, such as family or friends
C) published an untrue statement of fact about the plaintiff to a third party
D) made one or more financial deals with the plaintiff under a false identity
Q:
________ refers to an attempt by another person to take over a living person's name or identity for commercial purposes.
A) Invasion of the right to privacy
B) The tort of appropriation
C) Defamation of character
D) Disparagement
Q:
Jessica is babysitting Kyle one afternoon when Kyle starts bleeding from his nose. Jessica manages to stop the bleeding and rushes out to the nearest pharmacy—three miles away—to get medication for him. While doing so, she locks the house from outside and asks Kyle not to leave the house till she returns. The only way he can get out of the house is by breaking a window. Due to a roadblock on her way back, Jessica is delayed by an hour. Which of the following statements is true in this case?
A) Jessica is liable for kidnapping.
B) Jessica is liable for negligence as well as breach of duty of care.
C) Jessica can be sued for false imprisonment.
D) Jessica is not liable for prosecution for an intentional tort.
Q:
Albatross University, a not-for-profit, nongovernmental university, had the following transactions in 2011. 1. Tuition bills were sent amounting to $8,000,000, with 70% collected before the end of the fiscal year; tuition waivers were granted on the total amount of $400,000, and $220,000 was expected to be uncollectible. 2. Cafeteria sales, all cash, were $1,400,000. 3. Salaries and wages were paid amounting to $5,500,000, of which $370,000 was for cafeteria staff. 4. Long-term debt payments were made from general funds amounting to $800,000, of which $130,000 was for interest. 5. Equipment was purchased for the engineering department with funds previously set aside for that purpose, amounting to $180,000. Required:Prepare the journal entries for 2011 for Albatross University.
Q:
The Lorenz curve is a geometric representation ofA) the profile of earnings for a ʺtypicalʺ family over time.B) the standard of living experienced by the poor in a country.C) the difference between pre-tax and post-tax income. D) the distribution of income.
Q:
Which of the following actions would make Sarah liable for battery?
A) She publishes an article which calls for the current U.S. president to quit because she thinks he is not doing a good job.
B) She extends the boundary of her plot of land encroaching two feet of her neighbor's plot.
C) She smuggles marijuana into the country.
D) She slaps her ex-husband because he denied her alimony.
Q:
Harvey was at his college reunion where he noticed Raymond, his former roommate. Harvey and Raymond did not get along well at the reunion. Offended by something Raymond mentioned, Harvey punched him in the face and broke his jaw. Harvey is liable for ________.
A) breach of duty of care
B) disparagement
C) battery
D) assault
Q:
Which of the following statements is true of battery?
A) Battery refers to intentional infliction of emotional distress.
B) Assault and battery often occur together.
C) Actual physical contact is not necessary for a tort to be battery.
D) Indirect physical contact between the victim and the perpetrator is not battery.
Q:
Which of the following torts constitutes battery?
A) stealing a person's wallet
B) threatening to shoot a person
C) blackmailing a person
D) poisoning a person's drink
Q:
Which of the following best describes the tort of battery?
A) unauthorized and harmful or offensive physical contact with another person that causes injury
B) an action that arouses reasonable apprehension of imminent harm
C) oral or written defamation of another person's character
D) intentional confinement or restraint of another person without that person's consent
Q:
Wilhelman University, a not-for-profit, nongovernmental university, had the following transactions in 2011.1. Tuition bills were sent amounting to $4,000,000, with tuition waivers granted on that amount of $200,000.2. State funding was received in the amount of $2,000,000.3. The bookstore and cafeteria sales amounted to $1,600,000, and their cost of sales was $1,500,000. Assume cash sales and cash purchases for these auxiliary operations.4. Endowment income amounted to $100,000 that was restricted to chair the accounting department, and $200,000 of unrestricted income.5. Expenses were incurred and paid as follows: faculty, $3,800,000 (including faculty chair, paid in part by endowment income); Student services, $250,000; Facilities operations, $350,000; and scholarships (excluding tuition waived), $400,000.Required:Prepare the journal entries for 2011 for Wilhelman University.
Q:
Which of the following has been the largest organized group of U.S. unions during the past 50 years?A) AFL-CIO B) AFL C) CIO D) Change to Win
Q:
John Harley was on his way home when an assailant stopped his car and threatened to physically harm him. John can sue the assailant to recover damages for ________.
A) assault
B) battery
C) libel
D) disparagement
Q:
Which of the following statements is true of the tort of assault?
A) An assault is considered an unintentional tort.
B) An attack is considered an assault only if the defendant was provoked to attack a plaintiff.
C) An attack is not considered an assault if the defendant was provoked to attack a plaintiff.
D) Actual physical contact between plaintiff and defendant is not necessary.
Q:
The threat of immediate harm or offensive contact is termed ________.
A) battery
B) assault
C) disparagement
D) libel
Q:
A(n) ________ refers to an alteration or a modification of a product by a party in the chain of distribution that absolves all prior sellers from strict liability.
Q:
When the containers of a product are not tamperproof, this is a(n) ________.
Q:
The manufacturer or seller is not liable if a product is materially altered or modified after it leaves the seller's possession and the alteration or modification causes an injury.
Q:
Suppose there are four industries. Labor costs are 20 percent of total costs in A, 40 percent in B, 60 percent in C, and 80 percent in D. A ten percent increase in the price of labor will cause industry to reduce quantity demanded of labor by the largest proportion.A) A B) B C) C D) D
Q:
Southtown Community Hospital (SCH) shows the following balances on its trial balance at June 30, 2011, their fiscal year end. SCH is a not-for-profit, nongovernmental hospital. $260,000 cash was spent on equipment from donations restricted for that purpose.Debits:Administrative services expense 200,000Contractual allowances 1,200,000Depreciation expense 700,000Employee discounts 300,000General services expense 900,000Loss on sale of fixed assets 100,000Nursing services expense 4,000,000Resident and visiting professional services expense 3,000,000Provision for bad debts 600,000Credits:Income from investment in clinic 120,000Patient service revenues 10,000,000Pharmacy 400,000Cafeteria services 200,000Unrestricted contributions 350,000Unrestricted income from endowment funds 280,000Restricted donations for equipment purchases 500,000Required:Prepare a statement of operations for Southtown Community Hospital at June 30, 2011.
Q:
________ damages refer to monetary damages that are awarded to punish a defendant who either intentionally or recklessly injured the plaintiff.
A) Reliance
B) Consequential
C) Punitive
D) Nominal
Q:
Mary was getting a ride home in John's new car. On the way, a malfunctioning brake caused an accident and both Mary and John were injured. Which of the following statements is true of this situation?
A) Mary can recover in a strict liability lawsuit against the manufacturer of John's car.
B) Mary can file a strict liability lawsuit against John.
C) Mary can file a negligence lawsuit against the dealership that sold John his car.
D) John can file a negligence lawsuit against the dealership from which he bought the car.
Q:
Which of the following statements is true about the strict liability doctrine?
A) Privity of contract between the injured party and defendant is mandatory.
B) Injured bystanders cannot recover damages under the strict liability doctrine.
C) Parties in the chain of distribution are strictly liable only to the customer who buys the product.
D) Injured bystanders are entitled to the same protection as the product's consumer.
Q:
Explain the doctrine of strict liability with examples.
Q:
________ is liability without fault.
Q:
Electronic technologies have made it possible to settle disputes online. However, arbitration is not possible in electronic dispute resolution.
Q:
The ʺChain Store Actʺ is a name given to theA) Clayton Act. B) Federal Trade Commission Act.C) Robinson-Patman Act. D) Sherman Antitrust Act.
Q:
A small town in a rural area has an organization that serves the local community when there is a financial need. Among the services they provide is free groceries, clothes and furniture, along with transportation to doctors' appointments when the doctor is out of town. This voluntary health and welfare organization (VHWO) accepts most donations of goods, all donations of cash, and has developed a relationship with the local grocer who helps them obtain needed food items. The VHO has one paid administrator who tracks and coordinates the donations, performs application reviews to determine eligibility, and schedules transportation for those in need. Volunteers unload and pack grocery items, sort clothes and furniture, and drive those who need transportation. Gasoline costs are reimbursed to the driver based on mileage. The local CPA provides bookkeeping and tax services for free, and designates 90% of expenses incurred to community services and 10% to management and general.The VHWO had the following transactions in 2011:1. The administrator is paid $11,000 salary.2.The accountant services are valued at $6,000 based on their normal billable rate.3. The landlord of the building they use for their operations has waived their rent and provided the bill of $6,000 for their records. The VHWO paid utilities and property taxes of $3,000.4. Office furniture was donated with an estimated fair value of $9,400.5. The VHWO received cash donations of $20,000, $5,000 of which was an unpaid pledge from the prior year. The beginning pledges receivable balance was $6,000, and no amount had previously been estimated to be uncollectible. The prior year balance will now be written off. In addition, $12,000 was pledged to be donated in 2012. Based on recent history, the VHWO knows that 10% of the new pledges will not be collected.Required:Prepare the journal entries for the transactions noted above.
Q:
Which of the following is true of electronic mediation or e-mediation?
A) The parties and the mediator communicate through e-mail.
B) Private conversations between the mediator and the parties are not possible.
C) A chat room is assigned for conversations between both parties and the mediator.
D) Settlement cannot be reached without paying substantial lawyers' fees and court costs.
Q:
In a mediation, the neutral third party is called a(n) ________.
Q:
________ is a form of negotiation in which a neutral third party assists the disputing parties in reaching a settlement of their dispute.
Q:
Negotiationis a procedure whereby the parties choose an impartial third party to hear and decide the dispute.
Q:
In which of the following methods of alternative dispute resolution must parties to a case employ a neutral third party to settle their dispute?
A) negotiation
B) mini-trial
C) e-court
D) mediation
Q:
Which of the following statements is true about the Federal Arbitration Act (FAA) of 1925?
A) The FAA restricts parties from obtaining a court order to compel arbitration with an arbitration agreement.
B) The FAA restricts federal courts from hearing issues of law that have been decided by an arbitrator.
C) The FAA provides that arbitration agreements involving commerce are revocable contracts under ordinary circumstances.
D) Breach of contract cases and tort claims are not candidates for arbitration as per the FAA.
Q:
Will Wealth made three charitable donations in 2011. Each was for $500,000, however they were made to three different organizations as follows:1. Will donated to a local voluntary health and welfare organization (VHWO), and indicated that the funds could be used as the VHO wanted.2. Will donated to a local private, not-for-profit university, designating the funds to be used for scholarships and student aid.3. Will donated to the local not-for-profit, nongovernmental hospital, designating the funds to be used for purchase of diagnostic equipment.Required:For each of the above three situations:A. Prepare the journal entry that each organization would prepare at the time of the contribution.B. Prepare the journal entry that each organization would prepare at the time of the subsequent spending of the funds. Assume that the spending is in accordance with any restrictions that Will placed on the donation.
Q:
A market with few sellers, some influence over price, high barriers to entry, a differentiated product, and non-price competition is known asA) perfect competition. B) monopolistic competition.C) oligopoly. D) monopoly.
Q:
Which of the following statements best represents the distinction between binding and nonbinding arbitration?
A) Unlike nonbinding arbitration, binding arbitration takes place at a court, in the presence of a judge.
B) If the arbitration is nonbinding, the decision and award of the arbitrator can be appealed to the courts.
C) A nonbinding arbitration takes place at a court, in the presence of the jury.
D) A nonbinding arbitration implies that the arbitrator's decision must be reinforced by the courts.
Q:
Rita Fuller and Robert Morgan are contending parties to a lawsuit involving the division of the inheritance from their grandmother. They wish to settle their case out of court. Rita and Robert engage in discussions and bargaining in the presence of their attorneys and finally conclude that Robert keeps 60 percent of the inheritance and Rita gets the remainder. In this scenario, the ________ method of alternative dispute resolution is used.
A) negotiation
B) arbitration
C) mini-trial
D) mediation
Q:
Which of the following is a form of alternative dispute resolution?
A) pretrial hearing
B) settlement conference
C) appeal
D) mediation
Q:
What can a party to a lawsuit do if he or she is displeased with the trial court's judgment?
Q:
Only the defendant can appeal in a criminal case.
Q:
In a not-for-profit, private university, the federal grant funds given directly to students for financial aid are an example ofA) a bequest.B) an agency transaction.C) unrestricted revenue.D) a restricted contribution.
Q:
Which of the following is NOTa reason why some industries are oligopolies?A) Economies of scale B) Barriers to entryC) Strategic independence D) Mergers
Q:
Which of the following statements is true about appellate courts?
A) Appellate courts cannot reverse a finding of factmade by the jury.
B) Appellate courts cannot reverse a finding of factmade by the judge.
C) Appellate courts permit brief oral arguments between attorneys.
D) Appellate courts cannot reverse decisions of lower courts.
Q:
The appealing party in an appeal is called a(n) ________.
A) appellate
B) appellee
C) respondent
D) petitioner
Q:
Differentiate between trials with and without jury.
Q:
The process whereby the judge and attorneys ask prospective jurors questions to determine whether they would be biased in their decisions is called ________.
Q:
In a rejoinder, the defendant's attorney can call additional witnesses and introduce other evidence to counter the plaintiff's rebuttal.
Q:
In the long run in a monopolistically competitive market, a firm will, in theory, A) earn economic profits. B) suffer losses.C) break even. D) earn zero accounting profits.
Q:
An alumnus made a donation of adjoining land to a not-for-profit, nongovernmental university. The donor made no specifications regarding the time period or use of the land. The university would record the gift asA) an endowment asset.B) temporarily restricted revenue.C) unrestricted revenue.D) permanently restricted support.
Q:
After a witness is sworn in, he or she is immediately cross-examined by the plaintiff's attorney.
Q:
A trial is conducted with a jury only when the defendant requests a jury trial.
Q:
Voir dire is the process whereby the jurors ask prospective judges questions to determine whether they would be biased in their decisions.
Q:
In the civil caseJane Doe v. John Deer, the judge learns that the jury was swayed by the fact that Jane Doe was a woman. The jury entered its verdict in her favor. Owing to this, the judge reduces the damages awarded to Jane by $20,000. This act is called ________.
A) remittitur
B) judgment notwithstanding the verdict
C) motion for summary judgment
D) motion for judgment on the pleadings
Q:
Which of the following terms refers to the overturn of verdict when jury misconduct is detected?
A) remittitur
B) judgment notwithstanding the verdict
C) motion for summary judgment
D) motion for judgment on the pleadings
Q:
For a monopoly earning positive economic profits at the profit -maximizing output level, all of the following are true EXCEPTA) P > ATC. B) P > MR. C) P > MC. D) P = MR.
Q:
What is jury deliberation?
A) jurors re-questioning a particular witness from one of the parties
B) jurors considering the evidence and attempting to reach a decision
C) jury and the judge disagreeing on the outcome of the case
D) jurors being replaced in case of illness or disqualification
Q:
Not-for-profit, private colleges classify student unions, dining halls, and residence halls asA) educational and general services.B) auxiliary enterprises.C) independent operations.D) restricted enterprises.
Q:
After the defendant's attorney has finished calling witnesses, the plaintiff's attorney can call witnesses and put forth evidence to disprove the defendant's case. This is called a ________.
A) rebuttal
B) rejoinder
C) closing argument
D) deliberation
Q:
Which of the following statements is true of the plaintiff's case?
A) The plaintiff's attorney examines the witnesses during cross-examination.
B) The defendant's attorney examines the witnesses during re-direct examination.
C) The defendant's attorney can ask questions only about the subjects that were brought up during the direct examination.
D) Documents and other evidence have to be introduced before the first witness is subject to direct examination.
Q:
Which of the following statements best describes re-direct examination?
A) The plaintiff's attorney questions the witness who was questioned by the defendant's attorney
B) The plaintiff's attorney questions the witness before he or she is questioned by the defendant's attorney.
C) The defendant's attorney questions the witness who was questioned by the plaintiff's attorney.
D) The defendant's attorney questions the witness before he or she is questioned by the plaintiff's attorney.
Q:
What is cross-examination?
A) inspection of evidence by the trier of facts
B) prospective jurors being questioned by the judge or lawyers of each party
C) witnesses being questioned by the judge
D) witnesses being questioned by the defendant's attorney
Q:
What is direct examination?
A) inspection and verification of all documents related to a trial by the judge
B) inspection and verification of all documents related to a trial by the jurors
C) witnesses being questioned by the plaintiff's attorney
D) prospective jurors being questioned by the judge or lawyers of each party
Q:
An alumnus of a nonprofit, nongovernmental university establishes an endowment of $50,000. When the university receives the endowment from the donor, what account will the university credit?A) Temporarily restricted revenuesB) Temporarily restricted supportC) Permanently restricted revenuesD) Permanently restricted support
Q:
With marginal cost pricing,A) marginal benefits are usually less than marginal cost.B) all opportunity costs will be covered in the short run.C) the price charged is equal to the opportunity cost to society of producing one more unit of the good.D) there cannot be any short-run economic profit.
Q:
________ is the process whereby the judge and attorneys ask prospective jurors questions to determine whether they would be biased in their decisions.
A) Consolidation
B) Trial of fact
C) Voir dire
D) Intervention
Q:
Which of the following statements is true of a court trial?
A) All civil cases are tried with a jury.
B) The judge is the trier of fact in a jury trial.
C) A jury is not required in a trial unless both parties request one.
D) Prospective jurors are questioned by lawyers for each party.
Q:
Why are pretrial hearings necessary, especially if both parties have pursued the lawsuit with full knowledge?
Q:
Briefly explain the steps involved in the pretrial litigation process.
Q:
Under what condition are profits maximized?A) at the rate of output at which marginal revenue equals marginal costB) at the output rate where marginal cost is greater than marginal revenueC) at the point at which the difference between total revenues and total costs is negativeD) at the point at which the difference between price and quantity demanded is greatest
Q:
Only the ________ can appeal in a criminal case.
Q:
In a nongovernmental, nonprofit hospital, contractual adjustments areA) the discounted rate given to hospital employees.B) discounts arranged with third-party payors.C) recorded as a deduction from revenue or as an expense.D) additional amounts paid by select group participants.
Q:
A(n) ________ is a hearing before a trial in order to facilitate the settlement of a case.
Q:
A(n) ________ asserts that based on supporting evidence outside the pleadings, there are no factual disputes to be decided by the jury, and the judge should apply the relevant law to the undisputed facts and decide the case.
Q:
A(n) ________ alleges that if all the facts presented in the pleadings are taken as true, the party making the motion would win the lawsuit when the proper law is applied to these asserted facts.
Q:
The deposition of a(n) ________ can be given voluntarily or pursuant to a court order.
Q:
A(n) ________ is oral testimony given by a party or witness prior to trial.
Q:
ʺAll average costs have a U-shaped curve.ʺ Do you agree or disagree? Explain why?
Q:
In a nonprofit, nongovernmental hospital, courtesy allowances areA) charity care services.B) revenue deductions.C) expenses.D) revenues earned even if the standard charge is above or below the allowance.
Q:
A(n) ________ establishes the period during which a plaintiff must bring a lawsuit against a defendant.