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Business Law
Q:
The legality of an action is always clear.
Q:
A(n) ________ is a document that is filed with the secretary of state upon the dissolution of a limited partnership.
Q:
A(n) ________ is a document that sets forth the rights and duties of general and limited partners.
Q:
Simply obeying the law fulfills all ethical obligations.
Q:
Ethics is the branch of philosophy that focuses on what constitutes right and wrong behavior.
Q:
________ occurs when (1) a certificate of limited partnership is not properly filed, (2) there are errors in a certificate that is filed, or (3) some other statutory requirement for the creation of a limited partnership is not met.
Q:
A(n) ________ is a document that two or more persons must execute and sign that makes a limited partnership legal and binding.
Q:
Quixotic Corporation decides to respond to what it sees as a moral obligation to corÂrect for past gender discrimiÂnation by adjusting pay differences among its male and female employees. Does this raise an ethical conflict among those employees? BeÂtween the employer and the emÂployees? Between the corporation and its shareholders? If so, how should it be resolved?
Q:
Limited partnerships are also known as ________.
Q:
Matchless Clothing Company buys clothing assembled by Nantra, Ltd., a forÂeign firm that employs young children for long hours and low pay. Nantra's naÂtion does not enforce its child labor laws. Human International Politics (HIP), a political activist organization, discovers Matchless's connection to Nantra and plans to reveal this information. Before HIP does so, however, Matchless publicly releases the informaÂtion itself and announces that it is severing its relationship with Nantra. Matchless publicizes its action in its advertising, and the company's sales and profits increase, apparently as a direct result. Has Matchless acted unethically in any way? From an ethical perspective, is Matchless's conduct in this situation more important than whatever its moÂtive might be?
Q:
Recreation & Sports Equipment Corporation sells a product that is capable of seriously injuring consumers who misuse it in a foreseeable way. Does the firm owe an ethical duty to take this product off the market? What conÂflicts might arise if the firm stops selling this product?
Q:
The ________ Act is a uniform act that regulates the formation, operation, and termination of limited partnerships.
Q:
Good Health & Life Insurance Corporation suffers a security breach in its computer network. Before the company discovers the breach, the perpetrator obtains corporate financial records and other confidential data, including marketing plans. Is this a crime? If so, what are its elements? What steps might Good Health & Life take to ensure that going forward only authorized users access the data on its computers? Whose effortsthose of the federal government or Good Health & Lifeare most important in securing the company's computer infrastructure and why?
Q:
A limited partner may engage in voting on the dissolution of the limited partnership without losing his or her limited liability.
Q:
Ron is an accountant in Standard Business Company's accounting deÂpartment. Ron's daughter's college tuition is due within a week, or she cannot continue taking classes. To meet the due date, Ron transfers funds from Standard to a fictitious bank account, planning to repay the firm within one month. The transfer is discovered before the firm is reÂpaid, and Ron is arrested. What crime, or crimes, if any, has Ron committed?
Q:
If a limited partner personally guarantees a loan made to the limited partnership by a creditor, he or she is not personally responsible for the loan if the partnership defaults, since limited partners are liable for the debts of the limited partnership only up to their capital contributions.
Q:
Limited partners have unlimited personal liability for the debts and obligations of the limited partnership.
Q:
Kino sees a DVD player on the porch of Lulu's house, takes the player to his home, and tells everyone he owns it. Maya, holding a knife, forces Nick to give her his boom box, and runs away with it. Ollie breaks into Pam's apartment, takes a computer, and leaves. Quico sells Randi an expensive wristwatch for a fraction of its value, admitting that the watch is stolen property but claiming that he is not the thief. Which of these acts are crimes, and what are the differences among them?
Q:
Defective formation of a limited partnership occurs when a certificate of limited partnership is not properly filed.
Q:
Sophie is the president of Tasty Foods Corporation, a wholesale grocery company. An inspection by Uri, a government agent, uncovers unsaniÂtary conditions caused by Vic, a Tasty Foods employee, in the company's wareÂhouse. Will, a Tasty Foods vice president, assures Uri that the situation will be corrected, but a later inspection reveals no such corrections. Sophie knows nothing about any of this. Can Tasty Foods be convicted of a crime in these circumstances? Can Sophie be held personally liable?
Q:
The creation of a limited partnership is formal and requires public disclosure.
Q:
Rashad accesses Quant Company's computer system without authority to obtain protected financial data. Under federal law, this is
a. a felony if it is committed for a commercial purpose.
b. a felony if Quant brings a civil suit against Rashad.
c. not a crime.
d. a crime, but not a felony.
Q:
It is not necessary for a limited partnership to have general partners if the limited partners share management responsibility among themselves.
Q:
Patricia commits an act via e-mail against Othman Finance Company, a business in California, where the act is a cyber crime. Patricia resides in New York where the act is not a crime. Prosecution of Patricia in California involves questions of
a. jurisdiction.
b. "maximum contacts."
c. the immunity of Internet service providers.
d. encryption.
Q:
General partners are not personally liable for partnership debts beyond their capital contributions.
Q:
Minka uses her computer to secretly install software on hundreds of personal computers without their owners' knowledge.
Minka's software is harmful to the computers on which she installed it. This program is
a. malware.
b. badware.
c. harmware.
d. infectware.
Q:
A limited partnership cannot have general partners.
Q:
Minka uses her computer to secretly install software on hundreds of personal computers without their owners' knowledge.
Minka's secretly installed software allows her to forward transmissions from her unauthorized network to even more systems. This network is
a. a hacker.
b. a bot.
c. a botnet.
d. a worm.
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 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:
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:
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:
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:
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:
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:
A contract or lease that has not been fully performed is termed as a(n) ________ contract.
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:
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:
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:
An executory contract refers to a contract or lease that has not been fully performed.
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:
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:
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:
Liquidation is a form of bankruptcy in which the debtor's exempt property is auctioned.
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:
Gifts that a debtor is entitled to receive within 180 days after the petition is filed are part of the bankruptcy estate.
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:
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:
Bankruptcy courts are part of the state court system.
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:
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:
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:
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:
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:
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:
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:
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:
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:
________ 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:
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:
A(n) ________ provides for the reduction of a debtor's debts.
A) extension
B) liquidation
C) limitation
D) composition
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:
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:
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