of the check he indorses.2. T F. An accountant?s liability is not limited to clients.3.T F. Chapter 13 bankruptcy can be either voluntary or involuntary. 4.T F. Declared dividends are debts of the corporation owed to the shareholders.5. T F. Employers could be liable for torts committed by employees if the employees were acting within the scope of their employment.6. T F. The formula for Coca-Cola is an example of a trademark. 7. T F. The Age Discrimination in Employment Act prohibits workplace discrimination against employees 40 years of age and younger. 8. T F. A chapter seven bankruptcy is also known as a consumer debt adjustment.9. T F. A check is an example of a negotiable instrument. 10. T F. The tender offer defense where the target company makes a tender offer on the raider?s shares is called pacman.11. T F. A principal is not usually liable for any torts committed by independent contractors.12.T F. Stock in close corporations is not available to the public.13.T F. Shareholders have a right to inspect corporate records.14. T F. Telemarketers are allowed to call private residences at any time of day.15.T F. An agent is usually liable on contracts made on behalf of the principal.Section II. Multiple Choice. Choose the best answer. Answer A, B, C, or D on the answer sheet provided. 6 points each. 162/300 total points16. Which is true of a check ?payable to the order of Snow White? with a blank indorsement (signed on the back of the check as ?Snow White?)? A. It is bearer paper.B. The indorser is primarily liable for the amount of the check.C. Both A and B.D. Neither A nor B.17. Close corporations use the right of first refusal to ____________.A. Pierce the corporate veilB. Control minority shareholdersC.Manage the company like a partnershipD.Prevent outsiders from buying their stock18. Title VII prohibits employment discrimination based on: A. Age B. DisabilityC. RaceD. Marital status19. Express authority is a type of A. Actual authorityB. Implied authorityC. Apparent authorityD. None of the above20. Catherine is the only owner of Cakes4U, Inc. and often writes checks for her dance lessons and home mortgage payment from the company account. She is also committing fraud and using improper accounting at Cakes4U to hide that. Under what theory could Catherine be personally liable for the debts of the corporation?A.The Commerce ClauseB.Partnership by EstoppelC.Piercing the Corporate VeilD.The De Facto Corporation 21. __________________________ protects the quality of water used for drinking purposes. A. The Ocean Dumping Ban ActB. The Safe Drinking Water ActC. The Clean Water ActD. The Marine Protection, Research, and Sanctuaries Act22. A disadvantage of a S Corporation isA. Double taxationB. Limited liabilityC. Unlimited liabilityD. None of the above23. Under SUPERFUND, the EPA can require that a site be cleaned up by:A.The owner or operator of the site and the owner of wastes deposited at the siteB.The owner or operator of the site and transporters of wastes to the siteC.Both A and BD.Neither A nor B. The EPA cannot require anyone to pay for the clean up of the site.24. A disadvantage of a sole proprietorship isA. Double taxationB. Limited liabilityC. Unlimited liabilityD.Control of the business25. A ________ is liable only if the principal defaults on the loan.A. PrincipalB. SuretyC. AgentD. Guarantor26. Even if an agent is fired, the agent could still have ___________ to act on behalf of the principal.A. Implied authorityB. Express authorityC. Apparent authorityD. The agent has no authority after employment is terminated. 27. Which of the following forbids sex discrimination regarding pay? A. Title VIIB. The Equal Pay ActC. Section 1981D. A & B only28. Two years ago, Cinderella bought a house, financing it through Wicked Stepmother?s Financing Inc. Wicked Stepmother?s Financing Inc. has a security interest in the house. Cinderella can no longer make the payments because she lost her job making glass slippers. Wicked Stepmother?s Financing Inc. is threatening to foreclose on her property. What type of contract is this?A. A mortgageB. A land contractC. A deed of trustD. An option contract29. Oppressive child labor is prohibited by the _______________. A. Fair Labor Standards ActB. National Labor Relations ActC. Social Security ActD. ERISA30. Which type of intellectual property protects books, movies, and artwork?A. PatentB. CopyrightC. TrademarkD. Trade secrets31. The Family and Medical Leave Act applies to employers with ________ or more employees.A. 2B. 20C. 50D. 10032. The shareholders elect the ______________ to manage the corporation. A. Board of DirectorsB. Officers except the presidentC. Shareholder litigation committeeD. Officers including the president 33. Before Cakes4U was incorporated, the promoter, Catherine, made several contracts on its behalf. Who is liable on the contracts made prior to incorporation? A. Cakes4U B. An incorporatorC. CatherineD. All of the above34. Which type of creditor would be paid first if the debtor files for bankruptcy?A. Unsecured creditorsB. Priority creditorsC. Secured creditorsD. All creditors are equal35. Which type of intellectual property protects symbols used to identify goods with certain manufacturers?A. Copyright B. TrademarkC. Trade secret D. Patent 36. Sean O?Shaughnessy owed $200.25 to Larry Leprechaun in exchange for gold. Sean paid with this check.Pay to the order of Larry Leprechaun$2000.25Two hundred and 25/100 dollars----Sean O?ShaughnessyWhen Larry looked at the check, he noticed that Sean wrote two different amounts on the check and became very excited. Which amount will the bank honor? A.$200.25B.$2000.25C.Neither. The check will be void.D.Instead of immediately honoring the check, the bank must call Sean to clarify the amount.37. A reorganization is also known as a A.Chapter 7 BankruptcyB.Chapter 11 BankruptcyC.Straight BankruptcyD.Chapter 13 Bankruptcy 38. Which of the following are duties of a partner to the partnership?A. Duty of care, duty to account, & duty to act within actual authorityB. Duty to be indemnified for personal expenses & duty to incorporateC. Duty to ratify & duty to pierce the corporate veilD. All of the above39. The Sarbanes-Oxley Act of 2002 bans which types of services by audit firms for audit clients?A. Actuarial services B. BookkeepingC. Both A and BD. Neither A nor B40. A _________________ is limited to one project.A.Joint ventureB.S CorporationC.PartnershipD.Corporation41. Advertising and goodwill of the trademark are advantages of which form of business?A. PartnershipB.FranchiseC.Sole proprietorshipD.S Corporation42. A principal can be liable on contracts made by an agent due to ________________.A. Actual authorityB. Apparent authority C.Ratification D.All of the above
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