business law #5
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| Which form of business is the easiest to set up? | sole proprietorship
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| Which forms of business organization does not involve unlimited personal liability for its owners? | corporation (
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| A partnership agreement can be structured so as to continue the partnership business even if the partnershi is dissolved. | true
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| Which of the following is known to the public but does not participate in management? | silent partner
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| If a partner dies the partnership is dissolved. | true
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| If a partnership is formed for a period of 5 years, it cannot be terminated before the end of the 5 years. | false
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| A partner who invests more time or money in the partnership has a right to a larger percentage of the profits? | false
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| Which of the following is active in management of a partnership but unknown to the public? | secret partner
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| Which form of business has the greatest potential to bring together large sums of capital? | corporation
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| Which form of business organization needs a charter from the state? | corporation
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| Which form of business has the greatest potential for attracting professional managers? | corporation
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| Which of the following does not participate in management and is only potentially liable for her/his investment in the partnership? | limited partner
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| A partner may engage in other businesses, even if they compete with the partnership? | false
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| special partnership | Partnership organized for a single transaction.
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| non-trading partnership | Partnership that provides professional and noncommercial assistance or advice.
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| limited parternship | Partner with limited liability.
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| partnership | Association of two or more to do business as co-owners for profit.
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| silent partner | Partner who is publicly known but not actively managing.
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| dormant partner | Partnership who is not publicly known and not actively managing.
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| corporation | Artificial person created as a legal entity by the authority of federal or state law.
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| secret partner | Partner who is not publicly known but is actively managing.
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| sole proprietorship | Simplest form of business organization.
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| termination | Conclusion of a partnership's legal existence.
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| Which form of business organization is looked upon as being an artificial entity, separate from its owners? | corporation
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| Every general partner has an equal right to participate in management of the firm? | true
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| The UPA governs | partnership
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| Which form of business organization does not terminate upon the death of its owners? | corporation
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| All a corporation's shareholders must assent before the subchapter S status can be assumed. | true
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| All corporations are subject to double taxation. | false
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| There have to be at least two general partners in a limited partnership | false
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| Which rule protects corporate officers from being held personally liable to parties outside the corporation for honest errors of judgment made in carrying out the corporate business? | business judgment rule
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| dividends | Distributions of corporate earnings
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| shares of stock | Units of ownership in a corporation
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| proxy | Power to vote shares for shareholders
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| articles of incorporation | Application to a state for a corporate charter
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| consolidation | Combination of two companies into one new one
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| bylaws | Rules for the internal organization and management of a corporation
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| preferred stock | Non-voting stock conveying the right to receive a stipulated dividend before any common shareholders receive their dividends
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| common stock | Basic stock in a corporation conveying the right to vote and to receive dividends to its owner
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| incorporators | Signers of the articles of incorporation
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| directors | Individuals elected by the share holders to be responsible for the overall direction of the corporation
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| In the event of problems, individual stockholders in a corporation generally stand to lose only what they have invested in the corporation? | true
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| Which of the following is not required to be in the articles of incorporations? | all information listed is required
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| A rule adopted by a corporation's board of directors that calls for a stockholder meeting every six months is termed? | bylaw
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| Which of the following records do not have to be kept in the limited partnership's designated office within the certifying state? | tax records for the last 5 years
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| Corporations are the most numerous form of business in the United States. | false
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| What is the maximum number of stockholders in subchapter S corporation? | 75
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| articles of organization | Document filed with the state to organize an LLC
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| double taxation | Taxation of a corporation as an entity based on its earnings and then of the shareholders on corporate dividends
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| LLP | Form of business organization that offers limited liability only to tortious conduct
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| limited liability corporation | Form of business organization that avoids double taxation, affords partial limited liability protection, and is easily convertible from the partnership form
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| members | Owners of an LLC
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| S corporation | Form of business organization in which earnings are treated the same as a gain from a partnership and only taxed at the individual owner's level
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| All common stockholders must vote their share in every corporate election. | false
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| An LLC can have no more than 75 members | false
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| A subchapter S corporation can include as stockholder a venture capitalist living in Japan. | false
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| LLCs are still subject to double taxation. | false
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| Shareholders will always be paid dividends as long the corporation makes a profit. | false
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| Which of the following will NOT result in a corporate dissolution? | firing of CEO
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| Only a state can authorize the creation of a corporation? | true
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| No-par stock is originally sold at a price set by the market? | false
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| Which of the following could not be an LLC member? | all listed can be members
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| Safety in the workplace is the area of responsibility of the | OSHA
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| The first federal agency was created in response to the Great Depression of the 1930's. | false
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| Which agency is the oldest? | ICC
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| Which of the following is NOT a focus of review of agency decisions by the federal appellate courts? | does a state agency have the same job?
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| The government regulates the New York and American Stock Exchanges | true
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| Which of the following is looked upon as being necessary for due process? | all of the answers listed are correct
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| The consolidation of legislative, executive and judicial powers in an agency violates the principle of separation of powers. | true
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| Which of the following is not a statute enacted to create public accountability for agency activities? | Interstate Commerce Act
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| NLRB | regulates collective bargaining
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| Federal Register | government publication containing agency regulations
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| FDA | regulates safety of drugs
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| CPSC | regulates toy safety
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| Federal Reserve System's Board of Governors (FED) | regulates interest rates
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| FTC | regulates unfair trade practices
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| SEC | regulates the national stock exchanges
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| FCC | regulates television broadcasting
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| due process | notice of charges or potential rulemaking coupled with opportunity to appear, present evidence, and confront witnesses if warranted
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| intrastate commerce | commerce conducted wholly within one state
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| EPA | regulates the disposal of toxic waste
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| There are no limitations on agency powers. | false
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Created by:
stephparnell