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Study Resources (Business Management)

  51.Whenever an employer hires an employee to perform some sort of physical service, the parties have created a(n) ______ relationship.  A. employer-agent B. employer-employee C. employer-independent contractor D. avowed E. acknowledged 52.Which of the following is false regarding the employer-employee relationship?  A. The employee is subject to the control of the employer. B. Generally, all employees are considered to be agents of the employer. C. Employees who.
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  11.Shareholders of a corporation own that corporation.  12.Members of the board of directors of a corporation are elected by shareholders.  13.Officers of a corporation are hired by the shareholders.  14.Corporate income is taxed twice.  15.An S corporation is a corporation that is taxed like a partnership.  16.A general corporation may only have up to 210.
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  21.The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 included only minor changes to bankruptcy law.  22.Before a debtor files for one specific type of bankruptcy relief, the clerk of courts must give the debtor written notice of the other types of relief available.  23.Under Chapter 7, liquidation may be voluntary.
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  True / False Questions 1.The purpose of holder-in-due-course status is to protect the seller of goods under the UCC.  2.Someone who acquires a negotiable instrument in good faith is a holder in due course.  3.A payee may not be a holder in due course.  4.Under UCC 3-302, a party may be a holder in.
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  True / False Questions 1.A business in which one person is in control of the management and profits is a partnership.  2.The sole proprietor has complete control of the management of the business and keeps all the profits from the business.  3.A sole proprietor is considered a separate legal entity.  4.A voluntary association between.
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  70.An instrument that reads, "Pay to the order of Jones or Green," is payable to _________ payees.  A.joint B.concurrent C.consecutive D.alternative E.alternate 71.An instrument that reads, "Pay to the order of Jones and Green," establishes _______ payees.  A.joint B.concurrent C.consecutive D.alternative E.alternate 72.Which of the following governs the transfer of checks between banks?  A.Article 1 of the UCC. B.Article 2 of the UCC. C.Article 3.
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  11.The defenses of lack or failure of consideration, breach of contract, and fraud in the inducement in the underlying contract cannot be used against a holder in due course.  12.When an item is transferred, the transferee acquires all the rights the transferor had to the item under the shelter principle.  13.The purpose.
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  111.Cheap Principal. Jason, who is very knowledgeable regarding computers, agrees to purchase computers for Nick's business. Jason is retained for that purpose only, he is paid a set rate for the job, and Nick exercised no control over the manner in which Jason did his work. Jason purchased computers on.
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  130.Set forth the two key exceptions to the equal dignity rule.  131.Set forth the rationale behind the doctrine of respondeat superior and discuss whether ethically you believe is an appropriate doctrine for our society.  132.Melinda, who works in a jewelry store owned by Cindy, was picking up some gemstones for use in.
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  41.If a principal agrees to hire no other agent for a period of time or until a particular job is done, the principal and agent have entered into a(n) ______ agency contract.  A. limited B. specific C. exact D. identified E. exclusive 42.A document that gives an agent authority to sign legal documents on behalf of the principal is known as.
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  42.A(n) _____ promises to pay a set sum to the holder of a promissory note or certificate of deposit.  A.maker B.acceptor C.drawer D.endorser E.promisor 43.A(n) _____ accepts and signs a draft to agree to pay the draft when it is presented.  A.maker B.acceptor C.drawer D.endorser E.promisor 44.Which of the following is a person who orders the drawee to pay?  A.Maker B.Acceptor C.Drawer D.Endorser E.Promisor 45.A(n) _____ is a.
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  52.Which of the following is true in the event an instrument contains more than one endorsement?  A.Each endorser is liable for the full amount to the subsequent endorser or to the holder. B.Only the last endorser is liable to the holder and no prior endorsers are liable to a subsequent endorser. C.Each endorser.
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  61.Which of the following is false regarding a principal's duties to an agent?  A. An agent can sue the principal if the principal does not fulfill duties owed to the agent. B. In a successful suit against a principal, an agent is entitled to contract remedies but not tort remedies. C. If the principal has failed.
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  Essay Questions 89.Discuss whether or not you believe that our law should recognize holder in due course status with its resulting rights.  90.Set forth the requirements a party must meet in order to be considered a holder in due course.  91.Set forth the conditions under which a holder may take an instrument for.
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  60.Which of the following types of paper require only a delivery of the instrument to the holder by the payee?  A.A bearer instrument. B.A delivery instrument. C.An order instrument. D.A transfer instrument. E.An acknowledgement instrument. 61.Which of the following types of paper require delivery and an endorsement by the holder?  A.A bearer instrument. B.A delivery instrument. C.An order instrument. D.A.
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  71.A(n) ______ trust is an equitable trust imposed on one who wrongfully obtains or holds legal right to property he or she should not possess.  A. resolute B. actual C. constructive D. defined E. absolute 72.______________ is the right of a principal to sue an agent to recover any amount assessed against the principal for a breach of contract caused by.
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  Essay Questions 114.Set forth the steps that a creditor must take to become a secured party.  115.List three advantages associated with perfection by possession.  116.Everett buys a new bicycle on credit from Bicycle City. Bicycle City has a security agreement for a purchase-money security interest in the bicycle but did not file a.
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  11.Agency relationships must be created by expressed agreement.  12.An agency relationship that arises when an individual misrepresents herself as an agent for another party and that party accepts the unauthorized act is an agency by ratification.  13.All employees are agents of their employers, and all agents are employees.  14.A person who is hired.
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  39.When, the creditor becomes the secured party who has a security interest in the collateral __________ occurs.  A.attachment B.transformation C.reaffirmation D.security E.perfection 40.When a debtor uses borrowed money from the secured party to buy the collateral, a(n) _____________________ interest is formed.  A.secured possessory B.loaned money possessory C.purchase-money security D.purchase-cash consumer E.perfected security 41.Failure to make payments on a loan is __________________________.  A.value B.default C.collateral D.perfection E.PMSI 42.Which of.
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  81.An agent's implied authority is derived from an agent's _____ authority.  A. express B. apparent C. perceived D. acknowledged E. temporary 82.Which of the following type of agency exists when a third party reasonably believes, on the basis of a principal's actions, that an agency relationship exists between the principal and another individual?  A. Express B. Implied C. Acknowledged D. Perceived E. Apparent 83.When a principal is classified as a(n) ______ principal,.
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  True / False Questions 1.A transaction in which the payment of a debt is guaranteed by personal property owned by the debtor is called a secured transaction.  2.Article 2(A) of the UCC governs secured transactions in personal property.  3.Under the UCC, a secured interest is an interest in property or fixtures that secures.
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  21.An agent may use implied authority reasonably necessary to achieve the specific goals she is to achieve.  22.The equal dignity rule requires that all agency agreements be in writing.  23.An agent's implied authority is derived from an agent's apparent authority and consists of what is reasonably necessary for carrying out the agent's.
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  119.What does the Truth-in-Savings Act require regarding information to be provided to customers before accounts are opened?  120.Set forth the requirements generally required for a check to be considered properly payable.  121.What is the difference between a cashier's check and a certified check? Can a bank refuse to certify a check? Assuming.
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    94.Set forth the five items that a party warrants when the party transfers an instrument for consideration.  95.Bruce, who works for Laura's used car dealership, forges Laura's name to two checks, cashes the checks, and deposits the funds into his own bank account. Later, Bruce's conscience starts to bother him and.
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  Essay Questions 115.What is the difference between a demand negotiable instrument and a time negotiable instrument?  116.Describe a traveler's check setting forth the elements necessary for its proper payment.  117.Set forth the six requirements for an instrument to be negotiable.  118.Anne orally promises Judy that in return for Judy washing Anne's dog, Anne unconditionally.
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  Multiple Choice Questions 31.How did the appeals court rule in Steven A. B. Hannington v Trustees of the University of Pennsylvania and Dr. Mark Bernstein, where the plaintiff, a student suing for alleged wrongful expulsion, attempted to avoid a settlement agreement entered into by an attorney acting on his behalf?  A. That the.
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  49.What is the national standard to perfect an automobile or boat?  A.Perfection by pledge B.Perfection by filing C.Perfection by possession D.Automatic possession E.There is no national standard to perfect an automobile or boat. 50.Which of the following is true under the UCC regarding a security interest in collateral that has been perfected in one state when.
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  32.A type of draft that allows the payee to demand payment at any time from a holder is a _____.  A.time instrument B.demand instrument C.shelter principle D.holder in due course E.holder of course 33.The holder in due course is free from the following personal defenses:  A.lack or failure of consideration and breach of contract. B.fraud in the inducement.
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  40.A certificate of deposit is a ______ of the bank.  A.note B.draft C.novation D.check E.promissory contract 41.A ______ is a specific draft, drawn by the owner of a checking account, ordering the bank to pay the payee from that drawer's account.  A.promissory contract B.certificates of deposit C.note D.check E.time instrument 42.Which of the following is a draft with respect to which the.
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  59.What happens under the UCC, if a buyer of a consumer good subject to purchase-money security interest later sells the good?  A.The security interest immediately terminates. B.The security interest passes to the new buyer. C.Regardless of whether the buyer is aware of the security interest, the security interest terminates if the sale to.
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  True / False Questions 1.The association between one party and an agent who acts on behalf of that party is an agency relationship.  2.The party who has the authority to act on behalf of and bind another party is the principal.  3.A person who has a duty to act primarily for another person's.
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  79.By filing a(n) ______ petition under Chapter 7, creditors can attempt to force a debtor who is not paying debts as they become due into bankruptcy.  A.voluntary B.involuntary C.complaint D.accusatory E.dispute 80.Which of the following cannot be forced into involuntary bankruptcy under Chapter 7?  A.Farmers B.Ranchers C.Nonprofit organizations D.Farmers, ranchers, and nonprofit organizations E.Farmers and ranchers, but nonprofit organizations may be.
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  62.If an instrument is not an unaccepted draft presented to a drawee, which of the following presentment warranties is applicable?  A.That the warrantor of the instrument is entitled to payment. B.That the instrument has not been altered. C.That the warrantor has no knowledge that the drawer's signature or the draft is unauthorized. D.That the.
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  91.Which of the following is true regarding an agent's liability when the agent commits a tort while acting as an agent for a principal?  A. The agent is personally liable only if the agent was on a mission for an unidentified principal. B. The agent is personally liable only if the agent was on.
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  89.How is a determination made regarding the identity of the permanent trustee in a Chapter 7 proceeding?  A.The bankruptcy judge appoints the trustee. B.The district court judge appoints the trustee. C.The court clerk appoints the trustee. D.The debtor appoints the trustee. E.The creditors elect the trustee. 90.Which type of payment does an insolvent debtor that gives.
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  Multiple Choice Questions 22.An individual who acquires a negotiable instrument in good faith is called a(n) _____.  A.maker B.holder in due course C.acceptor D.endorser E.drawer 23.Under UCC Section 3, HDC is the abbreviation for _____.  A.holder of debt collection B.holder of due conditions C.holder of due complications D.holder in due course E.holder in down companies 24.Which of the following is not an element.
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  Essay Questions 127.Discuss why agency is especially important for modern firms doing business in foreign countries.  128.Set forth the requirements for a finding of agency by ratification and also the requirements needed for ratification to be effective.  The requirements for agency by ratification are as follows: 1. An individual must misrepresent himself or herself.
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  80.A(n) ______ check is a check that is accepted at the bank at which it is drawn.  A.cashier's B.certified C.acknowledged D.transferred E.drawee 81.Which of the following is false regarding certified checks?  A.If a bank refuses to certify a check, the check is considered dishonored. B.Once a check is certified, funds of the customer are removed from his or.
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  101.An agency relationship be terminated through ______________________.  A. fulfillment of purpose B. occurrence of a specific event C. revocation of authority D. fulfillment of purpose, occurrence of a specific event, and by revocation of authority E. fulfillment of purpose and occurrence of a specific event, but not revocation of authority 102.Which of the following is false regarding revocation of the authority.
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  11.Perfection of a security interest in a motor vehicle generally occurs when the secured party files the interest with the state's Department of Motor Vehicles.  12.A security interest may not apply to personal property that is not yet in the debtor's possession.  13.Proceeds are something that is exchanged for a debtor's sold.
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  69.Which chapter of the Bankruptcy Code is used for a sale of a debtor's assets by a trustee and the distribution of money to creditors?  A.Chapter 7 B.Chapter 9 C.Chapter 11 D.Chapter 13 E.Chapter 15 70.Which chapter of the Bankruptcy Code is used as a reorganization of the debtor's financial affairs under supervision of the bankruptcy.
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  Multiple Choice Questions 29.A transaction in which the payment of a debt is guaranteed by personal property owned by the debtor is a(n) __________________________.  A.transfer transaction B.approved transaction C.secured transaction D.effected transaction E.guaranteed transaction 30.Which of the following articles of the UCC govern secured transactions in personal property?  A.Article 1. B.Article 4. C.Article 5. D.Article 7. E.Article 9. 31.An interest in personal property.
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