Which of the following is true regarding the liability of the partners in a properly formed and run limited partnership?
Which of the following is not an advantage of operating a
business as a sole proprietorship? Question 1 options:
Ease of formation.
Limited personal liability.
The right to receive all of the profits of the business.
Easy transferability of ownership.
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Question 2 (5 points)
Which of the following is true regarding the liability of the
partners in a properly formed and run limited partnership? Question
2 options:
Both the limited and general partners have unlimited liability for
the partnership debts.
The limited partners have unlimited liability and the general
partners have limited liability for the partnership debts.
Neither the limited nor the general partners have unlimited
liability for the partnership debts.
The limited partners have limited liability and the general
partners have unlimited liability for the partnership debts.
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Question 3 (5 points)
What is the most important difference between a limited partnership
and a limited liability partnership? Question 3 options:
There must be one partner with unlimited liability in a limited
partnership, but not in a limited liability partnership.
A limited partnership is not a taxable entity, but a limited
liability partnership is a taxable entity.
There must be one partner with unlimited liability in a limited
liability partnership, but not in a limited partnership.
There is a maximum number of partners permitted in a limited
partnership, but not in a limited liability partnership.
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Question 4 (5 points)
Which of the following is not true about a limited liability
company? Question 4 options:
Limited liability companies can be managed by all members.
A filing with the appropriate state office is required to form a
limited liability company.
Federal law provides that limited liability companies must always
be taxed as partnerships.
Limited liability companies can be managed by managers.
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Question 5 (5 points)
Which of the following is not a characteristic of a properly formed
and run corporation? Question 5 options:
Perpetual existence.
Free transferability of shares.
Unlimited liability of owners.
Centralized management.
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Question 6 (5 points)
The duty of loyalty owed by a corporate officer or director to a
corporation means that officers and directors: Question 6
options:
Cannot make a secret profit on a transaction involving the
corporation.
Cannot receive any compensation from sources other than the
corporation.
Must not receive compensation for serving on the board of
directors.
Must devote themselves full-time to the corporation.
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Question 7 (5 points)
Under the business judgment rule: Question 7 options:
Directors and officers have an obligation to exercise sound
business judgment, and any failure to do so results in a rebuttable
presumption of negligence.
Directors and officers have an obligation to exercise sound
business judgment, and any failure to do so is per se negligence
that results in liability to the corporation.
Directors and officers are never liable in suits filed against them
by shareholders.
Directors and officers are not liable for honest mistakes of
judgment.
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Question 8 (5 points)
Under the 1933 Securities Act, a person responsible may be held
liable for: Question 8 options:
A material omission or misstatement.
Intentional fraud.
Failure to file a registration statement or deliver a prospectus as
required by law.
All other answers are correct.
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Question 9 (5 points)
When an insider discloses material insider information to a
noninsider tippee, the tipper is liable for: Question 9
options:
The profits of all traders during the period before the information
becomes public.
The tippee’s profits, but not the profits made by any remote
tippees.
The tipper’s own trading only.
The profits of both the immediate tippee, and the profits of any
remote tippees.
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Question 10 (5 points)
An agent desiring to not be held liable on contracts entered into
on behalf of the principal should make sure that the principal is:
Question 10 options:
Fully disclosed.
Undisclosed.
Partially disclosed.
Either partially disclosed or fully disclosed.
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Question 11 (5 points)
Compared to an employee, an independent contractor is characterized
by: Question 11 options:
Less ability to hire others to assist them.
A lack of liability for their own actions.
More freedom to do their work in the manner they determine.
Not being paid as much for the work performed.
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Question 12 (5 points)
Which of the following are protected classes under Title VII of the
Civil Rights Act of 1964? Question 12 options:
Race, national origin, and sex.
Race, national origin, and political affiliation.
National origin, race, and alien status.
Race, religion, and left-handedness.
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Question 13 (5 points)
In addition to not discriminating on the basis of religion, an
employer is required to: Question 13 options:
Determine the strength of an employee’s religious beliefs before
making accommodations that have an impact on other employees.
Make reasonable accommodations for employees’ religious practices
and observances.
Allow employees to take time off on their day of worship.
Identify the religious beliefs of its employees.
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Question 14 (5 points)
The Americans with Disabilities Act requires that: Question 14
options:
Persons with qualifying disabilities be given preference in hiring
whenever possible.
Persons with disabilities notify a potential employer of
disabilities prior to being hired.
Applicants for jobs are asked about their disabilities in order to
identify them.
Employers make reasonable accommodations to accommodate employees’
disabilities.
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Question 15 (5 points)
A partner can be held liable to perform on contracts entered into
by his partners, but never for the torts of his partners. Question
15 options:
True
False
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Question 16 (5 points)
Assuming that a franchise agreement establishes the franchisee as
an independent contractor in relation to the franchisor, the
franchisor and franchisee usually are not liable for each other’s
torts. Question 16 options:
True
False
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Question 17 (5 points)
A statutory insider under Sections 16 (a) & (b) of the
Securities Exchange Act of 1934 is liable for so-called short-swing
profits even if he/she has not used inside information. Question 17
options:
True
False
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Question 18 (5 points)
The doctrine that holds the principal liable for the negligence of
an agent who is acting within the scope of his authority is called
respondeat superior. Question 18 options:
True
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