LEG 100 Week 10 Quiz 5

•Question 1

 Social enterprises are organizations that pledge to behave in a socially responsible manner, even as they pursue profits.

•Question 2

 All the business forms listed below have limited liability EXCEPT the

•Question 3

 Corporations have perpetual existence.

•Question 4

 Limited liability is a major advantage of a partnership as compared to a corporation.

•Question 5

 No formal steps are necessary to create a sole proprietorship.

•Question 6

 Corporations have a distinct advantage over other forms of business organization in the area of taxation.

•Question 7

 An organization that does not pay income tax on its profits but passes them through to its owners who pay the tax at their individual rates is called a

•Question 8

 A business corporation can be incorporated under either state law or federal law.

•Question 9

 The "business judgment rule" has been replaced by "good faith statutes" in most states.

•Question 10

 A corporation must have a registered agent within the state of incorporation only if the corporation maintains an office in that state.

•Question 11

 Matt, a shareholder, can run for director by simply placing his name on the company's proxy statement.

• Question 12

A proxy is a vote that is mailed in, like an absentee ballot.

•Question 13

 A director violates the corporate opportunity doctrine if he or she competes with the corporation, unless the disinterested directors approve of the director's actions.

•Question 14

 A manager who has engaged in self-dealing has violated the duty of loyalty to the corporation, unless the self-dealing was entirely fair to the corporation.

•Question 15

 The two federal agencies charged with enforcing consumer laws are the Federal Trade Commission and the Federal Communications Commission.

•Question 16

 Millie ordered clothes from a mail order catalog. No time was specified as to when the goods would be shipped. In such a case the FTC requires that the company must ship the goods to Millie

•Question 17

 The Fair Debt Collection Practices Act prohibits which of the following practices?

•Question 18

 Electronic payments via a telephone, computer, or wire transfers are not regulated by the government.

•Question 19

 The Truth-in-Lending Act regulates interest rates and the terms of loans.

•Question 20

 Consumers may keep as a gift any unordered merchandise that they receive in the mail.

 

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