Question 1 Corporations are created by: a. contract b. statute c. common law d. magic Question 2 The double taxation problem for corporations means that corporate earnings are taxed at a. both the corporate and shareholder levels b. city and county levels c. double the individual tax rate d. both the board of director and officer levels Question 3 What document must be filed to form a corporation? a. federal tax return b. subscriber agreement c. articles of incorporation d. security agreement Question 4 Which of the following is characteristic of a close corporation? a. shares are owned by only a few shareholders b. management is informal c. transfer of shares is restricted d. all of the above Question 5 Which of the following is NOT a means for increasing minority shareholder power? a. cumulative voting b. long-arm statutes c. voting trusts d. shareholder voting agreements Question 6 A dividend is a a. distribution of corporate earnings b. bonus for executives c. type of operating loss d. method of separating books on a shelf Question 7 What is the process by which two or more corporations combine to form a new corporation? a. merger b. consolidation c. cell division d. Subchapter S Question 8 What are the 2 phases to terminating a corporation? a.liquidation and reorganization b. liquidation and termination c. dissolution and termination d. dissolution and liquidation Question 9 Who is responsible for the overall management of a corporation? a. shareholders b. officers and executives c. employees d. the board of directors Question 10 The owners of a limited liability company are called a. members b. shareholders c. associates d. stockholders Question 11 Special business forms like syndicates and business trusts are created by a. statute b. contract c. operation of law d. all of the above Question 12 What is the name of the written document that sets out partnership rights and duties? a.contract of partnership b. articles of incorporation c. articles of partnership d. franchise agreement Question 13 How many general partners are required to form a limited partnership? a. at least one b. two c. ten or more d. limited partnerships do not have general partners Question 14 How is contract liability assessed among partners? a. individually b. jointly c. severally d. jointly and severally Question 15 How are the profits and losses of a joint venture distributed? a. equally b. according to the original investment c. between general and limited partners d. among the stockholders Question 16 A cooperative is a special business form used for the purpose of a. promoting world peace b. providing nutrition for everyone c. controlling boards of directors d. giving members an economic advantage Question 17 What type of property is covered by a franchise agreement? a. real property b. tangible personal property c. intellectual property d. used or refurbished property Question 18 Which of the following is NOT an advantage of a corporation? a. limited liability for shareholders b. the exclusive ability to use a fictitious name c. potential for perpetual existence d. ownership is freely transferable Question 19 What makes it possible for a principal to conduct business in several places at the same time? a. an cyberspace relationship b. an ongoing relationship c. an agency relationship d. for-profit relationship Question 20 What are the 2 types of actual authority? a.believable and unbelievable b. ordinary and special c. express and implied d. apparent and unapparent Question 21 Actual authority is expressed to the agent – apparent authority is expressed to a. an agent b. third parties c. the government d. business partners Question 22 A major DISADVANTAGE of a sole proprietorship is a. lack of flexibility b. difficulty in creation c. personal liability for the owner d. sharing of profits Question 23 How are profits normally distributed in a partnership? a. equally b. according to seniority c. according to the amount of investment d. proportionally Question 24 Which of the following is TRUE regarding limited partners? a. they have full management rights b. they have unlimited personal liability c. their personal liability is limited to their investment d. they have limited management rights Question 25 In certain emergency situations, an agency can be created by a. agreement of the parties b. ratification by the principal c. estoppel d. operation of law Question 26 A bailment is created by transferring _________________________ of personal property to a. another. b. title c. possession d. a life estate control Question 27 Which of the following is NOT true regarding a bailment? a. any type of property can be the subject of a bailment b. only personal property can be subject to a bailment c. real property cannot be the subject of a bailment d. a bailment does not transfer title to the property involved Question 28 The highest degree of care by the bailee is required in what type of bailment? a. bailment for the sole benefit of the bailor b. gratuitous bailment c. bailment for the sole benefit of the bailee d. mutual benefit bailment Question 29 What is the primary duty of the bailee? a. confidentiality b. loyalty c. to return the property to the bailor when the bailment ends d. to exercise reasonable business judgment Question 30 How is tort liability assessed between partners? a. individually b. jointly c. severally d. jointly and severally Question 31 Which of the following is TRUE regarding liability for a common carrier? a. it is based on principles of strict liability b. liability is based on principles of ordinary negligence c. liability is joint and several with the shipper d. their liability is always limited Question 32 Which of the following is NOT a type of franchise? a. distributorship b. an iTunes store c. chain-style d. manufacturing or processing Question 33 Which of the following is NOT a recognized right of the bailor under a bailment? a. to have his property returned at the end of the bailment b. to have his property protected and used as agreed c. to make a profit on his investment d. to know of any limitations on liabilty by the bailee Question 34 Which of the following creates a special bailment? a. all of the below b. common carriers c. warehousemen d. innkeepers and hotel owners Question 35 What element necessary to form a valid contract is NOT required to form a valid agency? a. agreement b. consideration c. contractual capacity d. legal purpose Question 36 Which of the following describes the nature of the principal/agent relationship? a. soft and cuddly b. perpetual c. common d. fiduciary Question 37 Which of the following is NOT a duty owed by an agent to his principal? a. performance b. loyalty c. keeping the principal sober d. accounting Question 38 What are the 2 types of personal property? a. movable and intangible b. immovable and tangible c. tangible and intangible d. fixtures and trade fixtures Question 39 When may a principal be held liable for the torts of his agent? a. when they result from the principal’s own negligence b. when the principal authorized the agent to commit the tort c. when the agent engages in misrepresentation d. all of the above Question 40 An agency can be terminated by a. an act of the parties b. operation of law c. both a and b d. none of the above Question 41 Agencies are normally created by a. operation of law b. agreement c. estoppel d. ratification Question 42 Concurrent ownership is the same thing as __________ ownership. a. sole b. single c. joint d. future Question 43 Fee simple ownership applies to ownership of a. real property b. personal property c. intellectual property d. commonly-owned property Question 44 What type of joint ownership between spouses is recognized in Texas? a. tenancy by the entirety b. joint tenancy c. community property d. tenancy in common Question 45 Which type of joint ownership between spouses does Texas recognize? a. respondus civilis corpus b. individual ownership c. tenancy by the entirety d. community property Question 46 What distinguishes tenancy in common from joint tenancy? a. whether the parties are spouses b. the length of ownership c. the right of survivorship d. whether you are dealing with Texas law Question 47 What is treasure trove? a. lost property b. pirate treasure c. mislaid property d. coins or money hidden deliberately Question 48 Which of the following is NOT an element to establish a valid gift? a. donative intent b. a minimum value of $100 c. delivery d. acceptance by the donee Question 49 What are fungible goods? a. perishable items b. goods that when commingled with others cannot be distinguished from the others c. a special type of mushroom d. intangible property Question 50 How many owners are there in a sole proprietorship? a. two or more b. just one c. no more than ten d. there is no limit on the number
At 111papers.com, we value all our customers, and for that, always strive to ensure that we deliver the best top-quality content that we can. All the processes, from writing, formatting, editing, and submission is 100% original and detail-oriented. With us, you are, therefore, always guaranteed quality work by certified and experienced writing professionals. We take pride in the university homework help services that we provide our customers.
As the best homework help service in the world, 111 Papers ensures that all customers are completely satisfied with the finished product before disbursing payment. You are not obligated to pay for the final product if you aren’t 100% satisfied with the paper. We also provide a money-back guarantee if you don’t feel that your paper was written to your satisfaction. This guarantee is totally transparent and follows all the terms and conditions set by the company.Read more
All products that we deliver are guaranteed to be 100% original. We check for unoriginality on all orders delivered by our writers using the most advanced anti-plagiarism programs in the market. We, therefore, guarantee that all products that we submit to you are 100% original. We have a zero-tolerance policy for copied content. Thanks to our strict no plagiarized work rule, you can submit your homework to your professor without worrying.Read more
TThis is one of the most cherished courtesy services that we provide to help ensure that our customers are completely satisfied with our finished products. Delivering the best final product to our customers takes multiple inputs. 111papers.com prides itself on delivering the best university homework help services in the writing industry. And, in part, our free revision policy is how we do it. What’s more, all our revisions are 100% free without any strings attached.Read more
Client privacy is important to use. We know and understand just how important customers value their privacy and always want to safeguard their personal information. Thus, all the information that you share with us will always remain in safe custody. We will never disclose your personal information to any third party or sell your details to anyone. 111 Papers uses the most sophisticated, top-of-the-line security programs to ensure that our customers’ information is safe and secured.Read more
Placing your order with us means that you agree with the homework help service we provide. We, in turn, will endear to ensure that we do everything we can to deliver the most comprehensive finished product as per your requirements. We will also count on your cooperation to help us deliver on this mandate. Yes, we also need you to ensure that you have the highest-quality paper.Read more