Officers of a corporation, like a vice president, are also agents of the corporation.
The main federal body concerned with the safety of consumer products is the Consumer
Product Safety Commission (CPSC).
The Federal Trade Commission’s (FTC) principal mission is to ensure that the economy
is free and fair.
Prior to bringing a derivate action a shareholder must first demand that the board of
directors bring the suit and they must decline.
Dissociation is the term for adding new members to an existing partnership.
The relationship between a depositor and a bank are governed by a deposit agreement
and Articles 3 & 4 of the UCC.
The Securities Act of 1933 regulates the sale of securities when they are sold from the
issuer to a public purchaser.
The Clean Air Act provides the framework for the current approach to air pollution.
A group of individuals can form a partnership for the nonprofit business that provides
charitable services.
The federal government has a comprehensive program to fight climate change.
All of the fifty states in the United States have a Workers Compensation system.
If the secretary of state’s office approves a company’s articles of incorporation then it is
return with a stamp indicated €filed’ and with a receipt for the fees paid.
Which of the following could be considered as an “insider” under the 1934 Securities
and Exchange Act?
A.Directors of the corporation
B.Any employee entrusted with information that is being held secret to the public
C.The Secretary of State
D.Both A & B
The Equal Pay Act (EPA) prohibits discrimination in pay based on gender.
Every state or local municipality must file an environmental impact statement under
NEPA.
What is the document that is filed with the secretary of state to form an LLC?
A.Articles of Incorporation
B.Certificate of Organization
C.Operating Agreement
D.Bylaws
If a subagent contracts with a third party in an authorized transaction then who is liable
by the subagent’s actions?
A.The local district attorney
B.The agent
C.The principal
D.No one
Under the theory of agency law, the agent is required to follow whose instructions?
A.The principal
B.The subagent
C.The incorporator
D.The organizer
For an employee to recover under a workers compensation system what percentage of
negligence must the employer be found guilty of?
A.There is no requirement for a finding of employer negligence
B.Employer must be 51% negligent for the injury
C.Employer must be more than 30% negligent for the injury
D.Employer must be more than 75% negligent for the injury
Under the Electronic Funds Transfer Act how many days do operators of EFT systems
have to investigate errors or provisionally recredit a consumer’s account?
A.10 working days
B.60 days
C.14 working days
D.90 days
What officer of the corporation has custody of the corporation’s funds?
A.Treasurer
B.Chief Information Officer
C.Secretary
D.Vice President
What year was the Toxic Substances Control Act passed?
A.2001
B.1970
C.1981
D.1976
Mr. Green is a CPA who has been hired to perform an audit of a publically traded
corporation. As part of his duties Mr. Green comes into possession of sensitive
materials of the corporation. After the audit is over what should Mr. Green do with the
materials?
A.Return all of them to the corporation
B.Keep them until asked for them
C.Turn the documents over to the Secretary of State’s Office
D.Send the documents electronically to the SEC
What is the term for when a principal may be forced to be liable for an agent’s actions
to a third party based on a detrimental change in position of the third party and a
reasonable belief that the agent was truly acting with the authority from the principal?
A.Estoppel
B.Undisclosed
C.Ratification
D.Incorporation
The courts in determining if a merger is anticompetitive will look at the area that will
have effects that are direct and immediate. What is the term for this analysis?
A.Relevant Geographic Market
B.International Risks Test
C.Irrelevant Geographic Means
D.Domestic Risk Analysis