If there are twelve (12) or more creditors, at least __________ of those creditors whose
unsecured and undisputed claims total __________ or more must sign the involuntary
petition.
a. one (1); $14,425
b. three (3); $14,425
c. one (1); $15,575
d. three (3); $15,575
The Endangered Species Act gives which of the following cabinet-level officers the
authority to protect various species?
a. the Secretary of the Interior only
b. the Secretary of Commerce only
c. both the Secretary of the Interior and the Secretary of Commerce
d. none of the above
The importance of trust as a fundamental principle underlying business transactions is
illustrated by expectations that:
a. investors will be able to earn a return on their investments.
b. employees may be discharged at any time for any reason without notice.
c. litigation is inevitable because parties to agreements usually break promises.
d. insider trading proves that the economic system underlying business is flawed.
Legal restrictions of U.S. firms doing business abroad in regard to payments made to
foreign officials for obtaining business are set forth in the:
a. International Corruption Prohibition Act.
b. Global Anti-bribery Control Act.
c. Foreign Corrupt Practices Act.
d. International Graft Prohibition Act.
A __________ agent is authorized by the principal to handle a definite business
transaction or to do a specific act.
a. special
b. general
c. secret
d. universal
The America Invents Act:
a. amended federal patent law.
b. replaced the “first to file system” with a “first to invent” system.
c. speeds up the application process for energy conservation inventions for a $4,800 fee.
d. all of the above.
An arrangement in which the owner of a trademark licenses others, under specified
conditions or limitations, to use the trademark in purveying goods or services is a(n):
a. corporation.
b. limited partnership.
c. unincorporated association.
d. none of the above.
__________ courts impose liability on the accountant to a total stranger who gets
possession of the accountant’s work and then sustains a loss because of a false statement
in the work.
a. No
b. A minority of
c. A majority of
d. All
If appropriate assurance is not given in response to a demand for assurance of
performance, the demanding party may:
a. treat the contract as repudiated.
b. sue for libel.
c. file for an insurance payment.
d. not replace the repudiated contract.
The EFTA is concerned with the:
a. elimination of foreign terrorists
b. eradication of foreign tribunals
c. electronic transfers of funds
d. eleemosynary, or charitable, transfers of funds
It is important to protect trade dress against adoption by a competitor because such
adoption can:
a. deceive purchasers into believing they have obtained a comparable product.
b. dilute the originator’s resource investment in its product appearance.
c. usurp the business goodwill of the developer of the trade dress.
d. all of the above.
A universal defense will defeat a holder in due course and a holder through a holder in
due course.
Antilapse statutes commonly provide that the gift to the deceased beneficiary shall not
lapse but that the children or heirs of that beneficiary may take the legacy in the place
of the deceased beneficiary.
A limited liability company pays federal income tax.
Many changes have been made to the Constitution by the constitutional method of
amending.
A cooperative consists of a group of two (2) or more independent persons or enterprises
that cooperate for a common objective or function.
The law of real property is included in those categories of legal issues covered by
cyberlaw.
A seller who makes a written express warranty for consumer goods costing more than
$50 must conform to FTC regulations.
To have the status of a holder in due course, a person must first be a holder.