The approval of the surviving corporation’s shareholders is not required if the merger or
share exchange increases the number of voting shares of the surviving corporation by
20 percent or less.
Procedural administrative law establishes the procedure that must be followed by the
federal or state legislatures in creating an administrative agency.
The right to withhold delivery is available to the seller if the buyer or lessee wrongfully
rejects or revokes acceptance of the goods.
Continuous reporting to investors and the SEC is a requirement imposed by the
Securities Act of 1933.
A secured creditor whose claim exceeds the value of the collateral may submit a proof
of claim and become an unsecured claimant as to the difference.
Shareholders of a corporation act as agents of the corporation.
A 10 percent shareholder of an equity security of a reporting company is considered a
statutory insider.
A complaint is a document filed with a bankruptcy court that starts a bankruptcy
proceeding.
In which of the following cases is separate property considered marital property?
A) if the separate property was owned by the spouse prior to the terminated marriage
B) if the separate property was an inheritance
C) if the owner transferred title to the separate property to the spouse’s name
D) if the separate property was a gift received during marriage
________ are mergers between firms in totally unrelated businesses.
A) Market extension mergers
B) Conglomerate mergers
C) Horizontal mergers
D) Forward vertical mergers
Which of the following is an example of a specific term qualifying general term?
A) Currency referred to as bank transfer
B) Pounds referred to as length
C) Bills referred to as papers
D) Dollars referred to as Australian dollars
The ________ oversees union elections, prevents employers and unions from engaging
in illegal and unfair labor practices, and enforces and interprets certain federal labor
laws.
A) National Labor Relations Act
B) National Labor Relations Board
C) American Federation of Labor
D) Congress of Industrial Organizations
A ________ is a situation in which one corporation acquires all the shares of another
corporation, and both corporations retain their separate legal existence.
A) reverse takeover
B) merger
C) share exchange
D) spin-off
Which of the following is true of a guarantor in a guaranty arrangement?
A) The guarantor is primarily liable to the principal debtor’s debt when it is due.
B) The guarantor can be approached even if the principal debtor is not in default.
C) The creditor can seek first remedy from a guarantor.
D) The guarantor has full legal rights to possession of the real property in this type of
arrangement.
The Health Care Reform Act is an amendment of the ________ Act.
A) Consumer Product Safety
B) Patient Protection and Affordable Care
C) Medical Device Amendment
D) Federal Trade Commission
Which of the following is true of stock dividends?
A) They are the redistribution of corporate assets as shares.
B) They increase an existing shareholder’s proportionate ownership interest.
C) They are additional stocks distributed as dividends.
D) They are distributed according to the existing ownership interest of the board of
directors.
________ are courts that hear matters of a specialized or limited nature.
A) General-jurisdiction trial courts
B) Inferior trial courts
C) Intermediate appellate courts
D) Chancery courts
The immigration laws of the United States are administered by the ________.
A) Social Security Administration
B) U.S. Citizenship and Immigration Services
C) Internal Revenue Service
D) Occupational Safety and Health Administration
A ________ is a document that states which lifesaving measures the signor does and
does not want; can specify that he or she wants such treatments withdrawn if doctors
determine that there is no hope of a meaningful recovery.
A) living will
B) health care directive
C) health care proxy
D) living trust
A legal right that arises out of a breach of contract is ________.
A) assignable
B) not assignable
C) subject to approval clause
D) considered a future right