LEG 100 QUIZ WEEK 11
LEG 100 Quiz Week 11
1.
Lawyers often
take the role of the incorporator, signing the charter and delivering it to the
proper state officials.
2.
A business
corporation can be incorporated under either state law or federal law.
3.
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.
4.
A proxy is a
vote that is mailed in, like an absentee ballot.
5.
Which agency
establishes rules for treating both hazardous and nonhazardous forms of solid
waste?
6.
To date, the
United States and China are the only two countries that adhere to the 1997
Kyoto Protocol.
7.
Chapter 7
bankruptcy petitions may only be filed voluntarily.
8.
In Chapter 11
bankruptcy only the debtor may propose plans of reorganization.
9.
Which of the
following is a primary goal of the Bankruptcy Code?
10.
Generally,
filing bankruptcy stops the collection activity of creditors.
11.
The
"tipper" of inside information can be convicted of a crime, the
"tippee" cannot.
12.
The Sherman Act
was designed to prevent extreme concentrations of economic power.
13.
Companies with
substantial assets must notify the FTC before undertaking a merger.
14.
The Clayton Act
prohibits anti-competitive mergers.
15.
Corporations
have a distinct advantage over other forms of business organization in the area
of taxation.
16.
If partners wish
to maintain having protection against personal liability, it is essential to
comply with all the technicalities of a limited liability partnership statute.
17.
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
18.
The advantage to
an S corporation is
19.
The two federal
agencies charged with enforcing consumer laws are the Federal Trade Commission
and the Federal Communications Commission.
20.
The
Truth-in-Lending Act regulates interest rates and the terms of loans.
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