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Business Law
Q:
Which of the following statements is true of managerial control in a general partnership?
A. It is mandatory for each partner to have equal voice in a firms affairs.
B. Partners may agree to divide control in such a way as to make controlling partners and minority partners.
C. The differences in the degree of control do not affect a businesss success.
D. The possibility of deadlock is higher when there is a greater number of partners and an odd number of them.
E. Language governing issues of managerial control need to be made orally clear to all partners.
Q:
Which of the following is an advantage of partnerships?
A. A partnership is practical because only a limited number of persons can be partners.
B. A partnership is easily formed because it is based on a contract among persons.
C. Each partners liability is unlimited.
D. Partners are taxed on their share of the partnerships profits, whether the profits are distributed or not.
E. A partnership is dissolved anytime a partner ceases to be a partner, regardless of whether the reason is withdrawal or death.
Q:
Which of the following forms of organization is most easily formed at minimal costs?
A. limited liability partnership
B. partnership
C. corporation
D. S corporation
E. limited liability company
Q:
Which of the following is the basic difficulty of owning a minority interest in a closely held corporation?
A. There is no ready market for the minority stock should a shareholder desire to dispose of it.
B. Stockholders with a minority interest have no rights in a closely held corporation.
C. Buy and sell agreements to own a minority interest are not allowed in a closely held corporation.
D. Minority shareholders have unlimited personal liability for the obligations of a closely held corporation.
E. Minority shareholders risk losing more than their investment amount.
Q:
Technically, a(n) ______ is an agent appointed by a shareholder for the purpose of voting the shares.
A. officer
B. director
C. proxy
D. arbitrator
E. signatory
Q:
While selecting a name for a partnership, if the name is other than that of the partners, the partners must give notice as to their actual identity under the states ______.
A. fictitious-name certification law
B. annexed-name statute
C. suppositious-name law
D. fictious-name rule
E. assumed-name statute
Q:
Which of the following forms of organization requires no formal documentation but only business licenses for formation?
A. l imited partnership
B. corporation
C. limited liability company
D. sole proprietorship
E. S corporation
Q:
In a(n) ______, the shareholders are taxed only on income distributed.
A. limited partnership
B. corporation
C. limited liability company
D. sole proprietorship
E. S corporation
Q:
The creation of a(n) ______ is automatic based on business conduct and is modified by agreement.
A. limited partnership
B. corporation
C. partnership
D. sole proprietorship
E. S corporation
Q:
Which of the following makes sole proprietorship a less desirable form of organization?
A. The creation of sole proprietorship is expensive and requires formal documentation.
B. A proprietorships business activity may be more stable than a proprietors willingness to remain actively involved in the business.
C. A proprietor may have to share his or her voice of control and responsibility for the business success with the other acting members of the organization.
D. Sole proprietorships are the hardest forms of organization to create.
E. Sole proprietorships are subject to double taxation.
Q:
Which of the following is an advantage of a sole proprietorship?
A. A sole proprietor is personally obligated for the debt of the proprietorship.
B. A sole proprietorship is not taxed as an organization.
C. In a sole proprietorship, liability is shared with many partners.
D. A sole proprietorship is the least expensive business organization to create.
E. A sole proprietorships business activity may be more stable than the proprietors willingness to remain actively involved in the business.
Q:
Jonathan intends to have maximum control over his decisions in his business. Which of the following forms of business organizations is most likely to give Jonathan total control over his business decisions?
A. sole proprietorship
B. partnership
C. corporation
D. S corporation
E. limited liability company
Q:
The use of sole proprietorships is very limited because
A. there is no formal documentation process for its creation.
B. it gives limited control to the proprietor.
C. it is the most expensive business organization to create.
D. multiple owners cannot create a proprietorship.
E. it is the hardest business organization to create.
Q:
Which of the following is the characteristic of a sole proprietorship?
A. It can be publicly held.
B. It is not taxed as an organization.
C. It is the hardest business organization to create.
D. It is the most expensive business organization to create.
E. It can be created by multiple owners.
Q:
Which of the following statements is true of publicly held business organizations?
A. Publicly held organizations are owned only by a few persons.
B. Publicly held organizations are only owned by the government.
C. Shareholders of publicly held organizations can transfer their ownership without interfering with the organizations management.
D. A family-operated business is an example of a publicly held business organization.
E. Publicly held organizations are free from all legal liabilities to its shareholders, which is the primary reason for this corporate form being used.
Q:
In the context of factors to consider when selecting a businesss organizational form, one of the most significant creation-related issues is
A. the location of the business.
B. how much paperwork is involved.
C. how many people are recruited on average in a year by the organization.
D. the organizations policies.
E. the demographic to which the organization targets its services or products.
Q:
The crucial issue with the continuity factor of a businesss organizational form is
A. its management style.
B. the average age of the employees working for the business.
C. the method by which the business can be dissolved.
D. the method adopted by the business to reach out to its customers.
E. the control exercised by its managers.
Q:
Even though a corporation is treated the same as an individual under most aspects of the law, there are some rights that only individuals can possess.
Q:
A benefit corporation is also known as a B-Corp.
Q:
Criminal prosecutions for corporate wrongdoing are rising due to the increased use of deferred prosecution agreements.
Q:
A(n) ______ is any change in the ownership of an organization that changes the legal existence of the organization.
A. arbitration
B. rescission
C. restitution
D. dissolution
E. extradition
Q:
It is not possible to change an existing corporate structure to a benefit corporation in any state.
Q:
In a limited liability company (LLC), members act as agents of the LLC but are not personally liable to third parties.
Q:
The criteria used to select a form of organization needs to be reviewed periodically in consultation with close advisers.
Q:
It is not unusual for the growth in a business to be reflected in changes in organizational forms as a part of a life cycle.
Q:
The impetus for creating the benefit corporation structure comes from the perception that traditional corporate forms place less emphasis on shareholder rights.
Q:
The Internal Revenue Service treats limited liability companies as taxable entities.
Q:
Corporate officers and directors do not owe fiduciary duties of care and loyalty to shareholders.
Q:
Fiduciary duties in limited liability companies are clearly spelled out in some state statutes, while others are silent.
Q:
A limited partner may assign his or her interest to another without dissolving the limited partnership.
Q:
A limited partner, even if he or she participates in management, cannot be held liable as a general partner.
Q:
Any operating loss suffered by an S corporation is shared and immediately deductible on the returns of its shareholders.
Q:
What are accessories before a crime and accessories after the fact?
Q:
What are the guidelines developed by the sentencing commission for sentencing organizations convicted of federal crimes?
Q:
What are sentencing guidelines? Discuss their use in sentencing convicts today.
Q:
In the corporate form of organization, the shareholders elect the officers.
Q:
A limited partnership is solely made up of limited partners.
Q:
What are the remedies for acts that violate the Racketeer Influenced and Corrupt Organizations Act (RICO)?
Q:
Yen is almost bankrupt and decides to change the situation. He accesses his bosss laptop and extracts the companys plans for the launch of a new product. Yen sells these plans to a competitor for a huge sum of money. Discuss the crime that Yen can be prosecuted for.
Q:
What is bribery?
Q:
What are kickbacks?
Q:
Discuss endangerment of workers as a crime.
Q:
What is aiding and abetting?
Q:
Explain the term larceny.
Q:
Discuss embezzlement and money laundering.
Q:
What is an exculpatory no exception?
Q:
Ian Smith, a businessman, filed for bankruptcy. With an intention to start over, he did not reveal his estate in Fleetwood in the bankruptcy proceedings. However, the estate was discovered by the mortgage firms and was listed to be sold to reduce Ians debts. Discuss if Ian can be charged for felony in this case.
Q:
What must the evidence show to prove a conspiracy?
Q:
What is obstruction of justice?
Q:
Oliver steals a wallet and makes use of the identification cards in the wallet to impersonate his victim. He then makes purchases using the credit cards. Analyze the crimes that Oliver can be accused of.
Q:
Discuss good faith as a defense to accusations of fraud.
Q:
How can circumstantial evidence prove a conspiracy?
Q:
Discuss the most common forms of identity thefts.
Q:
Discuss the provisions of fraud under the U.S. Code.
Q:
What is the difference between grand juries and petit juries?
Q:
Discuss intent as an important element of criminal laws.
Q:
On what basis can a court issue a search warrant to a police officer?
Q:
How does the protection of the Fourth Amendment provide an expectation of privacy?
Q:
Discuss the double jeopardy clause.
Q:
What protections are provided by the Sixth Amendment in criminal cases?
Q:
What are white-collar crimes?
Q:
To prove a pattern of racketeering under various specified federal statutes, the statute says that it requires at least
A. two acts of racketeering in a five-year period.
B. five acts of racketeering in a five-year period.
C. two acts of racketeering in a ten-year period.
D. five acts of racketeering in a ten-year period.
E. one act of racketeering in a five-year period.
Q:
If a person acts under the direction of someone accused of criminal activities, this person might be guilty of ______.
A. conspiracy to commit a crime
B. endangerment to others involved
C. embezzlement of company funds
D. aiding and abetting others
E. being an accessory before the crime
Q:
Rico has been trying hard to get a certain building contract for his company. He talks to the government official who is managing the building contract allotment. Rico promises the official a treat if he directs the contract to Ricos company. Rico can be found guilty of ______.
A. aiding and abetting
B. money laundering
C. bribery
D. embezzlement
E. larceny
Q:
To make the criminal system more just and to help ensure that similar crimes receive similar sentences, in the late 1980s a federal sentencing commission developed ______ for federal crimes.
A. a statute of frauds
B. a state law
C. local statutes
D. codes of Analytical Thinking
E. sentencing guidelines
Q:
______ occurs when an employee appropriates funds of his employer to his own use.
A. Burglary
B. Robbery
C. Racketeering
D. Conspiracy
E. Embezzlement
Q:
Albert falsely reports his income obtained from betting on racehorses as income obtained from his job at Good Life Supermarket. Albert is guilty of ______.
A. larceny
B. embezzlement
C. money laundering
D. burglary
E. robbery
Q:
Isla, a manager at a casino, assists a group of people to rob the place by drawing a floor plan of the casino. Isla did not take part in the actual robbery. Isla could be most likely found guilty of ______.
A. aiding and abetting
B. money laundering
C. counterfeiting
D. forgery
E. bankruptcy fraud
Q:
______ is defined as any act or threat involving specified state law crimes, any act indictable under various specified federal statutes, and certain federal offenses.
A. Fraudulent misrepresentation
B. Racketeering
C. Money laundering
D. Embezzlement
E. Larceny
Q:
Any transaction or event knowingly committed by a conspirator in an attempt to accomplish some object of the conspiracy is called an ______.
A. arson
B. oblique act
C. overt act
D. obligatory act
E. assault
Q:
______ is the unlawful taking of personal property with the intent to deprive the rightful owner of it permanently.
A. Racketeering
B. Insider trading
C. Larceny
D. Conspiracy
E. Concealment
Q:
Which of the following is an example of larceny?
A. A person is caught shoplifting.
B. A person makes a false statement to the United States Department of Agriculture.
C. A person breaks into a shop to steal but is unable to do so.
D. An individual presents a false claim in a bankruptcy proceeding.
E. Two people partner to rob a neighborhood store.
Q:
Tom enters Kathys home through an unlatched window intending to steal a painting that she has in her bedroom. When he gets to her bedroom door, he learns that Kathy is still awake and isnt alone and leaves the house. Which of the following is true of this situation?
A. Tom is guilty of conspiracy.
B. Tom is guilty of robbery.
C. Tom is guilty of burglary.
D. Tom is guilty of nothing as he did not steal anything from the house.
E. Tom is guilty of theft by deception.
Q:
Thelma and Louise are out bar hopping on a Friday night. Thelma is driving to the next bar when Louise asks her to stop at a convenience store so she can make a withdrawal. Thelma thinks that Louise is using an ATM when Louise pulls out a gun from her purse and holds up the store. Louise walks out of the store without firing any shots. The police arrest both at their next bar stop. Louise is guilty of
A. aiding and abetting.
B. robbery.
C. conspiracy.
D. fraud.
E. burglary.
Q:
Shawn files for bankruptcy. However, he does not mention his farmhouse in Farmington in the bankruptcy proceedings. The farmhouse is later discovered by the mortgage firm and included in the proceedings. Which of the following is true in this case?
A. Shawn is guilty of the offense of concealment.
B. Shawn can use the discovery of the estate as a defense to his concealment.
C. Shawn is guilty of larceny as he did not reveal his estate during bankruptcy proceedings.
D. Shawn can be found guilty of counterfeiting.
E. Shawn is likely to be found not guilty since the estate was recovered and included in the proceedings.
Q:
A(n) ______ is an agreement or a kind of partnership for criminal purposes in which each member becomes the agent or partner of every other member.
A. embezzlement
B. kickback
C. referral
D. conspiracy
E. false statement
Q:
To convict a person of a conspiracy, ______.
A. a formal agreement must exist between all members
B. all members must plan all details of the scheme
C. one person must plan and commit the crime
D. two or more people must be involved in the accomplishment of a common and unlawful plan
E. the victim must prove damages suffered due to the act of two or more individuals
Q:
Any person, including the debtor, in possession of property belonging to the estate of a debtor in bankruptcy is guilty of a ______ if he or she conceals the property from the person charged with control of the property in the bankruptcy proceeding.
A. misdemeanor
B. misappropriation
C. felony
D. conspiracy
E. kickback
Q:
Which of the following statements is true of embezzlement?
A. It is hardly committed by highly trusted employees with access to cash or to the check-writing process.
B. It excludes the appropriation of funds for personal use by an employee from an employer.
C. It can increase the chances of more similar frauds if cosigned checks are used.
D. It is a crime easily committed when there is a lack of internal control over funds.
E. It refers to making payments to a person who has facilitated a criminal transaction.
Q:
In the presence of a scheme to defraud, who has the burden of proof?
A. the government
B. the defendant
C. the judge
D. the jury
E. the U.S. Constitution