Q&A Hero

Q: Administrative agencies often provide needed continuity and consistency in the formulation, application, and enforcement of rules and regulations governing business. By doing so, these agencies are providing ______. A. specificity B. expertise C. protection D. regulation E. services

Q: Business often fails to regulate itself, and the lack of self-regulation is contrary to the public interest. To counterbalance, administrative agencies exist to A. refer the problem or area to experts for solution and management. B. protect the public, especially from the business community. C. replace competition with regulation. D. develop detailed rules and regulations to carry out the legislative policy. E. provide services that have arisen out of necessity.

Q: When a firm is given monopoly power, it loses its freedom of contract, and a governmental body is given the power to determine the provisions of its contracts. The government agency is providing ______. A. specificity B. expertise C. protection D. regulation E. services

Q: The mere existence of most government programs automatically creates a new agency or expands the functions of an existing one. These agencies are providing ______. A. specificity B. expertise C. protection D. regulation E. services

Q: When administrative agencies exercise their quasi-legislative power by issuing guidelines that have the force and effect of law, they are ______. A. adjudicating B. advising C. rule making D. investigating E. policy making

Q: Administrative agencies are needed to provide specificity to A. refer a problem or area to experts for solution and management. B. protect the public, especially from the business community. C. replace competition with regulation. D. develop detailed rules and regulations to carry out a legislative policy. E. provide services that have risen out of necessity.

Q: Which of the following is true of administrative agencies? A. The actual regulatory activity is performed by administrative agencies. B. Administrative agencies that issue rules having impact of laws are called quasi-judicial agencies. C. State and local governments do not have administrative agencies. D. Administrative agencies with quasi-executive authority make decisions like a court. E. Administrative agencies license and regulate intrastate transportation.

Q: Which of the following federal agencies protects the public from anticompetitive behavior and unfair and deceptive business practices? A. the Federal Trade Commission (FTC) B. the Equal Employment Opportunity Commission (EEOC) C. the Consumer Product Safety Commission (CPSC) D. the National Labor Relations Board (NLRB) E. the Federal Reserve Board (FRB)

Q: Which of the following is true of the Environmental Protection Agency (EPA)? A. It protects the public against unreasonable risks of injury associated with consumer products. B. It ensures all workers a safe and healthy work environment. C. It administers all laws relating to water pollution, air pollution, solid wastes, pesticides, and toxic substances. D. It administers laws to prohibit distribution of adulterated, misbranded, or unsafe food and drugs. E. It regulates civil aviation to provide safe and efficient use of airspace.

Q: Which of the following federal agencies regulates the availability and cost of money and credit? A. the Federal Communications Commission (FCC) B. the Federal Trade Commission (FTC) C. the Federal Reserve Board (FRB) D. the Equal Employment Opportunity Commission (EEOC) E. the Federal Energy Regulatory Commission (FERC)

Q: The primary focus of policymaking by way of social regulation has been on balancing the costs of regulatory programs with their potential benefits.

Q: Which of the following type of regulatory authority issues rules that have the impact of laws? A. in personam B. quasi-executive C. quasi-legislative D. quasi-regulatory E. quasi in rem

Q: In a(n) ______ type of regulatory authority, an agency can make decisions like a court. A. quasi-judicial B. quasi-executive C. in personam D. quasi-regulatory E. quasi in rem

Q: Regulation decreases the cost of government.

Q: At the federal level, administrative agencies are not required to publish guidelines and rules in their proposed and final versions.

Q: In the context of the doctrine of exhaustion of remedies, exhaustion should be required in those cases involving an area of the agencys expertise or specialization.

Q: A court of review examines the evidence by analyzing the record of an administrative agencys proceedings.

Q: Substantial evidence is that which a reasonable mind might accept as adequate to support a conclusion.

Q: For the courts to exercise their function of limited review, an agency must provide a record that sets forth the reasons and basis for its decision.

Q: Federal administrative agencies are required to work with the Small Business Administrations Office of Advocacy as it attempts to lessen the burdens of regulation on small businesses.

Q: In the context of the doctrine of exhaustion of remedies, the courts do not allow parties to litigate prior to exhausting administrative remedies.

Q: The doctrine of exhaustion of remedies permits the review of preliminary orders such as a decision to file a complaint.

Q: The doctrine of exhaustion of remedies creates a premature interruption in the administrative process.

Q: The doctrine of primary jurisdiction is invoked when referral to an agency is preferable because of its specialized knowledge or expertise in dealing with the matter in controversy.

Q: If substantial evidence in support of a decision is present, the court will review an administrative agencys findings once again.

Q: In the context of delegation of quasi-legislative authority, courts can interfere with the discretion given to an agency and can substitute their judgment for that of the agency.

Q: Courts will hold that an agency exceeds its authority if an analysis of legislative intent confirms the view that the agency has gone beyond that intent, however noble its purpose may be.

Q: One of the functions of the administrative process is to decide issues expeditiously.

Q: According to the doctrine of the exhaustion of remedies, judicial review is available only for final actions by an agency.

Q: A group of persons with standing to sue includes those who have noneconomic interests.

Q: The general language used in delegating quasi-judicial authority usually involves grants of substantial discretion to an agency.

Q: The procedures developed by administrative agencies are less formal than judicial procedures.

Q: The doctrine of exhaustion of remedies comes into play whenever enforcement of the claim requires the resolution of issues that, under a regulatory scheme, have been placed within the special competence of an administrative body.

Q: The courts will inquire into an agencys wisdom or effectiveness once the courts decide that an act of legislature is constitutional.

Q: Delegation of quasi-legislative authority must be definite and limited.

Q: To establish standing, the challenging party must address issues relating to the reviewability of a decision and the aggrieved party involved.

Q: The Federal Administrative Procedure Act provides for judicial review where agency action is committed to agency discretion by law.

Q: The Environmental Protection Agency (EPA) regulates civil aviation to provide safe and efficient use of airspace.

Q: Congress uses more and more general language in stating its regulatory aims and purposes.

Q: When a firm is given monopoly power, it loses its freedom of contract, and a governmental body is given the power to determine the provisions of its contracts.

Q: The chairperson of an agency usually belongs to a different political party from that of the president to ensure fairness and equal distribution of power among staff members.

Q: Appointees at the federal level in administrative agencies are not permitted to engage in any other business or employment during their terms.

Q: Advisory councils consist of persons employed by an administrative agency just like the secretary and the executive director.

Q: Due process of law requires that before a rule or regulation may be adopted by an agency, interested parties must be given notice of the proposed rules and an opportunity to express their views on them.

Q: The executive branch of government normally appoints the top officials of an agency with the advice and consent of the legislative branch.

Q: The Consumer Product Safety Commission ensures all workers a safe and healthy work environment.

Q: If a partnership is called Golden Consultants, then the partners would need to comply with any applicable assumed-name statute.

Q: A dissolution essentially terminates the business of a partnership.

Q: All partners in a general partnership have unlimited liability for their organizations debts.

Q: Advisory opinions of an administrative agency are as binding as formal rulings.

Q: In exercising their investigative functions, administrative agencies are excluded from using subpoena powers.

Q: When two or more persons with a common interest in business share profits and losses, a partnership exists.

Q: Partnership is the most easily formed business organization compared to other forms of business organizations.

Q: The creation of a partnership requires permission from each state in which it does business.

Q: Ownership of a sole proprietorship can be transferred.

Q: A sole proprietor has limited liability for the obligations of a proprietorship.

Q: If a sole proprietorship retains its profits for business expansion purposes instead of distributing the money to a proprietor, that owner still must pay taxes on the income made by the proprietorship.

Q: Examples of publicly held businesses include those whose stock is traded on a public exchange.

Q: The failure to consider how to overcome disputes involving managerial control can cause business activities to suffer and an organization to fail.

Q: Although expensive to create in comparison with other forms of businesses, the use of sole proprietorships is becoming all the more common.

Q: A business is likely to shift away from the proprietorship form as it becomes more successful.

Q: Jacob and his family own and operate a publishing firm. This is an example of a publicly held organization.

Q: The three basic forms of business organizations are limited partnerships, S corporations, and limited liability companies.

Q: Family-owned and family-operated businesses are common examples of publicly held organizations.

Q: When a business is publicly held by a large number of owners, the form of organization usually is a corporation.

Q: Usually, the cost of creation of a business entity is not a major factor in considering which form of business organization a person will choose to operate a business.

Q: State the degrees of liability and taxation faced by a limited liability corporation.

Q: Where does the impetus for creating the benefit corporation structure come from?

Q: What are some of the criticisms of benefit corporations?

Q: List the actions by a limited partner that are not considered participation in management.

Q: Briefly discuss the advantages of an S corporation.

Q: Briefly explain how publicly held corporations are controlled by management.

Q: What are the advantages of the corporate form of organization?

Q: What are the techniques employed by corporations to avoid double taxation?

Q: What are the drawbacks of the corporate form of organization?

Q: Steve has been asked to join a partnership. What must Steve consider when choosing to become a general or limited partner?

Q: What must a corporation do if it wishes to conduct business in states other than the state of incorporation?

Q: How is the taxation aspect of a partnership both an advantage and a disadvantage?

Q: Mention two advantages and two disadvantages of a partnership.

Q: Partnerships generally are subject to less regulation and less governmental supervision than are corporations.