1) Laurel and Hardy are partners in CC Entertainment. Their partnership is

Select one:

a.A tax paying entity but not a legal entity

b. ...................

c.A legal entity but not a tax paying entity.

d.Both a legal and a tax paying entity.

3) Bonaventure Roller Rink purchases 500 pairs of roller-skates on credit from Skate Great, Inc. Skate Great takes a security interest in the roller-skates and files a Finance Statement, describing the collateral as "roller-stakes." Which of the following is true?

Select one:

a.The Finance Statement is sufficient because Skate Great was the first to file.

b.The Finance Statement is not sufficient because it does not adequately identify the roller skates that Skate Great claims to have an interest in.

c.The Finance Statement is not sufficient because Skate Great filed it under Bonaventure's name.

11) Smokey drops a cigarette on the ground while pumping gas into his car. The cigarette ignites spilled gasoline and creates a loud explosion. At the time of the explosion, Old Man Miller was walking his dog two blocks away and, upon hearing the explosion, suffers a heart attack. If he sues Smokey for negligence

Select one:

a. He will likely lose because Miller's heart attack was not a foreseeable risk when Smokey dropped the cigarette.

b. He will likely win because dropping the cigarette was the cause-in-fact of Miller's heart attack.

c. He will likely lose because Reasonable People will agree that Old Man Miller should not have been walking his dog during an explosion.

13) Luella purchases 5000 shares of common stock in TriColor, Inc., which gives her 19% of the business. Luella has the right to

Select one:

a.Vote to elect the directors.

b.Manage the day-to-day business of the corporation.

c.Set executive compensation.