business Law quesitons

QUESTION 1 Estate planning benefits a property owner and his or her family by which of the following? Indicate all correct answers. OA Allowing the decedent to avoid federal state, and local incone taxes on income earned by the decedent in the last year of theirlife. DB.If properly done, minimizing estate taxes. OC. Preventing creditors who were owed money by the decedent prior to the decedent's death from recovering any money from the decedents estate after the decedent's death OD. Enabling supervision of the estate under federal probate law D E Eliminating the need for formal legal documents FEnsuring a person's property is distributed as he or she wishes after death. QUESTION 2 Which of the following is the best description of generally accepted accounting principles (GAAP)? OA GAAP are rules for preparing financial statements. OB GAAP are the rules that dictate when an accountant may serve on the board of directors of a client. OCGAAP are accounting rules that are accepted worldwide OD. GAAP are rules promulgated by the Securities and Exchange Commission governing content of registration statements. QUESTION 3 An employee may not be fired for which of the following? QUESTION 3 An employee may not be fired for which of the following? OA Violating a lawful company policy DB. Serving on a jury DExercising a legal right. DD Breaking the law. GE. Refusing to break the law QUESTION 4 The Family and Medical Leave Act A applies to employers with 50 or more employees. leaves the obligation of providing medical insurance for persons with families to the states and requires such insurance for families of four or more. C requires up to 12 weeks' unpaid leave for employees who have worked full time in the preceding 12 months. D, provides for leave in the event of birth or adoption of a child or medical emergencies. QUESTIONS The court in Leber v. Konigsberg held that the clients in this case waived any fiduciary duties their accountants may have owed. the criminal acts of Bernie Madoff pre-empted any fiduciary duty that may have been owed by the accountants to the clients. QUESTION5 The court in Leber u. Konigsberg held that O the dlients in this case waived any fiduciary duties their accountants may have owed. the criminal acts of Bernie Madoff pre-empted any fiduciary duty that may have been owed by the accountants to the clients. O the accounting firm violated a fiduciary duty to Leber. O the accounting firm may have violated a fiduciary duty to Leber. QUESTION 6 Which of the following is the most accurate statement of the holding in Sides v.Duke Hospital? QA Because of the written agreement between the parties, Nurse Sides was entitled to recovery of punitive damages . The court found that the plaintiff's complaint stated a valid cause of action for wrongful termination based on plaintiff's allegation that she had been discharged from her job at Duke University Medical Center in retaliation for her refusal to withhold testimony or testify untruthfully in a lawsuit against certain of the defendants. C Finding that Nurse Sides was an employee at will the court found that the plaintiffs complaint did not state a valid cause of action for wrongful termination based on plaintiff's allegation that she had been discharged from her job at Duke University Medical Center in retaliation for her refusal to withhold testimony or testify untruthfully in a lawsuit against certain of the defendants. D Although she had a written agreement with Duke Hospital, Nurse Sides was only entitled to recover compensatory damages QUESTION 7 QUESTION 7 Bert Company retains Ernie to develop and maintain a web site for Bert Company. Which of the following if true, would suggest that Ernie is an DA Ernie works exclusively for Bert Company Ernie brings his own lunch to work. C. Bert Company maintains a common lounge area at its headquarters with televisions, dart boards and a pool table. D. Bert Company sets the hours that Ernie is to work. OE. Ernie receives group health insurance coverage. OE Bert Company pays Ernie a salary QUESTION 8 Which of the following are examples a bailment? A. Abbott loans his 1958 Studebaker automobile to Costello. O B. Costello rents Abbott's 1958 Studebaker Abbott leaves his 1958 Studebaker with Costello at Costello's service station for an oil change, tire rotation, and brake inspection. D. Costello steals Abbott's 1958 Studebaker. E At Abbott's request, Costello Key West retirement home. loads Abbott's 1958 Studebaker on to Costello's car carrying trailer and transports the Studebaker to Abbott's OE. Unbeknownst to Abbott, Costello borrows Abbott's 1958 Studebaker and enters it in a local classic car rally. QUESTION 9 QUESTION 9 In a bankruptoy proceeding who must file a proof of clairm? Indicate all correct answers The creditors committee. OB Unsecured creditors c. The bankruptcy trustee. D, Secured creditors but only to the extent that their claims exceed the value of their collateral QUESTION 10 Select the most accurate and complete statement from those below. OA A copyright never expires. OB A copyright protects the author's idea. A copyright protects the author's tangible expression of an idea OD. A copyright protects only innovative content. QUESTION 11 4 pe Which of the following statements are true? OA To obtain a patent, inventors must file a detailed application with the United States Patent and Trademark Office (USPTO) B. The USPTO determines the commercial viability of innovations that the USPTO reviews. Adverse USPTO decisions are appealable to the Patent Trial and Appeal Board. D. Authority for the passage of federal legislation concerning the protection of inventions derives from the United States Constitution. aka Test: Interin Exam Question Completion Status: QUESTION 12 Select the most accurate and complete from among the following statements. OA Accountants occupy a position of trust OB. Accountants have a legal obligation to keep client information confidential. OC Accountants have a legal obligation to use client information only for the benefit of the dient. OD. All of the statements above are true. QUESTION 13 Select from among the following the statements that are true. A The Uniform Probate Code (UPC) is a uniform act prepared by the National Conference of Commissioners on Uniform State Laws. The UPC governs inheritance and decedents' estates in the United States and is designed to streamline the probate process. OB Like the Uniform Commercial Code, the UPC has been adopted in all 50 states OC. State law governs the creation and implementation of wills. Federal law governs the creation and implementation of trusts D. State law governs the creation and implementation of wills and trusts. E. Both the federal government and many states levy estate taxes. O F The US. Constitution prohibits states from levying estate taxes QUESTION 14 QUESTION 18 Select the correct statements OA Movable goods can never become immovable fixtures. If an object is made or adapted especially for a property, it is probably a fixture. Manifestations of permanence are relevant to determining if an object is fixture. D If an object is attached to property in such a way that removing the object would damage the property, the object is probably a fixture. QUESTION 19 A court may order that a copyright infringer do which of the following? A Pay damages, profits earned, and attorneys' fees to the author. B. Destroy the infringing material. CPublish a written apology @ D.Spend time in jail. @E. No to commit any further violations DF. Be banned from applying for copyrights in the future. QUESTION 20 Select from among the following the statements concerning wills, trusts, and estates that are true. QUESTION 20 Select from among the following the statements concerning wills, trusts, and estates that are true. O A Special bequests are among the provisions that may appear in a will. OB A codicilis a document that, ordinarily, amends particular provisions of a will, rather than the whole will. DC Generaly, a will must be in writing and must be witnessed by at least two disinterested persons D Codidis are not subject to the same formal requirements that apply to wills E A person making a will must be of legal age, that is, 18 years of age or older. F. It is wise to have a person named in the will serve as a witness to ensure that interested parties are on notice concerning the terms of the QUESTION 21 When a person dies intestate, that person's property is divided among his or her family by the court according to the probate laws of the state, regardless if the result would be contrary to the person's wishes. O True O False QUESTION 22 A debtor may continue to operate a business through a Chapter 7 bankruptcy proceeding True False QUESTION 23 In a bailment, the bailor temporarily transfers title to the bailed personal property to the bailee. O True O False QUESTION 24 A settlor may give specific instructions requiring that a beneficiary meet certain conditions in order for the trustee to release assets from the trust. O True O False QUESTION 25 An appurtenant easement runs with the land, meaning that a buyer of the dominant tenement acquires the easement with the purchase of the real property. O True OFalse QUESTION 26 of a bankruptcy case, creditors cannot make a claim against the debtor for money owed before the initial bankruptcy petion After termination was filed True O False QUESTION 1 Estate planning benefits a property owner and his or her family by which of the following? Indicate all correct answers. OA Allowing the decedent to avoid federal state, and local incone taxes on income earned by the decedent in the last year of theirlife. DB.If properly done, minimizing estate taxes. OC. Preventing creditors who were owed money by the decedent prior to the decedent's death from recovering any money from the decedents estate after the decedent's death OD. Enabling supervision of the estate under federal probate law D E Eliminating the need for formal legal documents FEnsuring a person's property is distributed as he or she wishes after death. QUESTION 2 Which of the following is the best description of generally accepted accounting principles (GAAP)? OA GAAP are rules for preparing financial statements. OB GAAP are the rules that dictate when an accountant may serve on the board of directors of a client. OCGAAP are accounting rules that are accepted worldwide OD. GAAP are rules promulgated by the Securities and Exchange Commission governing content of registration statements. QUESTION 3 An employee may not be fired for which of the following? QUESTION 3 An employee may not be fired for which of the following? OA Violating a lawful company policy DB. Serving on a jury DExercising a legal right. DD Breaking the law. GE. Refusing to break the law QUESTION 4 The Family and Medical Leave Act A applies to employers with 50 or more employees. leaves the obligation of providing medical insurance for persons with families to the states and requires such insurance for families of four or more. C requires up to 12 weeks' unpaid leave for employees who have worked full time in the preceding 12 months. D, provides for leave in the event of birth or adoption of a child or medical emergencies. QUESTIONS The court in Leber v. Konigsberg held that the clients in this case waived any fiduciary duties their accountants may have owed. the criminal acts of Bernie Madoff pre-empted any fiduciary duty that may have been owed by the accountants to the clients. QUESTION5 The court in Leber u. Konigsberg held that O the dlients in this case waived any fiduciary duties their accountants may have owed. the criminal acts of Bernie Madoff pre-empted any fiduciary duty that may have been owed by the accountants to the clients. O the accounting firm violated a fiduciary duty to Leber. O the accounting firm may have violated a fiduciary duty to Leber. QUESTION 6 Which of the following is the most accurate statement of the holding in Sides v.Duke Hospital? QA Because of the written agreement between the parties, Nurse Sides was entitled to recovery of punitive damages . The court found that the plaintiff's complaint stated a valid cause of action for wrongful termination based on plaintiff's allegation that she had been discharged from her job at Duke University Medical Center in retaliation for her refusal to withhold testimony or testify untruthfully in a lawsuit against certain of the defendants. C Finding that Nurse Sides was an employee at will the court found that the plaintiffs complaint did not state a valid cause of action for wrongful termination based on plaintiff's allegation that she had been discharged from her job at Duke University Medical Center in retaliation for her refusal to withhold testimony or testify untruthfully in a lawsuit against certain of the defendants. D Although she had a written agreement with Duke Hospital, Nurse Sides was only entitled to recover compensatory damages QUESTION 7 QUESTION 7 Bert Company retains Ernie to develop and maintain a web site for Bert Company. Which of the following if true, would suggest that Ernie is an DA Ernie works exclusively for Bert Company Ernie brings his own lunch to work. C. Bert Company maintains a common lounge area at its headquarters with televisions, dart boards and a pool table. D. Bert Company sets the hours that Ernie is to work. OE. Ernie receives group health insurance coverage. OE Bert Company pays Ernie a salary QUESTION 8 Which of the following are examples a bailment? A. Abbott loans his 1958 Studebaker automobile to Costello. O B. Costello rents Abbott's 1958 Studebaker Abbott leaves his 1958 Studebaker with Costello at Costello's service station for an oil change, tire rotation, and brake inspection. D. Costello steals Abbott's 1958 Studebaker. E At Abbott's request, Costello Key West retirement home. loads Abbott's 1958 Studebaker on to Costello's car carrying trailer and transports the Studebaker to Abbott's OE. Unbeknownst to Abbott, Costello borrows Abbott's 1958 Studebaker and enters it in a local classic car rally. QUESTION 9 QUESTION 9 In a bankruptoy proceeding who must file a proof of clairm? Indicate all correct answers The creditors committee. OB Unsecured creditors c. The bankruptcy trustee. D, Secured creditors but only to the extent that their claims exceed the value of their collateral QUESTION 10 Select the most accurate and complete statement from those below. OA A copyright never expires. OB A copyright protects the author's idea. A copyright protects the author's tangible expression of an idea OD. A copyright protects only innovative content. QUESTION 11 4 pe Which of the following statements are true? OA To obtain a patent, inventors must file a detailed application with the United States Patent and Trademark Office (USPTO) B. The USPTO determines the commercial viability of innovations that the USPTO reviews. Adverse USPTO decisions are appealable to the Patent Trial and Appeal Board. D. Authority for the passage of federal legislation concerning the protection of inventions derives from the United States Constitution. aka Test: Interin Exam Question Completion Status: QUESTION 12 Select the most accurate and complete from among the following statements. OA Accountants occupy a position of trust OB. Accountants have a legal obligation to keep client information confidential. OC Accountants have a legal obligation to use client information only for the benefit of the dient. OD. All of the statements above are true. QUESTION 13 Select from among the following the statements that are true. A The Uniform Probate Code (UPC) is a uniform act prepared by the National Conference of Commissioners on Uniform State Laws. The UPC governs inheritance and decedents' estates in the United States and is designed to streamline the probate process. OB Like the Uniform Commercial Code, the UPC has been adopted in all 50 states OC. State law governs the creation and implementation of wills. Federal law governs the creation and implementation of trusts D. State law governs the creation and implementation of wills and trusts. E. Both the federal government and many states levy estate taxes. O F The US. Constitution prohibits states from levying estate taxes QUESTION 14 QUESTION 18 Select the correct statements OA Movable goods can never become immovable fixtures. If an object is made or adapted especially for a property, it is probably a fixture. Manifestations of permanence are relevant to determining if an object is fixture. D If an object is attached to property in such a way that removing the object would damage the property, the object is probably a fixture. QUESTION 19 A court may order that a copyright infringer do which of the following? A Pay damages, profits earned, and attorneys' fees to the author. B. Destroy the infringing material. CPublish a written apology @ D.Spend time in jail. @E. No to commit any further violations DF. Be banned from applying for copyrights in the future. QUESTION 20 Select from among the following the statements concerning wills, trusts, and estates that are true. QUESTION 20 Select from among the following the statements concerning wills, trusts, and estates that are true. O A Special bequests are among the provisions that may appear in a will. OB A codicilis a document that, ordinarily, amends particular provisions of a will, rather than the whole will. DC Generaly, a will must be in writing and must be witnessed by at least two disinterested persons D Codidis are not subject to the same formal requirements that apply to wills E A person making a will must be of legal age, that is, 18 years of age or older. F. It is wise to have a person named in the will serve as a witness to ensure that interested parties are on notice concerning the terms of the QUESTION 21 When a person dies intestate, that person's property is divided among his or her family by the court according to the probate laws of the state, regardless if the result would be contrary to the person's wishes. O True O False QUESTION 22 A debtor may continue to operate a business through a Chapter 7 bankruptcy proceeding True False QUESTION 23 In a bailment, the bailor temporarily transfers title to the bailed personal property to the bailee. O True O False QUESTION 24 A settlor may give specific instructions requiring that a beneficiary meet certain conditions in order for the trustee to release assets from the trust. O True O False QUESTION 25 An appurtenant easement runs with the land, meaning that a buyer of the dominant tenement acquires the easement with the purchase of the real property. O True OFalse QUESTION 26 of a bankruptcy case, creditors cannot make a claim against the debtor for money owed before the initial bankruptcy petion After termination was filed True O False