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Exam 20: Business Law regulation and Taxation

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Question 1

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Which of the following is not true about bankruptcy?

A) It is more difficult to file a Chapter 7 bankruptcy now than it was many years ago.
B) To file for involuntary bankruptcy,creditors must prove that the individual has unsecured debt in excess of just over $15,000 and cannot pay its debts as they come due.
C) Bankruptcy can only be voluntary.
D) Today most bankruptcies are voluntary.

E) A) and B)
F) None of the above

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Question 2

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What is the name given to the body of law created by court decisions rendered by judges?

A) Common
B) Statutory
C) Administrative
D) Business

E) A) and C)
F) B) and C)

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Question 3

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Who executes a power of attorney?

What is a violation of public law?

What is the name given to laws enacted by legislative bodies?

What kind of laws are the regulations created by government agencies from rules or laws established by legislative bodies?

Which of the following is not the purpose of deregulation?

What rules do societies develop to govern the conduct of and relationships among its members?

What kind of tax best describes the federal income tax?

Which of the following is not a crime as well as a tort?

Juju Foster,owner of All-City Sports Equipment,has a long-term business relationship with Haskins Manufacturing.The relationship has always been professional,amicable,and has benefited both sides.Recently,Haskins Manufacturing has brought in a new CEO as well as two new board members of its publicly traded corporation.These new changes are beginning to worry Juju as it appears that not only the relationship,but also the business terms and potential future contracts,are also about to change.Juju is keeping an open mind about what the future relationship will look like but is also willing to consider her own options.What kind of agreement would All-City be entering into if Juan,Haskins Manufacturing's sales rep that Juju works with,presents a requirement that All-City Sports purchase "all" softball equipment only from Haskins to get a "special" price discount?

If All-City Sports is being charged a higher price for the baseball,softball,and soccer equipment by Haskins Manufacturing than the manufacturer charges larger firms,of what practice would All-City Sports be the victim?

New York City's law covering asbestos cleanup in residential and commercial buildings has been in effect for many years.The law requires that no apartment or commercial space be given a building permit for alterations unless it has been inspected for asbestos.What would be the classification for this kind of law?

Which of the following is not an example of real property?

Which of the following entities creates statutes?

Which of the following was not the purpose of passing the Sherman Antitrust Act?

If Susana Lopez,a board member for 2M,Inc.,was invited to serve on the board of directors for May and Man,Corp.,a competitor,which of the following laws would dictate that she must refuse the invitation?

Which of the following is a tax an individual would not pay but a business might pay?

What federal act would be violated by a company that controls the manufacture of a particular product and has board members sitting on the boards of distributors that are in direct competition with other distributors of that product?

What is the name given to an agreement that results from the actions of the parties rather than an exchange of specific promises?