Final business exam

True

A business is likely to shift away from the proprietorship form as it becomes more success. T/F

False

A limited partnership is solely made up of limited partners. T/F

False

A sole proprietor has limited liability for the obligations of a proprietorship. T/F

Dissolution

A(n) ________ is any change in the ownership of an organization that changes the legal existence of the organization.

True

All partners in a general partnership have unlimited liability for their organization's debts. T/F

False

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

True

An employer's publication of an employee handbook can change the nature of at-will employment. T/F

Corporation

As a creature of state legislative bodies, a ________ is much more complex to create and to operate than other forms of businesses.

False

Corporate officers and directors do not owe fiduciary duties of care and loyalty to shareholders. T/F

True

Examples of publicly held businesses include those whose stock is traded on a public exchange. T/F

False

Family-owned and family-operated businesses are common examples of publicly held organizations. T/F

The employer must makeup the difference

If an employee's tips combined with the cash wage is inconsistent with the minimum hourly wage, ________.

True

In a limited liability company (LLC), members act as agents of the LLC but are not personally liable to third parties. T/F

False

In internship programs under the Fair Labor Standards Act (FLSA), an intern is entitled to wages for the time spent in the internship. T/F

True

In the context of employment-at-will, employers were able to discharge employees without cause at any time. T/F

Creation

In the context of factors to consider when selecting a business's organizational form, one of the most significant creation-related issues is

True

Liability of an employer exists regardless of lack of negligence or fault, provided the necessary association between the injuries and the business of the employer is present. T/F

Hourly minimum wage and maximum was and maximum number of hours before overtime is owed

One major purpose of the Fair Labor Standards Act is to provide____.

4th

Public employees are protected from some drug testing by the ________ Amendment's prohibition against unreasonable searches.

False

States may set minimum wage amounts that are lower, not higher, than the federal minimum rate. T/F

Proxy

Technically, a(n) ________ is an agent appointed by a shareholder for the purpose of voting the shares.

40

The Age Discrimination in Employment Act forbids age-based discharge of employees over age

Minimum wage Overtime pay Record-keeping requirements and Child Labor Standard

The Fair Labor Standards Act (FLSA) addresses issues regarding_____.

False

The Fair Labor Standards Act (FLSA) requires breaks or meal periods to be given to workers. T/F

True

The Fair Labor Standards Act (FLSA) requires employers to provide reasonable break time for nursing mothers. T/F

False

The Fair Labor Standards Act (FLSA) sets 16 years of age as the minimum age for employment. T/F

Forbids group plans and issuers from excluding an employee from insurance coverage or requiring different premiums based on employee' health status.

The Health Insurance Portability and Accountability Act_____.

False

The Internal Revenue Service treats limited liability companies as taxable entities. T/F

True

The Worker Adjustment and Retraining Notification (WARN) Act requires that employers give employees prior notice of plant closings or mass layoffs. T/F

Exclusive Remedy Rule

The ________ states that an employee's sole remedy against an employer for workplace injury or illness shall be workers' compensation.

Partnership

The creation of a(n) ________ is automatic based on business conduct and is modified by agreement.

Whistle-Blowing

The discharge of an employee for reporting the employer's alleged violations of law is known as ________.

True

The exclusive remedy rule does not protect employers who intentionally injure workers as workers' compensation laws apply only to accidentally injured workers. T/F

Articles of Incorporation

The formal application for a corporate charter is called the ________.

False

The right to a covered leave of absence under the Family and Medical Leave Act applies to employees the moment they begin employment. T/F

False

The three basic forms of business organizations are limited partnerships, S corporations, and limited liability companies. T/F

Multiple owners cannot create a proprietorship.

The use of sole proprietorships is very limited because

Buy and Sell Agreement

To prevent problems that may arise when a partner dies or withdraws from a partnership, the articles of partnership should include a(n) _______.

False

Under federal law, private employers generally are permitted to use lie detector tests while screening job applicants. T/F

Pay rate of not less than one and one-half times the employee's regular rate of pay is required after 40 hours of work in a workweek.

Under the Fair Labor Standards Act (FLSA), the overtime pay for workers is

The negligence or fault of the employer in causing an on the job injury is not an issue.

Under workers' compensation laws, _______.

True

When a business is publicly held by a large number of owners, the form of organization usually is a corporation.T/F

Closely Held

When organizations are owned by only a few persons, they are said to be ________.

True

When two or more persons with a common interest in business share profits and losses, a partnership exists. T/F

Heath Insurance Portability and Accountability Act (HIPAA)

Which of the following acts is directed at protecting employees' health care?

Sole Proprietorship

Which of the following forms of organization requires no formal documentation but only business licenses for formation?

Costly Must be qualified in all states Governmental regulation Double Taxation

Which of the following is the disadvantage of the corporate form of organization?

Employers are required to comply with OSHA standards to furnish a workplace free from recognized hazards Employees have the right to request an OSHA inspection

Which of the following is true of the Occupational Safety and Health Administration (OSHA)?

Cannot have more than 100 shareholders Legal characteristics of Corps. Loss is shares among shareholders

Which of the following statements is true of an S corporation?

Includes keeping the emplyee's job available for when the leave is up

Which of the following statements is true of an employer in case an employee is on family medical leave?