Fin 240 Questions

Which of the following is required in the Articles of Organization for an LLC? Select 2 answers.

The name of the business The principal place of business

Why are seniority systems beneficial? Choose 2 answer choices. Seniority systems are more difficult to administer, but they offer more opportunities for hiring employees.

Seniority systems encourage employee loyalty to the employer. Seniority systems are a defense to employment discrimination. As a result, the employer would have fewer related legal issues.

What authority is ended with the termination of an agency relationship?

Actual authority

For what terminations does a principal NOT have a duty to notify third parties?

Agencies terminated by operation of law

Where do the funds to pay out workers' compensation claims come from?

Business contributions to a state held fund

A company handbook states that employees will be given warnings for three instances of arriving late for work, after which they will be fired. An employee is fired after being late for the first time. Which of the exceptions to at-will employment could apply?

Contractual agreements.

An employer requires a college degree to work in any position in the company. What part of Title VII could apply?

Disparate treatment.

What are the two types of actual authority? Choose 2 answer choices.

Express authority Implied authority

In which situation does an agent have the least exposure to liability?

Fully disclosed principal

The Equal Protection Clause applies to which parties?

Governmental employers.

An employer reacts to an employee's report of a Title VII violation by cursing and making offensive jokes about that employee and moves the employee to another department. What part of Title VII could apply? Choose 2 answer choices.

Hostile work environment. Retaliation.

A state passes a law requiring all police officers to be of a certain height. Some women challenge the law under the Equal Protection Clause because the average height of women is shorter than that of men. What standard would the court use to make a decision?

Intermediate scrutiny.

What are the best remedies for wrongful termination in the case of someone who found another job three months after being fired? Choose 2 answer choices.

Lost benefits. Lost wages.

May the government terminate a government employee who speaks out against policies and procedures?

No, if the matter is one of public concern.

Which of the following is required to create a sole proprietorship?

Nothing

Partners have which of the following duties? Select 3 answers.

Record keeping Fiduciary duties Capital contribution

The formation of a partnership without a partnership agreement requires which of the following? Select 2 answers.

Sharing of profits and losses Sharing of management duties

Which of the following workers are generally NOT eligible for workers' compensation? Select 3 answers.

Temporary workers Domestic workers Agricultural workers

How would a customer preference for women attendants in the women's restroom or locker room be judged under employment discrimination?

The gender preference could be a BFOQ.

What is the key factor in apparent authority?

The principal's actions

How do agency relationships affect businesses and the business world? Choose 2 answer choices.

Workers can specialize and become experts. Businesses can grow by hiring employees.

A written agreement outlining the roles of partners, their rights, and their duties are called:

a partnership agreement.

Any partner:

may act as an agent who binds the partnership.

The formation of LLCs is governed by:

the laws of the state in which the LLC is created.

Which of the following scenarios illustrates a business world without agency relationships?

The owner prepares the tax returns.

What are some good reasons to refrain from disclosing an agency or a principal's identity? Choose 2 answer choices.

When a principal wishes to enter into transactions, but is concerned that if third parties knew his or her identity they would be less likely to enter into the agreement When a principal wishes to remain anonymous for privacy reasons

If an employee reports illegal behavior of a publicly traded company and is later terminated because of it, under Sarbanes-Oxley they may be entitled to:

reinstatement, back pay, and attorneys' fees.