Chapter A- Self Study Q's

what are the functions of administrative agencies at the federal level?

enforce laws and guidelines regarding unfair business practices

State depends on _______ taxes

sales

Business may receive a tax credit for (2)

-hiring new employees -purchasing new equipment

List the order in which unsecured claims are paid from beginning to end (6)

1. Cost of the bankruptcy case 2. Any business costs incurred after bankruptcy was filed 3.Wages, salaries, or commissions owed 4.Contributions to employee benefit plans 5. Refunds to consumers who paid for products that weren't delivered 6.Federal and State taxes

what is the process for voluntarily liquidating assets under title 7 of the bankruptcy law after a petition has been submitted to the court? (4)

1.The creditors elect the trustee 2. The trustee converts assets to cash 3. necessary expenses and priority claims are paid 4. the remaining cash is divided among unsecured creditors

Chapter 11 is used by

Businesses

Chapter 7 is used by

Businesses and individuals

What type of law is referred to as a written law?

Statutory Law

What was the purpose of the bankruptcy abuse prevention and consumer protection act of 2005?

To reduce the total number of bankruptcy filings and to eliminate the perceived ease of filing

___________ agencies are federal or state institutions and other government organizations created by congress or state legislatures with delegated power to create rules and regulations within their given area of authority

administrative

_________ can be either voluntary or involuntary

bankruptcy

the legal process by which a person, business, or government entity, unable to meet financial obligations, is relieved of those debts by a court is called ?

bankruptcy

what type of law covers the noncriminal acts such as marriage and personal injury suits?

civil law

The body of law that comes from decisions handed down by courts is called __________ _____

common law

the requirement that both parties in a legally binding contract must give something of value is called _________

consideration

A document that protects a creator's rights to materials such as books, articles, photos, paintings and cartoons is a ______

copyright

The judiciary is the branch of the government chosen to oversee the legal system through a system of _______

courts

chapter 11 is supposed to help both the _____ and the _____ by giving a company the opportunity to become solvent again

creditors, debtors

the monetary settlement awarded to a person who is injured by a branch of contract is called _______

damages

Common law is the body of law that comes from

decisions handed down by courts

Government withdrawal of certain laws and regulations that seem to hinder competition is ______

deregulation

Federal depends on _______ taxes

income

Chapter 13 is used by

individuals

a willful act that results in injury is called an _______

intentional tort

Business law consists of ___ framework with rules, statues, codes and regulations that provide information for conduct of businesses

legal

when submitting a patent application the fees for a patent dealing with complex technology usually cost ____ _____ a patent dealing with simpler concepts

more than

in tort law, behavior that causes unintentional harm or injury is called _______

negligence

Forms of commercial paper that are transferable among businesses and individuals and represent a promise to pay a specified amount are called

negotiable instruments

A _______ is a document that gives inventors the exclusive right to their inventions

patent

a principle ruling of law established during a court case is called a

precedent

the part of tort law that holds businesses liable for harm that results from the production, design, or use of products they market is called _______

product liability

School districts depend on ________ taxes

property

legal responsibility for harm or injury caused by a product regardless of fault is called ___________

strict product liability

the Sherman anti-trust act of 1890 forbids conspiracies in restraint of ______

trade

a _______ is a legally protected name, symbol, or design that identifies the goods/services of one seller and distinguishes them from those of competitors

trademark

common law is referred to as __________ law

unwritten