ENT TEST 4
T or F? Ethics represents a set of principles prescribing a behavioral based on choosing the option that offers the greatest good for the greatest number of people.
False
T or F? Obtaining a business license is the same as forming a legal entity for a business.
False
T or F? The categorical imperative ethical test evaluates ethical behavior based on choosing the option that offers the greatest good for the greatest number of people.
False
T or F? The term opportunity pressure describes an ethical lapse that occurs when competition is so intense that a company's survival is threatened and a manager begins to view what once was an unacceptable option as acceptable.
False
T or F? Typically, an entrepreneur is not faced with many ethical decisions, especially during the early stages of their new venture.
False
Mike, Nora, and Owen want to form a limited partnership. A limited partnership must have at lest
A. One general partner and one limited partner.
Carlos founded the "Taco Factory" 20 years ago as a family oriented restaurant business........
A. The potential loss of control
Which of the following is no true about the protection of intellectual property under a trade secret theory:
A. must register trade secret with federal agency
Anyone who violates an author's exclusive rights under a copyright is liable for infringement. However, because of this doctrine, it is sometimes difficult to establish infringement.
C. Fair Use
There are three basic requirements for a patent to be granted
C. useful, novel in relation to prior arts in the field, and not obvious to a person of ordinary skill in the field
Ann owns Beta Enterprise, a sole proprietorship. Ann's liability for the obligations of the business is
D. Unlimited
Who are the "stakeholders" that a corporate manager should consider when making a management decision?
D. all of the above
One researcher suggest that legal behavior represents one of four rationalizations manager use to justify questionable conduct:
E. all of the above
T or F? Generally, anything that makes an individual company unique and has value to a competitor could be a trade secret.
True.
The most common form of business ownership is the
A. the proprietorship
Which of the following is not true about the protection of intellectual property under a patent:
B. A patent does not provide protection in foreign countries.
This type of ethical lapse occurs b.c of the company culture has been poisoned with an unethical overtone and unethical behavior is rewarded
B. Bad barrel
Dave is general partner in Eagle Investments, a limited partnership, Dave pays personal income taxes on.
B. His share of the firm's income.
A form of partnership that includes at least one general partner who is liable for all its liabilities and at lease one partner who is liable for the capital invested in the partnership is
B. Limited partnership
Drs. Kay and Lyle are partners in a medical clinic, which is organized as a limited liability partnership. A court holds Lyle liable in a malpractice suit. Kay is liable
B. To the extent of her capital contribution
All of the following are important when implementing and maintaining ethical standards in a business except:
B. basing hiring decision solely on professional qualifications
T or F? A limited liability company does not offer the limited liability like a C corporation.
False
T or F? A trademark provides the owner with the exclusive rights to hold, transfer, and license the production and sale of a product or process.
False.
T or F? Because of the fair use doctrine, when designing a website or social media page for a new business, an entrepreneur use any content, pictures, music, etc. found on the internet and not worry about violating anyone's copyright interest.
False.
True or False? The corporation likethe proprietorship avoids the double taxation disadvantage associated with the partnership form of ownership.
False.
Works created & copyrighted after January 1, 1978, are protected for an unlimited duration.
False.
T or F?In a limited partnership, the liability of each partner is limited to the amount of capital he or she has invested in the partnership.
False. The liability of the limited partners in a limited partnership is limited to the amount of their investment in the firm, but the liability of the general partners is the same as that of the partners in a general partnership (unlimited).
True or false? The soul proprietor is the simplest, least expensive form ownership to begin & the owner & the business are entirely seperate
False: The soul proprietor is the simplest, least expensive form ownership to begin but the owner & business are NOT seperate.
T or F? A limited liability company formed nd chartered in VA is considered a foreign corporation when doingbusiness in Maryland.
True
T or F? Globalization of business has interviewed what once were distinct cultures; companies have discovered that there is no single standard of ethical behavior applying to all business decisions in the international arena.
True
T or F? If the partners fail to create an agreement, the UPA (Uniform Partnership Agreement) says that the partners share equally in the partnership's profits, even if their original capital contributions are unequal.
True
T or F? When a "bad barrel" ethical lapse occurs, the company culture has been poisoned with an unethical overtone and unethical behavior is rewarded.
True
T or F? A restrictive covenant is a clause in a contract which prohibits an employee from competing with his ex-employer for a certain period or within a certain geographic area after the employee has left the business.
True.
T or F? It is wise for an entrepreneur when selecting a business name to search the internet, state corporations commission, and United States Patent and Trademark office to determine its availability.
True.
T or F? Unlike limited partnership, which prohibits limited partners from participating in the day-to-day management of the business, an LLC does not restrict its members' ability to become involved in managing the company.
True.