LES

Under the Health Care and Education Reconciliation Act, employers offering high-end health care policies in 2018 will be required to pay additional taxes to help fund the Act's plan. A high-end health care policy is defined as one costing more than

$27,500 per year.

After a meteoric rise to the top, Enron's shareholders lost about __________ billion over a two-year period. Employees, believing in Enron's vision and leadership, had filled their retirement portfolios with Enron stock, only to have their savings wiped out when the company sank into bankruptcy.

$62

Under the Dodd-Frank Act, the whistleblower rewards range from __________ percent of the recovery.

10 to 30

To be eligible for FMLA benefits, an employee must have worked for the company for at least 12 months and have worked __________ hours during the past 12 months.

1250

Once the union organizers obtain authorization cards from at least __________ of the members of a bargaining unit, an election will be scheduled by the National Labor Relations Board.

30 percent

The Family and Medical Leave Act applies to employers with a minimum of

50 full-time employees.

According to the National Whistleblower Center, approximately __________ percent of the money recovered under the False Claims Act over the past decade was from cases brought by employees of contractor firms.

70

The Labor Management Relations Act gives the president of the United States the right to suspend a strike for up to __________ in times of national emergency.

80 days

An enterprise may not be a Subchapter S corporation if it owns more than __________ of the stock of a subsidiary corporation.

80 percent

Which of the following does not require a duty of care or good faith to other principals?

A sole proprietorship.

When an LLP is formed, who files the initial paperwork?

An individual representing two or more persons desiring to start a new business.

The __________ updated existing wiretap laws and restricts an employer from monitoring an employee's personal calls without the employee's consent.

Electronic Communications Privacy Act

Brayden is a general partner in a four-member limited partnership with two general and two limited partners. The partnership is silent with regard to the duration of the partnership, and Brayden wishes to retire.

Brayden may withdraw at any time, and the partnership continues.

A fictitious legal entity that exists as an independent individual separate from its owners is called a

Corporation

Gwendolyn Melvin wishes to start a children's sports store called, "Just Let 'Em Play!" as a sole proprietor. What form must she file so that she can use another name than her own?

DBA Certificate

Frank wants to leave his partnership and wants to stop being a principal. What is this process called?

Dissociation

Which of the following is not a part of the winding up process?

Dissolution of the partnership.

Corporate formalities include all of the following except

Find investors.

Which state does not recognize the common law exceptions of the employment-at-will rule on employees?

Florida

A business entity that has proven track record which sells to another the right to operate the business and use the business's trade secrets, trademarks and products is a

Franchise

In the case of De Lage Landen Financial Services v. Picasso Aesthetic and Cosmetic Dental Spa, Rubin, the sole principal of a professional corporation, lost the veil of corporate protection because.

He gave a personal guarantee.

In AK-Feel, LLC v. NHAOCG, the court determined

In order to eliminate the fiduciary duties of the managing members the language of the operating agreement must be clear and unambiguous.

Personal financial contributions may be required by previous agreement with regard to

LLPs.

Which of the following is also called the Taft-Hartley Act?

Labor Management Relations Act

Management is permitted to voice objections to the formation of a union under the

Labor Management Relations Act.

Similar to the board of directors in a corporation, an LLC may have

Managing members

The expiration date of a corporate bond is also called its __________.

Maturity date

The type of LLC that is similar to that of a general partnership with all the members having the authority to bind the business is called a(n)

Member-managed LLC

A corporate bond issued in the amount of $500,000 is called a

Micro bond

__________ states only cover whistleblowing by government employees or employees of government contractors.

None of the choices are correct.

Unsafe workplace conditions are monitored and regulated under

OSHA

Which of the following is not a characteristic of an LLC?

Only its managing members owe a fiduciary duty to other members.

Evan wishes to start an LLC that will do business in Florida, Vermont and Alaska. In which state(s) must he file the articles of organization?

Only one of the three states

In cases where a partner has engaged in some misconduct or tortious conduct the LLP acts to shield

Only the personal assets of other partners.

A partnership where the partners have not agreed to remain partners until the expiration of a definite term or event is known as __________.

Partnership at will

A person who performs pre-incorporation duties on behalf of the forming corporation is called a __________.

Promoter

All of the following are methods a corporation can capitalize except

Require the shareholder to invest more money to keep their shares.

What, if any, federal statute(s) give specific anti-retaliation protections for employees who disclose conduct that violates that law?

Sarbanes-Oxley Act Fair Labor Standards Act

Which of the following is not an option available to a general partnership seeking capitalization?

Selling ownership rights through the public markets.

In Lewis v. Moore, the court ruled

Since Moore was a sole proprietor she was free to dissolve it at any time.

The doctrine that allows a creditor to seek recovery from the purchaser of assets even when the purchaser did not expressly assume such liabilities as part of the purchase is called

Successor liability

In the case, Meinhard v. Salmon, the court ruled

That Salmon breached his duty of loyalty.

Rules mandated by Dodd-Frank require companies to disclose their __________ structure in their SEC filings.

board leadership

Under the Pennsylvania Whistleblower Act, the __________ shifted from McQueary to Penn State to prove that the termination was for "separate and legitimate reasons" from any whistleblowing activity.

burden

All of the following are generally required to be included in the articles of organization except

The bylaws of the LLC

Limited liability means that

The owners' personal assets are insulated from any business debts or liability if the LLC fails.

In the case, Biller v. Snug Harbor Jazz Bistro of Louisiana, the court ruled

The sole proprietorship terminated upon the death of the sole proprietor.

Shawna, a sole proprietor, dies suddenly. What will happen to the business?

The sole proprietorship will terminate.

__________ states and the District of Columbia have created statutes that provide an incentive to report fraud involving state-funded programs.

Thirty

The loan program created by the American Recovery and Reinvestment Act of 2009, established the __________ to administer the loans.

Troubled Assets Relief Program

The Sarbanes-Oxley Act specifically directs the __________ to amend sentencing guidelines to provide for harsher penalties for those convicted of securities fraud statutes.

U.S. Sentencing Commission

A general partnership may be formed by

oral, written, or implied agreement.

At large companies, part of the management team may include __________ assigned to coordinate monitoring and ensure that employees are following all company e-mail and Internet policies.

compliance officers

The Electronic Communications Privacy Act prohibits employers from monitoring each of the following, unless consent to monitor is granted, except

employee e-mail.

The Sarbanes-Oxley Act specifically gives the SEC the authority to intervene in any __________ payments made by a company that may be the subject of an SEC investigation.

extraordinary

A dissolution occurs

When triggering event that is specified in the agreement occurs.

Which of the following is not a factor considered when classifying an employee as covered or exempt?

Whether the employee uses the employer's tools or his or her own.

LLCs were originally created by the

Wyoming legislature.

Most state workers' compensation statutes exempt each of the following except

a full-time custodial worker employed at a local store.

A franchise should be thought of as

a method of conducting business.

Eligible workers who take leave under the Family and Medical Leave Act

are not entitled to be paid their salary, but the employer must continue providing medical benefits.

While substantial portions of the Sarbanes-Oxley Act are aimed at solving specific mechanism failures in auditing and other accounting procedures, the law also imposes higher levels of __________ responsibility for those involved in corporate governance.

fiduciary

The Sarbanes-Oxley Act was intended to impose stricter regulation and controls on how corporations do business through regulation of:

internal corporate governance financial reporting auditing

The FLSA applies to all employees of enterprises that employ workers engaged in:

interstate commerce produce goods for interstate commerce handle, sell, or otherwise work on goods or materials in interstate commerce

The FMLA affords employees certain protections related to __________.

job security

Right-to-work laws

make it illegal for employers to agree with unions that union membership be required for continuing employment.

The Social Security Act (SSA) of 1935 provides workers a broad set of benefits that are funded by __________ employment taxes paid by both employer and employee into a trust fund administered by the federal government.

mandatory

While some employment agreements are contracts between managers and a business entity, some contracts give rights to __________ employees as well.

nonmanagement

State licensing statutes and regulations compel workers to __________ in order to legally work in a licensed profession.:

pay a fee complete a training program pass an exam

The type of corporation that generally has the highest number of shareholders is the

publicly held corporation.

In Wurtz v. Beecher Metro District, 848 N.W.2d 121 (Mich. 2014), the court ruled:

ruled in favor of the District

Jonathan has graduated and wants to start a business. Which business entity gives him the most complete and exclusive control over the business and any business decisions?

sole proprietorship

The employment-at-will doctrine does not apply cases where (1) the employee has an express contract, (2) courts have fashioned a common law exception that protects the employee, or (3) __________.

some specific statutory protection against job termination

Under the emergency escrow provisions created by the Sarbanes-Oxley Act

the SEC may require corporate payouts into a government-controlled emergency escrow fund during its investigation and before the SEC has uncovered wrongdoing by the corporation.

A public outcry and a growing lack of investor confidence in corporate financial disclosures caused Congress to overhaul the entire corporate governance regulatory structure by passing the:

the Sarbanes-Oxley Act of 2002

Voting rights of LLC principals are governed by

the operating agreement.

A disadvantage of the sole proprietorship is

the unlimited liability of the principal.

Privately held corporations may issue a __________ in lieu of conducting a formal annual meeting.

unanimous consent resolution

A __________ is a person who reports illegal conduct committed by employees, directors, and executives of a company.

whistleblower

The Federal Unemployment Tax Act of 1935 was enacted to provide limited assistance to

workers who had been temporarily or permanently terminated from their employment through no fault of their own.