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BUSINESS 243 QUESTIONS AND ANSWERS 100% CORRECT ANSWERS

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BUSINESS 243 QUESTIONS AND ANSWERS 100% CORRECT ANSWERS 1. (SLO #1) The U.S. Constitution has been kept up to date by: A. New Court Interpretations B. Many Constitutional Amendments C. Admini... strative Changes D. All of the Above E. None of the Above 2. (SLO #1) Common Law: A. is of no legal effect in Pennsylvania. is applied if no statutory law is on point. C. is used solely by Common Pleas Court D. All of the above E. None of the above 3. (SLO#1) Which of the following is a source of law with which every member or employee of a business, charity, or government should have some familiarity to understand rights and avoid liability? A. Uniform Commercial Code B. Court Decisions C. Administrative Agency Regulations D. All of the Above E. None of the Above 4. (SLO #2) To avoid liability in our highly litigious society a business must educate which of the following to be careful about everything the individual says, signs, action taken, or failure to take action: A. Top/Upper Level Management B. Lower/Supervisory Management C. Lowest Level Employee D. All of the Above E. None of the Above 5. (SLO #2) Which of the following might create liability for a business, government, or charity? A. Employee regularly tells dirty jokes for all in the break room to hear. B. In violation of specific orders from his/her boss, employee drives the business delivery van through a red light and is the proximate cause of $1,000.000 property damages and personal injury to vehicle in the intersection. C. Friend of owner of a business uses negative information received from the owner to sell stock in the publicly traded corporation before the negative information is made public. D. All of the Above E. None of the Above 6. (SLO #2) In answer "B" to Question "5" above, if employer's liability exists, it would be based on which of the following types of law? A. Contract B. Article 2 of the Uniform Commercial Code C. Agency D. All of the Above E. None of the Above 7. (SLO #3) Which of the following is a basis for civil tort liability on a business? A. Intentional Act B. Negligence Act C. Inherently/ultrahazardous activity by the business D. All of the Above E. None of the Above 8. (SLO #3) "Hacking" into charge card information of a retailer such as Target or Home Depot will be: A. Negligence liability for the hacker B. No liability on Target or Home Depot if they had some security in place C.Civil and criminal liability on the hacker if identified D. All of the Above E. None of the Above 9. (SLO #3) Liability for an employer's failure to take actions if employer should have known that a supervisor had been requiring sex from a subordinate who wants a promotion includes which legal remedy? A. Mandatory Injunction B. Replevin C. Compensatory Damages D. All of the Above E. None of the Above 10. ( SLO #4) Which of the following is not an essential element of a valid contract? A. Offer B. Proximate Cause C. Consideration D. All of the Above E. None of the Above 11. (SLO #4) If a minor is a party to a contract, the contract will be described as: A Valid B. Void C. Voidable D. All of the Above E. None of the Above 12. (CSLO #4) In Pennsylvania, a deposit by a buyer on a contract for 12 ounces of marijuana is: A. an action in a valid contract B. an action in a void contract C. an action in a voidable contract D. All of the Above E. None of the Above 13. (SLO #5) If there are two perfected creditors, what will determine what creditor will receive the collateral if there are insufficient funds to pay both? A. Creditor who filed first. B. Creditor who seeks to recover first. C. Creditor who had filed most recently. D. Creditor who attaches the collateral first. E. None of the Above. 14. (SLO #5) In regards to negotiable instruments, which of the following statements is true as to a universal defense? A. It is valid only against holders but not HDC (holders in due course). B. It is valid against both holders and HDC (holders in due course). C. It is valid only against HDC (holders in due course) but not holders. D. There is no such defense as to negotiable instruments. 15. (SLO#5) When a bank draws a check on itself, the check is called: A. Draft B. Teller's Check C. Certified CCheck D. Cashier's Check E. None of the above 16. (SLO#6) Which of the following is an intentional tort? A. Negligence B. Defamation C. Breach of Contract D. All of the Above E. None of the Above 17. (SLO #6) Which of the following would determine the percent of tort liability in Pennsylvania? A. Comparative Negligence B. Contributory Negligence C. % Liability Act of 2014 D. All of the Above E. None of the Above 18. (SLO #6) Harry, a sole proprietor of Harry's LAWN CARE, was using a power lawn mower that when manufactured did not have the blade covered and did not stop automatically when the handle was let go. When cutting a customer's lawn, he tripped over a root in the ground that he didn't see, stumbled, and fell right into the moving blade which amputated two fingers on his left hand. Which of the following would be a correct statement as to what would be the best way legally for Harry to proceed? A. Sue his employer who did not warn Harry of the protruding root. B. Sue the manufacturer of the power lawn mower and the retail store that sold the lawn mower for product liability under Second/Third Restatement of Torts. C. Sue his customer for negligence for maintaining an overgrown backyard. D, File a complaint with the Occupational Safety and Health Agency. E. None of the Above 19. (SLO#7) Sara has worked for Ace Insurance Company for over 42 years. Sara was called in by the Director of Human Resources and was told that she needed to retire and they had the "paperwork" ready for her. She was informed that it was good for her in that she would make more money retired and was good for them in that they would be getting a younger worker. Which of the following statements best describes this situation? A. This was a correct and appropriate action taken by the Ace Director of Human Resources. B. This may be a violation of ADEA (Age Discrimination in Employment Act). C. This may be a violation of ERISA ( Employee Retirement Income Security Act). D. This may be a violation of the Senior Citizens Labor Law. E. None of the Above 20. (SLO #7) Under which of the following doctrines is an employer liable for the negligence of an employee: A. Agency B.Respondeat Superior C. Vicarious Liability D. All of the Above E. None of the Above 21. (SLO #7) Which of the following is intended to provide the employee with a safe work environment? A. ERISA B. OSHA C. 2013 SWE Statute D. All of the Above E. None of the Above 22. (SLO #8) The liability in doing business as a general partnership is: A. No liability B. Unlimited singular liability C. Joint and several liability D. Modified liaibility E. All of the Above 23. (SLO #8) The primary advantage of an "S" Corporation is: A. No double taxation B. Personal Liability C. General Partner has "S" liability D. Minimum Government filing requirements E. All of the Above 24. (SLO #8) A form of business organization that has at least one general partner and one or more limited partners is: A. General Partnership B. Limited Partnership C. Limited Liability Partnership D. Partnership by Estoppel E. None of the Above 25. (SLO #8) Which of the following legal entities typically provides the most advantages and the least disadvantages to an entrepreneur starting a new business? A. Limited Liability Company B. "S" Corporation C. Limited Partnership D. "C" Corporation E. None of the Above [Show More]

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