MGMT 390 FINAL EXAM (ERAU) 2016 2016

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    Question 1 4pts
    A conditional promise to pay is not a negotiable instrument.
    True
    False
    Question 2 4pts
    An instrument payable with interest must specify a particular rate to be negotiable.
    True
    False
    Question 3 4pts
    On May 1 Dooley signs a check that is payable to the order of Extra Credit Corporation and that is dated July 1. This check is
    negotiable.
    nonnegotiable because it is payable to Extra Credit Corporation.
    nonnegotiable because it is postdated.
    nonnegotiable because it is signed by Dooley.
    Question 4 4pts
    Financial institutions that exchange digital images of checks do not have to exchange the original paper checks.
    True
    False
    Question 5 4pts
    The Federal Reserve System acts as a clearinghouse where banks exchange checks.
    True
    False
    Question 6 4pts
    Each bank in a collection chain must pass a check on before midnight of the day of its receipt.
    True
    False
    Question 7 4pts
    Filing a financing statement with the appropriate public office is the only way to perfect a purchase-money security interest in consumer goods.
    True
    False
    Question 8 4pts
    A security agreement must be filed in person to be valid and enforceable.
    True
    False
    Question 9 4pts
    The first security interest to be perfected is thelastin priority over any other perfected security interests.
    True
    False
    Question 10 4pts
    Mike owes $12000 to Nora $6000 to Owen and $6000 to Pat. The three creditors enter into an agreement with Mike to discharge the debts on payment of a sum of $12000 to them to be divided proportionately. This is
    a. a composition agreement.
    b. a guaranty agreement.
    c. a judicial lien.
    d. a suretyship agreement.
    Question 11 4pts
    Ronaldo agrees to pay Simplex Cash Store a debt that is otherwise dischargeable in bankruptcy. This is
    a reaffirmation.
    a liquidation.
    a reorganization.
    a petition
    Question 13 4pts
    A power of attorney is a written document.
    True
    False
    Question 14 4pts
    Before a principal can ratify a contract the agent must withdraw from the deal.
    True
    False
    Question 15 4pts
    Sonia manages a Tasty Pastry store for United Food Company. To manage the business Sonia’s authority can be implied by
    an inference from the position Sonia occupies.
    any inference a reasonable customer or supplier would make.
    any inference Sonia chooses to make.
    no inference
    Question 16 4pts
    All employees are entitled to overtime pay.
    True
    False
    Question 17 4pts
    Lew a member of a protected class applies for a job with Mit-E Construction Company but fails Mit-E’s employment test and is not hired. Lew believes that the test has an unintentionally discriminatory effect. If so this is
    desperate-measurediscrimination.
    disparate-impactdiscrimination.
    disparate-treatmentdiscrimination.
    notdiscrimination
    Question 18 4pts
    Under the Equal Pay Act of 1963 all of the women on an employer’s staff must be paid the same as all of the men.
    True
    False
    Question 19 4pts
    Coco is considering forms of business organization for her confections businessCoco’s Cupcakes. Most states require that a limited liability company have
    no minimum number of members.
    at least one member.
    at least two members.
    at least three members including at least one general partner
    Question 20 4pts
    Jim organized and owns and operates Jim’s Landscaping Service in the simplest form of business organization. This is
    a corporation.
    a limited liability company
    a partnership
    a sole proprietorship
    Question 21 4pts
    Greta is a member of Hovercraft LLC. As a member Greta is
    amanagerorofficerbutnotanowner
    aninvestorbutnotamanagerofficerorowner
    anowner
    aparticipantbutnotaninvestormanagerofficerorowner
    Question 22 4pts
    Stocks represent the borrowing of funds by firms.
    True
    False
    Question 23 4pts
    Caffeine Caf Inc. files its articles of incorporation with the appropriate government agency. Least likely to appear in the articles is the name of
    each of the corporations incorporators
    each of the corporations shareholders
    the corporation
    the corporations initial registered agent
    Question 24 4pts
    The possession of land without right is a tenancy at will.
    True
    False
    Question 25 4pts
    Mineral Products Corporation which owns no land has a right to mine the copper from Natural Resource Company’s land. Mineral’s right is
    aleaseholdestate
    alicense
    aneasement
    aprofit

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