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BUS 3130 Final Exam with Answers (100/100 Points)

1. The main difference between an employee and an independent contractor is:
2. A principal owes his/her agent the duty of reimbursement.
3. Which of the following is not exempt from satisfaction of judgment debts:
4. The duties of an agency relationship are implied only when the identity of the principal is disclosed to the third party.
5. Danielle lives in California and is hired to work for a firm in New York. Her start date is one week away. Between finding someone to sublet her old apartment, moving costs and paying a first and last months’ rent for a new apartment, the total costs incurred amount to $8,000. On her first day of work, she arrives to discover that the employer has changed his mind[1]there is no longer a position available to her. She files suit for $8,000 on the grounds that she reasonably relied upon the new job when she incurred these costs. She is attempting to prevail based on the Doctrine of Strict Liability.
6. An employer can raise or lower an at-will employee’s salary
7. Filing a bankruptcy petition operates as a binder on virtually all litigation by creditors against the debtor.
8. A security interest is best described as every interest in personal property or fixtures that secures (guarantees) the payment or performance of an obligation.
9. Some debts simply cannot be discharged in Bankruptcy. Which of the following CANNOT be discharged, and must be repaid?
10. Bankruptcy has many forms. Which of the following is not a type of Bankruptcy?
11. Digital Software, Inc. prefers to hire Asian Americans, because, according to its personnel director, “they’re smarter and work harder” than other minorities. Showing a preference for one minority over another is prohibited by
12. Once a Bankruptcy petition is filed, creditors who are owed money may still attempt to collect the debts owed.
13. Laws which can assist creditors in collecting the payments due include:
14. Credit card applications from retail stores do not meet the requirement for a written security interest.
15. In employment law, an at-will employee refers to an employee who generally can be fired
16. The minimum number of members of a body of officials or other groups that must be present before business can validly be transacted is called a dividend.
17. A suit brought by a shareholder to enforce a corporate cause of action against a third person is called:
18. If a person fails to pay a creditor, in some cases the creditor may get payment by:
19. Acts of a corporation that are beyond the authority given to it under its charter are called:
20. All states require a corporation name to include the word: